nationwide 2Q06 Statistical Supplement

2006
Second Quarter

2006 Nationwide Financial® Statistical Supplement

Nationwide Financial Services, Inc.
Statistical Supplement
June 30, 2006

This Page Intentionally Left Blank.

June 30, 2006

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 June 30, 2006 5
For the three months ended June 30, 2005 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
Account value activity 11
Account values by product 12
Sales by product 12
Sales by channel 12

Individual Protection Segment
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
Medium term notes 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 minimum death benefit reserve activity 26
Individual variable annuity guaranteed minimum accumulation benefit embedded derivative 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

June 30,2006

Quarterly Financial Highlights

($ in millions except for per share data) Q2'05 Q3'05 Q4'05 Q1'06 Q2'06
Operating Revenues
Individual investments $ 377.3 $ 385.3 $ 380.1 $ 382.6 $ 373.2
Retirement plans 262.6 271.4 276.0 278.6 294.9
Individual protection 338.8 331.4 339.7 338.4 333.7
Corporate and other 96.2 97.4 103.5 100.1 111.5
Total operating revenues $ 1,074.9 $ 1,085.5 $ 1,099.3 $ 1,099.7 $ 1,113.3

Net realized gains (losses) on investments, hedging
instruments and hedged items (1) 1.7 (14.5) 3.7 (8.1) (11.0)
Total revenues $ 1,076.6 $ 1,071.0 $ 1,103.0 $ 1,091.6 $ 1,102.3

Pre-tax Operating Earnings
Individual investments $ 66.1 $ 56.2 $ 53.4 $ 56.4 $ 52.5
Retirement plans 45.3 45.4 49.7 53.6 64.4
Individual protection 63.0 63.8 59.6 64.9 60.5
Corporate and other 21.3 (1.1) 22.6 11.6 16.6
Pre-tax operating earnings $ 195.7 $ 164.3 $ 185.3 $ 186.5 $ 194.0
Federal income tax expense 50.8 (8.0) 33.1 42.2 (70.0)
Net operating earnings $ 144.9 $ 172.3 $ 152.2 $ 144.3 $ 264.0

(1)
instruments and hedged items, net of taxes 1.1 (9.4) 2.4 (5.3) (7.2)

Adjustment to DAC amortization related to net realized
gains (losses), net of taxes (2.5) 2.9 0.1 3.3 1.0

Discontinued operations, net of taxes (2.3) 0.9 (24.4) - -
Net income $ 141.2 $ 166.7 $ 130.3 $ 142.3 $ 257.8

Per Diluted Share

(1)
instruments and hedged items, net of taxes 0.01 (0.07) 0.02 (0.03) (0.05)

gains (losses), net of taxes (0.02) 0.02 - 0.02 0.01

Net income $ 0.92 $ 1.08 $ 0.85 $ 0.93 $ 1.72

Sales by Channel
Non-affiliated
Independent broker/dealers $ 1,292.1 $ 1,280.4 $ 1,207.9 $ 1,487.8 $ 1,380.7
Wirehouse and regional firms 479.2 449.1 482.3 590.1 555.6
Financial institutions 470.5 398.8 424.3 523.7 580.7
Pension plan administrators 116.0 108.2 104.9 135.9 139.6
Life specialists 104.3 82.5 69.0 172.6 84.0
Affiliated
Nationwide Retirement Solutions 993.7 1,012.7 948.8 1,028.5 1,001.2
Nationwide agents 184.9 188.8 207.2 196.4 203.1
Nationwide Financial Network 155.3 160.2 181.6 185.7 171.0
The 401(k) Company 323.7 303.5 288.3 535.9 422.3
TBG Financial 38.6 92.3 36.0 110.4 62.7
Total $ 4,158.3 $ 4,076.5 $ 3,950.3 $ 4,967.0 $ 4,600.9

(1)
Excluding operating items (periodic net coupon settlements on non-qualifying derivatives, trading portfolio realized gains and losses,
and trading portfolio valuation changes).

