485BPOS 1 d103296d485bpos.htm BOA NEXT GENERATION FPVUL (333-31725) BOA Next Generation FPVUL (333-31725)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-6
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 File No. 333-31725
Pre-Effective Amendment No. □
Post-Effective Amendment No. 46 ☑
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 File No. 811-08301
Amendment No. 257 ☑
(Check appropriate box or boxes.)
Nationwide VLI Separate Account-4
(Exact Name of Registrant)
Nationwide Life Insurance Company
(Name of Depositor)
One Nationwide Plaza, Columbus, Ohio 43215
(Address of Depositor's Principal Executive Offices) (Zip Code)
(614) 249-7111
Depositor's Telephone Number, including Area Code
Denise L. Skingle, Senior Vice President and Secretary
One Nationwide Plaza, Columbus, Ohio 43215
(Name and Address of Agent for Service)
May 1, 2021
Approximate Date of Proposed Public Offering
It is proposed that this filing will become effective (check appropriate box)
□ immediately upon filing pursuant to paragraph (b)
☑ on May 1, 2021 pursuant to paragraph (b)
□ 60 days after filing pursuant to paragraph (a)(1)
□ on (date) pursuant to paragraph (a)(1)
If appropriate, check the following box:
□ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

The Best of America Next Generation® FPVUL
Individual Flexible Premium Variable Universal Life Insurance Policies
Issued by
Nationwide Life Insurance Company
through its
Nationwide VLI Separate Account-4
The date of this prospectus is May 1, 2021.
This prospectus contains basic information about the policies that should be understood before investing. Read this prospectus carefully and keep it for future reference.
Variable life insurance policies are complex products with unique benefits and advantages and are intended as a vehicle for long-term financial planning, not short-term savings. There are costs and charges associated with these benefits and advantages - costs and charges that are different, or do not exist at all within other life insurance products. With help from financial professionals, purchasers are encouraged to compare and contrast the costs and benefits of the policy described in this prospectus against those of other life insurance products, especially other variable life insurance products offered by Nationwide and its affiliates. This process of comparison and analysis should aid in determining whether the purchase of the policy described in this prospectus is consistent with the purchaser’s life insurance objectives, risk tolerance, investment time horizon, marital status, tax situation, and other personal characteristics and needs.
To obtain additional information, including free copies of prospectuses for the underlying mutual funds or a copy of the Statement of Additional Information, or to make service or transaction requests, contact Nationwide using any of the methods described in Contacting the Service Center.
These securities have not been approved or disapproved by the SEC nor has the SEC passed upon the accuracy or adequacy of the prospectus. Any representation to the contrary is a criminal offense.
This prospectus is not an offering in any jurisdiction where such offering may not lawfully be made. Not all Riders, terms, conditions, benefits, programs, features, and investment options are available or approved for use in every state. Contact Nationwide to review a copy of the policy and any Riders or endorsements, see Contacting the Service Center. This prospectus contains all material rights and features of the policy.
The policy is NOT: insured by the Federal Deposit Insurance Corporation; a bank deposit; available in every state; or insured or endorsed by a bank or any federal government agency.
The policy may decrease in value to the point of being valueless because of poor Investment Experience.
The purpose of this policy is to provide life insurance protection for the beneficiary named by the policy owner. If the purchaser’s primary need is not life insurance protection, then purchasing this policy may not be in the best interest of the purchaser. Nationwide makes no claim that the policy is in any way similar or comparable to a systematic investment plan of a mutual fund.
If this policy is being purchased to replace existing life insurance, the purchaser should carefully consider the benefits, features, and costs of this policy versus those of the policy being replaced.
Nationwide offers a variety of variable universal life policies. Despite offering substantially similar features and investment options, certain policies may have lower overall charges than others including the policy described herein. These differences in charges may be attributable to differences in sales and related expenses incurred in one distribution channel versus another.
The Sub-Accounts offered through this policy invest in the underlying mutual funds listed below. For a complete list of the available underlying mutual funds, including underlying mutual funds available prior to the date of this prospectus, see Appendix A: Underlying Mutual Fund Information. For more information on an underlying mutual fund, refer to the prospectus for the mutual fund. To obtain free copies of prospectuses for the underlying mutual funds, policy owners can contact Nationwide using any of the methods described in Contacting the Service Center.
• AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A
• AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A
• American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II
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• American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I
• American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I
• BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II
• BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares
• BNY Mellon Stock Index Fund, Inc.: Initial Shares
• BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares
• BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares
• BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares
• Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares
• Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares
• Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2
• Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class
• Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2
• Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2
• Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1
• Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1
• Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2
• Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1
• Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2
• Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2
• Invesco - Invesco V.I. American Franchise Fund: Series I Shares
• Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I
• Invesco - Invesco V.I. Global Fund: Series I
• Invesco - Invesco V.I. Global Strategic Income Fund: Series I
• Invesco - Invesco V.I. Main Street Fund: Series I
• Invesco - Invesco V.I. Main Street Small Cap Fund: Series I
• Ivy Variable Insurance Portfolios - Asset Strategy: Class II
• Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares
• Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares
• Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares
• Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares
• MFS® Variable Insurance Trust - MFS Value Series: Initial Class
• MFS® Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class
• Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I
• Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I
• Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I
• Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II
• Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II
• Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II
• Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II
• Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Amundi Multi Sector Bond Fund: Class I
• Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I
• Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X
• Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I
• Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I
• Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II
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• Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I
• Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X
• Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I
• Nationwide Variable Insurance Trust - NVIT S&P 500® Index Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I
• Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares
• Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares
• Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: I Class Shares
• PIMCO Variable Insurance Trust - International Bond Portfolio (Unhedged): Administrative Class
• PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class
• Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB
• Putnam Variable Trust - Putnam VT International Equity Fund: Class IB
• Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB
• T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II
• VanEck VIP Trust - Emerging Markets Fund: Initial Class
• VanEck VIP Trust - Global Resources Fund: Initial Class
• Wells Fargo Variable Trust - VT Small Cap Growth Fund: Class 2
The following fixed investment option is also available under the policy.
❍ Fixed Account
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For convenience, definitions of certain words and phrases used in the prospectus are provided in Appendix B: Definitions.
In Summary: Policy Benefits
Death Benefit
The primary benefit of this policy is life insurance coverage. Nationwide will pay the Death Benefit Proceeds upon the Insured's death if the Insured dies while the policy is In Force. The policy is In Force when: the policy has been issued; the initial Premium has been paid; the Insured is living; the policy has not been surrendered for its Cash Surrender Value; and the policy has not Lapsed.
The Cash Value and Death Benefit, to the extent the Death Benefit includes or is based on the Cash Value, will not be fixed but will be dependent on the investment performance of the investment options in which the policy owner is invested, and cumulative separate account and policy charges assessed by Nationwide over the life of the policy.
Death Benefit Options
Note: The Death Benefit will be the greater of the amount produced by the death benefit option in effect on the date of the Insured's death or the Minimum Required Death Benefit, see The Minimum Required Death Benefit.
Death Benefit Option 1: The Death Benefit will be the Total Specified Amount as of the Insured's date of death.
Death Benefit Option 2: The Death Benefit will be the Total Specified Amount plus the Cash Value as of the Insured's date of death.
Death Benefit Option 3: The Death Benefit will be the Total Specified Amount plus the accumulated premium account (which consists of all Premium payments, up to the maximum stated in the Policy Data Pages, plus interest), less any partial surrenders, as of the Insured's date of death.
Choice of Policy Proceeds
The Policy Proceeds may be paid in a lump sum, or a variety of options that will pay out over time.
Coverage Flexibility
Subject to conditions, the policy owner may choose to:
• change the death benefit option;
• increase or decrease the Base Policy Specified Amount and/or Rider Specified Amount;
• change beneficiaries; and
• change ownership of the policy.
Continuation of Coverage Guarantee Feature
The policy will remain In Force during the policy continuation period as long as sufficient Premium is paid to meet the requirements set forth in Guaranteed Policy Continuation Provision.
Access to Cash Value
Subject to conditions, the policy owner may:
• take a policy loan, see Policy Loans.
• take a partial surrender, see Partial Surrender.
• surrender the policy for its Cash Surrender Value at any time while the policy is In Force, see Full Surrender.
Premium Flexibility
The policy owner will select a Premium payment plan for the policy at the time of application. Within limits, the policy owner may vary the frequency and amount of Premium payments, see Premium Payments and Unfavorable Investment Experience.
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Investment Options
Net Premium, loan repayments, and Cash Value may be allocated among fixed and/or variable investment options available in the policy.
The policy currently offers a fixed investment option which will earn interest daily, see Fixed Account.
The variable investment options offered under the policy correspond to mutual funds designed to be the underlying investment options of variable insurance products. Nationwide VLI Separate Account-4 contains a separate Sub-Account for each of the underlying mutual funds offered in the policy.
Transfer Requests
Policy owners may request to transfer allocations between available investment options of the policy (i.e., the Fixed Account and Sub-Accounts). Requests to transfer allocations between policy investment options will be processed in the Valuation Period they are received at the Service Center as long as the request is in good order. Requests that are not in good order may be delayed or returned, see Contacting the Service Center.
Restrictions or limitations on transfers from the general account option(s) may delay a policy owner’s ability to transfer Cash Value to the Sub-Accounts. Additionally, transfer requests from a Sub-Account may be subject to short-term trading fees and policies and procedures intended to reduce the potentially detrimental impact that disruptive trading has on Investment Experience. For additional information, see Transfers Among and Between Policy Investment Options.
Taxes
Earnings on the policy are generally not taxable to the policy owner, unless withdrawn from the policy. This is known as tax deferral. In addition, beneficiaries generally will not have to include Death Benefit Proceeds as taxable income, see Taxes.
Unlike other variable insurance products Nationwide offers, Individual Flexible Premium Variable Universal Life Insurance Policies do not require distributions to be made before Insured's death, see Taxes.
Assignment
Policy owners may assign the policy as collateral for a loan or another obligation while the policy is In Force, see Assigning the Policy.
Right to Cancel (Examination Right)
For a limited time, the policy owner may cancel the policy and receive a refund, see Right to Cancel (Examination Right).
Riders
The policy owner may purchase one or more of the Riders listed below, subject to availability in the state where the policy is issued. There may be additional charges assessed for elected Riders and Rider charges may vary based upon the individual characteristics of the Insured. Operation and benefits of the Riders described in this prospectus may vary by the state where the policy is issued.
• Adjusted Sales Load Life Insurance Rider
• Children's Insurance Rider
• Long-Term Care Rider
• Spouse Life Insurance Rider
• Accidental Death Benefit Rider
• Premium Waiver Rider
• Change of Insured Rider (no charge)
• Additional (insurance) Protection Rider
• Deduction (of Fees and Expenses) Waiver Rider
• Policy Guard Rider
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• For additional information, see Policy Riders and Rider Charges.
In Summary: Policy Risks
Variable universal life insurance is not suitable as an investment vehicle for short-term savings. It is designed for long-term financial planning. Policy owners accessing the Cash Value in the early policy years could incur potentially substantial surrender charges. The Cash Value, and the Death Benefit to the extent the Death Benefit includes or is based on the policy's Cash Value, will be dependent upon the investment performance of the policy owner's investment allocations and the fees, expenses and charges paid over the life of the policy. A policy owner may not earn sufficient returns from their selection of investment options to pay a policy’s periodic charges so that additional premium payments may be required over the life of the policy to prevent it from lapsing. Policy guarantees that exceed the value in the variable account, including payment of the Death Benefit, are subject to Nationwide's claims paying ability.
State Variations
Due to variations in state law, many features of the policy described in this prospectus may be different or may not be available at all depending on the state in which the policy is issued.
Possible variations include, but are not limited to, Rider terms and availability, availability of certain investment options, duration of the right to cancel period, policy exchange rights, policy Lapse and/or reinstatement requirements, and the duration of suicide and incontestability periods. Variations due to state law are subject to change without notice at any time. This prospectus describes all the material features of the policy. To review a copy of the policy and any Riders or endorsements for the state in which the policy will be issued, the policy owner can contact the Service Center, see Contacting the Service Center.
Risk of Increase in Current Fees and Charges
Subject to the guaranteed maximum rates stated in the Policy Data Pages, Nationwide may change policy and/or Rider charges and rates under the policy any time there is a change in Nationwide's future expectations related to items such as company investment earnings, mortality experience, persistency experience, expenses (including reinsurance expenses) and taxes. Nationwide will provide advance notice of any increase in policy and/or Rider charges.
If a change in the charges or rates causes an increase to the policy and/or Rider charges, the policy's Cash Value could decrease. If a change in the charges or rates causes a decrease to the policy and/or Rider charges, the policy's Cash Value could increase. Policy and Rider charges will not exceed the maximum charges shown in the fee tables, see In Summary: Fee Tables and Standard Policy Charges.
Unfavorable Sub-Account Investment Experience
The Sub-Accounts may generate unfavorable Investment Experience. Unfavorable Investment Experience and the deduction of policy and Sub-Account charges may lower the policy’s Cash Value potentially resulting in a Lapse of insurance coverage, even if all Premium is paid as planned.
Note: A customized projection of policy values (a "policy illustration") is available from your financial professional at the time of application and after the policy is issued. The policy owner selects the Premium amount and frequency shown in the policy illustration to show Nationwide how much Premium the policy owner intends to pay and when. The policy owner also selects assumed Investment Experience. Illustrated Premium and assumed Investment Experience are not guaranteed. Investment Experience varies over time, is rarely the same year-over-year, and may be negative. Because the policy is a variable universal life insurance policy with the potential for unfavorable Investment Experience, including extended periods of significant stock market decline, additional Premium may be required to meet a policy owner's goals and/or to prevent the policy from Lapsing even if all Premium is paid as planned. Generally, variable universal life insurance is considered a long-term investment. Policy owners should weigh the investment risk and costs associated with the policy against their objectives, time horizon, risk tolerance, and ability to pay additional Premium if necessary.
Risk of Policy Lapse
Cash Surrender Value can be reduced by unfavorable Investment Experience, policy loans, partial surrenders and the deduction of policy charges. Underlying mutual fund fees are factored into the NAV used to calculate the Accumulation Unit Value of each Sub-Account and may also reduce Cash Surrender Value, see Mutual Fund Operating Expenses.
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Whenever Cash Surrender Value is insufficient to cover the policy’s charges, the policy is at risk of Lapse; the policy could terminate without value and insurance coverage would cease. Lapse may also have adverse income tax consequences if the policy has outstanding Indebtedness.
Limitation of Access To Cash Value
A policy owner can access Cash Value through loans, full surrender, and partial surrenders, subject to limitations and any applicable processing fees and surrender charges. Limitations include the amount and frequency of the loan or partial surrender, see Policy Loans and Surrenders.
Adverse Tax Consequences
Existing federal tax laws that benefit this policy may change at any time. These changes could alter the favorable federal income tax treatment the policy enjoys, such as the deferral of taxation on the gains in the policy's Cash Value and the exclusion of the Death Benefit Proceeds from the taxable income of the policy's beneficiary. Partial and full surrenders from the policy may be subject to taxes. The income tax treatment of the surrender of Cash Value is different in the event the policy is treated as a modified endowment contract under the Code. Generally, tax treatment of modified endowment contracts is less favorable when compared to a life insurance policy that is not a modified endowment contract. For example, distributions and loans from modified endowment contracts may currently be taxed as ordinary income and not a return of investment, see Taxes.
The proceeds of a life insurance policy are includible in the gross estate of the Insured for federal income tax purposes if either (a) the proceeds are payable to the executor of the estate of the Insured, or (b) the Insured, at any time within three years prior to his or her death, possessed any incident of ownership in the policy. For this purpose, the Treasury Regulations provide that the term "incident of ownership" is to be construed very broadly, and includes any right that the Insured may have with respect to the economic benefits in the policy. Consult a qualified tax advisor on all tax matters involving the policy described herein.
Fixed Account Transfer Restrictions and Limitations
In addition to the Sub-Accounts available under the policy, Net Premium can be allocated to the Fixed Account. Before the policy's Maturity Date, the policy owner may make transfers involving the Fixed Account without penalty or adjustment, subject to transfer restrictions. These transfers will be in dollars and Nationwide may limit the frequency and dollar amount of transfers involving the Fixed Account. See Fixed Account Transfers for details about restrictions that apply to transfers to and from the Fixed Account.
Sub-Account Transfer Limitations
Frequent transfers among the Sub-Accounts may dilute the value of Accumulation Units, cause the underlying mutual funds to incur higher transaction costs, and interfere with the underlying mutual funds’ ability to pursue their stated investment objectives. This could result in less favorable Investment Experience and a lower Cash Value. Nationwide has instituted procedures to minimize disruptive transfers. While Nationwide expects these procedures to reduce the adverse effect of disruptive transfers, it cannot ensure that it has eliminated these risks.
Sub-Account Investment Risk
A comprehensive discussion of the risks of each underlying mutual fund may be found in the mutual fund’s prospectus. Read each mutual fund's prospectus before investing. Free copies of each mutual fund's prospectus may be obtained by contacting the Service Center, see Contacting the Service Center.
In Summary: Fee Tables
The following tables describe the fees and expenses assessed under the policy. The rates in these tables may be rounded up to the nearest one-hundredth decimal. These tables should be read in conjunction with the corresponding section of this prospectus that describes the fee or expense in more detail. All charges deducted from the policy's Cash Value are taken proportionally from the Sub-Accounts and the Fixed Account except where noted.
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The first table describes the fees and expenses that a policy owner will pay at the time the policy owner pays Premium into the policy, surrenders the policy, or transfers Cash Value between investment options.
Transaction Fees
Charge When Charge Is Deducted Amount Deducted
Sales Load Charge1 Upon making a Premium payment Maximum:
$25 from each $1,000 of Premium 		Current:
$5 from each $1,000 of Premium
Premium Taxes Charge1 Upon making a Premium payment $35 per $1,000 of Premium payment
Surrender Charge2 Upon full surrender; Upon policy Lapse; Upon a decrease to the Base Policy Specified Amount Maximum:
$25,590 		Minimum:
$2,337 		Representative:
$3,408
Representative - For an age 35 male non-tobacco preferred with a Base Policy Specified Amount and a Total Specified Amount of $500,000 and Death Benefit Option 1 From the policy's available Cash Value
Illustration Charge3 Upon requesting an illustration Maximum:
$25 		Current:
$0
Partial Surrender Fee Upon a partial surrender Maximum:
the lesser of $25 or 2% of amount surrendered 		Current:
$0
† This charge will vary based upon the individual characteristics of the Insured. Representative charges shown in the table may not be representative of the charge that a particular policy owner will pay. Policy owners can request an illustration of specific costs and/or see the Policy Data Pages for information about specific charges of the policy.
1 The maximum Sales Load Charge and the Premium Taxes Charge (collectively "Premium Load") represent the maximums that may be charged in any policy year, see Premium Load.
2 For purposes of this table, for a full surrender occurring in the first year from the Policy Date, the charge calculations assume an aggregate first year Premium in excess of the surrender target premium. The surrender target premium is an assumed Premium payment amount used in calculating the Surrender Charge. The Surrender Charge is based on the lesser of the surrender target premium and the Premiums paid in the first year from the Policy Date. The surrender target premium varies by: the Insured's sex; issue age; underwriting class; and the Base Policy Specified Amount (including any increases). The maximum Surrender Charge calculation assumes: a male; age 85 or older; tobacco; a Base Policy Specified Amount and Total Specified Amount of $500,000, Death Benefit Option 1; and policy year one. The minimum charge calculation assumes: a female; issue age 0; a Base Policy Specified Amount and Total Specified Amount of $500,000; Death Benefit Option 1 and policy year one.
3 The policy owner will be expected to pay the Illustration Charge by check or money order at the time of the request. This charge will not be deducted from Cash Value.
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The next table describes the fees and expenses that a policy owner will pay periodically while the policy is In Force, not including mutual fund operating expenses.
Periodic Charges
Charge When Charge Is Deducted Amount Deducted From Cash Value
Cost Of Insurance Charge1† Monthly Minimum:
$0.04 		Maximum:
$83.33 		Representative:
$0.14
Representative – An age 35 male; non-tobacco preferred; Base Policy Specified Amount and Total Specified Amount $500,000; Death Benefit Option 1 Per $1,000 Of Net Amount At Risk –
From the policy's available Cash Value
Flat Extra Charge2 Monthly Maximum:
$2.08 per $1,000 of Net Amount
At Risk for each Flat Extra assessed
Mortality and Expense Risk Charge3 Monthly Maximum :
A monthly rate of $0.50 Per $1,000 of Cash Value
Proportionately from the Sub-Accounts only
Administrative Charge4 Monthly Maximum:
$10 		Current:
$10
From the policy's available Cash Value
Policy Loan Interest Charge5 Annually Maximum:
$39 		Current:
$39
Per $1,000 of an outstanding policy loan
† This charge will vary based upon the individual characteristics of the Insured. Representative charges shown in the table may not be representative of the charge that a particular policy owner will pay. Policy owners can request an illustration of specific costs and/or see the Policy Data Pages for information about specific charges of the policy.
1 The Cost of Insurance Charge varies by: the Insured's sex; age; underwriting class; any Substandard Ratings; the year from the Policy Date; and the Base Policy Specified Amount. Cost of Insurance charges are taken from the policy's Cash Value at the beginning of the month starting with the Policy Date. The charge is not pro rated should the policy terminate before the beginning of the next month.
2 The Flat Extra is a component in the calculation of the base policy Cost of Insurance Charge and any Rider Cost of Insurance Charge. It is only applicable if certain factors result in an Insured having a Substandard Rating. An Insured with more than one Substandard Rating may be assessed more than one Flat Extra Charge. Under no circumstance will the assessment of a Flat Extra Charge result in the Cost of Insurance Charge exceeding the maximum Cost of Insurance Charge, see Cost of Insurance.
3 On a current basis, during policy years one through 15, the Mortality and Expense Risk Charge is $0.50 per $1,000 on the first $25,000 of Cash Value, and $0.25 per $1,000 on Cash Values of $25,001 up to $250,000. For Cash Values above $250,000, the charge is $0.08 per $1,000. Beginning in the policy year 16, the charge is $0.50 per $1,000 on the first $25,000 of Cash Value, and $0.08 per $1,000 of Cash Value over $25,000. The charge is only assessed against Cash Value allocated to Sub-Accounts.
4 After the first policy year, the monthly maximum amount is $7.50, and the monthly current amount is $5.
5 The Policy Loan Interest Charge is described in more detail in Policy Loans.
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The next table describes the fees and expenses that a policy owner will pay periodically only if the Rider is elected and while it is In Force.
Periodic Charges For Riders
Charge When Charge Is Deducted Amount Deducted From Cash Value
Adjusted Sales Load Life Insurance Rider Charge Monthly $0.14
Per $1,000 of aggregate monthly Premiums
and 1% of Premium Load replaced – Waived from the policy’s available Cash Value
Children's Insurance Rider Charge Monthly $0.43 Per $1,000 of Rider Specified Amount –
From the policy's available Cash Value
Long-Term Care Rider Charge† Monthly Minimum:
$0.02 		Maximum:
$28.65 		Representative:
$0.02
Representative - An age 35 male; non-tobacco preferred;Long-Term Care Rider Specified Amount $500,000; Death Benefit Option 1 Per $1,000 of Rider Net Amount At Risk -
From the policy's available Cash Value
Spouse Life Insurance Rider Charge† Monthly Minimum:
$0.10 		Maximum:
$10.23 		Representative:
$0.11
Representative Spouse - An age 35 female; non-tobacco; and Spouse Life Insurance Rider Specified Amount $100,000 Per $1,000 of Spouse Death Benefit -
From the policy's available Cash Value
Accidental Death Benefit Rider Charge† Monthly Minimum:
$0.05 		Maximum:
$0.75 		Representative:
$0.06
Representative - An age 35 male; non-tobacco preferred; and Accidental Death Benefit $100,000 Per $1,000 of Accidental Death Benefit -
From the policy's available Cash Value
Premium Waiver Rider Charge1† Monthly Minimum:
$42 		Maximum:
$315 		Representative:
$42
Representative - An age 35 male; non-tobacco preferred Per $1,000 of Premium Waiver Benefit -
From the policy's available Cash Value
Additional (Insurance) Protection Rider Charge2† Monthly Minimum:
$0.01 		Maximum:
$83.33 		Representative:
$0.04
Representative - An age 35 male; non-tobacco preferred; Additional Death Benefit $250,000 Per $1,000 of Rider Net Amount at Risk –
From the policy's available Cash Value
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Periodic Charges For Riders
Charge When Charge Is Deducted Amount Deducted From Cash Value
Deduction (of Fees and Expenses) Waiver Rider Charge3† Monthly Minimum:
$90 		Maximum:
$860 		Representative:
$90
Representative - An age 35 male; non-tobacco preferred; Total Specified Amount of $500,000; Death Benefit Option 1 Per $1,000 of Deduction Waiver Benefit –
From the policy's available Cash Value
Policy Guard Rider Charge4† Upon Invoking The Rider Minimum:
$6.50 		Maximum:
$46.00 		Representative:
$37.00
Representative – Attained Age 85; Cash Value $500,000; Indebtedness of $480,000 Deducted from each $1,000 of the policy's Cash Value
† This charge will vary based upon the individual characteristics of the Insured. Representative charges shown in the table may not be representative of the charge that a particular policy owner will pay. Policy owners can request an illustration of specific costs and/or see the Policy Data Pages for information about specific charges of the policy.
1 The charge calculations assume monthly Premium payments of $1,000, the waiver of which would occur in the event of the Insured's total disability for six consecutive months. For policies issued before July 13, 2006, the maximum charge for this Rider is $105.
2 The monthly charge is a product of the Rider's monthly cost of insurance charge and the Rider Death Benefit, see Additional (Insurance) Protection Rider.
3 The charge calculation assumes total monthly periodic charges of $1,000 (not including this Rider's cost, and any loan amount interest [which are meant to be excluded]). These charges would be waived in the event of the Insured's total disability for six consecutive months.
4 The level of Indebtedness as a percentage of Cash Value that will allow the policy owner to invoke the Rider will vary with the attained age of the Insured. Generally, the higher the Insured's attained age, the higher the level of Indebtedness must be to invoke the Rider, see Policy Guard Rider.
The next table shows the minimum and maximum total operating expenses, as of December 31, 2020, charged by the underlying mutual funds that a policy owner may periodically pay while the policy is In Force. More detail concerning each mutual fund's fees and expenses is contained in the mutual fund's prospectus.
Total Annual Underlying Mutual Fund Operating Expenses  
    Minimum   Maximum  
Total Annual Underlying Mutual Fund Operating Expenses
(Expenses that are deducted from underlying mutual fund assets, including management fees, distribution (12b-1) fees, and other expenses, as a percentage of average underlying mutual fund assets.) 		  0.14%   3.50%  
Policy Investment Options
Policy owners designate how Net Premium payments are allocated among the Sub-Accounts and/or the Fixed Account. Allocation instructions must be in whole percentages and the sum of the allocations must equal 100%.
Fixed Account
Nationwide's obligations under the Fixed Account are backed by assets of its general account. The general account contains all of Nationwide's assets other than those in this and other Nationwide separate accounts and is used to support Nationwide's annuity and insurance obligations.
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Subject to applicable law, Nationwide has sole discretion over the investment of assets of the general account and policy owners do not share in the investment experience of, or have any preferential claim on, those assets. Nationwide bears the full investment risk for all amounts allocated to the Fixed Account.
Because of exemptive and exclusionary provisions, interests in the Fixed Account have not been and will not be registered under the Securities Act of 1933 and the general account has not been registered as an investment company under the Investment Company Act of 1940. Accordingly, neither the general account nor any interests therein are subject to the provisions of these acts. Nationwide has been advised that the staff of the SEC has not reviewed the disclosure in this prospectus relating to the Fixed Account. Disclosure regarding the Fixed Account, however, is subject to certain generally-applicable provisions of the federal securities laws relating to accuracy and completeness of statements made in prospectuses.
Minimum Guaranteed Interest Rate
Nationwide guarantees that Cash Value allocated to the Fixed Account will accrue interest daily at an effective annual rate that Nationwide determines without regard to the actual investment experience of the general account. Interest crediting rates are set at the beginning of each calendar quarter but are subject to change at any time. Nationwide will credit any interest in excess of the guaranteed interest crediting rate at its sole discretion. Nationwide may not credit any interest in excess of the guaranteed interest crediting rate and different rates may apply to different Premium allocations or exchanges.
Currently, the Fixed Account is the only fixed investment option available under the policy. In the future, Nationwide may offer one or more additional fixed accounts with characteristics that differ from those of the current option, but is under no obligation to do so. The effective annual rate Nationwide declares for the Fixed Account will never be less than 3%.
Interest Crediting Risks and Lapse
The policy owner assumes the risk that the actual credited interest rate may not exceed the guaranteed interest crediting rate. Premiums applied to the policy at different times may receive different interest crediting rates. The interest crediting rate may also vary for new Premium versus Sub-Account transfers. Interest credited to the Fixed Account may be insufficient to pay the policy's charges. Additional Premium payments may be required over the life of the policy to prevent it from Lapsing.
Nationwide’s Claims-Paying Ability
Guaranteed benefits or interest crediting associated with the Fixed Account is a general account obligation of Nationwide. Therefore, any guaranteed benefit, interest crediting, and the policy owner's right to receive payment, is subject to Nationwide’s claims-paying ability and may be subordinate to other claims on the general account in the event Nationwide becomes insolvent.
Restrictions on Transfers to and from the Fixed Account
Prior to the policy's Maturity Date, the policy owner may make transfers involving the Fixed Account. These transfers will be in dollars. Nationwide may impose limits on the dollar amount, percentage of Cash Value, number, and/or frequency of transfers involving the Fixed Account, see Fixed Account Transfers for details about restrictions that apply to transfers to and from the Fixed Account.
Variable Investment Options
The variable investment options available under the policy are Sub-Accounts that invest in underlying mutual funds that are registered with the SEC. The mutual funds' registration with the SEC does not involve the SEC's supervision of the management or investment practices or policies of the mutual funds. The mutual funds are designed primarily as investments for variable annuity contracts and variable life insurance policies issued by insurance companies.
Each Sub-Account's assets are held separately from the assets of the other Sub-Accounts. The result is that each Sub-Account operates independently of the other Sub-Accounts so the income or losses of one Sub-Account will not affect the Investment Experience of any other Sub-Account.
Underlying mutual funds in the separate account are NOT publicly available mutual funds. They are only available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies, or in some cases, through participation in certain qualified pension or retirement plans.
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The investment advisors of the underlying mutual funds may manage publicly available mutual funds with similar names and investment objectives. However, the underlying mutual funds are NOT directly related to any publicly available mutual fund. Policy owners should not compare the performance of a publicly available mutual fund with the performance of underlying mutual funds participating in the separate account. The performance of the underlying mutual funds could differ substantially from that of any publicly available mutual funds.
The particular underlying mutual funds available under the policy may change from time to time, see Identification of Underlying Mutual Funds. Specifically, underlying mutual funds or underlying mutual fund share classes that are currently available may be removed or closed off to future investment. New underlying mutual funds or new share classes of currently available underlying mutual funds may be added. In the case of new share class additions, future allocations may be limited to the new share classes. The policy owner will receive notice of any such changes that effect the policy.
In the future, additional underlying mutual funds managed by certain financial institutions, brokerage firms, or their affiliates may be added to the separate account. These additional underlying mutual funds may be offered exclusively to purchasing customers of the particular financial institution or brokerage firm, or through other exclusive distribution arrangements.
Valuation of Accumulation Units
Nationwide accounts for the value of a policy owner's interest in the Sub-Accounts by using Accumulation Units. The value of each Accumulation Unit varies daily based on the Investment Experience of the underlying mutual fund in which the Sub-Account invests. Nationwide uses each underlying mutual fund's Net Asset Value (NAV) to calculate the daily Accumulation Unit value for the corresponding Sub-Account. Note, however, that the Accumulation Unit value will not equal the underlying mutual fund's NAV. This daily Accumulation Unit valuation process is referred to as "pricing" the Accumulation Units, see How Sub-Account Investment Experience is Determined.