Note: All prior periods have been reclassified to reflect Cap Pro Holding, Inc., NFS Bermuda and TBG Lynch (a subsidiary of TBG Financial) as discontinued operations.

1

June 30, 2006
Quarterly Financial Highlights

($ in millions except for per share data) Q2'05 Q3'05 Q4'05 Q1'06 Q2'06
Balance Sheet Data
Total assets $ 115,699.7 $ 117,421.3 $ 116,159.9 $ 116,558.7 $ 113,083.0

Customer funds managed and administered $ 150,614.7 $ 155,650.6 $ 155,612.9 $ 162,451.7 $ 160,051.6

Shareholders' equity
(1)
Including accumulated other comprehensive income (AOCI) $ 5,434.9 $ 5,375.6 $ 5,350.4 $ 5,126.2 $ 5,236.8
AOCI 395.7 196.1 100.7 (77.9) (202.0)
Excluding AOCI $ 5,039.2 $ 5,179.5 $ 5,249.7 $ 5,204.1 $ 5,438.8

Net operating return on average equity excluding AOCI 11.6% 13.5% 11.7% 11.0% 19.8%

(2)
Adjusted net operating return on average equity excluding AOCI 11.6% 11.2% 11.7% 11.0% 11.5%

Statutory capital and surplus $ 3,152.3 $ 3,305.9 $ 3,262.1 $ 3,279.3 $ 3,437.3

Stock Data
Closing Price $ 37.94 $ 40.05 $ 44.00 $ 43.02 $ 44.08

Weighted average shares outstanding
Basic 153.0 153.1 152.9 152.3 149.2
Diluted 153.7 153.9 153.6 152.9 149.9

Book value per share
Including AOCI $ 35.52 $ 35.09 $ 35.08 $ 34.40 $ 35.08
Excluding AOCI $ 32.94 $ 33.81 $ 34.42 $ 34.93 $ 36.43

(1)
Includes changes in fair value of certain investments and derivatives under SFAS 115 and SFAS 133.

(2)
3Q 2005 return adjusted for $42.6 million impact of one-time tax adjustments associated with separate account dividend received deductions and $14.1 million
charge related to calling of trust preferred securities. 2Q 2006 return adjusted for $113.1 million of released tax reserves and associated tax-related adjustments relating to prior tax years.


NFS Operating Segment Reporting Structure

NATIONWIDE FINANCIAL
SERVICES, INC.

Individual Retirement Individual Corporate
Investments Plans Protection & Other

Variable Annuities Public Sector - 457 Fixed Life Medium Term Notes
Universal

Fixed Annuities Private Sector – 401(k) Structured Products
Whole

Term
In Retirement Corporate Other
Investment Life
Income Products
Variable Universal
Advisory Services
COLI

2

June 30, 2006


3

June 30, 2006

Quarterly Consolidated Income Statements

($ in millions) Q2'05 Q3'05 Q4'05 Q1'06 Q2'06
Operating Revenues
Asset fees $ 156.8 $ 163.1 $ 163.0 $ 168.9 $ 170.0
Cost of insurance charges 96.8 97.8 97.5 98.9 100.2
Administrative fees 27.0 29.6 27.7 30.2 47.2
Surrender fees 26.4 24.1 22.6 23.0 20.2
Total policy charges 307.0 314.6 310.8 321.0 337.6

Traditional life and immediate annuity premiums 99.7 97.2 107.1 107.8 109.7
Net investment income 587.1 592.8 587.9 577.3 572.1
Operating realized gains (losses) 0.8 0.5 1.1 1.3 1.1
Other income 80.3 80.4 92.4 92.3 92.8
Total operating revenues 1,074.9 1,085.5 1,099.3 1,099.7 1,113.3

Benefits
Interest credited 348.1 350.6 347.7 342.1 345.7
Life insurance and annuity benefits 145.9 142.9 149.9 156.1 156.4
Policyholder dividends 26.3 27.1 27.0 20.2 24.5
Total benefits 520.3 520.6 524.6 518.4 526.6