Accumulation Units are priced as of the close of regular trading on the New York Stock Exchange (NYSE), which is normally 4:00 p.m. EST, on each day that the NYSE is open. Nationwide will price Accumulation Units on each day that the NYSE is open for business. Any transactions received after the close of the NYSE will be priced as of the next Valuation Period. Nationwide will not price Accumulation Units on these recognized holidays:
• New Year's Day
• Martin Luther King, Jr. Day
• Presidents' Day
• Good Friday
• Memorial Day
• Independence Day
• Labor Day
• Thanksgiving
• Christmas
In addition, Nationwide will not price Accumulation Units if:
(1) trading on the NYSE is restricted;
(2) an emergency exists making disposal or valuation of securities held in the separate account impracticable; or
(3) the SEC, by order, permits a suspension or postponement for the protection of security holders.
SEC rules and regulations govern when the conditions described in items (1) and (2) exist.
How Sub-Account Investment Experience is Determined
Sub-Account allocations are accounted for in Accumulation Units. A policy owner's interest in the Sub-Accounts is represented by the number of Accumulation Units owned by the policy owner. The number of Accumulation Units associated with a given Sub-Account allocation is determined by dividing the dollar amount allocated to the Sub-Account by the Accumulation Unit value for the Sub-Account. The number of Sub-Account Accumulation Units owned by a policy owner will not change except when Accumulation Units are redeemed to process a requested surrender, transfer, loan, or to take policy charges, or when additional Accumulation Units are purchased with Premium and loan repayments.
Initially, Nationwide sets the Accumulation Unit value at $10 for each Sub-Account. Thereafter, the daily value of Accumulation Units in a Sub-Account will vary depending on the Investment Experience of the underlying mutual fund in which the Sub-Account invests. Nationwide accounts for these performance fluctuations by using a "net investment factor," as described below, in the daily Sub-Account valuation calculations. Changes in the net investment factor may not be directly proportional to changes in the NAV of the mutual fund shares.
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Nationwide determines the net investment factor for each Sub-Account on each Valuation Period by dividing (a) by (b), where:
(a) is the sum of:
• the NAV per share of the mutual fund held in the Sub-Account as of the end of the current Valuation Period; and
• the per share amount of any dividend or income distributions made by the mutual fund held in the Sub-Account (if the date of the dividend or income distribution occurs during the current Valuation Period); plus or minus
• a per share charge or credit for any taxes reserved for as a result of the Sub-Account's investment operations if changes to the law result in a modification to the tax treatment of the separate account; and
(b) is the NAV per share of the mutual fund held in the Sub-Account determined as of the end of the immediately preceding Valuation Period.
Nationwide determines the Sub-Account’s Accumulation Unit value at the end of each Valuation Period. The Accumulation Unit value for any Valuation Period is determined by multiplying the Accumulation Unit value as of the prior Valuation Period by the net investment factor for the Sub-Account for the current Valuation Period.
Transfers Among and Between the Policy Investment Options
Sub-Account Transfers
Policy owners may request transfers to or from the Sub-Accounts once per Valuation Period, subject to the terms and conditions described in this prospectus and the prospectuses of the underlying mutual funds. Transfers will be implemented by redeeming Accumulation Units from the Sub-Account(s) indicated by the policy owner and using the redemption proceeds to purchase Accumulation Units in another Sub-Account(s) as directed by the policy owner. The net result is that the policy owner's Cash Value will not change (except due to standard market fluctuations), but the number and allocation of Accumulation Units within the policy will change.
Neither the policies nor the mutual funds are designed to support active trading strategies that require frequent movement between or among Sub-Accounts (sometimes referred to as "market-timing" or "short-term trading"). A policy owner who intends to use an active trading strategy should consult his/her financial professional and request information on other Nationwide policies that offer mutual funds that are designed specifically to support active trading strategies.
Nationwide discourages (and will take action to deter) short-term trading in this policy because the frequent movement between or among Sub-Accounts may negatively impact other investors in the policy. Short-term trading can result in:
• the dilution of the value of the investors' interests in the mutual fund;
• mutual fund managers taking actions that negatively impact performance (i.e., keeping a larger portion of the mutual fund assets in cash or liquidating investments prematurely in order to support redemption requests); and/or
• increased administrative costs due to frequent purchases and redemptions.
To protect investors in this policy from the negative impact of these practices, Nationwide has implemented, or reserves the right to implement, several processes and/or restrictions aimed at eliminating the negative impact of active trading strategies. Nationwide cannot guarantee that attempts to deter active trading strategies will be successful.
If Nationwide is unable to deter active trading strategies, the performance of the Sub-Accounts that are actively traded may be adversely impacted. Policy owners remaining in the affected Sub-Account will bear any resulting increased costs.
Short-Term Trading Fees
Some underlying mutual funds assess a short-term trading fee in connection with transfers from a Sub-Account that occur within 60 days after the date of the allocation to the Sub-Account. The fee is assessed against the amount transferred and is paid to the underlying mutual fund. These fees compensate the mutual fund for any negative impact on fund performance resulting from short-term trading. Some underlying mutual funds may refer to short-term trading fees as "redemption fees." If a short-term trading fee is assessed, the policy owner will receive a confirmation notice.
Currently, none of the underlying mutual funds assess a short-term trading fee.
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U.S. Mail Restrictions
Nationwide monitors transfer activity in order to identify those who may be engaged in harmful trading practices. Transaction reports are produced and examined. Generally, a policy may appear on these reports if the policy owner (or a third party acting on their behalf) engages in a certain number of "transfer events" in a given period. A "transfer event" is any transfer, or combination of transfers, occurring in a given Valuation Period. For example, if a policy owner executes multiple transfers involving 10 Sub-Accounts in one Valuation Period, this counts as one transfer event. A single transfer occurring in a given Valuation Period that involves only two Sub-Accounts (or one Sub-Account if the transfer is made to or from a fixed investment option) will also count as one transfer event.
As a result of this monitoring process, Nationwide may restrict the form in which transfer requests will be accepted. In general, Nationwide will adhere to the following guidelines:
Trading Behavior Nationwide's Response
Six or more transfer events within one calendar quarter Nationwide will mail a letter to the policy owner notifying them that:
(1) they have been identified as engaging in harmful trading practices; and
(2) if their transfer events total 11 within two consecutive calendar quarters or 20 within one calendar year, the policy owner will be limited to submitting transfer requests via U.S. mail.
11 transfer events within two consecutive calendar quarters
OR
20 transfer events within one calendar year 		Nationwide will automatically limit the policy owner to submitting transfer requests via U.S. mail.
For purposes of Nationwide's transfer policy, U.S. mail includes standard U.S. mail, expedited U.S. mail, and expedited delivery via private carrier.
For calendar year restrictions, each January 1, Nationwide will start the monitoring anew, so that each policy starts with 0 transfer events each January 1. However, for restrictions on transfer events within two consecutive calendar quarters, Nationwide does not start the monitoring anew on January 1. Instead, Nationwide refreshes the transfer event restriction period at the beginning of each calendar quarter considering only transfers that occur in the current calendar quarter and occurred in the immediately preceding calendar quarter. See, however, the Other Restrictions provision below.
Managers of Multiple Policies
Some financial professionals manage the assets of multiple Nationwide policies pursuant to trading authority granted or conveyed by multiple policy owners. These multi-policy financial professionals will be required by Nationwide to submit all transfer requests via U.S. mail.
Other Restrictions
Nationwide reserves the right to refuse or limit transfer requests, or take any other action it deems necessary, in order to protect policy owners and beneficiaries from the negative investment results that may result from short-term trading or other harmful investment practices employed by some policy owners (or third parties acting on their behalf). In particular, trading strategies designed to avoid or take advantage of Nationwide's monitoring procedures (and other measures aimed at curbing harmful trading practices) that are nevertheless determined by Nationwide to constitute harmful trading practices, may be restricted.
Any restrictions that Nationwide implements will be applied consistently and uniformly. The policy owner will be notified if a transfer request is rejected.
Underlying Mutual Fund Restrictions and Prohibitions
Pursuant to regulations adopted by the SEC, Nationwide is required to enter into written agreements with the underlying mutual funds which allow the underlying mutual funds to:
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(1) request the taxpayer identification number, international taxpayer identification number, or other government issued identifier of any policy owner;
(2) request the amounts and dates of any purchase, redemption, transfer, or exchange request ("transaction information"); and
(3) instruct Nationwide to restrict or prohibit further purchases or exchanges by policy owners that violate policies established by the underlying mutual fund (whose policies may be more restrictive than Nationwide’s policies).
Nationwide is required to provide such transaction information to the underlying mutual funds upon their request. In addition, Nationwide is required to restrict or prohibit further purchases or requests to exchange into an underlying mutual fund upon instruction from the underlying mutual fund. Nationwide and any affected policy owner may not have advance notice of such instructions from an underlying mutual fund to restrict or prohibit further purchases or requests to exchange into an underlying mutual fund. If an underlying mutual fund refuses to accept a purchase or request to exchange into the underlying mutual fund, Nationwide will keep any affected policy owners in their current underlying mutual fund allocation.
Fixed Account Transfers
Prior to the policy's Maturity Date, the policy owner may make transfers involving the Fixed Account. These transfers will be in dollars. Nationwide may impose limits on the dollar amount, percentage of Cash Value, number, and/or frequency of transfers involving the Fixed Account. Contact the Service Center for information regarding restrictions in effect for the Fixed Account at the time of a Premium payment or transfer request, see Contacting the Service Center.
Transfers to and/or from the Fixed Account may be restricted as follows:
• Transfers to and/or from may be prohibited during the first policy year; and
• Only one transfer to may be permitted every 12 months.
Transfers to the Fixed Account may be restricted as follows:
• Transfers to that exceed 20% of the value allocated to the Sub-Accounts (as of the end of the prior Valuation Period) may not be permitted; and
• Transfers to that would result in the Fixed Account value exceeding 30% of the Cash Value may not be permitted.
Transfers from the Fixed Account may be restricted as follows:
• Transfers from, of more than 20% of the Fixed Account value in any policy year (as of the end of the previous policy year), may not be permitted.
Amounts transferred to the Fixed Account may be credited interest at different rates, see Fixed Account. Transfers from the Fixed Account will be on a last-in, first-out basis (LIFO). Any restrictions that Nationwide implements will be applied consistently and uniformly.
Contacting the Service Center
All inquiries, paperwork, information requests, service requests, and transaction requests should be made to the Service Center:
• by Internet at www.nationwide.com.
• by telephone at 1-800-848-6331 (TDD 1-800-238-3035)
• by mail to Nationwide Life Insurance Company, P.O. Box 182835, Columbus, Ohio 43218-2835
• by fax at 1-888-677-7393
Nationwide reserves the right to restrict or remove the ability to submit service requests via Internet, phone, or fax upon written notice.
Not all methods of communication are available for all types of requests. To determine which methods are permitted for a particular request, refer to the specific transaction provision in this prospectus, or call the Service Center. Requests submitted by means other than described in this prospectus could be returned or delayed.
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Service and transaction requests will generally be processed in the Valuation Period they are received at the Service Center as long as the request is in good order, see Valuation of Accumulation Units. Good order generally means that all necessary information to process the request is complete and in a form acceptable to Nationwide. If a request is not in good order, Nationwide will take reasonable actions to obtain the information necessary to process the request. Requests that are not in good order may be delayed or returned. Nationwide reserves the right to process any transaction request sent to a location other than the Service Center in the Valuation Period it is received at the Service Center. On any day the post office is closed, Nationwide is unable to retrieve service and transaction requests that are submitted by mail. This will result in a delay of the delivery of those requests to the Service Center.
If mandated under applicable law, Nationwide may be required to reject a Premium payment and to refuse to process transaction requests for transfers, surrenders, loans, and/or Death Benefit Proceeds until instructed otherwise by the appropriate regulator. Nationwide may also be required to provide information about a specific policy to government regulators.
Nationwide will use reasonable procedures to confirm that instructions are genuine and Nationwide will not be liable for following instructions that it reasonably determined to be genuine. Nationwide may record telephone requests. Telephone and computer systems may not always be available. Any telephone system or computer can experience outages or slowdowns for a variety of reasons. The outages or slowdowns could prevent or delay processing. Although Nationwide has taken precautions to support heavy use, it is still possible to incur an outage or delay. To avoid technical difficulties, submit transaction requests by mail.
The Policy
General Information
The policy is a legal contract. It will comprise and be evidenced by: a written contract; any Riders; any endorsements; the Policy Data Pages; and the application, including any supplemental application. The benefits described in the policy and this prospectus, including any optional Riders or modifications in coverage, may be subject to Nationwide’s underwriting and approval. In addition to the terms and conditions of the policy, policy owner rights are governed by this prospectus and protected by federal securities laws and regulations. Nationwide will consider the statements made in the application as representations, and will rely on them as being true and complete. However, Nationwide will not void the policy or deny a claim unless a statement is a material misrepresentation. If a policy owner makes an error or misstatement on the application, Nationwide will adjust the Death Benefit, Rider benefits, and Cash Value accordingly.
Due to state law variations, the terms, benefits, programs and Riders described in this prospectus may vary or may not be available depending on the state in which the policy is issued. Possible state law variations include, but are not limited to, Rider terms and charges, availability of certain investment options, duration of the right to cancel, policy exchange rights, policy Lapse and/or reinstatement requirements, and surrender charge, suicide, and incontestability periods. This prospectus describes all the material features of the policy. State variations are subject to change without notice at any time. To review a copy of the policy and any Riders or endorsements for the state in which the policy will be issued, contact the Service Center, see Contacting the Service Center.
Any modification or waiver of Nationwide’s rights or requirements under the policy must be in writing and signed by Nationwide’s president or corporate secretary. No agent may bind Nationwide by making any promise not contained in the policy.
Nationwide may modify the policy, its operations, or the separate account’s operations to meet the requirements of any law or regulation issued by a government agency to which the policy, Nationwide, or the separate account is subject. Nationwide may modify the policy to assure that it continues to qualify as a life insurance policy under federal tax laws. Nationwide will notify policy owners of all modifications and will make appropriate endorsements to the policy.
The policy is nonparticipating, meaning that Nationwide will not be contributing any operating profits or surplus earnings toward the policy Proceeds.
To the extent permitted by law, policy benefits are not subject to any legal process on the part of a third-party for the payment of any claim, and no right or benefit will be subject to the claims of creditors (except as may be provided by assignment).
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It is important to remember that the portion of any amounts allocated to Nationwide’s general account, including any amounts allocated to the Fixed Account, and any guaranteed benefits Nationwide may provide under the policy exceeding the value of amounts held in the separate account are subject to Nationwide’s claims paying ability.
Any money Nationwide pays, or that is paid to Nationwide, must be in the currency of the United States of America.
In order to comply with the USA PATRIOT Act and rules promulgated thereunder, Nationwide has implemented procedures designed to prevent policies described in this prospectus from being used to facilitate money laundering or the financing of terrorist activities.
Risks Associated with COVID-19
In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, which has resulted in operational disruptions, as well as market volatility and general economic uncertainty. While Nationwide has implemented risk management and contingency plans and taken preventative measures and other precautions so it can continue to provide products and services to its customers, even as many of its employees and the employees of its service providers continue to work remotely, it is not currently possible to accurately estimate the full impact that the COVID-19 pandemic will have on Nationwide’s businesses as Nationwide continues to be subject to certain risks that could negatively impact its operations.
Significant market volatility and negative investment returns in the market resulting from the COVID-19 pandemic could have a negative impact on returns of the underlying mutual funds in which the Variable Account invests. Additionally, prolonged current economic conditions, consumer behavior, economic shutdowns, state and federal legislation intended to ease the impact of the COVID-19 pandemic on consumers and voluntary hardship assistance that Nationwide provides to its customers, among other factors related to COVID-19, could affect the amount of sales and profitability of Nationwide’s businesses and could have a negative impact on its financial condition and operations.
While Nationwide is confident in its ability to manage the financial risks related to COVID-19, the extent and duration or the risks related to the COVID-19 pandemic are unknown at this time. It is possible these risks could impact Nationwide’s financial strength and claims-paying ability. There are many factors beyond Nationwide’s control that cannot be mitigated or foreseen that could have a negative impact on Nationwide and the operation of the policy. Nationwide continues to monitor the economic situation and assess its impact on its business operations closely.
Cybersecurity
Nationwide’s businesses are highly dependent upon its computer systems and those of its business partners. This makes Nationwide potentially susceptible to operational and information security risks resulting from a cyber-attack. These risks include direct risks, such as theft, misuse, corruption and destruction of data maintained by Nationwide, and indirect risks, such as denial of service attacks on service provider websites and other operational disruptions that impede Nationwide’s ability to electronically interact with service providers. Cyber-attacks affecting Nationwide, the underlying mutual funds, intermediaries, and other service providers may adversely affect Nationwide and policy values. In connection with any such cyber-attacks, Nationwide and/or its service providers and intermediaries may be subject to regulatory fines and financial losses and/or reputational damage. Cybersecurity risks may also impact the issuers of securities in which the underlying mutual funds invest, which may cause the underlying mutual funds to lose value. Although Nationwide undertakes substantial efforts to protect its computer systems from cyber-attacks, including internal processes and technological defenses that are preventative or detective, and other controls designed to provide multiple layers of security assurance, there can be no guarantee that Nationwide, its service providers, or the underlying mutual funds will avoid losses affecting the policy due to cyber-attacks or information security breaches in the future.
In the event that policy values are adversely affected as a result of the failure of Nationwide’s cybersecurity controls, Nationwide will take reasonable steps to restore policy values to the levels that they would have been had the cyber-attack not occurred. Nationwide will not, however, be responsible for any adverse impact to policy values that result from the policy owner or its designee’s negligent acts or failure to use reasonably appropriate safeguards to protect against cyber-attacks.
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Business Continuity Risks
Nationwide is exposed to risks related to natural and man-made disasters and catastrophes, such as storms, fires, earthquakes, public health crises and terrorist acts, which could adversely affect Nationwide’s ability to administer the policy. Natural and man-made disasters may require a significant contingent of Nationwide’s employees to work from remote locations. During these periods, Nationwide could experience decreased productivity, and a significant number of Nationwide’s workforce or certain key personnel may be unable to fulfill their duties if Nationwide’s data or systems are disabled or destroyed. In addition, an extended period of remote work arrangements could introduce operational risk and impair Nationwide’s ability to administer the policy.
Nationwide outsources certain critical business functions to third parties and, in the event of a natural or man-made disaster, relies upon the successful implementation and execution of the business continuity planning of such entities. While Nationwide closely monitors the business continuity activities of these third parties, successful implementation and execution of their business continuity strategies are largely beyond Nationwide’s control. If one or more of the third parties to whom Nationwide outsources such critical business functions experience operational failures, Nationwide’s ability to administer the policy could be impaired.
Policy Owner and Beneficiaries
Policy Owner
The policy belongs to the owner named in the application or as a result of a valid assignment. The policy owner may name a contingent owner who will become the policy owner if the policy owner dies before Proceeds become payable. Otherwise, ownership will pass to the policy owner's estate, if the policy owner is not the Insured.
Policy Owner Rights
The policy owner may exercise all policy rights in accordance with policy terms while the policy is In Force, subject to Nationwide’s approval. These rights include, but are not limited to, the following:
• changing the policy owner, contingent owner, and beneficiary;
• assigning, exchanging, and/or converting the policy;
• requesting transfers, policy loans, and partial surrenders or a complete surrender; and
• changing insurance coverage such as death benefit option changes, adding or removing Riders, and/or increasing or decreasing the Total Specified Amount.
These rights are explained in greater detail throughout this prospectus.
Subject to Nationwide’s approval, the policy owner may name a different policy owner or contingent owner while the policy is In Force by submitting a written request to the Service Center. Any such change request will become effective as of the date signed, however, it will not affect any payment made or action taken before the change is received and recorded by Nationwide. There may be adverse tax consequences to changing parties of the policy.
Beneficiaries
The principal right of a beneficiary is to receive the Death Benefit Proceeds if the Insured dies while the policy is In Force. While the policy is In Force, a policy owner may name more than one beneficiary, designate primary and contingent beneficiaries, change or add beneficiaries, and/or direct Nationwide to distribute the Proceeds other than as described below.
If a primary beneficiary dies before the Insured dies, Nationwide will pay the Death Benefit Proceeds to the surviving primary beneficiaries. Unless specified otherwise by the policy owner, Nationwide will pay multiple primary beneficiaries in equal shares. A contingent beneficiary will become the primary beneficiary if all primary beneficiaries die before the Insured dies and before any Proceeds become payable. A policy owner may name more than one contingent beneficiary. Unless specified otherwise by the policy owner, Nationwide will also pay multiple contingent beneficiaries in equal shares.
Requests to change or add beneficiaries must be submitted in writing to the Service Center. Nationwide may require that the policy owner send the policy for endorsement before the change is recorded. Any such change request will become effective as of the date signed, however, it will not affect any payment made or action taken before the change is received and recorded by Nationwide.
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To Purchase
The policy is available for Insureds between the issue ages of 0 and 85. To purchase the policy, prospective purchasers must submit a completed application and the required initial Premium payment.
Nationwide must receive evidence of insurability that satisfies its underwriting standards (this may require a medical examination) before it will issue a policy. Nationwide can provide prospective purchasers with the details of its underwriting standards upon request. Nationwide reserves the right to reject any application for any reason permitted by law. Additionally, Nationwide reserves the right to modify its underwriting standards on a prospective basis for newly issued policies at any time.
The minimum initial Base Policy Specified Amount in most states is $50,000 for non-preferred policies and $100,000 for preferred policies. The basic distinction between the non-preferred and preferred underwriting classifications is that Nationwide expects the Insured under a preferred policy to live longer. Nationwide reserves the right to modify the minimum Base Policy Specified Amount on a prospective basis for newly issued policies at any time.
Coverage
Nationwide will issue the policy only if the underwriting process has been completed, the application is approved, and the proposed Insured is alive and in the same condition of health as described in the application. However, full insurance coverage will take effect only after the minimum initial Premium is paid. Monthly charges are deducted from the policy’s Cash Value beginning on the Policy Date.
Coverage Effective Date
Insurance coverage will begin and be In Force on the Policy Date shown on the Policy Data Page. For a change in the Base Policy Specified Amount and/or Rider Specified Amount, the effective date will be on the next monthly anniversary from the Policy Date after Nationwide approves the request. It will end upon the Insured's death, once the Proceeds are paid or when the policy matures. Coverage will also end if the policy Lapses.
Temporary Insurance Coverage
Temporary Insurance Coverage
Temporary insurance coverage (of an amount equal to the Total Specified Amount, up to $1,000,000) may be available for no charge before full insurance coverage takes effect. Prospective purchasers must submit a temporary insurance agreement and make an initial Premium payment. The amount of this initial Premium payment will depend on the initial Total Specified Amount, choice of death benefit option, and any Riders elected. Temporary insurance coverage will remain In Force for no more than 60 days from the date of the temporary insurance agreement. If full coverage is denied, the temporary insurance coverage will terminate five days from the date Nationwide mails a termination notice (accompanied by a refund equal to the Premium payment made). If full coverage is approved, the temporary insurance coverage will terminate on the date that full insurance coverage takes effect. Allocation of the initial Net Premium will be determined by the right to examine law of the state in which the policy is issued.
Right to Cancel (Examination Right)
Under state law a policy owner may, for a limited time, cancel the policy and receive a refund (commonly referred to as the "right to cancel" period). The length of the right to cancel period depends on state law and may vary depending on whether the policy was purchased to replace another policy. The minimum right to cancel period is 10 days.
In order to cancel the policy during the right to cancel period, a policy owner must submit a written cancellation request and return the policy either to the sales representative or to the Service Center. Nationwide will honor written cancellation requests received in good order by the last day of the right to cancel period (if returned by US mail, the request must be post-marked by the last day of the right to cancel period). If the policy is canceled during the right to cancel period, Nationwide will treat the policy as if it was never issued.
Written cancellation requests received after the close of business on the date the right to cancel period expires will not be canceled free of charge.
Within seven days of receipt of a written cancellation request, Nationwide will refund the amount prescribed by state law. The amount Nationwide refunds will be Cash Value and any charges deducted or, in certain states, the greater of the Premium paid or the policy's Cash Value plus any charges deducted.
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Allocation of Net Premium During Right to Cancel Period
Where state law requires the return of initial Premium for cancellations during the right to cancel period, Nationwide will allocate initial Net Premium to the Fixed Account as instructed. Nationwide will allocate initial Net Premium allocated to the Sub-Accounts to the available money market Sub-Account until the right to cancel period expires. At the expiration of the right to cancel period, Nationwide will transfer the amount held in the money market Sub-Account to the requested Sub-Accounts based on the allocation instructions in effect at the time of the transfer.
Where state law requires the return of Cash Value, Nationwide will allocate all of the initial Net Premium to the designated Sub-Accounts and Fixed Account based upon the allocation instructions in effect at the time, on the next Valuation Period.
Premium Payments
The policy does not require a scheduled payment of Premium to keep it In Force. The policy will remain in effect as long as the conditions that cause the policy to Lapse do not exist, see Unfavorable Investment Experience. Upon request, we will furnish Premium receipts.
Initial Premium
The amount of initial Premium will depend on the initial Total Specified Amount of insurance, the death benefit option, and any Riders elected. Generally, the higher the required initial Total Specified Amount, the higher the initial Premium will be. Similarly, because Death Benefit Option 2 and Death Benefit Option 3 provide for a potentially greater Death Benefit than Death Benefit Option 1, Death Benefit Option 2 and Death Benefit Option 3 may require a higher amount of initial Premium. Also, the age, health, and activities of the Insured will affect Nationwide’s determination of the risk of issuing the policy. In general, the greater this risk, the higher the initial Premium required.
Whether Nationwide will issue full insurance coverage depends on the Insured meeting all underwriting requirements, payment of the initial Premium, and delivery of the policy while the Insured is alive. Nationwide will not delay delivery of the policy to increase the likelihood that the Insured is not still living. Depending on the outcome of the underwriting process, more or less Premium may be necessary to issue the policy. If Nationwide does not issue the policy, the Premium payment will be returned within two business days.
The policy owner may pay the initial Premium to the Service Center or to an authorized representative. The initial Premium payment must be at least $50, equal to the minimum monthly Premium. The initial Premium payment will not be applied to the policy until the underwriting process is complete. Allocation of initial Net Premium will be determined by the right to examine law of the state or territory where the policy is issued, see Right to Cancel (Examination Right).
Subsequent Premium payments will be allocated according to the allocation instructions in effect at the time the Premium is received.
Subsequent Premiums
This policy does not require a payment of a scheduled Premium amount to keep it In Force. It will remain In Force as long as the conditions that cause a policy to Lapse do not exist, see Lapse and Unfavorable Investment Experience. Premium payment reminder notices will be sent according to the Premium payment schedule selected by the policy owner. Additional Premium payments must be submitted to the Service Center. Each Premium payment must be at least $50. Upon request, Nationwide will furnish Premium payment receipts. Policy owners may make additional Premium payments at any time while the policy is In Force and prior to the Maturity Date, subject to the following:
• Nationwide may require satisfactory evidence of insurability before accepting any additional Premium payment that results in an increase in the policy's Net Amount At Risk.
• Nationwide will refund Premium payments that exceed the applicable premium limit established by the Code to qualify the policy as a contract for life insurance.
• Nationwide will monitor Premiums paid and will notify policy owners when the policy is in jeopardy of becoming a modified endowment contract, see Taxes.
• Nationwide may require that policy Indebtedness be repaid before accepting any additional Premium payments.
Cash Value
Nationwide will determine the Cash Value at least monthly. Cash Value will fluctuate daily and there is no guaranteed Cash Value. At the end of any given Valuation Period, the Cash Value is equal to the sum of:
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• the value of the Accumulation Units allocated to the Sub-Accounts, see Valuation of Accumulation Units;
• amounts allocated to the Fixed Account, including credited interest; and
• amounts allocated to the policy loan account (only if a loan was taken), including credited interest, see Policy Loans.
Surrenders and policy charges and deductions will reduce the Cash Value of the policy. If Cash Value is a factor in calculating a benefit associated with the policy, such as the Death Benefit or a benefit associated with an elected Rider, the value of that benefit will also fluctuate, including being reduced due to surrenders and policy charge deductions. If the policy is surrendered or Lapses, the Cash Value will be reduced by the amount of any Indebtedness.
On any date during the policy year, the Cash Value equals the Cash Value on the preceding Valuation Period, plus any Net Premium applied since the previous Valuation Period, minus any policy charges, plus or minus any investment results, and minus any partial surrenders.
To Change Coverage
After the first policy year, the policy owner may request to change the Total Specified Amount. To change the Total Specified Amount, the policy owner must submit a written request to the Service Center. Changes to the Total Specified Amount will become effective on the next monthly policy anniversary after Nationwide approves the request unless the policy owner requests and Nationwide approves a different date. However, no change will take effect unless the Cash Surrender Value or Lapse protection provided by the Guaranteed Policy Continuation Provision would be sufficient to keep the policy In Force for at least three months. Nationwide may limit the number of Total Specified Amount changes to one increase and one decrease each policy year. Changes to the Total Specified Amount will typically alter the Death Benefit.
Increases
To increase the Total Specified Amount, the policy owner must provide satisfactory evidence of insurability. The Insured must be Attained Age 85 or younger at the time of the request. Any request to increase the Total Specified Amount must be at least $10,000. An increase in the Total Specified Amount may cause an increase in the Net Amount At Risk. Because the Cost of Insurance Charge is based on the Net Amount At Risk, and because there will be a separate cost of insurance rate for the increase, this will usually cause the policy's Cost of Insurance Charge to increase. An additional Surrender Charge schedule will also apply whenever the Base Policy Specified Amount is increased. An increase in the Base Policy Specified Amount and/or Rider Specified Amount may cause an increase to the amount of subsequent Premium payments needed to keep the policy from Lapsing, see Lapse.
Decreases
The policy owner may request to decrease the Total Specified Amount. Nationwide applies Total Specified Amount decreases to the most recent Base Policy Specified Amount and/or Rider Specified Amount increase and continues applying the decrease backwards while still maintaining the original Total Specified Amount. Nationwide will deny any request to reduce the Base Policy Specified Amount below the minimum Base Policy Specified Amount shown on the Policy Data Page. Nationwide will also deny any request that would disqualify the policy as a contract for life insurance.
Exchanging the Policy
The policy owner has an exchange right under the policy. At any time within the first 24 months of coverage from the Policy Date, the policy owner may surrender the policy and use the Cash Surrender Value to purchase a new permanent fixed life insurance policy on the Insured’s life without evidence of insurability.
To invoke this right, the policy must be In Force and not in the Grace Period, and the policy owner must submit a written request to the Service Center on approved forms.
The new policy may be one of Nationwide’s available fixed benefit individual life insurance policies. The death benefit on the new policy may not be greater than the Death Benefit on this policy immediately prior to the exchange date. The new policy will have the same Total Specified Amount, Policy Date, and issue age. Nationwide will base Premium payments on the rates in effect for the same sex, Attained Age, and underwriting class of the Insured on the exchange date, unless otherwise required by state law. The policy owner may transfer Indebtedness to the new policy.
Exchange requests must be made on Nationwide forms and submitted to the Service Center. The policy must be In Force and not in a Grace Period. The policy owner must pay a surrender charge if applicable and surrender the policy to Nationwide. The policy owner must pay any money due on the exchange (any amount needed to ensure that the Cash
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Surrender Value of the new policy is the same as the Cash Surrender Value of this policy). The policy owner may request that any excess of the Cash Surrender Value of this policy over the Cash Surrender Value of the new policy be paid to the policy owner. The exchange may have adverse tax consequences. The new policy will take effect on the exchange date only if the Insured is alive. This policy will terminate when the new policy takes effect.
After the first 24 months of coverage, the policy owner may still surrender the policy and use the Cash Surrender Value to purchase a new permanent fixed life insurance policy on the Insured’s life. However, issuance of the new policy will depend on the Insured providing satisfactory evidence of insurability.
To Terminate or Surrender
There are several ways that the policy can terminate. The policy will automatically terminate when the Insured dies, the policy reaches the Maturity Date and is not extended (see Proceeds Upon Maturity), or the Grace Period ends. The policy will also terminate if it is fully surrendered.
Terminating the policy may result in adverse tax consequences.
Generally, if the policy has a Cash Surrender Value in excess of the Premiums paid, upon surrender the excess will be included in the policy owner’s income for federal tax purposes, see Taxes. The Cash Surrender Value will be reduced by outstanding Indebtedness, see Policy Loans.
To Assign
The policy owner may assign any or all rights under the policy while it is In Force, subject to Nationwide’s approval. The beneficiary's interest will be subject to the person or entity to which the policy owner assigned rights. Assignments must be in writing on a form satisfactory to Nationwide. Assignments will become effective on the date signed, unless otherwise specified by the policy owner, and are subject to any payments or actions taken by Nationwide before it is received and recorded at the Service Center. Nationwide is not responsible for the sufficiency or validity of any assignment. Assignments will be subject to any Indebtedness, policy liens, garnishments, court orders, and any previous assignments.
Reminders, Reports and Illustrations
Nationwide will send scheduled Premium payment reminders and transaction confirmations to policy owners upon request. Nationwide will also send quarterly and annual statements that show:
• the Total Specified Amount;
• Premiums paid;
• all charges since the last report;
• the current Cash Value;
• the Cash Surrender Value; and
• Indebtedness.
Confirmations of individual financial transactions, such as transfers, partial surrenders, and loans are generated and mailed automatically. Copies may be obtained by contacting the Service Center. Alternatively, policy owners may receive information faster and reduce the amount of mail received by signing up for the eDelivery program. Go to www.nationwide.com/login to change the document delivery preferences.
Nationwide will send these reminders and reports to the address provided on the application unless directed otherwise. At any time after the first policy year, policy owners may ask for an illustration of future benefits and values under the policy, see Illustration Charge.
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IMPORTANT NOTICE REGARDING DELIVERY
OF SECURITY HOLDER DOCUMENTS
When multiple copies of the same disclosure document(s), such as prospectuses, supplements, proxy statements and semi-annual and annual reports are required to be mailed to multiple policy owners in the same household, Nationwide will mail only one copy of each document, unless notified otherwise by the policy owner(s). Household delivery will continue for the life of the policies. A policy owner can revoke their consent to household delivery and reinstitute individual delivery by contacting the Service Center. Individual delivery will resume within 30 days after receiving such notification.
Standard Policy Charges
Deductions for charges are taken from Premium payments and/or the Cash Value, as applicable, to compensate Nationwide for the services and benefits provided, the costs and expenses incurred, and the risks assumed. Certain expenses may be recovered utilizing more than one charge. Nationwide may generate a profit from any of the charges assessed under the policy.
Monthly charges are deducted from Cash Value beginning on the Policy Date. Charges are taken proportionally from the Sub-Accounts and the Fixed Account, except for the Mortality and Expense Risk Charge which is only deducted proportionally from the Sub-Accounts. Charges taken against allocations to the Sub-Accounts are assessed by redeeming Accumulation Units. The number of Accumulation Units redeemed is determined by dividing the dollar amount of the charge by the Accumulation Unit value for the Sub-Account. Nationwide does not deduct policy charges or Rider charges from the Cash Value attributable to the policy loan account. For a complete description of how interest is credited and charged, see Policy Loans.
Policy and Rider charges reflect costs and risks associated with issuing the policy and Rider(s). Certain charges will vary based upon the individual characteristics of the Insured. The Insured is assigned to an underwriting classification based upon his/her age, sex (if not unisex classified), tobacco rate type, health, and any Substandard Ratings. The policy owner can request an illustration of specific costs and/or see the Policy’s Data Pages for information about specific charges of their policy.
Nationwide may change policy and/or Rider charges and rates under the policy at any time, subject to the guaranteed maximum rates stated in the Policy Data Pages. Changes in policy and/or Rider charges and rates vary by changes in future expectations for factors including, but not limited to, Nationwide’s investment earnings, mortality experience, persistency experience, expenses, including reinsurance expenses, and taxes. Changes to policy and/or Rider charges and rates will be on a uniform basis for Insureds of the same Issue Age, sex, rate class, rate type, any Substandard Rating, Base Policy Specified Amount, and Total Specified Amount (if applicable) whose policies have been In Force for the same length of time. If a change in the charges or rates causes an increase to the policy and/or Rider charges, the policy's Cash Value could decrease. If a change in the charges or rates causes a decrease to the policy and/or Rider charges, the policy's Cash Value could increase. Any changes will be determined in accordance with state law. Policy and Rider charges will never exceed the maximum charges shown in the fee tables, see In Summary: Fee Tables.
Premium Load
Premium Load is comprised of the Sales Load and Premium Taxes. It will vary by policy based on the amount of Premium paid. It is deducted from each Premium payment to partially reimburse Nationwide for sales expenses and Premium taxes, and other expenses, including acquisition costs. The Premium Load also provides revenue to compensate Nationwide for assuming risks associated with the policy, and revenue that may be a profit.
Sales Load
Sales Load (as part of the Premium Load) is deducted from each Premium payment to cover sales expenses. The current Sales Load is $5 per $1,000 of Premium. The guarantee maximum Sales Load is $25 per $1,000 of Premium.
Nationwide may waive the Sales Load on the initial Premium paid into this policy as part of a Nationwide sponsored exchange program to another Nationwide policy as permitted under the securities laws and/or rules or by order of the SEC.
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Premium Taxes
Premium Taxes (as part of the Premium Load) are deducted from each Premium payment to reimburse Nationwide for state and local premium taxes (at the estimated rate of 2.25%) and for federal premium taxes (at the estimated rate of 1.25%). The current (and guaranteed maximum) Premium Tax is $35 per $1,000 of Premium. This amount is not the actual amount of the tax liability Nationwide incurs. It is an estimated amount. If the actual tax liability is more or less, Nationwide will not adjust the charge retroactively.
Illustration Charge
Illustration Charges are not deducted from Premium payments or Cash Value; rather they are paid at the time of an illustration request. Nationwide currently waives the Illustration Charge. The charge is intended to compensate Nationwide for the administrative costs of generating illustrations. Nationwide may elect in the future to assess an Illustration Charge. It will not exceed $25 per illustration requested.
Partial Surrender Fee
The policy owner may request a partial surrender after the first year from the Policy Date while the policy is In Force. The charge for a partial surrender compensates Nationwide for the administrative costs in calculating and generating the surrender amount. The maximum fee is the lesser of $25 or 2% of the dollar amount of the partial surrender. However, currently, there is no charge for a partial surrender. The Cash Value available for a partial surrender is subject to any Indebtedness.
Surrender Charge
A surrender charge will apply if the policy is surrendered or Lapsed. A surrender charge may apply if the Base Policy Specified Amount is decreased. There are two components of the surrender charge meant to cover policy underwriting, or the underwriting component, and sales expenses, or the sales component, including processing the application, conducting any medical exams, determining insurability and the Insured's underwriting class, and establishing policy records. The surrender charge equals the underwriting component and 26.5% of the sales component. The Surrender Charge is deducted based on the following schedule:
Policy year calculated from the Policy Date or
effective date of Base Policy Specified Amount increase: 		  Percentage of Initial
Surrender Charge
1
   100%
2
   100%
3
   90%
4
   80%
5
   70%
6
   60%
7
   50%
8
   40%
9
   30%
After 9
   0
The underwriting component is the product of the Base Policy Specified Amount, divided by 1,000, and the administrative target premium. The administrative target premium is actuarially derived, and is used to determine how much to charge per Premium payment for underwriting expenses. The administrative target premium varies by the Insured's age when the policy was issued.
The sales expense component is the lesser of the following two amounts: The first amount is the product of the Base Policy Specified Amount, divided by 1,000, and the surrender target premium. The surrender target premium is actuarially derived, and is used to figure out how much to charge per Premium payment for sales expenses. The surrender target premium varies by: the Insured's sex; issue age; and the underwriting class. The second amount is the sum of all Premium payments made during the first year from the Policy Date.
Nationwide will calculate a separate surrender charge based on the initial Base Policy Specified Amount and each increase in the Base Policy Specified Amount, which are referred to as "segments". The surrender charge for each segment, when added together, will equal the total surrender charge. A surrender charge will also apply when the aggregate surrenders exceed 25% of a segment's Base Policy Specified Amount. Nationwide defers and accrues the
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charge on partial surrenders that do not exceed 25% of the segment's Base Policy Specified Amount. Once partial surrenders exceed 25%, the current and accrued charge will be assessed against the policy’s Cash Value. In determining the 25% level, Nationwide uses a last in-first out method, so that the latest segment reaches the 25% level first. Nationwide may change this practice and assess the surrender charge against all partial surrenders. The surrender charge for a decrease in the Base Policy Specified Amount will be calculated as if the policy was surrendered, though only a portion will be deducted from the policy's Cash Value. The amount of surrender charge deducted will be a product of the surrender charge and the decrease in Base Policy Specified Amount divided by the Base Policy Specified Amount before the decrease.
The surrender charge will typically be greater for a policy with: an older Insured; a male insured; a higher Specified Amount; more first year Premium; or a tobacco rate type. If the Death Benefit option is changed and the change does not result in a different Net Amount At Risk, no surrender charge will be deducted.
The surrender charge may be waived if the policy is surrendered in exchange for a plan of permanent fixed life insurance offered by Nationwide, subject to the following:
• the exchange and waiver may be subject to new evidence of insurability and underwriting approval; and
• the following Riders have not been invoked:
❍ Premium Waiver Rider;
❍ Deduction (of Fees and Expenses Waiver Rider); or
❍ Long-Term Care Rider.
A new surrender charge may apply to the policy received in the exchange.
Cost of Insurance Charge
A Cost of Insurance Charge is deducted proportionally from Sub-Account and Fixed Account allocations on the Policy Date and on each monthly anniversary of the Policy Date. This charge is intended to cover Nationwide’s expenses associated with providing expected mortality benefits and assuming certain risks associated with the policy, and to cover other expenses, including acquisition costs, and state and federal taxes. Nationwide may also profit from this charge.
The Cost of Insurance is the product of the Net Amount At Risk and the cost of insurance rate. The cost of insurance rate will vary by the Insured's issue age, sex, underwriting classification, any Substandard Ratings, how long the policy has been In Force, and the Base Policy Specified Amount and Total Specified Amount (if applicable). The cost of insurance rates are based on Nationwide’s expectations as to future mortality and expense experience, investment earnings, persistency, and taxes. Current and guaranteed monthly cost of insurance rates established at issue generally increase year over year to reflect expectations that mortality and underwriting risks generally increase as the Insured's Attained Age and the length of time the Policy has been In Force increase.
There will be a separate cost of insurance rate for the initial Base Policy Specified Amount and any Base Policy Specified Amount increase. The cost of insurance rate(s) will never be greater than what is shown on the Policy Data Pages.
Flat Extras and Substandard Ratings
Nationwide may inquire about the occupation and activities of the Insured through the underwriting process. If the activities or occupation of the Insured cause an increased health or accident risk, it may result in the Insured receiving a Substandard Rating. If this is the case, Nationwide may add an additional component to the Cost of Insurance Charge called a "Flat Extra Charge." The Flat Extra Charge accounts for the increased risk of providing life insurance when one or more of these factors apply to the Insured. The Flat Extra Charge is a component of the total Cost of Insurance Charge, so if applied it will be deducted from Cash Value on the Policy Date and the monthly anniversary of the Policy Date. The monthly Flat Extra Charge is between $0.00 and $2.08 per $1,000 of the Net Amount At Risk. If a Flat Extra Charge is applied, it is shown in the Policy Data Pages. In no event will the Flat Extra Charge result in the Cost of Insurance Charge exceeding the maximum charge shown in In Summary: Fee Tables.
Nationwide will uniformly apply a change in any cost of insurance rate for Insureds of the same age, sex, underwriting class, Substandard Ratings, and Base Policy Specified Amount and Total Specified Amount (if applicable), if the policies have been In Force for the same length of time. If a change in the cost of insurance rates causes an increase to a policy’s Cost of Insurance Charge, the policy's Cash Value could decrease. If a change in the cost of insurance rates causes a decrease to the policy’s Cost of Insurance Charge, the policy's Cash Value could increase.
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Mortality and Expense Risk Charge
A Mortality and Expense Risk Charge is deducted monthly from the Cash Value allocated to the Sub-Accounts. The charge will vary by policy based on the amount of Cash Value allocated to the Sub-Accounts and the length of time the policy has been In Force. The charge compensates Nationwide for assuming the risk associated with mortality and expense risk costs. The mortality risk is that the Insured will not live as long as expected. The expense risk is that the costs of issuing and administering the policy will be more than expected. This charge is in addition to any charges assessed by the mutual funds underlying the Sub-Accounts.
Though the maximum guaranteed mortality and expense risk charge is higher, currently, Nationwide deductes this monthly charge according to the following schedule. During the first through 15 years from the Policy Date, the charge is $0.50 per $1,000 on the first $25,000 of Cash Value allocated to the Sub-Accounts, and $0.25 per $1,000 on $25,001 up to $250,000 of Cash Value allocated to the Sub-Accounts. This charge is $0.08 per $1,000 of Cash Value allocated to the Sub-Accounts over $250,000. Beginning in Policy year 16, this charge is: $0.50 per $1000 on the first $25,000 of the Cash Value allocated to the Sub-Accounts, and $0.08 per $1,000 of the Cash Value allocated to the Sub-Accounts over $25,000.
Administrative Charge
An administrative charge is deducted proportionally from the policy's Sub-Account and Fixed Account allocations on the Policy Date and each monthly anniversary of the Policy Date. This charge reimburses Nationwide for the costs of maintaining the policy, including accounting and record-keeping and periodic reports to the policy owner. The charge is currently $10 per month through the first year from the Policy Date and $5 per month thereafter. The maximum guaranteed charge is $10 per month through the first year from the Policy Date and $7.50 per month thereafter.
Mutual Fund Operating Expenses
In addition to the policy charges, there are also charges associated with the mutual funds in which the Sub-Accounts invest. Policy owners do not pay these charges directly, but these charges do affect the value of the assets allocated to the Sub-Accounts because these charges are reflected in the underlying mutual fund prices that Nationwide subsequently uses to value Sub-Account units. The underlying mutual funds' prospectuses contain additional information about these charges. Policy owners may contact the Service Center to receive, free of charge, copies of the prospectuses for any of the underlying mutual funds available under the policy.
Reduction of Charges
The policy may be purchased by individuals, corporations, and other entities. Nationwide may reduce or eliminate certain charges (sales load, surrender charge, administrative charges, cost of insurance charge, or other charges) where the size or nature of the group allows Nationwide to realize savings with respect to sales, underwriting, administrative, or other costs. Where prohibited by state law, Nationwide will not reduce charges associated with the policy.
Nationwide determines the eligibility and the amount of any reduction by examining a number of factors, including: the number of policies owned with different insureds; the total premium Nationwide expects to receive; the total cash value of commonly owned policies; the nature of the relationship among individual insureds; the purpose for which the policies are being purchased; the length of time Nationwide expects the individual policies to be in force; and any other circumstances which are rationally related to the expected reduction in expenses.
Nationwide may lower commissions to the selling broker-dealer and/or increase charge back of commissions paid for policies sold with reduced or eliminated charges. Policy owners should consult with a financial professional about reductions available and, where appropriate, obtain an illustration demonstrating the impact of any reduced charges on the policy.
Nationwide may change both the extent and the nature of the charge reductions. Any charge reductions will be applied in a way that is not unfairly discriminatory to policy owners and will reflect the differences in costs of services provided.
Entities considering purchasing the policy should note that in 1983, the U.S. Supreme Court held in Arizona Governing Committee v. Norris that certain annuity benefits provided by employers' retirement and fringe benefit programs may not vary between men and women on the basis of sex. The policies are based upon actuarial tables that distinguish between men and women unless the purchaser is an entity and requests non-sex distinct tables be used for underwriting. The
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policies generally provide different benefits to men and women of the same age. Accordingly, employers and employee organizations should consider, in consultation with legal counsel, the impact of Norris on any employment related insurance or benefit program before purchasing the policy.
A Note on Charges
During a policy's early years, the expenses Nationwide incurs in distributing and establishing the policy exceed the deductions. Nevertheless, Nationwide expects to make a profit over time because variable life insurance is intended to be a long-term financial investment. Accordingly, Nationwide has designed the policy with features and investment options that it believes support and encourage long-term ownership.
Nationwide makes many assumptions and accounts for many economic and financial factors when establishing the policy's fees and charges. The following is a discussion of some of the factors that are relevant to the policy's pricing structure.
Distribution, Promotional, and Sales Expenses
Distribution, promotional, and sales expenses include amounts paid to broker-dealer firms as commissions, expense allowances, and marketing allowances. Nationwide refers to these expenses collectively as "total compensation."
Nationwide has the ability to customize the total compensation package paid to broker-dealer firms. Nationwide may vary the form of compensation paid or the percentage or amounts paid as commission, expense allowance, or marketing allowance, to the extent permitted by SEC and FINRA rules and other applicable laws and regulations. However, the total premium based compensation will not exceed the maximum, which is 99% of first year premiums and 5% of renewal premium after the first year. Commission may also be paid on an asset-based amount instead of a premium based amount. If an asset-based commission is paid, it will not exceed 0.45% of the non-loaned cash value per year.
Marketing allowance is based on a firm’s ability and demonstrated willingness to promote and market Nationwide’s products. How any marketing allowance is spent is determined by the firm, but generally will be used to finance firm activities that may contribute to the promotion and marketing of Nationwide’s products, which may include but not be limited to, providing conferences or seminars, sales or training programs, advertising and sales campaigns regarding the policies, and payments to assist a firm in connection with its administrative systems, operations and marketing expenses and/or other events or activities sponsored by the firms.
Nationwide may also host training and/or educational meetings including the cost of travel, accommodations and meals for firms that sell the policies as well as assist such firms with marketing or advertisement costs.
The actual amount and/or forms of total compensation paid depend on factors such as the level of premiums Nationwide receives from respective broker-dealer firms and the scope of services the firms provide. Some broker-dealer firms may not receive maximum total compensation.
Individual financial professionals typically receive a portion of the commissions/total compensation paid, depending on their arrangement with their broker-dealer firm. Policy owners should consult the financial professional to know the exact compensation arrangement associated with this policy.
Information on Underlying Mutual Fund Service Fee Payments
Nationwide's Relationship with the Underlying Mutual Funds
The underlying mutual funds incur expenses each time they sell, administer, or redeem their shares. The separate account aggregates policy owner purchase, redemption, and transfer requests and submits net or aggregated purchase/redemption requests to each underlying mutual fund daily. The separate account (not the policy owners) is the underlying mutual fund shareholder. When the separate account aggregates transactions, the underlying mutual fund does not incur the expense of processing individual transactions it would normally incur if it sold its shares directly to the public. Nationwide incurs these expenses instead.
Nationwide also incurs the distribution costs of selling the policy (as discussed above), which benefit the underlying mutual funds by providing policy owners with Sub-Account options that correspond to the underlying mutual funds.
An investment advisor or subadvisor of an underlying mutual fund or its affiliates may provide Nationwide or its affiliates with wholesaling services that assist in the distribution of the policy and may pay Nationwide or its affiliates to participate in educational and/or marketing activities. These activities may provide the advisor or subadvisor (or their affiliates) with increased exposure to persons involved in the distribution of the policy.
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Types of Payments Nationwide Receives
In light of the above, the underlying mutual funds or their affiliates make certain payments to Nationwide or its affiliates (the "payments"). The amount of these payments is typically based on a percentage of assets invested in the underlying mutual funds attributable to the policies and other variable policies Nationwide and its affiliates issue, but in some cases may involve a flat fee. These payments are made for various purposes, including payments for the services provided and expenses incurred by the Nationwide companies in promoting, marketing and administering the policies and underlying funds. Nationwide may realize a profit on the payments received.
Nationwide or its affiliates receive the following types of payments:
• Underlying mutual fund 12b-1 fees, which are deducted from underlying mutual fund assets;
• Sub-transfer agent fees or fees pursuant to administrative service plans adopted by the underlying mutual fund, which may be deducted from underlying mutual fund assets; and
• Payments by an underlying mutual fund's advisor or subadvisor (or its affiliates). Such payments may be derived, in whole or in part, from the advisory fee, which is deducted from underlying mutual fund assets and is reflected in mutual fund charges.
Furthermore, Nationwide benefits from assets invested in affiliated underlying mutual funds (i.e., Nationwide Variable Insurance Trust) because these affiliates receive compensation from the underlying mutual funds for investment advisory, administrative, transfer agency, distribution, and/or other services provided. Overall, Nationwide may receive more revenue with respect to affiliated underlying mutual funds than unaffiliated underlying mutual funds.
Nationwide took into consideration the anticipated mutual fund service fee payments from the underlying mutual funds when it determined the charges imposed under the policies (apart from fees and expenses imposed by the underlying mutual funds). Without these mutual fund service fee payments, Nationwide would have imposed higher charges under the policy.
Amount of Payments Nationwide Receives
For the year ended December 31, 2020, the underlying mutual fund service fee payments Nationwide and its affiliates received from the underlying mutual funds did not exceed 0.75% (as a percentage of the average daily net assets invested in the underlying mutual funds) offered through the policy or other variable policies that Nationwide and its affiliates issued. Payments from investment advisors or subadvisors to participate in educational and/or marketing activities have not been taken into account in this percentage.
Most underlying mutual funds or their affiliates have agreed to make payments to Nationwide or its affiliates, although the applicable percentages may vary from underlying mutual fund to underlying mutual fund and some may not make any payments at all. Because the amount of the actual payments Nationwide or its affiliates receive depends on the assets of the underlying mutual funds attributable to the policy, Nationwide and its affiliates may receive higher payments from underlying mutual funds with lower percentages (but greater assets) than from underlying mutual funds that have higher percentages (but fewer assets).
For policies owned by an employer sponsored retirement plan subject to ERISA, upon a plan trustee’s request, Nationwide will provide a best estimate of plan-specific, aggregate data regarding the amount of underlying mutual fund service fee payments Nationwide received in connection with the plan’s investments either for the previous calendar year or plan year, if the plan year is not the same as a calendar year.
Identification of Underlying Mutual Funds
Nationwide may consider several criteria when identifying the underlying mutual funds, including some or all of the following: investment objectives, investment process, investment performance, risk characteristics, investment capabilities, experience and resources, investment consistency, fund expenses, asset class coverage, the strength of the adviser’s or sub-adviser’s reputation and tenure, brand recognition, and the capability and qualification of each investment firm. Other factors Nationwide may consider during the identification process are: whether the underlying mutual fund's advisor or sub-advisor is a Nationwide affiliate; whether the underlying mutual fund or its service providers (e.g., the investment advisor or sub-advisors), or its affiliates will make mutual fund service fee payments to Nationwide or its affiliates in connection with certain administrative, marketing, and support services; or whether affiliates of the underlying mutual fund can provide marketing and distribution support for sales of the policies. For additional information on these arrangements, see Types of Payments Nationwide Receives. Nationwide reviews the funds periodically and may remove a fund or limit its availability to new contributions and/or transfers of account value if Nationwide determines that a fund no longer satisfies one or more of the selection criteria, and/or if the fund has not attracted significant allocations from policy owners.
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Nationwide does not recommend or endorse any particular fund and it does not provide investment advice.
There may be underlying mutual funds with lower fees and expenses, as well as other variable policies that offer underlying mutual funds with lower fees and expenses. Policy owners should consider all of the fees and charges of the policy in relation to its features. Higher policy fees and charges and underlying mutual fund fees and expenses have a direct effect on the policy’s investment performance.
Policy Riders and Rider Charges
Riders are available for purchase to design the policy to meet the policy owner’s specific needs. The policy owner may purchase any Rider (except for both the Premium Waiver and Deduction of Fees and Expenses Waiver Riders, simultaneously). Once the policy is In Force, to add a Rider, Nationwide may require further evidence of insurability. The policy owner may only elect the Adjusted Sales Load Life Insurance Rider when purchasing the policy.
The availability, operation, and benefits of the Riders may vary by the state where the policy is issued. The policy owner will be charged for a Rider: so long as the policy remains In Force and the Rider's term has not expired; until the benefit has been paid; or the policy owner decides he or she no longer need the benefit and contacts the Service Center in writing.
Adjusted Sales Load Life Insurance Rider
The benefit associated with the Adjusted Sales Load Life Insurance Rider is the replacement of all or a portion of the up-front Premium Load (comprised of the Sales Load and Premium Taxes) with a monthly Rider charge. A policy owner may elect the number of years (from one to seven) that Premium Load would be replaced. A Premium Load would be assessed on any amount that is not replaced by the Rider.
Availability
This Rider is only available to purchase at the time of application.
Adjusted Sales Load Life Insurance Rider Charge
A monthly Adjusted Sales Load Life Insurance Rider Charge is assessed to compensate Nationwide for the sales and premium tax expenses that it will not collect in the form of Premium Load. The aggregate monthly Rider charges will be greater than the amount Nationwide would have deducted as Premium Load. The monthly charge is the product of aggregate Premiums paid since the Policy Date, the portion of Premium Load replaced (expressed as a whole percentage of Premiums paid), and the factor of 0.0001354. The Rider's charge may vary. Each Premium payment made during the selected Rider period will cause the Rider's charge to increase. How long the Rider charge is assessed will also vary. The Rider charge will be assessed for nine policy years, plus the number of years (from one to seven) that Premium Load is replaced (with a maximum Rider charge period of 15 years). However, if a policy owner stops making Premium payments during that one to seven-year period, the Rider charge will only be assessed for nine policy years, plus the number of years that Premium payments were actually made.
For example, upon election, the policy owner anticipated making Premium payments for five years. Therefore, the policy owner could expect to have the Rider charge assessed for 14 years (nine years plus five years). However, the policy owner actually makes the last Premium payment in policy year three, and does not make any additional Premium payments. Since the policy owner did not get full "use" of the Rider (the policy owner only received three years worth of Premium Load replacement), the Rider charge will only be assessed for 12 policy years (nine years plus the three years' worth of benefit received).
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If the policy terminates within the first 10 policy years, Nationwide will deduct from the Cash Surrender Value an amount to compensate it for the Premium Load waived, but not recovered, as a Rider charge. The amount deducted from the Cash Surrender Value will equal the product of the actual Premium Load replaced by the Rider (in dollars) and the percentage from the following table that corresponds to the number of years the policy has been In Force.
Policy Year   Percentage
1
   100%
2
   90%
3
   80%
4
   70%
5
   60%
6
   50%
7
   40%
8
   30%
9
   20%
10
   10%
11 and later
   0%
For example, the policy owner elected to replace the Premium Load for seven years. During the fifth policy year, the policy owner terminates the policy. During the five years the policy was In Force, $10,000 of Premium was paid. The amount of Premium Load that the Rider replaced is $400 ($40 for each $1,000 of Premium). Therefore, Nationwide will deduct $240 (60% of $400) from the policy’s Cash Surrender Value.
The Adjusted Sales Load Life Insurance Rider Charge is deducted proportionally from the Sub-Account and Fixed Account allocations. Because the Adjusted Sales Load Life Insurance Rider Charge is deducted from the policy's Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.
Children's Term Insurance Rider
Subject to underwriting approval, a policy owner may purchase term life insurance on the Insured's children at any time while the policy is In Force. If an insured child dies while the policy is In Force and before the Maturity Date, the policy pays a benefit to the named beneficiary. The insurance coverage for each insured child will continue (as long as the policy is In Force) until the earlier of: (1) the policy anniversary on or next following the date the Insured's child turns age 22; or (2) the policy anniversary on which the Insured reaches Attained Age 65. Subject to certain conditions specified in the Rider, the Rider may be converted into a policy on the life of the insured child without evidence of insurability. The Rider will be effective until the Rider's term expires, until the benefit is paid, the policy terminates, or until the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.
Children’s Term Insurance Rider Charge
A monthly Children's Term Insurance Rider Charge will be deducted if this Rider is elected. The Children’s Term Insurance Rider Charge compensates Nationwide for providing term insurance on the lives of each Insured child. The Rider charge is $0.43 per $1,000 of the Children's Term Insurance Rider's Specified Amount and will be assessed as long as the policy is In Force and the Rider is in effect. The Rider charge will be the same, even if the number of children covered under the Rider changes. Nationwide may decline a request to add another child based on underwriting standards.
The Children's Term Insurance Rider Charge will be deducted proportionally from the Sub-Accounts and Fixed Account allocations. Because the Children’s Term Insurance Rider Charge is deducted from the policy's Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.
Long-Term Care Rider
Availability
Subject to Nationwide's underwriting approval, the Long-Term Care Rider may be purchased at any time while the policy is In Force. If purchased six months or more after the Policy Date, Nationwide will require new evidence of insurability. Underwriting and approval of the Long-Term Care Rider are separate and distinct from underwriting and approval of the
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policy and Additional (insurance) Protection Rider. Therefore, it is possible that the underwriting risk class for the Long-Term Care Rider could differ from the policy and Additional (insurance) Protection Rider or that an Insured could qualify for the policy and Additional (insurance) Protection Rider and still be declined for the Long-Term Care Rider.
There is a right to cancel associated with this Rider. Within 30 days of receipt of the Rider, the policy owner may return it to the sales representative who sold it, or to the Service Center. The Rider will be void and related charges will be refunded as a credit to the policy, see Right to Cancel (Examination Right).
State regulation of long-term care benefits will result in differences in this Rider's name, covered services, criteria for eligibility of benefit payment, cost of insurance charge factors, maximum monthly benefit amounts, minimum monthly benefit amounts, and availability of the 10% residual Death Benefit. State variations are subject to change without notice at any time. Contact the Service Center to obtain a copy of the Long-Term Care Rider applicable to the policy, see Contacting the Service Center.
Long-Term Care Rider Benefit
The benefit associated with the Long-Term Care Rider is that, upon the Insured meeting certain eligibility requirements, the policy owner is paid a monthly benefit to assist with the Insured’s expenses associated with nursing home care or home health care. Benefit payments represent an advance of a portion of the Total Specified Amount which will ultimately reduce the Cash Surrender Value and Death Benefit. The Long-Term Care Rider has no Cash Surrender Value and no loan values.
The Long-Term Care Specified Amount elected must be at least 10% of the Total Specified Amount and no more than 100% of the Total Specified Amount. The maximum monthly benefit, which is determined by Nationwide at the time a request for benefits under the terms of the Rider is submitted, will be the lesser of:
(1) 2% of Long-Term Care Specified Amount in effect; or
(2) the per diem amount allowed by the Health Insurance Portability and Accountability Act times the number of days in the month.
The maximum lifetime benefit under any combination of home health care benefits and long-term care facility benefits is equal to the lesser of the Long-Term Care Specified Amount or the Total Specified Amount minus Indebtedness.
A policy owner may request to receive a monthly benefit less than the maximum subject to any minimum monthly benefit. Choosing a lesser amount could extend the length of the benefit period of the Long-Term Care Rider.
Decreases in the Total Specified Amount will result in a corresponding decrease in the Long-Term Care Specified Amount only if the Total Specified Amount is less than the Long-Term Care Specified Amount after the decrease.
Invoking the Rider
To invoke this Rider, the Insured must be certified by a licensed health care practitioner as: (1) having a severe cognitive impairment or (2) unable to do at least two of the following activities of daily living: bathing, continence, dressing, eating, using the toilet facilities, or transferring (moving into or out of bed, chair, or wheelchair) for a period of at least 90 days. The Insured must also be receiving qualified long-term care services specified in a plan of care submitted to Nationwide.
In addition, a 90-day waiting period, referred to as an "elimination period," must be satisfied before benefits are paid. Benefits will not be retroactively paid for the elimination period. The elimination period can be satisfied by any combination of days of long-term care facility stay or days of home health care, as those terms are defined in the Rider. These days of care or services need not be continuous, but must be accumulated within a continuous period of 730 days. The elimination period has to be satisfied only once while the Rider is in effect. The benefit associated with the Rider may not cover all long-term care costs incurred. The benefits paid in association with the Rider are intended to be "qualified long-term care insurance" under federal tax law, and generally will not be taxable to the policy owner, see Taxes. See a tax advisor about the use of this Rider.