Expenses
Commissions 138.6 130.2 140.1 153.1 160.4
General operating expenses 197.7 198.9 209.3 213.4 214.6
Debt extinguishment costs - 21.7 - - -
Deferral of policy acquisition costs (126.9) (112.4) (120.8) (135.1) (147.4)
Subtotal 209.4 238.4 228.6 231.4 227.6

Amortization of policy acquisition costs 111.0 122.9 123.7 125.7 127.5
Amortization of value of business acquired 11.7 11.3 10.0 11.6 12.5
Interest expense on debt 26.8 28.0 27.1 26.1 25.1
Total expenses 358.9 400.6 389.4 394.8 392.7

Federal income tax expense 50.8 (8.0) 33.1 42.2 (70.0)

instruments and hedged items, net of taxes (1)
Realized gains on sales, net of hedging 9.4 8.4 20.5 7.3 11.0
Realized losses on sales, net of hedging (4.2) (3.3) (7.9) (12.9) (19.1)
Other-than-temporary impairments, including mortgage loan
valuation allowance adjustment (3.8) (12.6) (7.5) (0.6) (2.5)
Credit default swaps (0.5) (2.8) (0.4) (0.1) (0.1)
Derivatives, excluding hedging gains and losses on sales
and credit default swaps 0.8 1.4 (1.9) 0.5 3.4
Amounts credited to policyholder dividend obligation (0.7) (2.1) 0.3 0.1 (0.7)
Adjustment to VOBA amortization 0.1 1.6 (0.7) 0.4 0.8
Subtotal 1.1 (9.4) 2.4 (5.3) (7.2)

gains (losses), net of taxes (2.5) 2.9 0.1 3.3 1.0


Net income $ 141.2 $ 166.7 $ 130.3 $ 142.3 $ 257.8

(1)


4

June 30, 2006

Combining Income Statement
For the three months ended June 30, 2006

($ in millions) Investments Plans Protection and Other Total
Operating Revenues
Asset fees $ 125.0 $ 33.6 $ 11.4 $ - $ 170.0
Cost of insurance charges - - 100.2 - 100.2
Administrative fees 4.9 22.6 19.7 - 47.2
Surrender fees 14.2 1.1 4.9 - 20.2
Total policy charges 144.1 57.3 136.2 - 337.6

Traditional life and immediate annuity premiums 34.6 - 75.1 - 109.7
Operating realized gains (losses) - - - 1.1 1.1
Other income 0.6 77.8 5.9 8.5 92.8
Total operating revenues 373.2 294.9 333.7 111.5 1,113.3

Benefits
Life insurance and annuity benefits 49.6 - 106.8 - 156.4
Policyholder dividends - - 24.5 - 24.5
Total benefits 182.3 113.0 180.8 50.5 526.6

Expenses
Commissions 86.2 36.6 32.3 5.3 160.4
Deferral of policy acquisition costs (90.8) (9.4) (47.2) - (147.4)
Subtotal 51.4 105.4 51.4 19.4 227.6

Amortization of policy acquisition costs 84.8 10.9 31.8 - 127.5
Amortization of value of business acquired 2.2 1.2 9.1 - 12.5
Interest expense on debt - - 0.1 25.0 25.1
Total expenses 138.4 117.5 92.4 44.4 392.7

Federal income tax expense (70.0)
Net operating earnings $ 264.0

Realized gains on sales, net of hedging 11.0
Realized losses on sales, net of hedging (19.1)
valuation allowance adjustment (2.5)
Credit default swaps (0.1)
and credit default swaps 3.4
Amounts credited to policyholder dividend obligation (0.7)
Adjustment to VOBA amortization 0.8
Subtotal (7.2)

gains (losses), net of taxes 1.0

Discontinued operations, net of taxes -

Net income $ 257.8

(1)