Note: The Rider does not provide benefits for chronic illness resulting from suicide attempts, the commission of felonies, alcoholism or drug addiction, non-organic mental or psychoneurotic disorders, or war. The Rider also does not cover preexisting conditions not disclosed in the application if the need for services begins during the first six months after the Rider effective date.
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Impact of Invoking the Long-Term Care Rider on the Policy and other Riders
While Long-Term Care Rider benefits are being paid, the following are not permitted: loans, partial surrenders, changes to the Base Policy Specified Amount or Total Specified Amount, changes in underwriting classification, addition of other Riders, or changes in death benefit option. In addition, the following are applicable:
• Waiver of the Long-Term Care Rider Charge: The Long-Term Care Rider charge will be waived while Long-Term Care Rider benefits are being paid; however, all other monthly deductions will continue to be charged as long as the policy’s Cash Surrender Value is sufficient.
• Policy Lapse Protection: To the extent the policy's Cash Surrender Value is insufficient to cover all other monthly deductions while benefits are being paid under the Rider, all monthly deductions will be waived and the policy will not Lapse. This includes monthly deductions for other In Force Riders. Premium requirements for any death benefit guarantee feature of the policy or any elected Rider are not waived. Once the Long-Term Care Rider benefit is no longer being paid, payment of additional Premium may be necessary to prevent the policy from Lapsing.
• Death Benefit: The total amount of Rider benefits paid will be subtracted from the Total Specified Amount in calculating the Death Benefit. If the remaining Death Benefit is less than 10% of: the base Policy Specified Amount minus any Indebtedness when the Insured dies and the Rider is In Force, a residual Death Benefit of: 10% of the base Policy Specified Amount minus any Indebtedness will be paid.
• Cash Surrender Value and Policy Loans: The Cash Surrender Value and the amount available for partial surrenders and policy loans will be reduced by the total amount of Long-Term Care benefits paid at the time a request is received.
• Specified Amount Decreases: Decreases in the Base Policy Specified Amount or Total Specified Amount will result in a corresponding decrease in the Long-Term Care Specified Amount if the Base Policy Specified Amount or Total Specified Amount would otherwise be less than the Long-Term Care Specified Amount after the decrease.
• Accelerated Death Benefit for Terminal Illness Rider: The total amount of long-term care benefits paid will be subtracted from the Death Benefit amount available to be accelerated if the Insured is terminally ill.
Terminating the Rider
This Rider will terminate when the policy matures, the Insured dies, the Policy Guard Rider is invoked, the policy is terminated, or the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.
Long-Term Care Referral Service
If the Rider is elected, the Insured will have access to a national long-term care services referral network via a toll-free telephone number. Services include free consultation and tailored information to assist in planning and implementing a plan of care. There is no obligation to use these services which are currently provided through a third party. There is no separate additional charge for this service. This service is subject to availability and may be modified, suspended, or discontinued at any time upon 30 days written notice.
If the Rider is elected, the policy owner will have access to a national long-term care services referral network via a toll-free telephone number. Services provided include free consultation and tailored information to assist in implementing a plan of care. There is no obligation to use these services which are currently provided through a third party. There is no separate additional charge for this service. This service is subject to availability and may be modified, suspended, or discontinued at any time upon 30 days written notice.
Claims
Written notice of a claim must be given within 30 days after the Insured begins receiving qualified long-term care services. Written proof of claim, consisting of detailed documentation that describes and confirms the Insured is chronically ill and is receiving qualified long-term care services, must be given within 90 days. If Nationwide determines that a benefit trigger has not been met, it will follow internal and external review processes consistent with applicable laws and regulations in the state of issue. The policy owner must give immediate notice when the receipt of qualified long-term care services has ceased or is no longer required. Nationwide, at its own expense, has the right to have the Insured examined as often as it may reasonably require while Long-Term Care Rider benefits are being paid.
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Nationwide may contest claims payments under the Rider for misrepresentations made in the application for the Rider, an application for an increase of the Long-Term Care Specified Amount, or an application to reinstate the Rider after a Lapse.
Long-Term Care Rider Charge
A monthly charge is deducted from the Cash Value if this Rider is elected. The charge compensates Nationwide for providing long-term care benefits upon the Insured meeting certain eligibility requirements. The Rider Charge is the product of a long-term care cost of insurance rate and the lesser of the Long-Term Care Rider's Specified Amount and the policy's Net Amount At Risk. The long-term care cost of insurance rate is based on Nationwide’s expectations as to the Insured’s potential need for long-term care over time and will vary by the Insured's sex, Attained Age (in some states Issue Age), underwriting classification, and any Substandard Ratings.
The Rider Charge will be deducted proportionally from the Sub-Accounts and Fixed Account allocations. Because the Rider Charge is deducted from the Cash Value, electing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Additionally, any benefits paid pursuant to this Rider will reduce the Cash Surrender Value and Death Benefit.
Spouse Life Insurance Rider
The benefit associated with the Spouse Life Insurance Rider is a death benefit payable upon the death of the spouse named on the application ("Insured Spouse") to the designated beneficiary. If no beneficiary is designated, the benefit is payable to the Insured.
This Rider may be purchased at any time while the policy is In Force, subject to underwriting approval and the following age restrictions:
• the Insured must be between Attained Age 21 and 59 (this Rider is no longer available on or after the policy anniversary on which the Insured reaches Attained Age 59); and
• the Insured Spouse must be between Attained Age 18 and 69 at the time this Rider is elected.
This Rider will terminate on the earliest of: the policy anniversary on which the Insured Spouse reaches Attained Age 70, the date the Policy Guard Rider is invoked, the date the Rider is converted to a new policy, the date the policy matures or otherwise terminates, or the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received in good order, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.
This Rider has a conversion right. The Insured Spouse may exchange this Rider's benefit for a level premium, level benefit, permanent plan of whole life insurance, subject to limitations.
Spouse Life Insurance Rider Charge
A monthly Rider charge is deducted if this Rider is elected. The Spouse Life Insurance Rider Charge compensates Nationwide for providing term insurance on the life of the Insured Spouse. The Rider charge is the product of the Spouse Life Insurance Rider's Specified Amount and the Insured Spouse life insurance cost of insurance rate. The Insured Spouse life insurance cost of insurance rate is based on Nationwide’s expectations as to the mortality of the Insured Spouse. The Insured Spouse life insurance cost of insurance rate will vary by the Insured Spouse's sex, Attained Age, underwriting class, any Substandard Ratings, and the Spouse Life Insurance Rider's Specified Amount.
The Spouse Life Insurance Rider Charge will be deducted proportionally from the Sub-Account and Fixed Account allocations. Because the Spouse Life Insurance Rider Charge is deducted from Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Decreases in the Base Policy Specified Amount may result in a corresponding decrease in the Spouse Life Insurance Rider's Specified Amount.
Accidental Death Benefit Rider
Subject to Nationwide’s underwriting approval, this Rider may be elected at any time. The Rider pays a benefit, in addition to the Death Benefit, to the named beneficiary upon the Insured's accidental death. The benefit continues until the Insured reaches Attained Age 70. The policy owner will be charged for this Rider: so long as the policy remains In Force and the Rider's term has not expired; the benefit has been paid, the policy matures or otherwise terminates, or until the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination
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will be effective on the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.
The charge for this benefit is deducted from the policy's Cash Value, therefore this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Otherwise, the benefit of this Rider and the Death Benefit are independent of one another.
Accidental Death Benefit Rider Charge
The charge for this Rider compensates Nationwide for providing coverage in the event of the Insured's accidental death, meaning the Insured's death as a result of bodily injury caused by external, violent and accidental means from a cause other than a risk not assumed. The charge is the product of the Accidental Death Benefit Rider Specified Amount and the accidental death benefit cost of insurance rate. The accidental death benefit cost of insurance rate is based on Nationwide’s expectations as to the likelihood of the Insured's accidental death. The accidental death benefit cost of insurance rate will vary by the Insured's sex, Attained Age, underwriting class and any Substandard Ratings.
Premium Waiver Rider
Subject to Nationwide’s underwriting approval, the policy owner may purchase this Rider at any time.
Rider Benefit
The benefit associated with the Premium Waiver Rider is a monthly credit to the policy upon the Insured's total disability for six consecutive months not caused by a risk not assumed. Risks not assumed vary by state. Contact the Service Center to obtain a copy of the Premium Waiver Rider applicable to the policy.
The amount credited to the policy will be the lesser of:
• the Premium specified by the policy owner; or
• the average actual monthly Premiums paid over the last 36 months prior to the disability (or such shorter period of time that the policy has been In Force).
The monthly credit applied pursuant to the Rider may not be sufficient to keep the policy from Lapsing. Purchasing this Rider could help preserve the Death Benefit.
Benefit Duration
If the Insured is younger than Attained Age 63 at the time of the total disability, the Rider coverage continues until the Insured turns Attained Age 65. If the Insured is Attained Age 63 or older at the time of the total disability, the Rider coverage continues for two years. This Rider is effective until the Rider's term expires, the policy terminates, or until the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received in good order, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.
Interaction with the Deduction (of Fees and Expenses) Waiver Rider
This Rider cannot be elected if the Deduction (of Fees and Expenses) Waiver Rider is elected. During the first three years from the Policy Date, the benefit payable under that Rider is sufficient to keep the policy from Lapsing where as the benefit payable under the Premium Waiver Rider is not sufficient to keep the policy from Lapsing, see Deduction (of Fees and Expenses) Waiver Rider.
Premium Waiver Rider Charge
A monthly Premium Waiver Rider Charge will be deducted if this Rider is elected. The Premium Waiver Rider Charge compensates Nationwide for crediting the policy with the amount of scheduled due and payable Premium payments upon the Insured's total disability for six consecutive months.
The Rider Charge is the product of the Rider's benefit (the monthly policy credit) and the premium waiver cost rate. The premium waiver cost rate is based on Nationwide’s expectations as to likelihood of the Insured's total disability for six consecutive months. The premium waiver cost rates will vary by policy based on the Insured's sex, Attained Age, underwriting class, and any Substandard Ratings.
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The Premium Waiver Rider Charge will be deducted proportionally from the Sub-Account allocations and Fixed Account. Because the Premium Waiver Rider Charge is deducted from Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.
Change of Insured Rider
The Rider is only available in connection with policies issued to corporate entities or in other business contexts where the primary purpose is to provide protection or benefits to employees. The Rider is not available to individuals outside of these limited business purposes. The benefit associated with the Change of Insured Rider is that the policy owner may change the Insured at any time after the Policy Date, subject to insurability and the requirements below. There is no charge to change the Insured; however, the policy charges after the change will vary by characteristics of the new Insured including the new Insured’s Attained Age, sex, rate type and rate classification including any Substandard Ratings.
Change of Insured requirements:
(1) The policy owner must submit a written application to change the Insured to the Service Center;
(2) At the time of the change, the new Insured must have the same business relationship to the policy owner as did the previous Insured;
(3) The new Insured must have been at least 18 on the Policy Date;
(4) The new Insured must satisfy Nationwide’s underwriting requirements and may be required to submit satisfactory evidence of insurability; and
(5) The policy must be In Force and not be in a Grace Period when the request is made and at the time of the change (the "change date").
Coverage of the new Insured will become effective on the change date. Coverage of the previous Insured will terminate on the day before the change date. The change date is the first monthly anniversary on or next following the date the change of Insured requirements are met. The Policy Date will not change.
The Total Specified Amount of the policy will be as stated by the policy owner in the application for the change subject to the following:
(1) the policy continues to qualify as life insurance under the Code, and
(2) such Total Specified Amount equals or exceeds the minimum Total Specified Amount stated in the Policy Data Pages.
If the new Insured commits suicide, while sane or insane, within two years of the change date, Nationwide will not pay the Death Benefit. Instead, an amount will be paid equal to the Cash Value as of the change date, plus the sum of Premiums paid since the change date, less any Indebtedness, and less any partial surrenders.
After a change of Insured, Nationwide will not contest the policy after it has been In Force for two years from the change date.
Federal income tax consequences may result from a change in insured. For federal income tax purposes, the substitution of a new insured is treated as an exchange of the policy for another life insurance policy. Because the new insured is not the same as the insured that was substituted, the tax free treatment for policy exchanges under Code Section 1035 may not be available because the requirement that the insured under the policy relate to the same individual would not be met; consequently, the excess Cash Surrender Value over the investment in the policy would be taxable as ordinary income. The foregoing is not comprehensive and cannot replace personalized advice provided by a competent tax professional. The policy owner should seek competent tax advice regarding the tax treatment of the policy when contemplating a change of insured.
Change of Insured Rider Charge
There is no charge associated with the Change of Insured Rider.
Additional (insurance) Protection Rider
The benefit associated with the Additional (insurance) Protection Rider is term life insurance on the Insured, in addition to that under the base policy. The Death Benefit Proceeds attributable to the Additional (insurance) Protection Rider are payable to the beneficiary upon the Insured's death if the Additional (insurance) Protection Rider is still In Force. The
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Additional (insurance) Protection Rider has no cash value and no loanable value nor does it modify any cash or loan values of the base policy. Policy owners should request illustrations showing the impact of purchasing coverage with and without the Additional (insurance) Protection Rider.
Subject to Nationwide’s underwriting approval, this Rider may be purchased at any time while the policy is In Force and until the Insured reaches Attained Age 85. If purchased after the Policy Date, Nationwide will require evidence of insurability. The death benefit option for the base policy will also be the death benefit option for the Additional (insurance) Protection Rider.
The Additional (insurance) Protection Rider coverage terminates on the earliest of the following dates:
• the date the Insured dies;
• the original Maturity Date of the base policy;
• the date the policy Lapses;
• the date the policy terminates for any reason; or
• the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center.
Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.
The policy owner cannot extend the Additional (insurance) Protection Rider coverage beyond the policy's Maturity Date, see Extending Coverage Beyond the Maturity Date.
Additional (insurance) Protection Rider Impact
Cost of Insurance Charges
Electing coverage under the Additional (insurance) Protection Rider, as opposed to electing coverage only under the base policy, should lower the policy owner's overall cost of insurance. This is due in part to the broker-dealer firm receiving less overall compensation for selling a policy with the Additional (insurance) Protection Rider. It is also possible that less Premium may be required to maintain to the Death Benefit over the life of the policy or that increased Premium may be needed if the Additional (insurance) Protection Rider is not purchased.
Guaranteed Policy Continuation Provision
This provision protects the policy from Lapse under certain conditions, see Guaranteed Policy Continuation Provision. However, coverage elected under the Additional (insurance) Protection Rider is not covered by this provision beyond the fifth policy year. In comparison, the base policy may provide longer coverage, see Lapse.
Additional (insurance) Protection Rider Charge
A monthly Additional (insurance) Protection Rider Charge will be deducted if the Rider is elected. The Additional (insurance) Protection Rider Charge compensates Nationwide for providing term life insurance on the Insured.
The monthly cost of insurance charge for this Rider is determined by multiplying the Rider monthly cost of insurance rate by the Rider death benefit. The Rider death benefit will be based on the elected Death Benefit and may vary monthly. The Additional (insurance) Protection Rider cost of insurance rate is based on Nationwide’s expectation as to the Insured's mortality and expense experience. The Additional (insurance) Protection Rider cost of insurance rate will vary by the Insured's sex, Attatined Age, underwriting class, any Substandard Ratings, and the Total Specified Amount.
The Additional (insurance) Protection Rider Charge will be deducted proportionally from the Sub-Account and Fixed Account allocations. Because the Additional (insurance) Protection Rider Charge is deducted from Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on the Cash Value.
Deduction (of Fees and Expenses) Waiver Rider
Subject to Nationwide’s underwriting approval, this Rider can be elected at any time so long as the policy is In Force and it is before the Policy Date on or following the date the Insured reaches age 59.
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Rider Benefit
The benefit associated with this Rider is a waiver of the policy's monthly deductions if the Insured becomes totally disabled, as defined in the Rider, for at least six consecutive months. No benefit is available if total disability results from a risk not assumed; risks not assumed may vary by state. Contact the Service Center to obtain a copy of the Deduction (of Fees and Expenses) Waiver Rider applicable to the policy.
Disability During the First Three Years from the Policy Date
If the Insured becomes totally disabled for six consecutive months within the first three years from the Policy Date, the benefit is a credit to the policy in an amount necessary to keep the policy In Force as opposed to a waiver of the monthly deductions. The Cash Value will increase by the amount in which the minimum monthly premium exceeds the monthly deductions, just as if the minimum monthly premium had been paid.
Disability Following the First Three Years from the Policy Date
If the Insured becomes totally disabled for six consecutive months any time after the first three years from the Policy Date, the benefit is a waiver of the policy's monthly deductions. For example, if the policy owner becomes totally disabled for six consecutive months two years and eight months from the Policy Date, for the first four months, the benefit would be a credit equal to the amount necessary to keep the policy In Force. After that, the Rider's benefit becomes a waiver of the policy's monthly charges.
Following the third year from the Policy Date, the Rider's benefit alone may not be sufficient to keep the policy from Lapsing. The policy owner may need to make additional premium payments to prevent Lapse. However, while the Rider's benefit is being paid, it will cost less on a monthly basis to keep the policy In Force.
Benefit Duration
The benefit duration depends on the Insured's age when total disability begins. Before age 60, the benefit continues for as long as the Insured is totally disabled (even if that disability extends past when the Insured reaches age 65). The benefit will end if you invoke the Policy Guard Rider. Between ages 60 and 63, the benefit continues until the Insured turns age 65. From age 63, the benefit lasts only for two years.
Interaction with Premium Waiver Rider

This Rider cannot be elected if the Premium Waiver Rider is elected. During the first three years from the Policy Date, the benefit payable under this Rider appears to be the same as the benefit payable under the Premium Waiver Rider, i.e., both Riders credit amounts to the policy. However, the monthly credit under this Rider will be sufficient to keep the policy from Lapsing but only during the first three years from the Policy Date. The benefit under the Premium Waiver Rider is not guaranteed to be sufficient to keep the policy from Lapsing, see Premium Waiver Rider.
Deduction (of Fees and Expenses) Waiver Rider Charge
The charge for this Rider compensates Nationwide for the risks assumed in crediting and/or waiving policy charges during the Insured's total disability. The charge is the product of the amount of periodic charges deducted from the policy on a monthly basis (excluding the cost for this Rider) and the deduction waiver cost rate. The deduction waiver cost rate is based on Nationwide’s expectations as to the likelihood of the Insured's total disability for six consecutive months. The deduction waiver cost rate varies by the Insured's sex, Attained Age, underwriting class, and any Substandard Ratings.
The charge for this Rider is deducted proportionately from the Sub-Account and Fixed Account allocations; therefore, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.
Policy Guard Rider
A policy owner is able to prevent the policy from Lapsing due to Indebtedness by invoking the Policy Guard Rider, which provides a guaranteed paid-up insurance benefit. The Rider is designed to enable the policy owner of a policy with a substantially depleted Cash Value, due to Indebtedness, to potentially avoid the negative tax consequences associated with Lapsing the policy.
Note: Neither the IRS nor the courts have ruled on the tax consequences of invoking the Policy Guard Rider. It is possible that the IRS or a court could assert that the Indebtedness should be treated as a distribution, all or a portion of which could be taxable when the Rider is invoked. Consult with a tax advisor regarding the risks associated with invoking this Rider.
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Availability
All policies for which the guideline premium/cash value corridor life insurance qualification test is elected will automatically receive the Policy Guard Rider (state law permitting). The Rider is dormant until specifically invoked by the policy owner, at which time a one-time charge is assessed.
This Rider is not available for policies for which the cash value accumulation life insurance qualification test was elected.
Eligibility
The policy owner is eligible to invoke the Rider upon meeting the following conditions:
• Indebtedness reaches a certain percentage of the policy's Cash Value (the percentage will range from 95% to 99% based upon the life insurance qualification test and the Insured's Attained Age);
• The Insured is Attained Age 75 or older;
• The policy is currently In Force and has been In Force for at least 15 years;
• The policy's Cash Value is at least $100,000; and
• All amounts available for partial surrender not subject to federal income tax have been taken.
The first time the policy's Indebtedness reaches the percentage that makes the policy eligible for the Rider, Nationwide will notify the policy owner of the policy's eligibility to invoke the Rider. The letter will also describe the Rider, its cost, and its guaranteed benefits. The Rider may be invoked at any time, provided that the above conditions are met.
Impact on Other Riders and the Policy
The Long-Term Care Rider, the Spouse Life Insurance Rider, and the Deduction (of Fees and Expenses) Waiver Rider will terminate or will need to be terminated by the policy owner prior to invoking the Policy Guard Rider. An election to invoke the Policy Guard Rider is irrevocable.
Additionally, Nationwide will adjust the policy as follows:
(1) If not already in effect, the death benefit option will be changed to Death Benefit Option 1.
(2) The Total Specified Amount will be adjusted to equal the lesser of: (1) the Total Specified Amount immediately before the Rider was invoked; or (2) the Total Specified Amount that will cause the Death Benefit to equal the Minimum Required Death Benefit immediately after the charge for the Rider is deducted. This "new" Total Specified Amount will be used to calculate the Death Benefit pursuant to The Death Benefit provision.
(3) Any non-loaned Cash Value (after deduction of the Policy Guard Rider charge) will be transferred to the Fixed Account, where it will earn the minimum guaranteed fixed interest rate of the base policy (shown in the Policy Data Pages).
After the above adjustments are made, the Indebtedness will continue to grow at the policy's loan charged rate, and the amount in the policy loan account will continue to earn interest at the policy's loan crediting rate. No additional policy charges will be assessed. No further loans may be taken from the policy and no withdrawals may be taken from the policy (except for a full policy surrender). Cash Value may not be transferred out of the Fixed Account. The Death Benefit will be the greater of the Total Specified Amount or the Minimum Required Death Benefit. The policy will remain as described above for the duration of the policy.
Policy Guard Rider Charge
The Policy Guard Rider Charge is a one-time charge deducted at the time the Rider is invoked, and is assessed against the Cash Value allocated to the Sub-Accounts and the Fixed Account. The charge is intended to cover the administrative costs and to compensate Nationwide for the risks associated with the Rider's guaranteed paid-up death benefit. The charge is the product of the policy's Cash Value and an age-based factor ranging from 0.15% to 15.70% as shown in the Policy Data Pages.
If the Cash Value less Indebtedness is insufficient to satisfy the charge, the Rider cannot be invoked without repaying enough Indebtedness to cover the charge.
Invoking the Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Additionally, any benefits paid pursuant to this Rider will reduce the Cash Surrender Value.
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Policy Owner Services
Dollar Cost Averaging
Dollar cost averaging is an investment strategy designed to reduce the investment risks associated with market fluctuations and promote a more stable Cash Value and Death Benefit over time. A policy owner may elect to participate in the dollar cost averaging program at the time of application or at a later date by submitting an election form to the Service Center. An election to participate in the program that is submitted after application will be effective at the end of the Valuation Period coinciding with the date requested or, if that date has passed or no date is specified, at the end of the Valuation Period during which the request was received, or the end of the right to cancel period, whichever is later.
There is no charge for dollar cost averaging and dollar cost averaging transfers do not count as transfer events. Dollar cost averaging transfers will continue to be processed until there is no more Cash Value left in the originating investment option(s) or until a policy owner instructs Nationwide to terminate the service. Policy owners may direct Nationwide to automatically transfer specific amounts from the Fixed Account and the:
• Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I
to any other Sub-Account. Certain Sub-Accounts may or may not be available depending on when the policy was purchased, see Appendix A: Underlying Mutual Fund Information for details on Sub-Account availability. Transfers from the Fixed Account must be no more than 1/30th of the Fixed Account value at the time the program is elected.
Nationwide does not assure the success of these strategies and cannot guarantee that dollar cost averaging will result in a profit or protect against a loss. A policy owner should carefully consider his or her financial ability to continue these programs over a long enough period of time to purchase Accumulation Units when their value is low, as well as when their value is high. Nationwide may modify, suspend, or discontinue these programs at any time. Nationwide will notify policy owners in writing 30 days before doing so.
Enhanced Dollar Cost Averaging
Periodically, Nationwide may offer enhanced dollar cost averaging programs. When offered, these programs will be available only at the time of application. All or a portion of the initial Premium may be applied to a program. Subsequent Premium is not eligible for inclusion in the program. Under an enhanced dollar cost averaging program, the interest rate credited to the initial Premium allocated to the Fixed Account will be greater than the interest rate credited to standard Fixed Account allocations. Enhanced dollar cost averaging programs will last for one year and Cash Value attributable to the enhanced dollar cost averaging program will be transferred from the Fixed Account to the selected Sub-Account(s) based on the following schedule:
Beginning of Month   Fraction of Cash
Value Transferred
2
   1/11
3
   1/10
4
   1/9
5
   1/8
6
   1/7
7
   1/6
8
   1/5
9
   1/4
10
   1/3
11
   1/2
12
   Remaining Amount
Enhanced Dollar Cost Averaging transfers are not considered transfer events.
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Asset Rebalancing
A policy owner may elect to participate in an asset rebalancing program. Asset rebalancing involves the automatic rebalancing of the Cash Value in the chosen Sub-Accounts (up to 20) on a periodic basis. Cash Value allocated to the Fixed Account is not eligible for asset rebalancing. A policy owner can schedule asset rebalancing to occur every three, six, or 12 months on days when Nationwide prices Accumulation Units. There is no charge for asset rebalancing and it does not count as a transfer event.
A policy owner may elect to participate in an asset rebalancing program at the time of application or at a later date by submitting an election form to the Service Center. Unless elected otherwise, asset rebalancing will not affect the allocation of Premiums paid after beginning the program. Manual transfers will not automatically terminate the program. As long as a policy with asset rebalancing elected remains In Force, termination of asset rebalancing will only occur as a result of specific instruction by a policy owner to do so. Nationwide may modify, suspend, or discontinue asset rebalancing programs at any time.
Automated Income Monitor
Automated Income Monitor is an optional systematic partial surrender and/or policy loan program that may be elected at any time, at no additional cost. This program is only available to policies that are not modified endowment contracts.
Automated Income Monitor programs are intended for policy owners who wish to take an income stream of scheduled payments from the Cash Value of the policy. The income stream is generated via partial surrenders until the policy cost basis is depleted, then through policy loans. Taking partial surrenders and/or policy loans may result in adverse tax consequences, will reduce policy values and therefore limit the ability to accumulate Cash Value, and may increase the likelihood the policy will Lapse. Before requesting the Automated Income Monitor program, policy owners should consult with financial and tax advisors.
At the time of application for a program, Nationwide will provide policy owners with an illustration of the proposed income stream and impacts to the Cash Value, Cash Surrender Value, and Death Benefit. Policy owners must submit this illustration along with an application when electing an Automated Income Monitor program. Programs will commence at the beginning of the next monthly anniversary after Nationwide receives the election form and illustration. On each policy anniversary thereafter Nationwide will provide an updated In Force illustration to assist policy owners in determining whether to continue, modify, or discontinue an elected program. Policy owners may request modification or termination of a program at any time by written request to the Service Center.
A policy owner’s program will be based on the policy's Cash Surrender Value at the time of election and each succeeding policy anniversary, and on the following elections:
(1) Payment type:
(a) Fixed Amount: If a policy owner elected payments of a fixed amount, the amount received will not vary with policy Investment Experience; however, the length of time the elected payment amount can be sustained will vary based on the illustration assumptions below and the policy's Investment Experience; or
(b) Fixed Duration: If a policy owner elected payments for a fixed duration, the amount received during the first year will be based on the illustration assumptions below. After the first year, the amount will vary based on the illustration assumptions and policy Investment Experience to maintain the elected duration.
(2) Illustration assumptions:
(a) an assumed variable rate of return specified by the policy owner from the available options stated in the election form;
(b) minimum Cash Surrender Value targeted by the policy owner to have remaining on the policy's Maturity Date, or other date specified by the policy owner. This dollar amount is used to calculate available income. It is not guaranteed to be the Cash Surrender Value on the specified date;
(c) a policy owner may also request a change of death benefit option, or a decrease in Base Policy Specified Amount to be effective in conjunction with commencing a program or to occur at a future date; and
(d) payment frequency: monthly; quarterly; semi-annually; or annually. Payments on a monthly basis are made by direct deposit (electronic funds transfer) only.
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Generally, higher variable rate of return assumptions, a lower target Cash Surrender Value, and Death Benefit Option 1, will result in larger projected payments or longer projected durations. However, larger payments or longer duration may increase the likelihood the policy will Lapse.
Note: Policy owners are responsible for monitoring the policy to prevent Lapse. Nationwide will provide annual In Force illustrations based on current Cash Surrender Values and the elected illustration assumptions to assist policy owners with preventing Lapse. Policy owners may request modification or termination of a program at any time by written request to the Service Center.
Automated Income Monitor programs are subject to the following additional conditions:
(1) To prevent adverse tax consequences, a policy owner can authorize Nationwide to make scheduled payments via policy loan when:
(a) the policy's cost basis is reduced to zero;
(b) a partial surrender within the first 15 policy years would be a taxable event;
(c) or to prevent the policy from becoming a MEC, see Taxes.
  Note: Partial surrenders and policy loans taken under the Automated Income Monitor program are subject to the same terms and conditions as other partial surrenders and policy loans, see Partial Surrender and Policy Loans.
(2) While a program is in effect, no Premium payment reminder notices will be sent unless requested; however, Premium payments will be accepted.
(3) Programs will terminate on the earliest of the following:
(a) Nationwide’s receipt at the Service Center of a written request to terminate participation;
(b) at the time the policy enters a Grace Period or terminates for any reason;
(c) at the time of a requested partial surrender or policy loan outside the program;
(d) upon a change of policy owner;
(e) for income based on a fixed duration, the end of the period the policy owner specified at the time of election;
(f) on any policy anniversary when the current Cash Surrender Value is less than or equal to the target Cash Surrender Value assumption the policy owner specified;
(g) at any time the scheduled partial surrender or policy loan would cause the policy to fail to qualify as life insurance under Section 7702 of the Code; or
(h) the policy's Maturity Date.
Additionally, the program will terminate when one of the following Riders is invoked or begins providing benefits: the Policy Guard Rider and the Long-Term Care Rider.
Nationwide will notify policy owners upon termination of an Automated Income Monitor program. In addition, Nationwide may modify, suspend, or discontinue Automated Income Monitor programs at any time. Nationwide will notify policy owners in writing 30 days before doing so.
Policy Loans
After the expiration of the right to cancel period and while the policy is In Force, a policy owner may take a policy loan. A policy loan will be effective as of the date Nationwide receives the policy owner's written request at the Service Center. Nationwide reserves the right to require written requests to be submitted on current Nationwide forms. Notwithstanding anything to the contrary set forth in this prospectus, Nationwide may accept requests submitted via telephone, subject to dollar amount limitations and payment and other restrictions to prevent fraud. Nationwide reserves the right to discontinue acceptance of telephonic requests at any time upon written notice. Contact the Service Center for current limitations and restrictions, see Contacting the Service Center.
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Taking a policy loan may increase the risk of Lapse and may result in adverse tax consequences. Unpaid loan interest charges accrue daily at a compounded annual interest rate and can cause the policy's Indebtedness to grow significantly. The policy owner should request an illustration demonstrating the impact of a policy loan on the policy's Cash Value, Cash Surrender Value, and Death Benefit Proceeds.
Loan Amount
The minimum loan amount is $200. At the time of a loan request, policy Indebtedness cannot exceed 90% of the Cash Value allocated to the Sub-Accounts plus 100% of the Cash Value allocated to the Fixed Account, plus 100% of the policy loan account, less any surrender charge. Nationwide pays the policy loan to the policy owner with assets from its general account. Nationwide then uses the policy's Cash Value as collateral for the loan as described below.