5

June 30, 2006

Combining Income Statement
For the three months ended June 30, 2005

($ in millions) Investments Plans Protection and Other Total
Operating Revenues
Asset fees $ 112.7 $ 34.1 $ 10.0 $ - $ 156.8
Cost of insurance charges - - 96.8 - 96.8
Administrative fees 3.6 2.0 21.4 - 27.0
Surrender fees 16.2 2.5 7.7 - 26.4
Total policy charges 132.5 38.6 135.9 - 307.0

Traditional life and immediate annuity premiums 24.7 - 75.0 - 99.7
Operating realized gains (losses) - - - 0.8 0.8
Other income 0.3 61.7 6.6 11.7 80.3
Total operating revenues 377.3 262.6 338.8 96.2 1,074.9

Benefits
Life insurance and annuity benefits 42.3 - 103.6 - 145.9
Policyholder dividends - - 26.3 - 26.3
Total benefits 192.1 112.2 179.5 36.5 520.3

Expenses
Commissions 67.7 31.6 32.8 6.5 138.6
Debt extinguishment costs - - - - -
Deferral of policy acquisition costs (68.5) (9.2) (49.2) - (126.9)
Subtotal 46.4 93.1 58.2 11.7 209.4

Amortization of policy acquisition costs 70.8 11.1 29.1 - 111.0
Amortization of value of business acquired 1.9 0.9 8.9 - 11.7
Interest expense on debt - - 0.1 26.7 26.8
Total expenses 119.1 105.1 96.3 38.4 358.9

Federal income tax expense 50.8
Net operating earnings $ 144.9

Realized gains on sales, net of hedging 9.4
Realized losses on sales, net of hedging (4.2)
valuation allowance adjustment (3.8)
Credit default swaps (0.5)
and credit default swaps 0.8
Amounts credited to policyholder dividend obligation (0.7)
Adjustment to VOBA amortization 0.1
Subtotal 1.1

gains (losses), net of taxes (2.5)

Discontinued operations, net of taxes (2.3)

Net income $ 141.2

(1)


6

June 30, 2006


7

June 30, 2006

Quarterly Consolidated Balance Sheets

($ in millions, except per share data) Q2'05 Q3'05 Q4'05 Q1'06 Q2'06
Assets
Investments
Securities available-for-sale:
Fixed maturity securities $ 31,778.5 $ 31,092.2 $ 30,106.0 $ 28,645.0 $ 27,980.9
Equity securities 80.8 78.6 75.6 76.5 63.2
Trading assets 28.5 34.7 34.4 27.8 21.0
Mortgage loans 9,214.7 9,332.5 9,148.6 9,048.3 9,060.7
Real estate 103.8 107.7 108.7 108.6 108.4
Policy loans 928.6 935.6 930.6 933.9 948.3
Other long-term investments 628.0 617.6 691.9 688.9 687.4
Short-term investments 2,022.0 2,104.2 2,073.2 2,830.5 2,169.7
Total investments 44,784.9 44,303.1 43,169.0 42,359.5 41,039.6

Cash 45.8 47.6 16.4 23.9 23.6
Accrued investment income 409.6 436.8 396.3 398.9 388.7
Deferred policy acquisition costs 3,581.0 3,710.4 3,685.4 3,794.7 3,875.6
Value of business acquired 458.9 457.7 449.7 443.3 405.2
Other intangible assets 46.7 46.1 45.6 45.4 44.9
Goodwill 389.6 389.6 364.5 359.0 359.0
Other assets 2,214.1 2,227.5 2,069.2 2,200.3 2,117.3
Assets held in separate accounts 63,769.1 65,802.5 65,963.8 66,933.7 64,829.1
Total assets $ 115,699.7 $ 117,421.3 $ 116,159.9 $ 116,558.7 $ 113,083.0

Liabilities and shareholders' equity
Future policy benefits and claims $ 40,842.3 $ 40,787.4 $ 39,748.1 $ 39,519.4 $ 38,451.3
Short-term debt 352.1 391.2 252.3 147.4 189.8
Long-term debt 1,406.1 1,406.0 1,398.0 1,398.3 1,398.4
Other liabilities 3,895.2 3,658.6 3,447.3 3,433.7 2,977.6
Liabilities related to separate accounts 63,769.1 65,802.5 65,963.8 66,933.7 64,829.1
110,264.8 112,045.7 110,809.5 111,432.5 107,846.2

Shareholders' equity 5,434.9 5,375.6 5,350.4 5,126.2 5,236.8
Total liabilities and shareholders' equity $ 115,699.7 $ 117,421.3 $ 116,159.9 $ 116,558.7 $ 113,083.0

Capital Structure


Total capital, including AOCI $ 6,841.0 $ 6,781.6 $ 6,748.4 $ 6,524.5 $ 6,635.2
Less AOCI 395.7 196.1 100.7 (77.9) (202.0)
Total capital, excluding AOCI $ 6,445.3 $ 6,585.5 $ 6,647.7 $ 6,602.4 $ 6,837.2

Leverage, including AOCI
Long-term debt--to--total capital 20.6% 20.7% 20.7% 21.4% 21.1%

Leverage, excluding AOCI
Long-term debt--to--total capital 21.8% 21.3% 21.0% 21.2% 20.5%

Ratio of pre-tax operating earnings before interest
expense to interest expense 8.3X 6.9X 7.8X 8.1X 8.7X

8

June 30, 2006

Individual Investments
Quarterly Earnings Trends

Operating Revenues
Asset fees $ 112.7 $ 118.5 $ 118.1 $ 124.0 $ 125.0
Surrender fees 16.2 16.0 14.2 15.2 14.2
Net Investment Income
General account assets 226.1 226.4 220.3 212.7 200.0
Charge for invested capital (6.3) (6.5) (6.9) (6.3) (6.1)
Total net investment income 219.8 219.9 213.4 206.4 193.9
Premiums on income products 24.7 26.4 29.7 31.9 34.6
Other income 0.3 0.4 0.4 0.5 0.6
Total operating revenues 377.3 385.3 380.1 382.6 373.2
Benefits
Immediate annuity benefits 21.1 22.7 25.7 28.5 30.4
Policy benefits 21.2 14.6 16.3 12.5 19.2
Total benefits 192.1 185.5 186.5 178.7 182.3
Expenses
Commissions 67.7 62.4 65.7 73.6 86.2
Subtotal 46.4 49.8 54.4 47.6 51.4

Total expenses 119.1 143.6 140.2 147.5 138.4

Key Ratios/Statistics
Average Account Values:
General account $ 16,223.7 $ 16,110.5 $ 15,515.1 $ 14,825.4 $ 14,374.0
Separate account 35,060.4 35,669.0 35,975.9 36,504.3 36,815.8
Advisory services program 281.5 345.3 393.7 443.3 491.6
Total average individual investments account values $ 51,565.6 $ 52,124.8 $ 51,884.7 $ 51,773.0 $ 51,681.4

Earned rate 5.57% 5.62% 5.68% 5.74% 5.56%
Credited rate 3.69% 3.68% 3.73% 3.72% 3.69%
Interest spread on average general account values 1.88% 1.94% 1.95% 2.02% 1.87%
Prepayment penalties and bond call premium income 0.17% 0.30% 0.19% 0.11% 0.09%
Base interest spread on average general account values 1.71% 1.64% 1.76% 1.91% 1.78%
Asset fees to average separate account values 1.29% 1.33% 1.31% 1.36% 1.36%
General operating expenses to average account values 0.37% 0.36% 0.39% 0.37% 0.43%
Pre-tax operating earnings to average account values 0.51% 0.43% 0.41% 0.44% 0.41%
Pre-tax operating earnings to operating revenues 17.5% 14.6% 14.0% 14.7% 14.1%
Average allocated capital $ 1,678.2 $ 1,689.8 $ 1,649.3 $ 1,563.0 $ 1,504.3
Return on average allocated capital 12.0% 16.7% 12.1% 11.9% 11.8%
(1)
Adjusted return on average allocated capital 12.0% 10.9% 12.1% 11.9% 11.8%

(1)
3Q 2005 return adjusted for $24.3 million impact of one-time tax adjustments associated with separate account dividend received deductions.