Collateral and the Policy Loan Account
As collateral for the policy loan, Nationwide transfers an amount equal to the policy loan from the policy's investment options. Collateral amounts are transferred from the Cash Value to the policy loan account (which is part of Nationwide's general account). Because the policy loan account does not participate in the Investment Experience of the Sub-Accounts, policy loans can permanently affect the Death Benefit Proceeds and the Cash Value of the policy, even if repaid. The policy loan account may be subject to Nationwide's creditors in the event of insolvency.
Amounts transferred from the policy's Cash Value equal to the policy loan account are deducted from the Sub-Accounts in the same proportion as the Sub-Account allocations, unless the policy owner has instructed otherwise. Nationwide will only transfer amounts from the Fixed Account if the loan amount exceeds 90% of the Cash Value allocated to the Sub-Accounts.
The policy owner will earn interest on the collateral held in the policy loan account. Interest will accrue daily at no less than the guaranteed minimum rate stated on the Policy Data Pages. Interest credited to the policy loan account is an obligation of Nationwide’s general account and is dependent on Nationwide’s financial strength and claims paying ability. The interest earned on the policy loan account may be different than the rate earned on Cash Value allocated to the Fixed Account.
Interest Charged
Nationwide charges interest against policy Indebtedness. Indebtedness is the total amount of all outstanding policy loans, including principal and compounded interest due. The maximum interest rate Nationwide may charge against Indebtedness is 3.90% per annum, see In Summary: Fee Tables for current interest charged rates. Rates may change and may vary by policy year. Policy loan interest charges may provide revenue for risk charges and profit.
If policy loan interest is not paid when due, policy Indebtedness will continue to compound at the interest rate in effect, see When Interest is Charged and Credited below. If not paid when due, Nationwide will transfer an amount equal to the unpaid interest from the policy's investment options and add it to the policy loan account causing the original policy loan amount (now, "Indebtedness") to increase by the amount of the unpaid interest charged. Amounts transferred from the policy's investment options as unpaid interest charges will be transferred to the policy loan account in the same manner as a new loan.
Note: Over time, unpaid loan interest charges can cause the policy's Indebtedness to be significant. In some cases, policy Indebtedness may be significant enough to cause the policy to Lapse. In general, it is advantageous to repay Indebtedness and at a minimum, the interest charged on Indebtedness, at least annually.
Upon a full surrender, Lapse, or maturity, the amount received in the original loan request(s), plus unpaid loan interest charged is considered "received" under the Code and may result in adverse tax consequences, see Surrender, Lapse, Maturity in Taxes.
When Interest is Charged and Credited
Interest charged against Indebtedness accrues daily. Interest earned on collateral also accrues daily. Nationwide will transfer interest charged on Indebtedness from the policy's investment options to the collateral account, and transfer interest credited on collateral from the policy loan account to the investment options:
• Annually, at the end of a policy year;
• At the time a new loan is requested;
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• When a loan repayment is made;
• Upon the Insured's death;
• Upon policy Lapse and/or;
• Upon a full surrender of the policy.
In most cases, the interest earned on collateral will be less and in some cases, significantly less, than the interest charged against the Indebtedness.
Repayment
The policy owner may repay all or part of policy Indebtedness at any time while the policy is In Force. The minimum loan repayment amount, if any, is stated in the policy. The policy owner should contact the Service Center to obtain loan pay-off amounts.
Note: Interest earned on collateral is not deducted from Indebtedness to calculate loan pay off amounts. If a loan repayment is made, the policy owner's Cash Value is credited with interest earned on collateral and the amount of the loan repayment is deducted from the policy's Indebtedness.
Nationwide will treat any payments made as Premium payments, unless the policy owner specifies that the payment should be applied against the policy's Indebtedness. It may be beneficial for the policy owner to repay Indebtedness before making additional Premium payments because Premium Load charges are deducted from Premium payments but not from loan repayments.
If the policy owner makes a loan repayment, it will be applied to the Sub-Accounts and the Fixed Account in accordance with the allocation instructions in effect at the time the payment is received, unless the policy owner indicates otherwise.
Repaying Indebtedness will cause the Death Benefit and net Cash Surrender Value to increase accordingly.
Lapse
The policy is at risk of Lapsing when the Cash Surrender Value is insufficient to cover the monthly policy charges, including Rider charges, see Unfavorable Investment Experience. A policy owner can avoid Lapsing the policy by paying the amount required by the Guaranteed Policy Continuation Provision or by invoking the Policy Guard Rider to prevent the policy from Lapsing due to Indebtedness. Before any Lapse, there is a Grace Period during which a policy owner can take action to prevent the Lapse. Subject to certain conditions, a policy owner may reinstate a policy that has Lapsed.
Guaranteed Policy Continuation Provision
The policy provides for a Guaranteed Policy Continuation Period. The policy will not Lapse during the Guaranteed Policy Continuation Period if the policy owner pays the Policy Continuation Premium amount shown on the Policy Data Pages.
The Policy Continuation Premium required is stated in the Policy Data Pages and will vary by the Insured's issue age, sex, underwriting classification, any Substandard Ratings, the Total Specified Amount and any Riders elected.
The Policy Continuation Premium can only change due to action taken by the policy owner. If a policy owner has made any changes to the policy after it is issued, including any policy loans or partial surrenders, increases or decreases to the Total Specified Amount, adding or terminating a Rider, and/or changing the death benefit option, the Policy Continuation Premium may change. A change will result in reissued Policy Data Pages which will show the new Policy Continuation Premium. Upon request and for no charge, Nationwide will determine whether Premium payments, minus any Indebtedness and partial surrenders, are sufficient to keep the Guaranteed Policy Continuation Provision in effect.
The Guaranteed Policy Continuation Period will begin when Nationwide issues the policy and will continue for the lesser of 30 years, or the number of years until the Insured reaches Attained Age 65, from the Policy Date. For policies issued on Insured's age 55 or older on the Policy Date, the Guaranteed Policy Continuation Period is 10 years.
When the Guaranteed Policy Continuation Period ends, if the Cash Surrender Value remains insufficient to cover the monthly policy charges, the policy is at risk of Lapsing and a Grace Period will begin. There is no separate additional charge for the Guaranteed Policy Continuation Provision.
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Grace Period
If the Cash Surrender Value on any monthly anniversary is not sufficient to cover the current monthly deductions, then a Grace Period will begin. At the beginning of a Grace Period, the policy owner will receive a notice from Nationwide that will indicate the amount of Premium that must be paid to avoid Lapsing the policy. If the required Premium is not paid within 61 days, the policy and all Riders will Lapse. The amount is equal to the lesser of:
• the amount of Premium required to pay any due and unpaid policy charges plus three times the current monthly deductions; or
• the amount of Premium that will bring the Guaranteed Policy Continuation Provision back into effect, if applicable.
The Grace Period will not alter the operation of the policy or the payment of Proceeds.
Reinstatement
A policy owner may request reinstatement of a Lapsed policy by:
(1) submitting, at any time within three years after the end of the Grace Period (or longer if required by state law) and before the Maturity Date, a written request to the Service Center to reinstate the policy;
(2) providing evidence of insurability satisfactory to Nationwide;
(3) paying sufficient Premium to keep the policy In Force for three months (or less if required by state law) from the date of reinstatement, or, if the policy is in the Guaranteed Policy Continuation Period, paying the lesser of (a) and (b) where:
(a) is the amount of Premium sufficient to keep the policy In Force for three months from the date of reinstatement; and
(b) is the amount of Premium sufficient to bring the Guaranteed Policy Continuation Provision into effect;
(4) paying sufficient Premium to cover all policy charges that were due and unpaid during the Grace Period; and
(5) repaying or reinstating any Indebtedness that existed at the end of the Grace Period.
The policy owner may also reinstate coverage under certain Riders subject to satisfactory evidence of insurability.
If Nationwide approves the application for reinstatement and receives the required Premium, the effective date of a reinstated policy, including any reinstated Riders, will be the coinciding or next monthly anniversary of the Policy Date following the date Nationwide approves the application for reinstatement.
If the policy is reinstated, the Cash Value on the date of reinstatement will be set equal to the lesser of the surrender charge corresponding to the policy year in which the policy is reinstated or the Cash Value at the end of the most recent Grace Period. Nationwide will add any Premiums or loan repayments that were made to reinstate the policy to the Cash Value.
The Sub-Account allocations that were in effect at the start of the Grace Period will be reinstated, unless the policy owner indicates otherwise.
Surrenders
Full Surrender
The policy may be surrendered for the Cash Surrender Value at any time while it is In Force. A surrender will be effective as of the date Nationwide receives the policy owner’s written surrender request in good order at the Service Center. Nationwide reserves the right to require written requests to be submitted on current Nationwide forms. Any applicable surrender charges will be deducted from the policy’s Cash Value, see Surrender Charge. See Payment of Policy Proceeds for additional information.
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Policy Restoration after a Full Surrender
Prior to the Insured's death, Nationwide will permit restoration of a surrendered policy pursuant to established procedures to meet the requirements of state insurance law regarding the replacement of life insurance (i.e., use of the Proceeds from a surrendered policy to purchase a new policy). Restored policies will be treated as if they were never surrendered for all purposes, including Investment Experience, interest, and deduction of charges, see Policy Restoration Procedure in the Statement of Additional Information.
Partial Surrender
After the policy has been In Force for one year, the policy owner may request a partial surrender of the policy's Cash Surrender Value. During the first 10 policy years, the amount of a partial surrender cannot exceed 10% of the Cash Surrender Value as of the beginning of the policy year. Nationwide may limit partial surrenders to one per year from the Policy Date. The minimum amount of any partial surrender request is $200.
When a partial surrender is taken, Nationwide will reduce the Cash Value by the partial surrender amount. The Base Policy Specified Amount will also be reduced by the amount necessary to prevent an increase in the Net Amount At Risk. However, the reduction to the Base Policy Specified Amount will not be greater than the excess of the partial surrender amount over the preferred partial surrender amount (a preferred partial surrender is a partial surrender that occurs before the 15th policy anniversary and does not exceed 10% of the Cash Surrender Value as of the beginning of the policy year). In any event, a partial surrender will reduce the Cash Value in each Sub-Account the same proportion as the current allocations.
Partial surrenders may be subject to income tax penalties. They could also cause the policy to become a "modified endowment contract" under the Code, which could change the income tax treatment of any distribution from the policy, see Periodic Withdrawals, Non-Periodic Withdrawals, and Loans. See Payment of Policy Proceeds for additional information.
Notwithstanding anything to the contrary set forth in this prospectus, requests submitted via telephone will be accepted subject to dollar amount limitations and payment restrictions to prevent fraud. Nationwide reserves the right to discontinue acceptance of telephonic requests at any time upon written notice to the policy owner. Contact the Service Center for current limitations and restrictions on partial surrenders.
Reduction of Base Policy Specified Amount on a Partial Surrender
Nationwide will reduce the Cash Value of the policy by the amount of any partial surrender in the same proportion as how Cash Value is allocated among the Sub-Accounts. Nationwide will only reduce the Cash Value attributable to the Fixed Account when allocations in the Sub-Accounts are insufficient to cover the amount of the partial surrender.
Nationwide may reduce the Base Policy Specified Amount to ensure that the Net Amount At Risk does not increase due to a partial surrender. Because the policy’s Net Amount At Risk is the same before and after the reduction, a partial surrender by itself does not alter the policy's cost of insurance. The policy's charges going forward will be based on a new Base Policy Specified Amount that will change the calculation of those charges. Depending on changes in variables such as the Cash Value, these charges may increase or decrease after the reduction in Base Policy Specified Amount. However, Nationwide will not reduce the Base Policy Specified Amount when a preferred partial surrender is taken. A preferred partial surrender is a surrender taken before the 15th year from the Policy Date, the maximum aggregate annual amount of which is no more than 10% of the policy's Cash Surrender Value as of the beginning of that year.
Any reduction to the Base Policy Specified Amount will be made in the following order:
• against the most recent increase in the Base Policy Specified Amount;
• against the next most recent increases in the Base Policy Specified Amount in succession; and
• against the Base Policy Specified Amount under the original application.
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The Death Benefit
Calculation of the Death Benefit
The Death Benefit will be calculated when Nationwide has received (at the Service Center) all information required to process the claim for Death Benefit Proceeds, including, but not limited to, proof that the Insured has died and any other information Nationwide may reasonably require. The Death Benefit may be subject to an adjustment if an error or misstatement was made upon application, if the Insured dies by suicide, or benefits were paid under a Rider that accelerated all or a portion of the Death Benefit.
While the policy is In Force, the Death Benefit will never be less than the Base Policy Specified Amount. The Death Benefit will depend on the death benefit option elected, certain Riders, and the tax test elected as discussed in greater detail below. The Death Benefit may vary with the Cash Value of the policy, which is affected by Investment Experience, Indebtedness, and any due and unpaid monthly deductions that accrued during a Grace Period.
Death Benefit Options
Policy owners have a choice of one of three available death benefit options under the policy. If a death benefit option is not selected, Nationwide will issue the policy with Death Benefit Option 1. Not all death benefit options are available in all states.
Note: The Death Benefit will be the greater of the amount produced by the death benefit option in effect on the date of the Insured's death or the Minimum Required Death Benefit, see The Minimum Required Death Benefit.
Death Benefit Option 1: The Death Benefit will be the Total Specified Amount as of the Insured's date of death.
Death Benefit Option 2: The Death Benefit will be the Total Specified Amount plus the Cash Value as of the Insured's date of death.
Death Benefit Option 3: The Death Benefit will be the Total Specified Amount plus the accumulated premium account (which consists of all Premium payments, up to the maximum stated in the Policy Data Pages, plus interest), less any partial surrenders, as of the Insured's date of death.
The interest rate attributable to the accumulated premium account is referred to as the Death Benefit Option 3 Interest Rate and is stated in the Policy Data Pages. The amount of the accumulated premium account will be no less than zero and no greater than twice the Total Specified Amount.
The Minimum Required Death Benefit
The policy has a Minimum Required Death Benefit. The Minimum Required Death Benefit is the lowest Death Benefit that will qualify the policy as life insurance under Section 7702 of the Code.
The tax tests for life insurance generally require that the policy have a significant element of life insurance and not be primarily an investment vehicle. At the time the policy is issued, the policy owner irrevocably elects one of the following tests to qualify the policy as life insurance under Section 7702 of the Code:
• the cash value accumulation test; or
• the guideline premium/cash value corridor test.
If a specific test is not elected, Nationwide will issue the policy with the guideline premium/cash value corridor test. If the cash value accumulation test is elected, the Policy Guard Rider is not available.
Cash Value Accumulation Test
The cash value accumulation test determines the Minimum Required Death Benefit by multiplying the Cash Value by a percentage calculated as described in the Code. The percentages depend upon the Insured's age, sex, and underwriting classification. Under the cash value accumulation test, there is no limit to the amount that may be paid in Premiums as long as there is sufficient Death Benefit in relation to the Cash Value at all times.
Guideline Premium/Cash Value Corridor Test
The guideline premium/cash value corridor test determines the Minimum Required Death Benefit by comparing the Death Benefit to an applicable percentage of the Cash Value. These percentages are set out in the Code, but the percentage varies only by the Attained Age of the Insured.
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In deciding which test to elect for the policy, consider the following:
• The cash value accumulation test generally allows flexibility to pay more Premium, subject to Nationwide's approval of any increase in the policy's Net Amount At Risk that would result from higher Premium payments. Premium payments under the guideline premium/cash value corridor test are limited by Section 7702 of the Code.
• Generally, the guideline premium/cash value corridor test produces a higher Death Benefit in the early years of the policy while the cash value accumulation test produces a higher Death Benefit in the policy's later years.
• Monthly cost of insurance charges that vary with the amount of the Death Benefit may be greater during the years when the elected test produces a higher Death Benefit.
Regardless of which test is elected, Nationwide will monitor compliance to ensure that the policy meets the statutory definition of life insurance under the Code. As a result, the Proceeds payable under a policy should be excludable from gross income of the beneficiary for federal income tax purposes. Nationwide may refuse additional Premium payments or return Premium payments so that the policy continues to meet the Code's definition of life insurance. Consult a qualified tax advisor on all tax matters involving the policy.
Changes in the Death Benefit Option
After the first year from the Policy Date, the policy owner may elect to change the Death Benefit option under the policy from either Option 1 to Option 2, or from Option 2 to Option 1. The policy owner may not change from or to Option 3. Nationwide will permit only one change of Death Benefit option per policy year. The effective date of a change will be the monthly anniversary date following the date the change is approved.
For any change in the Death Benefit option to become effective, the Cash Surrender Value after the change must be sufficient to keep the policy In Force for at least three months.
Upon effecting a death benefit option change, the Total Specified Amount may be changed (either increased or decreased) so that the Net Amount At Risk remains the same before and after the change on the date of the change. Because the policy's Net Amount At Risk remains the same before and after the change, changing the death benefit option and preserving the Net Amount At Risk by itself does not alter the policy charges. The policy charges going forward will be based on the adjusted Total Specified Amount. Depending on changes in factors such as fluctuations in the policy's Cash Value, these charges may increase or decrease after the death benefit option change.
The policy owner should request an illustration demonstrating the impact of a change in the policy's death benefit option.
Nationwide will refuse a death benefit option change that would reduce the Total Specified Amount to a level where the Premium already paid would exceed any premium limitations under the Code.
Where the policy owner has selected the guideline premium/cash value corridor test, a change in death benefit option will not be permitted if it results in the total Premium paid exceeding any premium limitations under Section 7702 of the Code.
Incontestability
Nationwide will not contest payment of the Death Benefit based on the initial Total Specified Amount after the policy has been In Force during the Insured's lifetime for two years from the Policy Date, and, in some states, within two years from a reinstatement date. For any change in Total Specified Amount requiring evidence of insurability, Nationwide will not contest payment of the Death Benefit based on such increase after it has been In Force during the Insured's lifetime for two years from its effective date, and, in some states, within two years from a subsequent reinstatement date. The incontestability period in some states may be less than two years.
Suicide
If the Insured dies by suicide within two years from the Policy Date, and, in some states, within two years of a reinstatement date, Nationwide will pay no more than the sum of the Premiums paid, less any Indebtedness, partial surrenders, and any benefits paid as an acceleration of the Base Policy Specified Amount or Total Specified Amount. Similarly, if the Insured dies by suicide within two years from the date an application for an increase in the Total Specified Amount as accepted by Nationwide, and, in some states, within two years from a subsequent reinstatement date, Nationwide will pay no more than the Death Benefit Proceeds associated with insurance that has been In Force for at least two years from the Policy Date, plus the Cost of Insurance Charges associated with any increase in Total Specified Amount that has been In Force for a shorter period. The suicide period in some states may be less than two years.
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Proceeds Upon Maturity
If the policy is In Force on the Maturity Date, Nationwide will pay the Proceeds to the policy owner.
Normally, the Proceeds will be paid within seven days after receipt of the policy owner’s written request for payment of Proceeds at the Service Center. Nationwide may postpone payment of the Proceeds on the days that it is unable to price Accumulation Units, see Valuation of Accumulation Units. The Proceeds will equal the policy's Cash Value minus any Indebtedness. The policy is terminated once the Proceeds are paid.
Extending Coverage Beyond the Maturity Date
Nationwide may offer to extend coverage beyond the Maturity Date to coincide with the Insured's death, at which time the Proceeds will be paid to the beneficiary. During this coverage extension, the policy owner will still be able to request partial surrenders, and if elected, the Long-Term Care Rider will remain in effect (though there will be no charge for it). The termination of some policy and/or Rider benefits will coincide with the policy's Maturity Date (unless the policy owner decides otherwise). The extension of coverage will be for the Cash Value (as defined below) or for the Total Specified Amount (subject to the law of the state in which the policy owner lived at the time the policy was purchased).
If coverage is extended beyond the policy's Maturity Date, Nationwide will endorse the policy so that:
(1) if extended for the Total Specified Amount, the policy's Total Specified Amount will be equal to the Base Policy Specified Amount and will be adjusted to what it was when the Insured reached Attained Age 70, subject to any partial surrenders;
(2) no changes to the Base Policy Specified Amount and/or Total Specified Amount will be permitted (as they are the same);
(3) no changes to the death benefit option will be allowed;
(4) no additional Premium payments will be allowed;
(5) no additional monthly periodic charges will be deducted; however, loan interest will continue to be charged on Indebtedness;
(6) 100% of the policy's Cash Value will be transferred to the Fixed Account;
(7) if coverage is extended for the policy’s Cash Value, the policy's Death Benefit will become the Cash Value, regardless of the previous death benefit option choice;
(8) if the Policy Guard Rider is in effect prior to the extension of coverage beyond the Maturity Date, the Total Specified Amount will continue to be defined as the adjusted Total Specified Amount; and
(9) if the Additional (insurance) Protection Rider is in effect, the extension of coverage beyond the Maturity Date will not apply to the Rider Specified Amount.
Note: Partial surrenders will affect the Base Policy Specified Amount (and thus Total Specified Amount) of a policy with Death Benefit Option 1 based on the Insured's Attained Age at the time the partial surrender is requested. While the Insured is between the Attained Age of 71 and 90, a partial surrender will decrease the Base Policy Specified Amount proportionately. If the Insured is Attained Age 91 or older, a partial surrender will reduce the Proceeds by an amount proportionate to the ratio of the partial surrender to the Cash Value prior to the partial surrender.
The coverage beyond the Maturity Date will not occur when the policy would fail the definition of life insurance under the Code.
The primary purpose of coverage extension is to continue the life insurance coverage, and avoid current income taxes on any earnings in excess of the cost basis if the maturity Proceeds are taken, see Surrendering the Policy; Maturity.
Assuming no Indebtedness on the Maturity Date and no partial surrenders or loans are taken after the Maturity Date, the Proceeds after the Maturity Date will equal or exceed the Proceeds at maturity. However, because the loan interest rate charged may be greater than loan interest credited, if Indebtedness exists on or after the Maturity Date, Proceeds after the Maturity Date may be less than the Proceeds at maturity.
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Payment of Policy Proceeds
Normally, Nationwide will make a lump sum payment of the Proceeds within seven days after the written request for payment is received at the Service Center. However, Nationwide may postpone payment of the Proceeds from:
• the general account options for up to six months;
• on the days that it is unable to price Sub-Account Accumulation Units, see Valuation of Accumulation Units; and/or
• as permitted or required by federal securities laws and rules and regulations of the SEC.
Death Benefit Proceeds are paid from Nationwide’s general account. For payout options other than lump sum, Nationwide will issue a settlement contract in exchange for the policy, see Policy Settlement Options.
Treatment of Unclaimed Property
Every state has unclaimed property laws which generally declare life insurance policies to be abandoned after a period of inactivity of three to five years from the policy Maturity Date or the date Nationwide becomes informed that a Death Benefit is due and payable. For example, if the payment of a Death Benefit has been triggered, but, if after a thorough search, Nationwide is still unable to locate the beneficiary of the Death Benefit, or the beneficiary does not come forward to claim the Death Benefit in a timely manner, the Death Benefit will be surrendered and placed in a non-interest bearing account. While in the non-interest bearing account, Nationwide will continue to perform due diligence required by state law. Once the state mandated period has expired, Nationwide will escheat the Death Benefit to the abandoned property division or unclaimed property office of the state in which the beneficiary or the policy owner last resided, as shown on Nationwide’s books and records, or to Ohio, Nationwide’s state of domicile. If a claim is subsequently made, the state is obligated to pay any such amount (without interest) to the designated recipient upon presentation of proper documentation.
To prevent escheatment, it is important to update beneficiary designations - including complete names, complete addresses, phone numbers, and social security numbers - as they change. Such updates should be sent to the Service Center.
Policy Settlement Options
Proceeds (Death Benefit, maturity Proceeds, or Cash Surrender Value) may be paid out in a lump sum, or in another form that is elected at application.
At any time before the Proceeds become payable, a policy owner may request to change the payout option by writing to the Service Center.
If more than one payout option is elected, at least $2,000 must be apportioned to each option and each payment (made at the specified interval) must be at least $20. The settlement options below are based on predetermined fixed payments.
If the policy owner does not make an election as to the form of the Proceeds, upon the Insured's death, the beneficiary may make the election. Changing the beneficiary of the policy will revoke the payout option(s) in effect at that time. Proceeds are neither assignable nor subject to claims of creditors or legal process. If the beneficiary does not make an election, Nationwide will pay the Proceeds in a lump sum.
Note that for the remainder of Payment of Policy Proceeds provision, "payee" means the person(s) entitled to the Proceeds.
Interest Income Option
If the Interest Income Option is elected, Nationwide retains the Proceeds and credits the Proceeds with interest at an annually determined rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually whether any interest in excess of 2.5% will be credited. The interest can be credited at the end of 12-, six, three, or one month intervals.
At any time, the policy owner can withdraw any remaining Proceeds and accumulated interest by submitting a written request to the Service Center. Upon the payee’s death, the remaining Proceeds and accumulated interest will be paid to the payee’s estate.
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Income for a Fixed Period Option
If the Income for a Fixed Period Option is elected, Nationwide retains the Proceeds and makes payments to the payee at specified intervals over a certain number of years, not to exceed 30. Each payment will consist of a portion of the Proceeds plus interest at an annually determined rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually if any interest in excess of 2.5% will be credited. The payments can be paid at the beginning of 12-, six, three, or one month intervals.
At any time, the payee may withdraw any remaining Proceeds and accumulated interest by submitting a written request to the Service Center. Upon the payee’s death, the remaining Proceeds and accumulated interest will be paid to the payee’s estate.
Life Income with Payments Guaranteed Option
If the Life Income with Payments Guaranteed Option is elected, Nationwide will retain the Proceeds and make payments to the payee at specified intervals for a guaranteed period (10, 15, or 20 years) and, if the payee is still living at the end of the guaranteed period, the payments will continue for the rest of the payee’s life. During the guaranteed period, Nationwide will pay interest on the remaining Proceeds at a rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually if any interest in excess of 2.5% will be paid. The Proceeds can be paid at the beginning of 12-, six, three, or one month intervals.
Once payments begin under this option, withdrawals are not permitted. If a payee dies before the guaranteed period has elapsed, Nationwide will make the remaining payments to the payee’s estate. If the payee dies after the guaranteed period has elapsed, no further payments will be made.
Fixed Income for Varying Periods Option
If the Fixed Income for Varying Periods Option is elected, Nationwide will retain the Proceeds and pay a fixed amount at specified intervals until the Proceeds and accumulated interest have been exhausted. The total amount payable each year may not be less than 5% of the original Proceeds. Nationwide will credit interest on the remaining Proceeds at a rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually if any interest in excess of 2.5% will be credited. The Proceeds can be paid at the beginning of 12-, six, three, or one month intervals.
At any time, the payee may withdraw any remaining Proceeds and accumulated interest by submitting a written request to the Service Center. Upon the payee’s death, Nationwide will pay the remaining Proceeds and accumulated interest to the payee’s estate.
Joint and Survivor Life Option
If the Joint and Survivor Life Option was elected, Nationwide will retain the Proceeds and make equal payments to the payees at specified intervals for the life of the last surviving payee. The Proceeds can be paid at the beginning of 12-, six, three, or one month intervals.
Once payments begin under this option, withdrawals are not permitted. Payments will cease upon the death of the last surviving payee. Nationwide will make no payments to the last surviving payee's estate. It is possible that only one payment will be made under this option if both payees die prior to the first payment.
Alternate Life Income Option
If the Alternate Life Income Option is elected, Nationwide will use the Proceeds to purchase an annuity with the payee as annuitant. The amount payable will be 102% of the current individual immediate annuity purchase rate on the date of the individual immediate annuity is elected. The Proceeds can be paid at the end of 12-, six, three, or one month intervals. Since the payments are based on the payee’s lifetime, the payee may not withdraw any amount designated to this option once payments begin. Payments will cease upon the payee’s death. No payments will be made to the payee’s estate.
Payments to Minors
Nationwide will not make payments directly to minors. Contact a legal advisor for options to facilitate payment of Policy Proceeds intended for a minor’s benefit.
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Taxes
The tax treatment of life insurance policies under the Internal Revenue Code ("Code") is complex and will depend on the policy owner's particular circumstances. The policy owner should seek competent tax advice regarding the tax treatment of the policy given their situation. The following discussion provides a general overview of the Code's provisions relating to certain common life insurance policy transactions. Some of the items discussed below may not be applicable to the life insurance policy described herein. It is not and cannot be comprehensive, and it cannot replace personalized advice provided by a competent tax professional.
Types of Taxes
Federal Income Tax
Generally, the United States assesses a tax on income, which is broadly defined to include all items of income from whatever source, unless specifically excluded. Certain expenditures can reduce income for tax purposes and correspondingly the amount of tax payable. These expenditures are called deductions. While there are many more income tax concepts under the Code, the concepts of "income" and "deduction" are the most fundamental to the federal income tax treatment that pertains to this policy.
Federal Transfer Tax
In addition to the income tax, the United States also assesses a tax on some or all of the value of certain transfers of property made by gift while a person is living (the federal gift tax), and by bequest or otherwise at the time of a person's death (the federal estate tax).
The federal gift tax is imposed on the value of the property (including cash) transferred by gift. Each donor is allowed to exclude an amount per recipient from the value of present interest gifts. An unlimited marital deduction may be available for certain lifetime gifts made by the donor to the donor's spouse as well as for certain amounts that pass to the decedent’s surviving spouse.
The Tax Cuts and Jobs Act (the "Act") of 2017, doubled the basic estate and gift tax exclusion amount from $5 million to $10 million for estates of persons dying and gifts occurring after December 31, 2017. The exclusion amount is adjusted annually for inflation.
If the transfer is made to someone two or more generations younger than the transferor, the transfer may be subject to the federal generation-skipping transfer tax ("GSTT"). The GSTT provisions generally apply to the same transfers that are subject to estate or gift taxes. The GSTT is imposed at a flat rate equal to the maximum estate tax rate of 40% subject to any applicable exemptions.
State and Local Taxes
State and local estate, inheritance, income and other tax consequences of ownership or receipt of policy proceeds depend on the circumstances of each policy owner or beneficiary. While these taxes may or may not be substantial in every policy owner's case, state by state differences of these taxes preclude a useful description of them in this prospectus.
Buying the Policy
Federal Income Tax
Generally, the Code treats life insurance premiums as a nondeductible expense for income tax purposes.
Federal Transfer Tax
Generally, the Code treats the payment of premiums on a life insurance policy as a gift when the premium payment benefits someone else (such as when premium payments are paid by someone other than the policy owner). Gifts are not generally included in the recipient's taxable income. If the policy owner (whether or not they are the insured) transfers ownership of the policy to another person, the transfer may be subject to a federal gift, estate and income tax.
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Investment Gain in the Policy
The income tax treatment of increases in the policy's cash value depends on whether the policy is "life insurance" under the Code. If the policy meets the definition of life insurance, then the increase in the policy's cash value is not included in the policy owner's taxable income for federal income tax purposes unless it is distributed to the policy owner before the death of the insured.
To qualify as life insurance, the policy must meet certain tests set out in Section 7702 of the Code. Nationwide believes the policy meets the statutory requirements of Code Section 7702 and will monitor the policy’s compliance with Section 7702, and take whatever steps are necessary to stay in compliance.
Diversification
In addition to meeting the tests required under Section 7702, Section 817(h) of the Code requires that the investments of the separate account be adequately diversified. Regulations under Code Section 817(h) provide that a variable life policy that fails to satisfy the diversification standards will not be treated as life insurance unless such failure was inadvertent, is corrected, and the policy owner or the issuer pays an amount to the IRS. If the failure to diversify is not corrected, the income and gain in the policy would be currently taxed as ordinary income for federal income tax purposes.
Nationwide will also monitor compliance with Code Section 817(h) and the regulations applicable to Section 817(h) and, to the extent necessary, take appropriate action to remain in compliance.