Note: All prior periods have been reclassified to reflect NFS Bermuda as discontinued operations.

Account Value Activity

Individual Variable Annuities
Balance, beginning of period $ 40,441.0 $ 40,726.4 $ 41,651.8 $ 40,796.0 $ 42,071.5
Deposits 943.1 870.2 903.5 1,045.0 1,279.9
Withdrawals and surrenders (1,388.7) (1,429.5) (1,456.8) (1,535.4) (1,479.4)
Net flows (445.6) (559.3) (553.3) (490.4) (199.5)
Investment performance/interest credited 848.7 1,615.9 971.1 1,903.4 (605.1)
Policy charges (133.5) (138.9) (137.6) (140.6) (141.3)
Benefits and other 15.8 7.7 24.6 3.1 15.1
Acquisitions/(terminations), net - - (1,160.6) - -
Balance, end of period $ 40,726.4 $ 41,651.8 $ 40,796.0 $ 42,071.5 $ 41,140.7

Individual Fixed Annuities
Deposits 52.4 27.4 31.0 38.6 42.7
Withdrawals and surrenders (230.0) (274.0) (330.0) (400.9) (437.5)
Net flows (177.6) (246.6) (299.0) (362.3) (394.8)

Policyholder interest credited 83.7 82.8 77.6 73.4 79.2
Policy charges (2.9) (3.2) (2.6) (2.8) (2.5)
Benefits and other 11.0 (5.5) (3.9) (3.5) (3.5)
Acquisitions/(terminations), net - - (289.6) - -

Income Products $ 1,935.0 $ 1,954.7 $ 1,978.3 $ 2,025.1 $ 1,970.6
Advisory services program $ 314.6 $ 375.9 $ 411.5 $ 475.0 $ 508.1
Total individual investment account values $ 51,707.8 $ 52,541.7 $ 51,227.6 $ 52,318.2 $ 51,044.4

9

June 30, 2006
Account Values by Product

BEST of AMERICA products $ 33,119.9 $ 33,989.0 $ 32,937.0 $ 34,117.5 $ 33,495.1
Private label annuities 7,110.0 7,178.4 7,398.9 7,505.5 7,243.9
Nationwide Financial Network and other 496.5 484.4 460.1 448.5 401.7
Total individual variable annuities $ 40,726.4 $ 41,651.8 $ 40,796.0 $ 42,071.5 $ 41,140.7

Individual Fixed Annuities $ 8,731.8 $ 8,559.3 $ 8,041.8 $ 7,746.6 $ 7,425.0
Income Products $ 1,935.0 $ 1,954.7 $ 1,978.3 $ 2,025.1 $ 1,970.6
Advisory Services Program $ 314.6 $ 375.9 $ 411.5 $ 475.0 $ 508.1
Total individual investment account values $ 51,707.8 $ 52,541.7 $ 51,227.6 $ 52,318.2 $ 51,044.4

Sales by Product

BEST of AMERICA products $ 832.4 $ 720.1 $ 767.6 $ 912.5 $ 1,116.3
Private label annuities 95.3 79.8 82.3 73.0 96.7
Nationwide Financial Network and other 1.3 1.1 1.1 0.9 1.0
Total individual variable annuities $ 929.0 $ 801.0 $ 851.0 $ 986.4 $ 1,214.0

Individual Fixed Annuities $ 67.6 $ 31.5 $ 32.6 $ 39.5 $ 45.8
Income Products $ 47.7 $ 49.3 $ 54.8 $ 58.5 $ 55.9
Advisory Services Program $ 63.8 $ 65.1 $ 49.2 $ 62.6 $ 70.1
Total individual investment sales $ 1,108.1 $ 946.9 $ 987.6 $ 1,147.0 $ 1,385.8

Sales by Channel

Non-affiliated
Independent broker/dealers $ 355.5 $ 309.4 $ 311.5 $ 347.7 $ 412.6
Life specialists - - - 0.8 -
Affiliated
Total individual variable annuities $ 929.0 $ 801.0 $ 851.0 $ 986.4 $ 1,214.0