Representatives of the IRS have informally suggested, from time to time, that the number of underlying investment options available or the number of transfer opportunities available under a variable insurance product may be relevant in determining whether the product qualifies for favorable tax treatment. In 2003, the IRS issued formal guidance, in Revenue Ruling 2003-91, which provides that if the number of underlying investment options available in a variable insurance product does not exceed 20, the number of underlying investment options alone would not cause the policy to not qualify for favorable tax treatment. The IRS has also indicated that exceeding 20 underlying investment options may be considered a factor, along with other factors including the number of transfer opportunities available under the policy, when determining whether the policy qualifies for favorable tax treatment. The revenue ruling did not indicate the number of underlying investment options, if any, that would cause the policy to not provide favorable tax treatment. Should the U.S. Secretary of the Treasury issue additional rules or regulations that would limit: the number of underlying investment options, transfers between underlying investment options, exchanges of underlying investment options or changes in the investment objectives of underlying investment options such that the policy would no longer qualify as life insurance under Section 7702 of the Code, then Nationwide will take whatever steps are available to remain in compliance.
Based on the above, the policy should be treated as life insurance for federal income tax purposes.
Periodic Withdrawals, Non-Periodic Withdrawals and Loans
The tax treatment described in this section applies to withdrawals and loans, premiums Nationwide accepts but then returns in order to meet the Code's definition of life insurance, and amounts used to pay the premium on any rider to the policy.
The income tax treatment of distributions of cash and loans from the policy depends on whether the policy is also considered a modified endowment contract under the Code. Generally, the income tax consequences of owning a life insurance policy that is not a modified endowment contract are more advantageous than the tax consequences of owning a life insurance policy that is a modified endowment contract.
Depending on the policy owner's circumstances, the use of the cash value of the policy to pay for the cost of any rider to the base life policy, could be treated as a distribution, and would be subject to the rules described below. Policy owners should seek competent tax advice regarding the tax treatment of the addition of any rider to the policy taking into account the policy owner's individual facts and circumstances.
A Life Insurance Policy that is a Modified Endowment Contract
The policies offered by this prospectus may or may not be issued as modified endowment contracts. If a policy is issued as a modified endowment contract, it will always be a modified endowment contract; a policy that is not issued as a modified endowment contract can become a modified endowment contract due to subsequent transactions with respect to the policy, such as payment of additional premiums.
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Section 7702A of the Code defines a modified endowment contract as those life insurance policies issued or materially changed on or after June 21, 1988 where the total premiums paid at any time during the first 7 contract years exceed the amount that would have been paid at that point if the policy provided for paid up benefits after the payment of 7 level annual premiums. Under certain conditions, a policy may become a modified endowment contract, or may become subject to a new 7-year testing period because of a "material change" or a "reduction in benefits" as defined by Section 7702A(c) of the Code.
All modified endowment contracts issued to the same owner by the same company during a single calendar year are required to be aggregated and treated as a single policy for purposes of determining the amount that is includible in income when a distribution occurs.
The Code provides special rules for the taxation of partial surrenders, loans, collateral assignments, and other pre-death distributions from modified endowment contracts. Under these special rules, such transactions are treated first as a distribution of gain to the extent that the cash value of the policy exceeds the 'investment in the contract' (generally, the net premiums paid for the policy). In addition, a 10% tax penalty generally applies to the taxable portion of such distributions unless an exception to the 10% penalty applies.
A Life Insurance Policy that is NOT a Modified Endowment Contract
If the policy is not issued as a modified endowment contract, Nationwide will monitor it and advise the policy owner if the payment of a premium, or other transaction, may cause the policy to become a modified endowment contract. It is only with the policy owner's written authorization that Nationwide will permit the policy to become a modified endowment contract. Otherwise, Nationwide will reject the requested action or refund any premium paid that exceeds the modified endowment limits.
Distributions from a life insurance policy that is not a modified endowment contract is generally treated as being first a return of nontaxable premiums paid or investment in the contract, and then taxable income after full recovery of the investment in the contract. Distributions not in excess of investment in the contract will reduce the owner's investment in the contract.
However, in certain circumstances a distribution from a policy that is not a modified endowment contract may not be treated as being first a return of investment in the contract as previously described. Pursuant to Section 7702(f)(7), a cash distribution during the first 15 years after a policy is issued and a reduction in the face amount of the death benefit may result in the cash distribution being fully or partially taxable to the policy owner. The policy owner should consult a competent tax advisor to carefully consider this potential tax consequence and seek further information before requesting any changes in the terms of the policy.
In general, interest paid on a policy loan will not be deductible. In addition, unlike a modified endowment contract, a loan from a life insurance policy that is not a modified endowment contract is not taxable when made, although it can be treated as a distribution if it is forgiven during the owner's lifetime. Distributions from policies that are not modified endowment contracts are not subject to the 10% early distribution penalty tax.
Surrender, Lapse, Maturity
A full surrender, cancellation of the policy by lapse, or the maturity of the policy on its maturity date may have adverse income tax consequences. If the amount received (or is deemed received upon maturity) plus total policy indebtedness exceeds the investment in the contract, then the excess generally will be treated as taxable ordinary income, regardless of whether the policy is a modified endowment contract. In certain circumstances, for example when the policy indebtedness is very large, the amount of tax could exceed the amount distributed to the policy owner at surrender.
The purpose of the maturity date extension feature is to permit the policy to continue to be treated as life insurance for tax purposes. Although Nationwide believes that the extension provision will cause the policy to continue to be treated as life insurance after the initially scheduled maturity date, that result is not certain due to a lack of guidance on the issue. The policy owner should consult with a qualified tax advisor regarding the possible adverse tax consequences that could result from an extension of the scheduled maturity date.
Additional Medicare Tax
Section 1411 of the Code imposes a surtax of 3.8% on certain net investment income received by individuals and certain trusts and estates. The surtax is imposed on the lesser of (a) net investment income or (b) the excess of the modified adjusted gross income over a threshold amount. For individuals, the threshold amount is $250,000 (married filing jointly); $125,000 (married filing separately); or $200,000 (other individuals). The threshold for an estate or trust is $7,500.
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Modified adjusted gross income is equal to adjusted gross income with several modifications; the policy owner should consult with a tax advisor regarding how to determine the policy owner’s modified adjusted gross income for purposes of determining the applicability of the surtax.
Net investment income includes, but is not limited to, interest, dividends, capital gains, rent and royalty income, and income from nonqualified annuities; and may include taxable gain from the sale or surrender of a life insurance policy.
Net investment income includes, but is not limited to, interest, dividends, capital gains, rent and royalty income, and income from nonqualified annuities; and may include taxable distributions from, and gain from the sale or surrenders of, life insurance policies.
Sale of a Life Insurance Policy
If a life insurance policy is transferred or sold it may be taxable to the extent of the gain in the policy and, all or a portion of the gain will be treated as ordinary income. The Tax Cuts and Jobs Act of 2017, provides that for purposes of calculating gain on the sale of a life insurance policy, the owner’s investment in the contract is not reduced for cost of insurance (COI) charges. This reverses the IRS’s position in Revenue Ruling 2009-13 that on the sale of a cash value life insurance policy, the seller’s investment in the contract is reduced by previously imposed COI charges.
Under the transfer for value rule, the sale of the policy may result in a portion of the death benefit proceeds being taxable income when paid to the beneficiary. However, exceptions to the transfer for value rule will preclude taxation of the death benefit proceeds if the transfer is to the insured under the policy, a partner of the insured, a partnership of which the insured is a partner, or to a corporation in which the insured is a shareholder or officer.
However, the Tax Cuts and Jobs Act of 2017 provides that the exceptions to the transfer for value rule noted above are not available if the life insurance policy was transferred in a reportable policy sale. Therefore, in a reportable policy sale some portion of the death benefit proceeds will be taxable.
The Tax Cuts and Jobs Act of 2017 also provides special tax reporting requirements that apply to the sale of a life insurance policy in a reportable policy sale or the transfer of a life insurance policy to a foreign person. Under these reporting requirements the buyer of a life insurance policy in a reportable policy sale must report the amount of the sales proceeds to the IRS as well as the insurance company that issued the policy. Upon receipt of 1) the report of sale from the buyer or 2) any notice of a transfer of a life insurance policy to a foreign person, the insurance company is then required to report information related to the sale or transfer of the life insurance policy to the IRS. A policy owner contemplating the transfer or sale of the policy or a transfer of the policy to a foreign person should consult a qualified tax advisor.
Exchanging the Policy for Another Life Insurance Policy
Generally, policy owners will be taxed on amounts received in excess of the investment in the contract when the policy is surrendered in full. However, if the policy is exchanged for another life insurance policy, endowment contract, or annuity contract, the policy owner will not be taxed on the excess amount if the exchange meets the requirements of Code Section 1035. To satisfy Section 1035, the insured named in the policy must be the insured under the new policy.
If the policy or contract is subject to a policy indebtedness that is discharged as part of the exchange transaction, the discharge of the indebtedness may be taxable. Policy owners should consult with their personal tax or legal advisors in structuring any policy exchange transaction.
Federal Income Taxation of Death Benefits
Death of Insured
Under Section 101 of the Code, the death benefit is generally excludable from the beneficiary’s gross income by reason of the insured’s death. However, if the policy had been transferred to a new policy owner for valuable consideration (e.g., through a sale of the policy), a portion of the death benefit may be includible in the beneficiary’s gross income when it is paid (see, Sale of Life Insurance Policy).
The payout option selected by the policy's beneficiary may affect how the payments received by the beneficiary are taxed. Under the various payout options, the amount payable to the beneficiary may include earnings on the death benefit, which will be taxable as ordinary income. For example, if the beneficiary elects to receive interest only, then the entire amount of the interest payment will be taxable to the beneficiary; if a periodic payment (whether for a fixed period or for life) is
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selected, then a portion of each payment will be taxable interest income, and a portion will be treated as the nontaxable payment of the death benefit. The policy's beneficiaries should consult with their tax advisors to determine the tax consequences of electing a payout option, based on their individual circumstances.
Accelerated Death Benefits
The death benefit under a life insurance policy may be distributed at a time earlier than the death of the insured, and all or a portion of the distribution may still be excludable from gross income under the Code.
Terminal Illness
The death benefit under a life insurance policy may be distributed when the insured is considered a "terminally ill individual" as that term is defined under the Internal Revenue Code. In this situation the distribution is treated as paid by reason of death of the insured and will generally be excluded from the policy owner’s gross income under Section 101 of the Code, see Federal Income Taxation of Death Benefits.
Long-Term Care
A long-term care rider issued with a life insurance policy or one that is subsequently added to the policy may allow for acceleration of all or a portion of the death benefit upon the insured being certified as a "chronically ill individual" as that term is defined under the Internal Revenue Code. If the long-term care rider meets the requirements of a qualified long-term care insurance contract as defined under Section 7702B of the Internal Revenue Code, then a distribution of all or a portion of the death benefit will generally be excluded from income under the Code. The long-term care rider issued with this life insurance policy is intended to be a qualified long-term care insurance contract under Section 7702B of the Internal Revenue Code.
The amount of the long-term care benefit that is excludable from gross income on an annual basis is limited to the greater of (1) the HIPAA per diem amount or (2) the amount of actual qualifying long-term care expenses incurred, reduced by any reimbursements received for qualifying long-term care services provided for the insured. While the long-term care rider issued with this life insurance policy may or may not pay a long-term care benefit that is limited to the HIPAA per diem amount , Nationwide cannot guarantee that the long-term care benefit will be treated as tax free. If multiple indemnity contracts are owned on a single insured, the payments received from these contracts are aggregated for purposes of determining whether the amounts received exceed the greater of the HIPAA per diem amount or the amount of actual qualifying long-term care expenses incurred.
The Tax Cuts and Jobs Act of 2017 changed the methodology used to calculate the annual inflation adjustments to the HIPAA per diem amount. The change will result in a lower rate of increase in the annual HIPAA per diem. Therefore, it is highly recommended that the policy owner consults their tax advisor when contemplating the amount of long-term care benefit to be taken under the long-term care rider.
The long-term care rider may pay benefits if the insured is receiving qualified long-term care services outside of the United States. It is the responsibility of the policy owner to determine if collecting benefits while outside the United States will subject the policy owner to taxation in the United States, the country of residence, or any other foreign jurisdiction.
Payment of long-term care rider charges will be made through deductions from the cash value of the life policy. These deductions from the cash value are considered to be distributions from the life policy for federal tax purposes and will not be included in income even if the policy owner has fully recovered their investment in the contract.
The payment of long-term care benefits made to the policy owner of the long-term care rider will be reported on a Form 1099-LTC. In addition, deductions from the cash value of the life insurance policy to pay for long-term care rider charges during the calendar year will also be reported on Form 1099-R.
This discussion of the tax treatment of the long-term care rider is not meant to be all inclusive. Due to the complexity of these rules, and because they are affected by the policy owner's facts and circumstances, the policy owner should consult with legal and tax counsel and other competent advisors regarding these matters.
Federal Transfer (Estate, Gift and Generation Skipping Transfer) Taxes
When the insured dies, the death benefit will generally be included in the insured's federal gross estate if: (1) the proceeds were payable to or for the benefit of the insured's estate; or (2) the insured held any "incident of ownership" in the policy at death or at any time within three years of death. An incident of ownership, in general, is any right in the policy that may be exercised by the policy owner, such as the right to borrow on the policy or the right to name a new beneficiary.
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If the beneficiary is two or more generations younger than the insured, the death benefit may be subject to the GSTT. Pursuant to regulations issued by the Treasury, Nationwide may be required to withhold a portion of the proceeds and pay them directly to the IRS as the GSTT payment.
If the policy owner is not the insured or a beneficiary, then payment of the death benefit to the beneficiary will be treated as a gift to the beneficiary from the policy owner.
Special Considerations for Corporations
Special federal income tax considerations for life insurance policies owned by employers
Sections 101(j) and 6039I of the Code provide special rules regarding the tax treatment of death benefits that are payable under life insurance policies owned by the employer of the insured. These provisions are generally effective for life insurance policies issued after August 17, 2006. If a life insurance policy was originally issued on or before August 17, 2006, but materially modified after that date, it will be treated as having been issued after that date for purposes of Section 101(j). Policies issued after August 17, 2006 pursuant to a Section 1035 exchange generally are excluded from the operation of these provisions, provided that the policy received in the exchange does not have a material increase in death benefit or other material change with respect to the old policy.
Section 101(j) provides the general rule that, with respect to an employer-owned life insurance policy, the amount of death benefit payable to the employer that may be excluded from income cannot exceed the sum of premiums paid and other payments made by the policy owner for the policy. Consequently, under this general rule, some portion of the death benefit will be taxable.
The general rule of taxability will not apply if the statutory notice and consent requirements are satisfied before the policy is issued and one of the following apply:
1. The insured was an employee at any time during the 12-month period before the insured’s death.
2. At the time that the policy is issued, the insured is either a director, a "highly compensated employee" (as defined in the Code), or a "highly compensated individual" (as defined in the Code).
3. The death benefit is paid to a family member of the insured (as defined under the Code), an individual who is a designated beneficiary (other than the employee) of the insured, a trust established for either the family member’s or beneficiary’s benefit, or the insured’s estate, or
4. The death benefit is used to buy an equity interest in the employer from the family member of the insured, beneficiary, trust or estate.
Code Section 6039I requires any policy owner of an employer-owned policy to file an annual return showing (a) the number of employees of the policy owner, (b) the number of such employees insured under employer-owned policies at the end of the year, (c) the total amount of insurance in force with respect to those policies at the end of the year, (d) the name, address, taxpayer identification number and type of business of the policy owner, and (e) that the policy owner has a valid consent for each insured (or, if all consents are not obtained, the number of insured employees for whom such consent was not obtained). Proper recordkeeping is also required by this section.
It is the employer's responsibility to (a) provide the proper notice to each insured, (b) obtain the proper consent from each insured, (c) inform each insured in writing that the employer-owner will be the beneficiary of any proceeds payable upon the death of the insured, and (d) file the annual return required by Section 6039I. If the employer-owner fails to provide the necessary notice and information, or fails to obtain the necessary consent, the death benefit will be taxable when received. If the employer-owner fails to file a properly completed return under Section 6039I, a penalty may apply.
Due to the complexity of these rules, and because they are affected by the policy owner’s facts and circumstances, the policy owner should consult with legal and tax counsel and other competent advisors regarding these matters.
Limitation on interest and other business deductions
Section 264 of the Code imposes a number of limitations on the interest and other business deductions that may otherwise be available to businesses that own life insurance policies. In addition, the premium paid by a business for a life insurance policy is not deductible as a business expense or otherwise if the business is directly or indirectly a beneficiary of the policy.
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Federal appellate and trial courts have examined the economic substance of transactions involving life insurance policies owned by corporations. These cases involved relatively large loans against the policy's cash value as well as tax deductions for the interest paid on the policy loans by the corporate policy owner to the insurance company. Under the particular factual circumstances in these cases, the courts determined that the corporate policy owners should not have taken tax deductions for the interest paid. Accordingly, the court determined that the corporations should have paid taxes on the amounts deducted. Corporations should consider, in consultation with tax advisors familiar with these matters, the impact of these decisions on the corporation's intended use of the policy.
Due to the complexity of these rules, and because they are affected by the policy owner's facts and circumstances, the policy owner should consult with legal and tax counsel and other competent advisors regarding these matters.
Business Uses of the Policy
The life insurance policy may be used in various arrangements, including nonqualified deferred compensation or salary continuance plans, split dollar insurance plans, executive bonus plans, retiree medical benefit plans, and others. The tax consequences of these plans may vary depending on the particular facts and circumstances of each individual arrangement. Therefore, if the policy owner is contemplating using the policy in any arrangement the value of which depends in part on its tax consequences, the policy owner should be sure to consult a tax advisor as to tax attributes of the arrangement.
Non-Resident Aliens and Other Persons Who are Not Citizens of the United States
Special income tax laws and rules apply to non-resident aliens of the United States including certain withholding requirements with respect to pre-death distributions from the policy. In addition, foreign law may impose additional taxes on the policy, the death benefit, or other distributions and/or ownership of the policy.
In addition, special gift, estate and GSTT laws and rules may apply to non-resident aliens, and to transfers to persons who are not citizens of the United States, including limitations on the marital deduction if the surviving or donee spouse is not a citizen of the United States.
If the policy owner is a non-resident alien, or a resident alien, or if any of the policy's beneficiaries (including the policy owner's spouse) are not citizens of the United States, the policy owner should confer with a competent tax advisor with respect to the tax treatment of this policy.
If the policy owner, the insured, the beneficiary, or other person receiving any benefit or interest in or from the policy, are not both a resident and citizen of the United States, there may be a tax imposed by a foreign country that is in addition to any tax imposed by the United States. The foreign law (including regulations, rulings, treaties with the United States, and case law) may change and impose additional or increased taxes on the policy, payment of the death benefit, or other distributions and/or ownership of the policy.
FATCA
Under Sections 1471 through 1474 of the Internal Revenue Code (commonly referred to as FATCA), distributions from a policy to a foreign financial institution or to a nonfinancial foreign entity, each as described by FATCA, may be subject to United States tax withholding at a flat rate equal to 30% of the taxable amount of the distribution, irrespective of the status of any beneficial owner of the policy or of the distribution. Nationwide may require you to provide certain information or documentation (e.g., Form W-9 or Form W-8BEN) to determine its withholding requirements under FATCA.
Withholding and Tax Reporting
Distribution of taxable income from a life insurance policy, including a life insurance policy that is a modified endowment contract, is subject to federal income tax withholding. Generally, the recipient may elect not to have the withholding taken from the distribution. Nationwide will withhold income tax unless the policy owner advises Nationwide, in writing, of their request not to withhold. If the policy owner requests that taxes not be withheld, or if the taxes withheld are insufficient, the policy owner may be liable for payment of an estimated tax.
A policy owner is not permitted to waive withholding if the payee does not provide Nationwide with a taxpayer identification number; or if Nationwide receives notice from the Internal Revenue Service that the taxpayer identification number furnished by the payee is incorrect. In that instance, a distribution will be subject to withholding rates established by Section 3405 of the Code and will be applied against the amount of income that is distributed.
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However, interest earned on a death benefit may be subject to mandatory back-up withholding. Mandatory backup withholding means that Nationwide is required to withhold taxes on income earned at the rate established by Section 3406 of the Code. Mandatory backup withholding may arise if Nationwide has not been provided a taxpayer identification number, or if the IRS notifies Nationwide that back-up withholding is required.
In certain employer-sponsored life insurance arrangements, participants may be required to report for income tax purposes, one or more of the following:
• the value each year of the life insurance protection provided;
• an amount equal to any employer-paid Premiums;
• some or all of the amount by which the current value exceeds the employer's interest in the policy; and/or
• interest that is deemed to have been forgiven on a loan that Nationwide deems to have been made by the employer.
Participants in an employer-sponsored plan relating to this policy should consult with the sponsor or the administrator of the plan, and/or with their personal tax or legal advisor to determine the tax consequences, if any, of their employer-sponsored life insurance arrangements.
Taxes and the Value of the Policy
For federal income tax purposes, a separate account is not a separate entity from the company. Thus, the tax status of the separate account is not distinct from our status as a life insurance company. Investment income and realized capital gains on the assets of the separate account are reinvested and taken into account in determining the value of Accumulation Units. As a result, such investment income and realized capital gains are automatically applied to increase reserves under the policies.
At present, Nationwide does not expect to incur any federal income tax liability that would be chargeable to the accumulation units. Based upon these expectations, no charge is being made against the policy's accumulation units for federal income taxes. If, however, Nationwide determines that taxes may be incurred, Nationwide reserves the right to assess a charge for these taxes.
Nationwide may also incur state and local taxes (in addition to those described in the discussion of the premium taxes) in several states. At present, these taxes are not significant. If they increase, however, charges for such taxes may be made that would decrease the value of the policy's accumulation units.
Tax Changes
The foregoing is a general discussion of various tax matters pertaining to life insurance policies. It is based on our understanding of federal tax laws as currently interpreted by the IRS, is general and is not intended as tax advice. The policy owner should consult their independent legal, tax and/or financial professional.
The Code has been subjected to numerous amendments and changes, and it is reasonable to believe that it will continue to be revised. The United States Congress has, in the past, considered numerous legislative proposals that, if enacted, could change the tax treatment of life insurance policies. For example, the "FY 2013, Budget of the United States Government" includes a proposal which, if enacted, would affect the treatment of corporate owned life insurance policies by limiting the availability of certain interest deductions for companies that purchase those policies. No proposed statutory language has been released yet, so the specifics of the proposal cannot be addressed herein. Such a proposal, if enacted, could have an adverse tax impact on the ownership of life insurance by or for the benefit of business entities. It is reasonable to believe that such proposals, and future proposals, may be enacted into law. The U.S. Treasury Department may amend existing regulations, issue new regulations, or adopt new interpretations of existing law that may differ from its current positions on these matters. In addition, current state law (which is not discussed herein) and future amendments to state law may affect the tax consequences of the policy.
Any or all of the foregoing may change from time to time without any notice, and the tax consequences arising out of a policy may be changed retroactively. There is no way of predicting if, when, or to what extent any such change may take place. Nationwide makes no representation as to the likelihood of the continuation of these current laws, interpretations, and policies.
The Consolidated Appropriations Act, 2021 that was enacted into law on December 27, 2020 changed the interest rate assumption used under Section 7702 to determine the amount of premium allowed to fund a policy. The change is generally favorable and only applies to life insurance policies issued on or after January 1, 2021.
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Nationwide Life Insurance Company
Nationwide, the depositor, is a stock life insurance company organized under Ohio law in March 1929, with its home office at One Nationwide Plaza, Columbus, Ohio 43215. Nationwide is a provider of life insurance, annuities, and retirement products. It is admitted to do business in all states, the District of Columbia, Guam, the U.S. Virgin Islands, and Puerto Rico.
Nationwide is a member of the Nationwide group of companies. Nationwide Mutual Insurance Company and Nationwide Mutual Fire Insurance Company (the "Companies") are the ultimate controlling persons of the Nationwide group of companies. The Companies were organized under Ohio law in December 1925 and 1933 respectively. The Companies engage in a general insurance and reinsurance business, except life insurance.
Nationwide VLI Separate Account-4
Organization, Registration, and Operation
Nationwide VLI Separate Account-4 is a separate account established under Ohio law. Nationwide owns the assets in this account and is obligated to pay all benefits under the policies. Nationwide may use the separate account to support other variable life insurance policies that it issues. The separate account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940 ("1940 Act") and qualifies as a "separate account" within the meaning of federal securities laws. For purposes of federal securities laws, the separate account is, and will remain, fully funded at all times. This registration does not involve the SEC's supervision of the separate account's management or investment practices or policies.
The separate account is divided into Sub-Accounts that invest in shares of the underlying mutual funds. Nationwide buys and sells the mutual fund shares at their respective NAV. Any dividends and distributions from a mutual fund are reinvested at NAV in shares of that mutual fund.
Income, gains, and losses, whether or not realized, from the assets in the separate account will be credited to, or charged against, the separate account without regard to Nationwide's other income, gains, or losses. Income, gains, and losses credited to, or charged against, a Sub-Account reflect the Sub-Account's own Investment Experience and not the investment experience of Nationwide's other assets. The separate account's assets are held separately from Nationwide’s other assets and are not part of Nationwide’s general account. Nationwide may not use the separate account's assets to pay any of its liabilities other than those arising from the policies. Nationwide will hold assets in the separate account equal to its liabilities. The separate account may include other Sub-Accounts that are not available under the policies, and are not discussed in this prospectus.
Nationwide does not guarantee any money placed in this separate account. The value of each Sub-Account will increase or decrease, depending on the Investment Experience of the corresponding mutual fund. A policy owner could lose some or all of their money.
Addition, Deletion, or Substitution of Mutual Funds
Where permitted by applicable law, Nationwide reserves the right to:
• remove, close, combine, or add Sub-Accounts and make new Sub-Accounts available;
• substitute shares of another mutual fund, which may have different fees and expenses, for shares of an existing mutual fund;
• transfer assets supporting the policies from one Sub-Account to another, or from one separate account to another;
• combine the separate account with other separate accounts, and/or create new separate accounts;
• deregister the separate account under the 1940 Act, or operate the separate account or any Sub-Account as a management investment company under the 1940 Act or as any other form permitted by law; and
• modify the policy provisions to reflect changes in the Sub-Accounts and the separate account to comply with applicable law.
Nationwide reserves the right to make other structural and operational changes affecting this separate account.
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Nationwide will provide notice of any of the changes above. Also, to the extent required by law, Nationwide will obtain the required orders, approvals, and/or regulatory clearance from the appropriate government agencies (such as the various insurance regulators or the SEC). Also, to the extent required by state law, Nationwide will accept an irrevocable election from the policy owner to transfer 100% of the policy's Cash Value to the Fixed Account if received within 60 days after the date the policy owner received notification of a material change in the investment policy of the separate account.
Substitution of Securities
Nationwide may substitute, eliminate, or combine shares of another underlying mutual fund for shares already purchased or to be purchased in the future if either of the following occurs:
(1) shares of a current underlying mutual fund are no longer available for investment; or
(2) further investment in an underlying mutual fund is inappropriate.
Nationwide will not substitute shares of any underlying mutual fund in which the Sub-Accounts invest without any necessary prior approval of the appropriate state and/or federal regulatory authorities. All affected policy owners will be notified in writing by U.S. mail, or any other means permitted by law, in the event there is a substitution, elimination, or combination of shares.
The substitute mutual fund may have different fees and expenses. Substitution may be made with respect to existing investments or the investment of future Premium, or both. Nationwide may close Sub-Accounts to allocations of Premiums or policy value, or both, at any time in its sole discretion. The mutual funds, which sell their shares to the Sub-Accounts pursuant to participation agreements, also may terminate these agreements and discontinue offering their shares to the Sub-Accounts.
Deregistration of the Separate Account
Nationwide may deregister Nationwide VLI Separate Account-4 under the 1940 Act in the event the separate account meets an exemption from registration under the 1940 Act, if there are no shareholders in the separate account or for any other purpose approved by the SEC.
All policy owners will be notified in the event Nationwide deregisters Nationwide VLI Separate Account-4.
Voting Rights
Although the separate account owns the mutual fund shares, policy owners are the beneficial owner of those shares. When a matter involving a mutual fund is subject to shareholder vote, unless there is a change in existing law, Nationwide will vote the separate account's shares only as instructed by policy owners.
When a shareholder vote occurs, a policy owner will have the right to instruct Nationwide how to vote. The weight of each vote is based on the number of mutual fund shares that corresponds to the amount of Cash Value a policy has allocated to that mutual fund's Sub-Account (as of a date set by the mutual fund). Nationwide will vote shares for which no instructions are received in the same proportion as those that are received. What this means is that when only a small number of policy owners vote, each vote has a greater impact on, and may control the outcome of the vote.
Material Conflicts
The underlying mutual funds may be offered through separate accounts of other insurance companies, as well as through other separate accounts of Nationwide. Nationwide does not anticipate any disadvantages to this. However, it is possible that a conflict may arise between the interests of the variable account and one or more of the other separate accounts in which these underlying mutual funds participate.
Material conflicts may occur due to a change in law affecting the operations of variable life insurance policies and variable annuity contracts, or differences in the voting instructions of the policy owners and those of other companies. If a material conflict occurs, Nationwide will take whatever steps are necessary to protect policy owners and variable annuity payees, including withdrawal of the separate account from participation in the underlying mutual fund(s) involved in the conflict.
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Legal Proceedings
Nationwide Life Insurance Company
Nationwide Financial Services, Inc. (NFS, or collectively with its subsidiaries, (the "Company") was formed in November 1996. NFS is the holding company for Nationwide Life Insurance Company (NLIC), Nationwide Life and Annuity Insurance Company (NLAIC) and other companies that comprise the life insurance and retirement savings operations of the Nationwide group of companies (Nationwide). This group includes Nationwide Financial Network (NFN), an affiliated distribution network that markets directly to its customer base. NFS is incorporated in Delaware and maintains its principal executive offices in Columbus, Ohio.
The Company is subject to legal and regulatory proceedings in the ordinary course of its business. These include proceedings specific to the Company and proceedings generally applicable to business practices in the industries in which the Company operates. The outcomes of these proceedings cannot be predicted due to their complexity, scope, and many uncertainties. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory proceedings is not likely to have a material adverse effect on the Company’s financial position. The Company maintains Professional Liability Insurance and Director and Officer Liability insurance policies that may cover losses for certain legal and regulatory proceedings. The Company will make adequate provision for any probable and reasonably estimable recoveries under such policies.
The various businesses conducted by the Company are subject to oversight by numerous federal and state regulatory entities, including but not limited to the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Department of Labor, the Internal Revenue Service, the Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or their affiliates, the Company is cooperating with regulators.
Nationwide Investment Services Corporation
The general distributor, NISC (the "Company"), is subject to legal and regulatory proceedings in the ordinary course of its business. These include proceedings specific to the Company and proceedings generally applicable to business practices in the industries in which the Company operates. The outcomes of these proceedings cannot be predicted due to their complexity, scope and many uncertainties. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory proceedings is not likely to have a material adverse effect on the Company’s financial position. The Company has agreements with Nationwide Life Insurance Company (NLIC) under which, NLIC pays all litigation costs on behalf of the Company. Should NLIC be unable or unwilling to pay these costs in the future, the Company would be liable for such costs.
The various businesses conducted by the Company are subject to oversight by numerous federal and state regulatory entities, including but not limited to the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Department of Labor, the Internal Revenue Service, the Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or its affiliates, the Company is cooperating with regulators.
Financial Statements
The Statement of Additional Information ("SAI") contains the financial statements of Nationwide VLI Separate Account-4 and the financial statements and schedules of Nationwide Life Insurance Company (the "Company"). Policy owners may obtain a copy of the SAI FREE OF CHARGE by contacting the Service Center. Please consider the financial statements of the Company only as bearing on Nationwide’s ability to meet the obligations under the policy. Policy owners should not consider the financial statements of the Company as affecting the investment performance of the assets of the separate account.
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Appendix A: Underlying Mutual Fund Information
This appendix contains information about the underlying mutual funds in which the Sub-Accounts invest. The underlying mutual funds in which the Sub-Accounts invest are designed primarily as investments for variable annuity contracts and variable life insurance policies issued by insurance companies. There is no guarantee that the investment objectives will be met.
Please refer to the prospectus for each underlying mutual fund for more detailed information.
   
Designations Key:
FF: The underlying mutual fund corresponding to this Sub-Account primarily invests in other mutual funds. Therefore, a proportionate share of the fees and expenses of any acquired funds are indirectly borne by investors. As a result, investors in this Sub-Account may incur higher charges than if the assets were invested in an underlying mutual fund that does not invest in other mutual funds. Refer to the prospectus for this underlying mutual fund for more information.
MF: The underlying mutual fund operates as a "feeder fund", which means it invests all of its investment assets in another mutual fund, the "master fund". Investors in this underlying mutual fund will bear the fees and expenses of both this underlying mutual fund and the "master fund" in which it invests. Therefore, this may result in higher expenses than those of other underlying mutual funds that invest directly in individual securities. Refer to the prospectus for this underlying mutual fund for more information.
VOL: The underlying mutual fund uses a volatility management strategy to reduce a policy owner’s exposure to equity investments when equity markets are volatile which may limit investment losses in a down market. However, use of such a strategy may also limit the growth of the policy’s Cash Value. Allocation to this type of investment option may result in foregone investment gains that could otherwise be realized by investing in riskier investment options.
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A
This Sub-Account is only available in policies issued before May 1, 2004
Investment Advisor: AllianceBernstein L.P.
Investment Objective: Long-term growth of capital.
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A
Investment Advisor: AllianceBernstein L.P.
Investment Objective: Long-term growth of capital.
American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II
Investment Advisor: American Century Investment Management, Inc.
Investment Objective: The fund pursues long-term total return using a strategy that seeks to protect against U.S. inflation.
American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I
This Sub-Account is only available in policies issued before May 1, 2004
Investment Advisor: American Century Investment Management, Inc.
Investment Objective: Capital growth by investing in common stocks. Income is a secondary objective.
American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I
Investment Advisor: American Century Investment Management, Inc.
Investment Objective: Long-term capital growth with income as a secondary objective.
BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II
Investment Advisor: BlackRock Advisors, LLC
Sub-advisor: BlackRock Investment Management, LLC
Investment Objective: Seek high total investment return.
BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares
Investment Advisor: BNY Mellon Investment Adviser, Inc.
Investment Objective: The fund seeks to match the performance of the Standard & Poor's® SmallCap 600 Index (S&P SmallCap 600 Index).
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BNY Mellon Stock Index Fund, Inc.: Initial Shares
Investment Advisor: BNY Mellon Investment Adviser, Inc.
Sub-advisor: Mellon Investments Corporation
Investment Objective: The fund seeks to match the total return of the S&P 500® Index.
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares
This Sub-Account is only available in policies issued before May 1, 2003
Investment Advisor: BNY Mellon Investment Adviser, Inc.
Sub-advisor: Newton Investment Management Limited
Investment Objective: The fund seeks long-term capital appreciation.
BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares
This Sub-Account is only available in policies issued before May 1, 2016
Investment Advisor: BNY Mellon Investment Adviser, Inc.
Sub-advisor: Fayez Sarofim & Co.
Investment Objective: The fund seeks long-term capital growth consistent with the preservation of capital. Its secondary goal is current income.
BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares
This Sub-Account is only available in policies issued before May 1, 2004
Investment Advisor: BNY Mellon Investment Adviser, Inc.
Investment Objective: The fund seeks capital growth.
Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares
Investment Advisor: Federated Equity Management Company of Pennsylvania
Sub-advisor: Federated Investment Management Company, Federated Advisory Services Company, Fed Global
Investment Objective: To achieve high current income and moderate capital appreciation.
Designation: VOL
Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares
This Sub-Account is only available in policies issued before May 1, 2008
Investment Advisor: Federated Investment Management Company
Investment Objective: Current income.
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.
Designation: FF
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.
Designation: FF
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.
Designation: FF
Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: Capital appreciation.
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Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: Reasonable income.
Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: Capital appreciation.
Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Service Class
This Sub-Account is only available in policies issued before May 1, 2015
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: High level of current income while also considering growth of capital.
Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: High level of current income.
Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class
This Sub-Account is only available in policies issued before May 1, 2017
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: Long-term growth of capital.
Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-advisor: FMR Co., Inc. (FMRC), FMR Investment Management (UK) Limited (FMR UK), and other investment advisers serve as sub-advisers for the fund.
Investment Objective: Long-term growth of capital.
Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class
This Sub-Account is only available in policies issued before May 1, 2006
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: Capital appreciation.
Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2
Investment Advisor: Franklin Advisers, Inc.
Investment Objective: Seeks capital appreciation with income as a secondary goal.
Designation: FF
Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2
Investment Advisor: Franklin Advisers, Inc.
Investment Objective: Seeks to maximize income while maintaining prospects for capital appreciation.
Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1
This Sub-Account is only available in policies issued before May 1, 2006
Investment Advisor: Franklin Advisers, Inc.
Investment Objective: Seeks long-term capital appreciation, with preservation of capital as an important consideration.
Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1
Investment Advisor: Franklin Mutual Advisers, LLC
Investment Objective: Seeks long-term total return.
Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2
This Sub-Account is only available in policies issued before April 30, 2014
Investment Advisor: Templeton Asset Management, Ltd.
Investment Objective: Seeks long-term capital appreciation.
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Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1
This Sub-Account is no longer available to receive transfers or new premium payments effective May 1, 2005
Investment Advisor: Templeton Investment Counsel, LLC
Investment Objective: Seeks long-term capital growth.
Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2
This Sub-Account is only available in policies issued before April 30, 2014
Investment Advisor: Templeton Investment Counsel, LLC
Investment Objective: Seeks long-term capital growth.
Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2
This Sub-Account is only available in policies issued before May 1, 2019
Investment Advisor: Franklin Advisers, Inc.
Investment Objective: Seeks high current income, consistent with preservation of capital, with capital appreciation as a secondary consideration.
Invesco - Invesco V.I. American Franchise Fund: Series I Shares
Investment Advisor: Invesco Advisers, Inc.
Investment Objective: Seeks capital growth.
Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I (formerly, Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I)
Investment Advisor: Invesco Advisers, Inc.
Investment Objective: Capital appreciation.
Invesco - Invesco V.I. Global Fund: Series I (formerly, Invesco Oppenheimer V.I. Global Fund: Series I)
Investment Advisor: Invesco Advisers, Inc.
Investment Objective: The Fund seeks capital appreciation.
Invesco - Invesco V.I. Global Strategic Income Fund: Series I (formerly, Invesco Oppenheimer V.I. Global Strategic Income Fund: Series I)
Investment Advisor: Invesco Advisers, Inc.
Investment Objective: The Fund seeks total return.
Invesco - Invesco V.I. Main Street Fund: Series I (formerly, Invesco Oppenheimer V.I. Main Street Fund: Series I)
Investment Advisor: Invesco Advisers, Inc.
Investment Objective: The Fund seeks capital appreciation.
Invesco - Invesco V.I. Main Street Small Cap Fund: Series I (formerly, Invesco Oppenheimer V.I. Main Street Small Cap Fund: Series I)
Investment Advisor: Invesco Advisers, Inc.
Investment Objective: Capital appreciation.
Ivy Variable Insurance Portfolios - Asset Strategy: Class II
This Sub-Account is only available in policies issued before May 1, 2017
Investment Advisor: Ivy Investment Management Company
Investment Objective: To seek to provide total return.
Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares
This Sub-Account is only available in policies issued before May 1, 2004
Investment Advisor: Janus Capital Management LLC
Investment Objective: Long-term capital growth, consistent with preservation of capital and balanced by current income.
Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares
Investment Advisor: Janus Capital Management LLC
Investment Objective: Long-term growth of capital.
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Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares
Investment Advisor: Janus Capital Management LLC
Investment Objective: Long-term growth of capital.
Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares
This Sub-Account is only available in policies issued before May 1, 2004
Investment Advisor: Janus Capital Management LLC
Investment Objective: Long-term growth of capital.
MFS® Variable Insurance Trust - MFS Value Series: Initial Class
Investment Advisor: Massachusetts Financial Services Company
Investment Objective: To seek capital appreciation.
MFS® Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class
This Sub-Account is only available in policies issued before March 27, 2015
Investment Advisor: Massachusetts Financial Services Company
Investment Objective: To seek capital appreciation.
Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I
This Sub-Account is only available in policies issued before May 1, 2009
Investment Advisor: Morgan Stanley Investment Management Inc.
Investment Objective: Above-average total return over a market cycle of three to five years by investing primarily in a diversified portfolio of fixed income securities.
Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I
This Sub-Account is only available in policies issued before May 1, 2004
Investment Advisor: Morgan Stanley Investment Management Inc.
Investment Objective: High total return by investing primarily in fixed income securities of government and government-related issuers and, to a lesser extent, of corporate issuers in emerging market countries.
Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Allianz Global Investors U.S. LLC
Investment Objective: The Fund seeks long-term capital growth.
Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Asset Allocation Fund: Class II)
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective: The fund seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term.
Designation: MF
Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Bond Fund: Class II)
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective: The Fund seeks to provide as high a level of current income as is consistent with the preservation of capital.
Designation: MF
Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Global Growth Fund: Class II)
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective: The Fund seeks to provide long-term growth of capital.
Designation: MF
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Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Growth Fund: Class II)
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective: The Fund seeks to provide growth of capital.
Designation: MF
Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Growth-Income Fund: Class II)
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective: The fund seeks to achieve long-term growth of capital and income.
Designation: MF
Nationwide Variable Insurance Trust - NVIT Amundi Multi Sector Bond Fund: Class I (formerly, Nationwide Variable Insurance Trust - Amundi NVIT Multi Sector Bond Fund: Class I)
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Amundi Pioneer Institutional Asset Management, Inc.
Investment Objective: The Fund seeks to provide above average total return over a market cycle of three to five years.
Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: AQR Capital Management, LLC
Investment Objective: The Fund seeks total return through a flexible combination of capital appreciation and current income.
Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I (formerly, Nationwide Variable Insurance Trust - BlackRock NVIT Equity Dividend Fund: Class I)
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: BlackRock Investment Management, LLC
Investment Objective: The Fund seeks capital growth and income through investments in equity securities, including common stocks and securities convertible into common stocks.
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks maximum growth of capital consistent with a more aggressive level of risk as compared to other Blueprint(SM) Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks a high level of total return through investment in both equity and fixed income securities.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks growth of capital, but also seeks income consistent with a less aggressive level of risk as compared to other Blueprint (SM) Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks a high level of total return consistent with a conservative level of risk as compared to other Blueprint(SM) Funds.
Designation: FF
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Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Nationwide Asset Management, LLC
Investment Objective: The Fund seeks a high level of total return consistent with a moderate level of risk as compared to other Blueprint (SM) Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks growth of capital, but also seeks income consistent with a moderately aggressive level of risk as compared to other Blueprint (SM) Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The fund seeks a high level of total return consistent with a moderately conservative level of risk.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I
This Sub-Account is no longer available to receive transfers or new premium payments effective October 16, 2020
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Columbia Management Investment Advisers, LLC
Investment Objective: The Fund seeks to maximize total return consisting of capital appreciation and/or current income.
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Columbia Management Investment Advisers, LLC
Investment Objective: The fund seeks to maximize total return consisting of capital appreciation and/or current income.
Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Nationwide Asset Management, LLC
Investment Objective: The Fund seeks a high level of current income consistent with preserving capital.
Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Neuberger Berman Investment Advisers LLC
Investment Objective: The fund seeks long-term total return consistent with reasonable risk.
Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Lazard Asset Management LLC and Standard Life Investments (Corporate Funds) Limited
Investment Objective: The Fund seeks long-term capital growth by investing primarily in equity securities of companies located in emerging market countries.
Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I (formerly, Nationwide Variable Insurance Trust - Federated NVIT High Income Bond Fund: Class I)
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Federated Investment Management Company
Investment Objective: The Fund seeks to provide high current income.
Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Nationwide Asset Management, LLC
Investment Objective: The Fund seeks as high a level of current income as is consistent with preserving capital.
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Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Federated Investment Management Company
Investment Objective: The Fund seeks as high a level of current income as is consistent with preserving capital and maintaining liquidity. The Fund is a money market fund that seeks to maintain a stable net asset value of $1.00 per share.
Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I
This Sub-Account is only available in policies issued before May 1, 2020
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Lazard Asset Management LLC
Investment Objective: The Fund seeks long-term capital growth by investing primarily in equity securities of companies in Europe, Australasia, the Far East and other regions, including developing countries.
Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II
This Sub-Account is no longer available to receive transfers or new premium payments effective May 1, 2011
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Lazard Asset Management LLC
Investment Objective: The Fund seeks long-term capital growth by investing primarily in equity securities of companies in Europe, Australasia, the Far East and other regions, including developing countries.
Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: BlackRock Investment Management, LLC
Investment Objective: The Fund seeks to match the performance of the MSCI EAFE® Index as closely as possible before the deduction of Fund expenses.
Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks maximum growth of capital consistent with a more aggressive level of risk as compared to other Investor Destinations Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks a high level of total return through investment in both equity and fixed-income securities.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks growth of capital, but also seeks income consistent with a less aggressive level of risk as compared to other NVIT Investor Destinations Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks a high level of total return consistent with a conservative level of risk as compared to other Investor Destinations Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks a high level of total return consistent with a moderate level of risk as compared to other Investor Destinations Funds.
Designation: FF
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Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks growth of capital, but also seeks income consistent with a moderately aggressive level of risk as compared to other Investor Destinations Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks a high level of total return consistent with a moderately conservative level of risk.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Jacobs Levy Equity Management, Inc.
Investment Objective: The fund seeks long-term capital growth.
Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Mellon Investments Corporation
Investment Objective: The Fund seeks long-term capital growth.
Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I
This Sub-Account is no longer available to receive transfers or new premium payments effective September 11, 2020
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Mellon Investments Corporation
Investment Objective: The Fund seeks capital appreciation, and secondarily current income.
Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Mellon Investments Corporation
Investment Objective: The fund seeks capital appreciation, and secondarily current income.
Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: BlackRock Investment Management, LLC
Investment Objective: The Fund seeks capital appreciation.
Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: American Century Investment Management, Inc. and Thompson, Siegel & Walmsley LLC
Investment Objective: The fund seeks long-term capital appreciation.
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Invesco Advisers, Inc. and Wellington Management Company, LLP
Investment Objective: The Fund seeks capital growth.
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Jacobs Levy Equity Management, Inc. and WCM Investment Management, LLC
Investment Objective: The Fund seeks capital appreciation.
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Jacobs Levy Equity Management, Inc. and Invesco Advisers, Inc.
Investment Objective: The Fund seeks long-term growth of capital.
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Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I (formerly, Nationwide Variable Insurance Trust - Neuberger Berman NVIT Multi Cap Opportunities Fund: Class I)
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Neuberger Berman Investment Advisers LLC
Investment Objective: The fund seeks long-term capital growth.
Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Newton Investment Management Limited
Investment Objective: The Fund seeks long-term growth of capital by investing primarily in securities of companies that meet the fund's financial criteria and social policy.
Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Wellington Management Company LLP
Investment Objective: The Fund seeks current income and long-term capital appreciation.
Nationwide Variable Insurance Trust - NVIT S&P 500® Index Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: BlackRock Investment Management, LLC
Investment Objective: The Fund seeks long-term capital appreciation.
Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Nationwide Asset Management, LLC
Investment Objective: The Fund seeks to provide a high level of current income while preserving capital and minimizing fluctuations in share value.
Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Wells Capital Management, Inc.
Investment Objective: The Fund seeks long-term capital growth. The fund invests at least 80% of its net assets in equity securities issued by small- and medium-sized companies with market capitalization similar to those of companies included in the Russell 2500 index.
Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares
This Sub-Account is only available in policies issued before November 6, 2015
Investment Advisor: Neuberger Berman Investment Advisers LLC
Investment Objective: The Fund seeks growth of capital.
Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares
Investment Advisor: Neuberger Berman Investment Advisers LLC
Investment Objective: The Fund seeks the highest available current income consistent with liquidity and low risk to principal; total return is a secondary goal.
Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: I Class Shares
This Sub-Account is only available in policies issued before May 1, 2008
Investment Advisor: Neuberger Berman Investment Advisers LLC
Investment Objective: The Fund seeks long-term growth of capital by investing primarily in securities of companies that meet the Fund's environmental, social and governance (ESG) criteria.
PIMCO Variable Insurance Trust - International Bond Portfolio (Unhedged): Administrative Class
Investment Advisor: PIMCO
Investment Objective: The Portfolio seeks maximum total return consistent with preservation of capital and prudent investment management.
PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class
Investment Advisor: PIMCO
Investment Objective: The Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management.
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Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB
This Sub-Account is only available in policies issued before November 19, 2016
Investment Advisor: Putnam Investment Management, LLC
Sub-advisor: Putnam Investments Limited
Investment Objective: Seeks capital appreciation.
Putnam Variable Trust - Putnam VT International Equity Fund: Class IB
This Sub-Account is only available in policies issued before May 1, 2004
Investment Advisor: Putnam Investment Management, LLC
Sub-advisor: The Putnam Advisory Company, LLC
Investment Objective: Seeks capital appreciation.
Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB (formerly, Putnam Variable Trust - Putnam VT Equity Income Fund: Class IB)
This Sub-Account is only available in policies issued before May 12, 2017
Investment Advisor: Putnam Investment Management, LLC
Sub-advisor: Putnam Investments Limited
Investment Objective: Seeks capital growth and current income.
T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II
Investment Advisor: T. Rowe Price Associates, Inc.
Investment Objective: The fund seeks long-term capital appreciation.
VanEck VIP Trust - Emerging Markets Fund: Initial Class
This Sub-Account is only available in policies issued before May 1, 2002
Investment Advisor: Van Eck Associates Corporation
Investment Objective: Seeks long-term capital appreciation by investing primarily in equity securities in emerging markets around the world.
VanEck VIP Trust - Global Resources Fund: Initial Class (formerly, VanEck VIP Trust - Global Hard Assets Fund: Initial Class)
This Sub-Account is only available in policies issued before May 1, 2002
Investment Advisor: Van Eck Associates Corporation
Investment Objective: Seeks long-term capital appreciation by investing primarily in global resource securities. Income is a secondary consideration.
Wells Fargo Variable Trust - VT Small Cap Growth Fund: Class 2
Investment Advisor: Wells Fargo Funds Management, LLC
Sub-advisor: Wells Capital Management, Inc.
Investment Objective: Seeks long-term capital appreciation.
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Appendix B: Definitions
Accumulation Unit – An accounting unit of measure of an investment in, or share of, a Sub-Account. Accumulation Unit values are initially set at $10 for each Sub-Account.
Attained Age – A person's Issue Age plus the number of full years since the Policy Date.
Base Policy Specified Amount – The amount of insurance coverage selected under the base policy, excluding any Rider Specified Amount.
Cash Surrender Value – The Cash Value minus Indebtedness and any surrender charge.
Cash Value – The total amount allocated to the Sub-Accounts, the policy loan account, and the Fixed Account.
Code – The Internal Revenue Code of 1986, as amended.
Death Benefit – The amount paid upon the Insured's death, before the deduction of any Indebtedness, reduction for any long-term care benefits paid, or due and unpaid policy charges.
Fixed Account – An investment option that is funded by Nationwide's general account.
Grace Period – A 61-day period after which the Policy will Lapse if sufficient payments are not made to prevent Lapse.
In Force – Any time during which benefits are payable under the policy and any elected Rider(s).
Indebtedness – The total amount of all outstanding policy loans, including principal and interest due.
Insured – The person whose life is insured under the policy, and whose death triggers payment of the Death Benefit.
Investment Experience – The market performance of a mutual fund/Sub-Account.
Issue Age – A person's age based on their last birthday on or before the Policy Date.
Lapse – The policy terminates without value.
Long-Term Care Specified Amount – The elected Long-Term Care Rider benefit amount adjusted for any post issue increases and decreases. This amount must be at least 10% of the Total Specified Amount and no more than 100% of the Total Specified Amount.
Maturity Date – The policy anniversary on which the Insured reaches Attained Age 100.
Minimum Required Death Benefit – The lowest Death Benefit that will qualify the policy as life insurance under the Code.
Nationwide – Nationwide Life Insurance Company.
Net Amount At Risk – The policy's base Death Benefit minus the policy's Cash Value.
Net Asset Value (NAV) – The price of each share of a mutual fund in which a Sub-Account invests. NAV is calculated by subtracting the mutual fund's liabilities from its total assets, and dividing that figure by the number of shares outstanding. Nationwide uses NAV to calculate the value of Accumulation Units. NAV does not reflect deductions made for charges taken from the Sub-Accounts.
Net Premium – Premium after transaction charges, but before any allocation to an investment option.
Policy Data Page(s) – The Policy Data Page(s) are issued as part of the policy and contain information specific to the policy and the Insured, including coverage and Rider elections. Updated Policy Data Page(s) will be issued if the policy owner makes any changes to coverage elections after the policy is issued.
Policy Date – The date the policy takes effect as shown in the Policy Data Pages. Policy years, months, and anniversaries are measured from this date.
Policy owner or Owner – The person or entity named as the owner on the application, or the person or entity assigned ownership rights.
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Policy Proceeds or Proceeds – Policy Proceeds may constitute the Death Benefit, or the amount payable if the policy matures or is surrendered, adjusted to account for any unpaid charges, Indebtedness and Rider benefits.
Premium – Amount(s) paid to purchase and maintain the policy.
Premium Load – The aggregate of the sales load and premium tax charges.
Rider – An optional benefit purchased under the policy. Rider availability and Rider terms may vary depending on the state in which the policy was issued.
Rider Specified Amount – The portion of the Total Specified Amount attributable to the Additional (insurance) Protection Rider.
SEC – Securities and Exchange Commission.
Service Center – The department of Nationwide responsible for receiving all service and transaction requests relating to the policy. For service and transaction requests submitted other than by telephone (including fax requests), the Service Center is Nationwide's mail and document processing facility. For service and transaction requests communicated by telephone, the Service Center is Nationwide's operations processing facility. Information on how to contact the Service Center is in the Contacting the Service Center provision.
Sub-Account(s) – The mechanism used to account for allocations of Net Premium and Cash Value among the policy's variable investment options.
Substandard Rating – An underwriting classification based on medical and/or non-medical factors used to determine what to charge for life insurance based on characteristics of the Insured beyond traditional factors for standard risks, which include age, sex, and tobacco habits of the Insured. Substandard Ratings are shown in the Policy Data Pages as rate class multiples (medical factors) and/or monthly flat extras (medical and/or non-medical factors). The higher the rate class multiple or monthly flat extra, the greater the risk assessed and the higher the cost of coverage.
Total Specified Amount – The sum of the Base Policy Specified Amount and the Rider Specified Amount, if applicable.
Valuation Period – The period during which Nationwide determines the change in the value of the Sub-Accounts. One Valuation Period ends and another begins as of the close of regular trading on the New York Stock Exchange.
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Outside back cover page
To learn more about the policy, the policy owner should read the Statement of Additional Information (the "SAI") dated the same date as this prospectus. For a free copy of the SAI, to receive personalized illustrations of Death Benefits, Cash Surrender Values, and Cash Values, and to request other information about the policy contact the Service Center:
• by telephone at 1-800-848-6331
• by mail to Nationwide Life Insurance Company
P.O. Box 182835
Columbus, OH 43218-2835
The SAI has been filed with the SEC and is incorporated by reference into this prospectus. The SEC maintains an Internet website (http://www.sec.gov) that contains the SAI and other information about Nationwide Life Insurance Company and the policy.
Investment Company Act of 1940 Registration File No. 811-08301
Securities Act of 1933 Registration File No. 333-31725

The Best of America® Choice Life FPVUL
Individual Flexible Premium Variable Universal Life Insurance Policies
Issued by
Nationwide Life Insurance Company
through its
Nationwide VLI Separate Account-4
The date of this prospectus is May 1, 2021.
This prospectus contains basic information about the policies that should be understood before investing. Read this prospectus carefully and keep it for future reference.
Variable life insurance policies are complex products with unique benefits and advantages and are intended as a vehicle for long-term financial planning, not short-term savings. There are costs and charges associated with these benefits and advantages - costs and charges that are different, or do not exist at all within other life insurance products. With help from financial professionals, purchasers are encouraged to compare and contrast the costs and benefits of the policy described in this prospectus against those of other life insurance products, especially other variable life insurance products offered by Nationwide and its affiliates. This process of comparison and analysis should aid in determining whether the purchase of the policy described in this prospectus is consistent with the purchaser’s life insurance objectives, risk tolerance, investment time horizon, marital status, tax situation, and other personal characteristics and needs.
To obtain additional information, including free copies of prospectuses for the underlying mutual funds or a copy of the Statement of Additional Information, or to make service or transaction requests, contact Nationwide using any of the methods described in Contacting the Service Center.
These securities have not been approved or disapproved by the SEC nor has the SEC passed upon the accuracy or adequacy of the prospectus. Any representation to the contrary is a criminal offense.
This prospectus is not an offering in any jurisdiction where such offering may not lawfully be made. Not all Riders, terms, conditions, benefits, programs, features, and investment options are available or approved for use in every state. Contact Nationwide to review a copy of the policy and any Riders or endorsements, see Contacting the Service Center. This prospectus contains all material rights and features of the policy.
The policy is NOT: insured by the Federal Deposit Insurance Corporation; a bank deposit; available in every state; or insured or endorsed by a bank or any federal government agency.
The policy may decrease in value to the point of being valueless because of poor Investment Experience.
The purpose of this policy is to provide life insurance protection for the beneficiary named by the policy owner. If the purchaser’s primary need is not life insurance protection, then purchasing this policy may not be in the best interest of the purchaser. Nationwide makes no claim that the policy is in any way similar or comparable to a systematic investment plan of a mutual fund.
If this policy is being purchased to replace existing life insurance, the purchaser should carefully consider the benefits, features, and costs of this policy versus those of the policy being replaced.
Nationwide offers a variety of variable universal life policies. Despite offering substantially similar features and investment options, certain policies may have lower overall charges than others including the policy described herein. These differences in charges may be attributable to differences in sales and related expenses incurred in one distribution channel versus another.
The Sub-Accounts offered through this policy invest in the underlying mutual funds listed below. For a complete list of the available underlying mutual funds, including underlying mutual funds available prior to the date of this prospectus, see Appendix A: Underlying Mutual Fund Information. For more information on an underlying mutual fund, refer to the prospectus for the mutual fund. To obtain free copies of prospectuses for the underlying mutual funds, policy owners can contact Nationwide using any of the methods described in Contacting the Service Center.
• AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A
• AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A
• American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II
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• American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I
• American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I
• BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II
• BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares
• BNY Mellon Stock Index Fund, Inc.: Initial Shares
• BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares
• BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares
• BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares
• Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares
• Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares
• Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2
• Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class
• Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class
• Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2
• Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2
• Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1
• Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1
• Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2
• Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1
• Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2
• Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2
• Invesco - Invesco V.I. American Franchise Fund: Series I Shares
• Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I
• Invesco - Invesco V.I. Global Fund: Series I
• Invesco - Invesco V.I. Global Strategic Income Fund: Series I
• Invesco - Invesco V.I. Main Street Fund: Series I
• Invesco - Invesco V.I. Main Street Small Cap Fund: Series I
• Ivy Variable Insurance Portfolios - Asset Strategy: Class II
• Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares
• Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares
• Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares
• Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares
• MFS® Variable Insurance Trust - MFS Value Series: Initial Class
• MFS® Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class
• Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I
• Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I
• Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I
• Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II
• Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II
• Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II
• Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II
• Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Amundi Multi Sector Bond Fund: Class I
• Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I
• Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X
• Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I
• Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I
• Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II
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• Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I
• Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X
• Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I
• Nationwide Variable Insurance Trust - NVIT S&P 500® Index Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II
• Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I
• Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares
• Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares
• Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: I Class Shares
• PIMCO Variable Insurance Trust - International Bond Portfolio (Unhedged): Administrative Class
• PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class
• Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB
• Putnam Variable Trust - Putnam VT International Equity Fund: Class IB
• Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB
• T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II
• VanEck VIP Trust - Emerging Markets Fund: Initial Class
• VanEck VIP Trust - Global Resources Fund: Initial Class
• Wells Fargo Variable Trust - VT Small Cap Growth Fund: Class 2
The following fixed investment option is also available under the policy.
❍ Fixed Account
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For convenience, definitions of certain words and phrases used in the prospectus are provided in Appendix B: Definitions.
In Summary: Policy Benefits
Death Benefit
The primary benefit of this policy is life insurance coverage. Nationwide will pay the Death Benefit Proceeds upon the Insured's death if the Insured dies while the policy is In Force. The policy is In Force when: the policy has been issued; the initial Premium has been paid; the Insured is living; the policy has not been surrendered for its Cash Surrender Value; and the policy has not Lapsed.
The Cash Value and Death Benefit, to the extent the Death Benefit includes or is based on the Cash Value, will not be fixed but will be dependent on the investment performance of the investment options in which the policy owner is invested, and cumulative separate account and policy charges assessed by Nationwide over the life of the policy.
Death Benefit Options
Note: The Death Benefit will be the greater of the amount produced by the death benefit option in effect on the date of the Insured's death or the Minimum Required Death Benefit, see The Minimum Required Death Benefit.
Death Benefit Option 1: The Death Benefit will be the Total Specified Amount as of the Insured's date of death.
Death Benefit Option 2: The Death Benefit will be the Total Specified Amount plus the Cash Value as of the Insured's date of death.
Death Benefit Option 3: The Death Benefit will be the Total Specified Amount plus the accumulated premium account (which consists of all Premium payments, up to the maximum stated in the Policy Data Pages, plus interest), less any partial surrenders, as of the Insured's date of death.
Choice of Policy Proceeds
The Policy Proceeds may be paid in a lump sum, or a variety of options that will pay out over time.
Coverage Flexibility
Subject to conditions, the policy owner may choose to:
• change the death benefit option;
• increase or decrease the Base Policy Specified Amount and/or Rider Specified Amount;
• change beneficiaries; and
• change ownership of the policy.
Continuation of Coverage Guarantee Feature
The policy will remain In Force during the policy continuation period as long as sufficient Premium is paid to meet the requirements set forth in Guaranteed Policy Continuation Provision.
Access to Cash Value
Subject to conditions, the policy owner may:
• take a policy loan, see Policy Loans.
• take a partial surrender, see Partial Surrender.
• surrender the policy for its Cash Surrender Value at any time while the policy is In Force, see Full Surrender.
Premium Flexibility
The policy owner will select a Premium payment plan for the policy at the time of application. Within limits, the policy owner may vary the frequency and amount of Premium payments, see Premium Payments and Unfavorable Investment Experience.
7

 

Investment Options
Net Premium, loan repayments, and Cash Value may be allocated among fixed and/or variable investment options available in the policy.
The policy currently offers a fixed investment option which will earn interest daily, see Fixed Account.
The variable investment options offered under the policy correspond to mutual funds designed to be the underlying investment options of variable insurance products. Nationwide VLI Separate Account-4 contains a separate Sub-Account for each of the underlying mutual funds offered in the policy.
Transfer Requests
Policy owners may request to transfer allocations between available investment options of the policy (i.e., the Fixed Account and Sub-Accounts). Requests to transfer allocations between policy investment options will be processed in the Valuation Period they are received at the Service Center as long as the request is in good order. Requests that are not in good order may be delayed or returned, see Contacting the Service Center.
Restrictions or limitations on transfers from the general account option(s) may delay a policy owner’s ability to transfer Cash Value to the Sub-Accounts. Additionally, transfer requests from a Sub-Account may be subject to short-term trading fees and policies and procedures intended to reduce the potentially detrimental impact that disruptive trading has on Investment Experience. For additional information, see Transfers Among and Between Policy Investment Options.
Taxes
Earnings on the policy are generally not taxable to the policy owner, unless withdrawn from the policy. This is known as tax deferral. In addition, beneficiaries generally will not have to include Death Benefit Proceeds as taxable income, see Taxes.
Unlike other variable insurance products Nationwide offers, Individual Flexible Premium Variable Universal Life Insurance Policies do not require distributions to be made before Insured's death, see Taxes.
Assignment
Policy owners may assign the policy as collateral for a loan or another obligation while the policy is In Force, see Assigning the Policy.