Individual Fixed Annuities
Non-affiliated
Affiliated
Total individual fixed annuities $ 67.6 $ 31.5 $ 32.6 $ 39.5 $ 45.8

Income Products
Non-affiliated
Affiliated
Nationwide Financial Network 3.5 4.2 3.7 3.7 (0.6)
Total income products $ 47.7 $ 49.3 $ 54.8 $ 58.5 $ 55.9

Advisory Services Program
Non-affiliated
Affiliated
Total advisory services program $ 63.8 $ 65.1 $ 49.2 $ 62.6 $ 70.1

Total individual investment sales $ 1,108.1 $ 946.9 $ 987.6 $ 1,147.0 $ 1,385.8

10

June 30, 2006

Retirement Plans
Quarterly Earnings Trends

Operating Revenues
Asset fees $ 34.1 $ 34.2 $ 34.4 $ 33.9 $ 33.6
Surrender fees 2.5 1.7 1.9 1.5 1.1

Other income 61.7 68.0 70.2 76.3 77.8
Total operating revenues 262.6 271.4 276.0 278.6 294.9

Benefits

Expenses
Commissions 31.6 33.7 34.3 37.8 36.6
Subtotal 93.1 97.2 98.2 100.6 105.4

Total expenses 105.1 110.6 110.7 111.8 117.5

Key Ratios/Statistics
Average Account Values:
General account $ 10,795.0 $ 11,010.1 $ 11,151.0 $ 11,241.2 $ 11,050.0
Separate account 19,582.4 19,342.2 19,737.8 19,298.8 18,155.5
Non insurance assets 11,914.9 13,023.6 14,056.6 15,258.6 16,085.7
Administration only 35,400.4 36,725.4 37,508.5 39,690.3 42,162.9
Total average retirement plan account values $ 77,692.7 $ 80,101.3 $ 82,453.9 $ 85,488.9 $ 87,454.1

Earned rate 6.01% 6.02% 5.99% 5.84% 5.78%
Credited rate 4.16% 4.19% 4.15% 4.03% 4.09%
Interest spread on average general account values 1.85% 1.83% 1.84% 1.81% 1.69%
Prepayment penalties and bond call premium income 0.19% 0.18% 0.19% 0.09% 0.06%
Base interest spread on average general account values 1.66% 1.65% 1.65% 1.72% 1.63%
Asset fees to average separate account values 0.70% 0.71% 0.70% 0.70% 0.74%
General operating expenses to average account values 0.36% 0.36% 0.35% 0.34% 0.36%
Pre-tax operating earnings to average account values 0.23% 0.23% 0.24% 0.25% 0.29%
Pre-tax operating earnings to operating revenue 17.3% 16.7% 18.0% 19.2% 21.8%
Average allocated capital $ 753.6 $ 784.1 $ 806.5 $ 816.2 $ 817.1
Return on average allocated capital 17.7% 25.1% 20.1% 19.4% 23.0%
(1)
Adjusted return on average allocated capital 17.7% 17.7% 20.1% 19.4% 23.0%

(1)
3Q 2005 return adjusted for $14.6 million impact of one-time tax adjustments associated with separate account dividend received deductions.

Retirement Plans
Account Value Activity

Private Sector Pension Plans
New deposits/sales 1,682.4 1,833.3 1,676.4 2,327.7 1,873.8
Participant withdrawals and surrenders (1,308.3) (1,464.6) (1,601.7) (1,855.7) (1,624.0)
Net flows 374.1 368.7 74.7 472.0 249.8

Investment performance/interest credited 811.6 1,591.8 1,027.6 2,112.0 (48.2)
Policy and other charges (52.9) (53.5) (57.8) (25.2) (62.2)
Case acquisitions/(terminations), net 82.8 3.8 626.3 784.6 260.8

Public Sector Pension Plans
New deposits/sales 984.8 1,004.2 940.3 1,020.0 993.2
Participant withdrawals and surrenders (640.6) (634.2) (625.0) (694.2) (654.2)
Net flows 344.2 370.0 315.3 325.8 339.0

Investment performance/interest credited 575.5 1,359.3 850.3 1,376.2 (370.1)
Policy and other charges (17.3) (17.5) (17.4) (18.0) (38.1)
Case acquisitions/(terminations), net (916.3) (7.0) (1,729.6) (46.8) (1,381.1)

Total retirement plan account values $ 78,293.5 $ 81,909.1 $ 82,998.5 $ 87,979.1 $ 86,929.0

11

June 30, 2006

Retirement Plans
Account Values by Product

BEST of AMERICA annuity products $ 7,995.6 $ 7,969.2 $ 7,791.9 $ 7,738.8 $ 7,399.3
BEST of AMERICA trust products 12,413.4 13,633.7 14,479.5 16,037.7 16,133.6
Subtotal BEST of AMERICA 20,409.0 21,602.9 22,271.4 23,776.5 23,532.9
The 401(k) Company 11,712.4 12,215.3 13,147.7 16,349.9 17,024.0
Nationwide Financial Network products 1,411.2 1,372.3 1,378.4 1,316.5 1,304.8
Nationwide employee and agent benefit plans 5,155.2 5,426.4 5,504.2 4,207.1 4,204.7
Other 637.1 618.8 604.8 599.9 583.7
Total private sector pension plans $ 39,324.9 $ 41,235.7 $ 42,906.5 $ 46,249.9 $ 46,650.1

IRC Section 457 annuities $ 14,797.6 $ 15,321.2 $ 15,790.2 $ 16,148.1 $ 14,908.2
Administration only agreements 24,171.0 25,352.2 24,301.8 25,581.1 25,370.7
Total public sector pension plans $ 38,968.6 $ 40,673.4 $ 40,092.0 $ 41,729.2 $ 40,278.9

Total retirement plan account values $ 78,293.5 $ 81,909.1 $ 82,998.5 $ 87,979.1 $ 86,929.0

Retirement Plans
Sales by Product

BEST of AMERICA annuity products $ 357.5 $ 361.0 $ 296.7 $ 351.0 $ 327.8
BEST of AMERICA trust products 888.7 948.0 971.2 1,277.5 976.9
Subtotal BEST of AMERICA 1,246.2 1,309.0 1,267.9 1,628.5 1,304.7
The 401(k) Company 323.7 303.5 288.3 535.9 422.3
Nationwide Financial Network products 41.7 52.6 58.4 56.5 40.6
Other 16.0 - - 12.6 20.8
Total private sector pension plan $ 1,627.6 $ 1,665.1 $ 1,614.6 $ 2,233.5 $ 1,788.4

IRC Section 457 annuities $ 394.4 $ 397.6 $ 379.0 $ 407.3 $ 389.0
Administration only agreements 590.4 606.7 561.3 612.6 604.2
Total public sector pension plans $ 984.8 $ 1,004.3 $ 940.3 $ 1,019.9 $ 993.2

Total retirement plan sales $ 2,612.4 $ 2,669.4 $ 2,554.9 $ 3,253.4 $ 2,781.6

Retirement Plans
Sales by Channel

Non-affiliated
Pension plan administrators 116.0 108.2 104.9 135.9 139.6
Affiliated
Nationwide Retirement Solutions 8.9 8.4 8.5 8.6 8.0
The 401(k) Company 323.7 303.5 288.3 535.9 422.3
Total private sector pension plans $ 1,627.6 $ 1,665.1 $ 1,614.6 $ 2,233.5 $ 1,788.4

Nationwide Retirement Solutions $ 984.8 $ 1,004.3 $ 940.3 $ 1,019.9 $ 993.2

Total retirement plan sales $ 2,612.4 $ 2,669.4 $ 2,554.9 $ 3,253.4 $ 2,781.6

12

nationwide 2Q06 Statistical Supplement

nationwide 2Q06 Statistical Supplement

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