Right to Cancel (Examination Right)
For a limited time, the policy owner may cancel the policy and receive a refund, see Right to Cancel (Examination Right).
Riders
The policy owner may purchase one or more of the Riders listed below, subject to availability in the state where the policy is issued. There may be additional charges assessed for elected Riders and Rider charges may vary based upon the individual characteristics of the Insured. Operation and benefits of the Riders described in this prospectus may vary by the state where the policy is issued.
• Adjusted Sales Load Life Insurance Rider
• Children's Insurance Rider
• Long-Term Care Rider
• Spouse Life Insurance Rider
• Accidental Death Benefit Rider
• Premium Waiver Rider
• Change of Insured Rider (no charge)
• Additional (insurance) Protection Rider
• Deduction (of Fees and Expenses) Waiver Rider
• Policy Guard Rider
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• For additional information, see Policy Riders and Rider Charges.
In Summary: Policy Risks
Variable universal life insurance is not suitable as an investment vehicle for short-term savings. It is designed for long-term financial planning. Policy owners accessing the Cash Value in the early policy years could incur potentially substantial surrender charges. The Cash Value, and the Death Benefit to the extent the Death Benefit includes or is based on the policy's Cash Value, will be dependent upon the investment performance of the policy owner's investment allocations and the fees, expenses and charges paid over the life of the policy. A policy owner may not earn sufficient returns from their selection of investment options to pay a policy’s periodic charges so that additional premium payments may be required over the life of the policy to prevent it from lapsing. Policy guarantees that exceed the value in the variable account, including payment of the Death Benefit, are subject to Nationwide's claims paying ability.
State Variations
Due to variations in state law, many features of the policy described in this prospectus may be different or may not be available at all depending on the state in which the policy is issued.
Possible variations include, but are not limited to, Rider terms and availability, availability of certain investment options, duration of the right to cancel period, policy exchange rights, policy Lapse and/or reinstatement requirements, and the duration of suicide and incontestability periods. Variations due to state law are subject to change without notice at any time. This prospectus describes all the material features of the policy. To review a copy of the policy and any Riders or endorsements for the state in which the policy will be issued, the policy owner can contact the Service Center, see Contacting the Service Center.
Risk of Increase in Current Fees and Charges
Subject to the guaranteed maximum rates stated in the Policy Data Pages, Nationwide may change policy and/or Rider charges and rates under the policy any time there is a change in Nationwide's future expectations related to items such as company investment earnings, mortality experience, persistency experience, expenses (including reinsurance expenses) and taxes. Nationwide will provide advance notice of any increase in policy and/or Rider charges.
If a change in the charges or rates causes an increase to the policy and/or Rider charges, the policy's Cash Value could decrease. If a change in the charges or rates causes a decrease to the policy and/or Rider charges, the policy's Cash Value could increase. Policy and Rider charges will not exceed the maximum charges shown in the fee tables, see In Summary: Fee Tables and Standard Policy Charges.
Unfavorable Sub-Account Investment Experience
The Sub-Accounts may generate unfavorable Investment Experience. Unfavorable Investment Experience and the deduction of policy and Sub-Account charges may lower the policy’s Cash Value potentially resulting in a Lapse of insurance coverage, even if all Premium is paid as planned.
Note: A customized projection of policy values (a "policy illustration") is available from your financial professional at the time of application and after the policy is issued. The policy owner selects the Premium amount and frequency shown in the policy illustration to show Nationwide how much Premium the policy owner intends to pay and when. The policy owner also selects assumed Investment Experience. Illustrated Premium and assumed Investment Experience are not guaranteed. Investment Experience varies over time, is rarely the same year-over-year, and may be negative. Because the policy is a variable universal life insurance policy with the potential for unfavorable Investment Experience, including extended periods of significant stock market decline, additional Premium may be required to meet a policy owner's goals and/or to prevent the policy from Lapsing even if all Premium is paid as planned. Generally, variable universal life insurance is considered a long-term investment. Policy owners should weigh the investment risk and costs associated with the policy against their objectives, time horizon, risk tolerance, and ability to pay additional Premium if necessary.
Risk of Policy Lapse
Cash Surrender Value can be reduced by unfavorable Investment Experience, policy loans, partial surrenders and the deduction of policy charges. Underlying mutual fund fees are factored into the NAV used to calculate the Accumulation Unit Value of each Sub-Account and may also reduce Cash Surrender Value, see Mutual Fund Operating Expenses.
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Whenever Cash Surrender Value is insufficient to cover the policy’s charges, the policy is at risk of Lapse; the policy could terminate without value and insurance coverage would cease. Lapse may also have adverse income tax consequences if the policy has outstanding Indebtedness.
Limitation of Access To Cash Value
A policy owner can access Cash Value through loans, full surrender, and partial surrenders, subject to limitations and any applicable processing fees and surrender charges. Limitations include the amount and frequency of the loan or partial surrender, see Policy Loans and Surrenders.
Adverse Tax Consequences
Existing federal tax laws that benefit this policy may change at any time. These changes could alter the favorable federal income tax treatment the policy enjoys, such as the deferral of taxation on the gains in the policy's Cash Value and the exclusion of the Death Benefit Proceeds from the taxable income of the policy's beneficiary. Partial and full surrenders from the policy may be subject to taxes. The income tax treatment of the surrender of Cash Value is different in the event the policy is treated as a modified endowment contract under the Code. Generally, tax treatment of modified endowment contracts is less favorable when compared to a life insurance policy that is not a modified endowment contract. For example, distributions and loans from modified endowment contracts may currently be taxed as ordinary income and not a return of investment, see Taxes.
The proceeds of a life insurance policy are includible in the gross estate of the Insured for federal income tax purposes if either (a) the proceeds are payable to the executor of the estate of the Insured, or (b) the Insured, at any time within three years prior to his or her death, possessed any incident of ownership in the policy. For this purpose, the Treasury Regulations provide that the term "incident of ownership" is to be construed very broadly, and includes any right that the Insured may have with respect to the economic benefits in the policy. Consult a qualified tax advisor on all tax matters involving the policy described herein.
Fixed Account Transfer Restrictions and Limitations
In addition to the Sub-Accounts available under the policy, Net Premium can be allocated to the Fixed Account. Before the policy's Maturity Date, the policy owner may make transfers involving the Fixed Account without penalty or adjustment, subject to transfer restrictions. These transfers will be in dollars and Nationwide may limit the frequency and dollar amount of transfers involving the Fixed Account. See Fixed Account Transfers for details about restrictions that apply to transfers to and from the Fixed Account.
Sub-Account Transfer Limitations
Frequent transfers among the Sub-Accounts may dilute the value of Accumulation Units, cause the underlying mutual funds to incur higher transaction costs, and interfere with the underlying mutual funds’ ability to pursue their stated investment objectives. This could result in less favorable Investment Experience and a lower Cash Value. Nationwide has instituted procedures to minimize disruptive transfers. While Nationwide expects these procedures to reduce the adverse effect of disruptive transfers, it cannot ensure that it has eliminated these risks.
Sub-Account Investment Risk
A comprehensive discussion of the risks of each underlying mutual fund may be found in the mutual fund’s prospectus. Read each mutual fund's prospectus before investing. Free copies of each mutual fund's prospectus may be obtained by contacting the Service Center, see Contacting the Service Center.
In Summary: Fee Tables
The following tables describe the fees and expenses assessed under the policy. The rates in these tables may be rounded up to the nearest one-hundredth decimal. These tables should be read in conjunction with the corresponding section of this prospectus that describes the fee or expense in more detail. All charges deducted from the policy's Cash Value are taken proportionally from the Sub-Accounts and the Fixed Account except where noted.
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The first table describes the fees and expenses that a policy owner will pay at the time the policy owner pays Premium into the policy, surrenders the policy, or transfers Cash Value between investment options.
Transaction Fees
Charge When Charge Is Deducted Amount Deducted
Sales Load Charge1 Upon making a Premium payment Maximum:
$25 from each $1,000 of Premium 		Current:
$5 from each $1,000 of Premium
Premium Taxes Charge1 Upon making a Premium payment $35 per $1,000 of Premium payment
Surrender Charge2 Upon full surrender; Upon policy Lapse; Upon a decrease to the Base Policy Specified Amount Maximum:
$25,590 		Minimum:
$2,337 		Representative:
$3,408
Representative - For an age 35 male non-tobacco preferred with a Base Policy Specified Amount and a Total Specified Amount of $500,000 and Death Benefit Option 1 From the policy's available Cash Value
Illustration Charge3 Upon requesting an illustration Maximum:
$25 		Current:
$0
Partial Surrender Fee Upon a partial surrender Maximum:
the lesser of $25 or 2% of amount surrendered 		Current:
$0
† This charge will vary based upon the individual characteristics of the Insured. Representative charges shown in the table may not be representative of the charge that a particular policy owner will pay. Policy owners can request an illustration of specific costs and/or see the Policy Data Pages for information about specific charges of the policy.
1 The maximum Sales Load Charge and the Premium Taxes Charge (collectively "Premium Load") represent the maximums that may be charged in any policy year, see Premium Load.
2 For purposes of this table, for a full surrender occurring in the first year from the Policy Date, the charge calculations assume an aggregate first year Premium in excess of the surrender target premium. The surrender target premium is an assumed Premium payment amount used in calculating the Surrender Charge. The Surrender Charge is based on the lesser of the surrender target premium and the Premiums paid in the first year from the Policy Date. The surrender target premium varies by: the Insured's sex; issue age; underwriting class; and the Base Policy Specified Amount (including any increases). The maximum Surrender Charge calculation assumes: a male; age 85 or older; tobacco; a Base Policy Specified Amount and Total Specified Amount of $500,000, Death Benefit Option 1; and policy year one. The minimum charge calculation assumes: a female; issue age 0; a Base Policy Specified Amount and Total Specified Amount of $500,000; Death Benefit Option 1 and policy year one.
3 The policy owner will be expected to pay the Illustration Charge by check or money order at the time of the request. This charge will not be deducted from Cash Value.
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The next table describes the fees and expenses that a policy owner will pay periodically while the policy is In Force, not including mutual fund operating expenses.
Periodic Charges
Charge When Charge Is Deducted Amount Deducted From Cash Value
Cost Of Insurance Charge1† Monthly Minimum:
$0.04 		Maximum:
$83.33 		Representative:
$0.14
Representative – An age 35 male; non-tobacco preferred; Base Policy Specified Amount and Total Specified Amount $500,000; Death Benefit Option 1 Per $1,000 Of Net Amount At Risk –
From the policy's available Cash Value
Flat Extra Charge2 Monthly Maximum:
$2.08 per $1,000 of Net Amount
At Risk for each Flat Extra assessed
Mortality and Expense Risk Charge3 Monthly Maximum :
A monthly rate of $0.50 Per $1,000 of Cash Value
Proportionately from the Sub-Accounts only
Administrative Charge4 Monthly Maximum:
$10 		Current:
$10
From the policy's available Cash Value
Policy Loan Interest Charge5 Annually Maximum:
$39 		Current:
$39
Per $1,000 of an outstanding policy loan
† This charge will vary based upon the individual characteristics of the Insured. Representative charges shown in the table may not be representative of the charge that a particular policy owner will pay. Policy owners can request an illustration of specific costs and/or see the Policy Data Pages for information about specific charges of the policy.
1 The Cost of Insurance Charge varies by: the Insured's sex; age; underwriting class; any Substandard Ratings; the year from the Policy Date; and the Base Policy Specified Amount. Cost of Insurance charges are taken from the policy's Cash Value at the beginning of the month starting with the Policy Date. The charge is not pro rated should the policy terminate before the beginning of the next month.
2 The Flat Extra is a component in the calculation of the base policy Cost of Insurance Charge and any Rider Cost of Insurance Charge. It is only applicable if certain factors result in an Insured having a Substandard Rating. An Insured with more than one Substandard Rating may be assessed more than one Flat Extra Charge. Under no circumstance will the assessment of a Flat Extra Charge result in the Cost of Insurance Charge exceeding the maximum Cost of Insurance Charge, see Cost of Insurance.
3 On a current basis, during policy years one through 15, the Mortality and Expense Risk Charge is $0.50 per $1,000 on the first $25,000 of Cash Value, and $0.25 per $1,000 on Cash Values of $25,001 up to $250,000. For Cash Values above $250,000, the charge is $0.08 per $1,000. Beginning in the policy year 16, the charge is $0.50 per $1,000 on the first $25,000 of Cash Value, and $0.08 per $1,000 of Cash Value over $25,000. The charge is only assessed against Cash Value allocated to Sub-Accounts.
4 After the first policy year, the monthly maximum amount is $7.50, and the monthly current amount is $5.
5 The Policy Loan Interest Charge is described in more detail in Policy Loans.
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The next table describes the fees and expenses that a policy owner will pay periodically only if the Rider is elected and while it is In Force.
Periodic Charges For Riders
Charge When Charge Is Deducted Amount Deducted From Cash Value
Adjusted Sales Load Life Insurance Rider Charge Monthly $0.14
Per $1,000 of aggregate monthly Premiums
and 1% of Premium Load replaced – Waived from the policy’s available Cash Value
Children's Insurance Rider Charge Monthly $0.43 Per $1,000 of Rider Specified Amount –
From the policy's available Cash Value
Long-Term Care Rider Charge† Monthly Minimum:
$0.02 		Maximum:
$28.65 		Representative:
$0.02
Representative - An age 35 male; non-tobacco preferred;Long-Term Care Rider Specified Amount $500,000; Death Benefit Option 1 Per $1,000 of Rider Net Amount At Risk -
From the policy's available Cash Value
Spouse Life Insurance Rider Charge† Monthly Minimum:
$0.10 		Maximum:
$10.23 		Representative:
$0.11
Representative Spouse - An age 35 female; non-tobacco; and Spouse Life Insurance Rider Specified Amount $100,000 Per $1,000 of Spouse Death Benefit -
From the policy's available Cash Value
Accidental Death Benefit Rider Charge† Monthly Minimum:
$0.05 		Maximum:
$0.75 		Representative:
$0.06
Representative - An age 35 male; non-tobacco preferred; and Accidental Death Benefit $100,000 Per $1,000 of Accidental Death Benefit -
From the policy's available Cash Value
Premium Waiver Rider Charge1† Monthly Minimum:
$42 		Maximum:
$315 		Representative:
$42
Representative - An age 35 male; non-tobacco preferred Per $1,000 of Premium Waiver Benefit -
From the policy's available Cash Value
Additional (Insurance) Protection Rider Charge2† Monthly Minimum:
$0.01 		Maximum:
$83.33 		Representative:
$0.04
Representative - An age 35 male; non-tobacco preferred; Additional Death Benefit $250,000 Per $1,000 of Rider Net Amount at Risk –
From the policy's available Cash Value
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Periodic Charges For Riders
Charge When Charge Is Deducted Amount Deducted From Cash Value
Deduction (of Fees and Expenses) Waiver Rider Charge3† Monthly Minimum:
$90 		Maximum:
$860 		Representative:
$90
Representative - An age 35 male; non-tobacco preferred; Total Specified Amount of $500,000; Death Benefit Option 1 Per $1,000 of Deduction Waiver Benefit –
From the policy's available Cash Value
Policy Guard Rider Charge4† Upon Invoking The Rider Minimum:
$6.50 		Maximum:
$46.00 		Representative:
$37.00
Representative – Attained Age 85; Cash Value $500,000; Indebtedness of $480,000 Deducted from each $1,000 of the policy's Cash Value
† This charge will vary based upon the individual characteristics of the Insured. Representative charges shown in the table may not be representative of the charge that a particular policy owner will pay. Policy owners can request an illustration of specific costs and/or see the Policy Data Pages for information about specific charges of the policy.
1 The charge calculations assume monthly Premium payments of $1,000, the waiver of which would occur in the event of the Insured's total disability for six consecutive months. For policies issued before July 13, 2006, the maximum charge for this Rider is $105.
2 The monthly charge is a product of the Rider's monthly cost of insurance charge and the Rider Death Benefit, see Additional (Insurance) Protection Rider.
3 The charge calculation assumes total monthly periodic charges of $1,000 (not including this Rider's cost, and any loan amount interest [which are meant to be excluded]). These charges would be waived in the event of the Insured's total disability for six consecutive months.
4 The level of Indebtedness as a percentage of Cash Value that will allow the policy owner to invoke the Rider will vary with the attained age of the Insured. Generally, the higher the Insured's attained age, the higher the level of Indebtedness must be to invoke the Rider, see Policy Guard Rider.
The next table shows the minimum and maximum total operating expenses, as of December 31, 2020, charged by the underlying mutual funds that a policy owner may periodically pay while the policy is In Force. More detail concerning each mutual fund's fees and expenses is contained in the mutual fund's prospectus.
Total Annual Underlying Mutual Fund Operating Expenses  
    Minimum   Maximum  
Total Annual Underlying Mutual Fund Operating Expenses
(Expenses that are deducted from underlying mutual fund assets, including management fees, distribution (12b-1) fees, and other expenses, as a percentage of average underlying mutual fund assets.) 		  0.14%   3.50%  
Policy Investment Options
Policy owners designate how Net Premium payments are allocated among the Sub-Accounts and/or the Fixed Account. Allocation instructions must be in whole percentages and the sum of the allocations must equal 100%.
Fixed Account
Nationwide's obligations under the Fixed Account are backed by assets of its general account. The general account contains all of Nationwide's assets other than those in this and other Nationwide separate accounts and is used to support Nationwide's annuity and insurance obligations.
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Subject to applicable law, Nationwide has sole discretion over the investment of assets of the general account and policy owners do not share in the investment experience of, or have any preferential claim on, those assets. Nationwide bears the full investment risk for all amounts allocated to the Fixed Account.
Because of exemptive and exclusionary provisions, interests in the Fixed Account have not been and will not be registered under the Securities Act of 1933 and the general account has not been registered as an investment company under the Investment Company Act of 1940. Accordingly, neither the general account nor any interests therein are subject to the provisions of these acts. Nationwide has been advised that the staff of the SEC has not reviewed the disclosure in this prospectus relating to the Fixed Account. Disclosure regarding the Fixed Account, however, is subject to certain generally-applicable provisions of the federal securities laws relating to accuracy and completeness of statements made in prospectuses.
Minimum Guaranteed Interest Rate
Nationwide guarantees that Cash Value allocated to the Fixed Account will accrue interest daily at an effective annual rate that Nationwide determines without regard to the actual investment experience of the general account. Interest crediting rates are set at the beginning of each calendar quarter but are subject to change at any time. Nationwide will credit any interest in excess of the guaranteed interest crediting rate at its sole discretion. Nationwide may not credit any interest in excess of the guaranteed interest crediting rate and different rates may apply to different Premium allocations or exchanges.
Currently, the Fixed Account is the only fixed investment option available under the policy. In the future, Nationwide may offer one or more additional fixed accounts with characteristics that differ from those of the current option, but is under no obligation to do so. The effective annual rate Nationwide declares for the Fixed Account will never be less than 3%.
Interest Crediting Risks and Lapse
The policy owner assumes the risk that the actual credited interest rate may not exceed the guaranteed interest crediting rate. Premiums applied to the policy at different times may receive different interest crediting rates. The interest crediting rate may also vary for new Premium versus Sub-Account transfers. Interest credited to the Fixed Account may be insufficient to pay the policy's charges. Additional Premium payments may be required over the life of the policy to prevent it from Lapsing.
Nationwide’s Claims-Paying Ability
Guaranteed benefits or interest crediting associated with the Fixed Account is a general account obligation of Nationwide. Therefore, any guaranteed benefit, interest crediting, and the policy owner's right to receive payment, is subject to Nationwide’s claims-paying ability and may be subordinate to other claims on the general account in the event Nationwide becomes insolvent.
Restrictions on Transfers to and from the Fixed Account
Prior to the policy's Maturity Date, the policy owner may make transfers involving the Fixed Account. These transfers will be in dollars. Nationwide may impose limits on the dollar amount, percentage of Cash Value, number, and/or frequency of transfers involving the Fixed Account, see Fixed Account Transfers for details about restrictions that apply to transfers to and from the Fixed Account.
Variable Investment Options
The variable investment options available under the policy are Sub-Accounts that invest in underlying mutual funds that are registered with the SEC. The mutual funds' registration with the SEC does not involve the SEC's supervision of the management or investment practices or policies of the mutual funds. The mutual funds are designed primarily as investments for variable annuity contracts and variable life insurance policies issued by insurance companies.
Each Sub-Account's assets are held separately from the assets of the other Sub-Accounts. The result is that each Sub-Account operates independently of the other Sub-Accounts so the income or losses of one Sub-Account will not affect the Investment Experience of any other Sub-Account.
Underlying mutual funds in the separate account are NOT publicly available mutual funds. They are only available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies, or in some cases, through participation in certain qualified pension or retirement plans.
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The investment advisors of the underlying mutual funds may manage publicly available mutual funds with similar names and investment objectives. However, the underlying mutual funds are NOT directly related to any publicly available mutual fund. Policy owners should not compare the performance of a publicly available mutual fund with the performance of underlying mutual funds participating in the separate account. The performance of the underlying mutual funds could differ substantially from that of any publicly available mutual funds.
The particular underlying mutual funds available under the policy may change from time to time, see Identification of Underlying Mutual Funds. Specifically, underlying mutual funds or underlying mutual fund share classes that are currently available may be removed or closed off to future investment. New underlying mutual funds or new share classes of currently available underlying mutual funds may be added. In the case of new share class additions, future allocations may be limited to the new share classes. The policy owner will receive notice of any such changes that effect the policy.
In the future, additional underlying mutual funds managed by certain financial institutions, brokerage firms, or their affiliates may be added to the separate account. These additional underlying mutual funds may be offered exclusively to purchasing customers of the particular financial institution or brokerage firm, or through other exclusive distribution arrangements.
Valuation of Accumulation Units
Nationwide accounts for the value of a policy owner's interest in the Sub-Accounts by using Accumulation Units. The value of each Accumulation Unit varies daily based on the Investment Experience of the underlying mutual fund in which the Sub-Account invests. Nationwide uses each underlying mutual fund's Net Asset Value (NAV) to calculate the daily Accumulation Unit value for the corresponding Sub-Account. Note, however, that the Accumulation Unit value will not equal the underlying mutual fund's NAV. This daily Accumulation Unit valuation process is referred to as "pricing" the Accumulation Units, see How Sub-Account Investment Experience is Determined.
Accumulation Units are priced as of the close of regular trading on the New York Stock Exchange (NYSE), which is normally 4:00 p.m. EST, on each day that the NYSE is open. Nationwide will price Accumulation Units on each day that the NYSE is open for business. Any transactions received after the close of the NYSE will be priced as of the next Valuation Period. Nationwide will not price Accumulation Units on these recognized holidays:
• New Year's Day
• Martin Luther King, Jr. Day
• Presidents' Day
• Good Friday
• Memorial Day
• Independence Day
• Labor Day
• Thanksgiving
• Christmas
In addition, Nationwide will not price Accumulation Units if:
(1) trading on the NYSE is restricted;
(2) an emergency exists making disposal or valuation of securities held in the separate account impracticable; or
(3) the SEC, by order, permits a suspension or postponement for the protection of security holders.
SEC rules and regulations govern when the conditions described in items (1) and (2) exist.
How Sub-Account Investment Experience is Determined
Sub-Account allocations are accounted for in Accumulation Units. A policy owner's interest in the Sub-Accounts is represented by the number of Accumulation Units owned by the policy owner. The number of Accumulation Units associated with a given Sub-Account allocation is determined by dividing the dollar amount allocated to the Sub-Account by the Accumulation Unit value for the Sub-Account. The number of Sub-Account Accumulation Units owned by a policy owner will not change except when Accumulation Units are redeemed to process a requested surrender, transfer, loan, or to take policy charges, or when additional Accumulation Units are purchased with Premium and loan repayments.
Initially, Nationwide sets the Accumulation Unit value at $10 for each Sub-Account. Thereafter, the daily value of Accumulation Units in a Sub-Account will vary depending on the Investment Experience of the underlying mutual fund in which the Sub-Account invests. Nationwide accounts for these performance fluctuations by using a "net investment factor," as described below, in the daily Sub-Account valuation calculations. Changes in the net investment factor may not be directly proportional to changes in the NAV of the mutual fund shares.
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Nationwide determines the net investment factor for each Sub-Account on each Valuation Period by dividing (a) by (b), where:
(a) is the sum of:
• the NAV per share of the mutual fund held in the Sub-Account as of the end of the current Valuation Period; and
• the per share amount of any dividend or income distributions made by the mutual fund held in the Sub-Account (if the date of the dividend or income distribution occurs during the current Valuation Period); plus or minus
• a per share charge or credit for any taxes reserved for as a result of the Sub-Account's investment operations if changes to the law result in a modification to the tax treatment of the separate account; and
(b) is the NAV per share of the mutual fund held in the Sub-Account determined as of the end of the immediately preceding Valuation Period.
Nationwide determines the Sub-Account’s Accumulation Unit value at the end of each Valuation Period. The Accumulation Unit value for any Valuation Period is determined by multiplying the Accumulation Unit value as of the prior Valuation Period by the net investment factor for the Sub-Account for the current Valuation Period.
Transfers Among and Between the Policy Investment Options
Sub-Account Transfers
Policy owners may request transfers to or from the Sub-Accounts once per Valuation Period, subject to the terms and conditions described in this prospectus and the prospectuses of the underlying mutual funds. Transfers will be implemented by redeeming Accumulation Units from the Sub-Account(s) indicated by the policy owner and using the redemption proceeds to purchase Accumulation Units in another Sub-Account(s) as directed by the policy owner. The net result is that the policy owner's Cash Value will not change (except due to standard market fluctuations), but the number and allocation of Accumulation Units within the policy will change.
Neither the policies nor the mutual funds are designed to support active trading strategies that require frequent movement between or among Sub-Accounts (sometimes referred to as "market-timing" or "short-term trading"). A policy owner who intends to use an active trading strategy should consult his/her financial professional and request information on other Nationwide policies that offer mutual funds that are designed specifically to support active trading strategies.
Nationwide discourages (and will take action to deter) short-term trading in this policy because the frequent movement between or among Sub-Accounts may negatively impact other investors in the policy. Short-term trading can result in:
• the dilution of the value of the investors' interests in the mutual fund;
• mutual fund managers taking actions that negatively impact performance (i.e., keeping a larger portion of the mutual fund assets in cash or liquidating investments prematurely in order to support redemption requests); and/or
• increased administrative costs due to frequent purchases and redemptions.
To protect investors in this policy from the negative impact of these practices, Nationwide has implemented, or reserves the right to implement, several processes and/or restrictions aimed at eliminating the negative impact of active trading strategies. Nationwide cannot guarantee that attempts to deter active trading strategies will be successful.
If Nationwide is unable to deter active trading strategies, the performance of the Sub-Accounts that are actively traded may be adversely impacted. Policy owners remaining in the affected Sub-Account will bear any resulting increased costs.
Short-Term Trading Fees
Some underlying mutual funds assess a short-term trading fee in connection with transfers from a Sub-Account that occur within 60 days after the date of the allocation to the Sub-Account. The fee is assessed against the amount transferred and is paid to the underlying mutual fund. These fees compensate the mutual fund for any negative impact on fund performance resulting from short-term trading. Some underlying mutual funds may refer to short-term trading fees as "redemption fees." If a short-term trading fee is assessed, the policy owner will receive a confirmation notice.
Currently, none of the underlying mutual funds assess a short-term trading fee.
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U.S. Mail Restrictions
Nationwide monitors transfer activity in order to identify those who may be engaged in harmful trading practices. Transaction reports are produced and examined. Generally, a policy may appear on these reports if the policy owner (or a third party acting on their behalf) engages in a certain number of "transfer events" in a given period. A "transfer event" is any transfer, or combination of transfers, occurring in a given Valuation Period. For example, if a policy owner executes multiple transfers involving 10 Sub-Accounts in one Valuation Period, this counts as one transfer event. A single transfer occurring in a given Valuation Period that involves only two Sub-Accounts (or one Sub-Account if the transfer is made to or from a fixed investment option) will also count as one transfer event.
As a result of this monitoring process, Nationwide may restrict the form in which transfer requests will be accepted. In general, Nationwide will adhere to the following guidelines:
Trading Behavior Nationwide's Response
Six or more transfer events within one calendar quarter Nationwide will mail a letter to the policy owner notifying them that:
(1) they have been identified as engaging in harmful trading practices; and
(2) if their transfer events total 11 within two consecutive calendar quarters or 20 within one calendar year, the policy owner will be limited to submitting transfer requests via U.S. mail.
11 transfer events within two consecutive calendar quarters
OR
20 transfer events within one calendar year 		Nationwide will automatically limit the policy owner to submitting transfer requests via U.S. mail.
For purposes of Nationwide's transfer policy, U.S. mail includes standard U.S. mail, expedited U.S. mail, and expedited delivery via private carrier.
For calendar year restrictions, each January 1, Nationwide will start the monitoring anew, so that each policy starts with 0 transfer events each January 1. However, for restrictions on transfer events within two consecutive calendar quarters, Nationwide does not start the monitoring anew on January 1. Instead, Nationwide refreshes the transfer event restriction period at the beginning of each calendar quarter considering only transfers that occur in the current calendar quarter and occurred in the immediately preceding calendar quarter. See, however, the Other Restrictions provision below.
Managers of Multiple Policies
Some financial professionals manage the assets of multiple Nationwide policies pursuant to trading authority granted or conveyed by multiple policy owners. These multi-policy financial professionals will be required by Nationwide to submit all transfer requests via U.S. mail.
Other Restrictions
Nationwide reserves the right to refuse or limit transfer requests, or take any other action it deems necessary, in order to protect policy owners and beneficiaries from the negative investment results that may result from short-term trading or other harmful investment practices employed by some policy owners (or third parties acting on their behalf). In particular, trading strategies designed to avoid or take advantage of Nationwide's monitoring procedures (and other measures aimed at curbing harmful trading practices) that are nevertheless determined by Nationwide to constitute harmful trading practices, may be restricted.
Any restrictions that Nationwide implements will be applied consistently and uniformly. The policy owner will be notified if a transfer request is rejected.
Underlying Mutual Fund Restrictions and Prohibitions
Pursuant to regulations adopted by the SEC, Nationwide is required to enter into written agreements with the underlying mutual funds which allow the underlying mutual funds to:
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(1) request the taxpayer identification number, international taxpayer identification number, or other government issued identifier of any policy owner;
(2) request the amounts and dates of any purchase, redemption, transfer, or exchange request ("transaction information"); and
(3) instruct Nationwide to restrict or prohibit further purchases or exchanges by policy owners that violate policies established by the underlying mutual fund (whose policies may be more restrictive than Nationwide’s policies).
Nationwide is required to provide such transaction information to the underlying mutual funds upon their request. In addition, Nationwide is required to restrict or prohibit further purchases or requests to exchange into an underlying mutual fund upon instruction from the underlying mutual fund. Nationwide and any affected policy owner may not have advance notice of such instructions from an underlying mutual fund to restrict or prohibit further purchases or requests to exchange into an underlying mutual fund. If an underlying mutual fund refuses to accept a purchase or request to exchange into the underlying mutual fund, Nationwide will keep any affected policy owners in their current underlying mutual fund allocation.
Fixed Account Transfers
Prior to the policy's Maturity Date, the policy owner may make transfers involving the Fixed Account. These transfers will be in dollars. Nationwide may impose limits on the dollar amount, percentage of Cash Value, number, and/or frequency of transfers involving the Fixed Account. Contact the Service Center for information regarding restrictions in effect for the Fixed Account at the time of a Premium payment or transfer request, see Contacting the Service Center.
Transfers to and/or from the Fixed Account may be restricted as follows:
• Transfers to and/or from may be prohibited during the first policy year; and
• Only one transfer to may be permitted every 12 months.
Transfers to the Fixed Account may be restricted as follows:
• Transfers to that exceed 20% of the value allocated to the Sub-Accounts (as of the end of the prior Valuation Period) may not be permitted; and
• Transfers to that would result in the Fixed Account value exceeding 30% of the Cash Value may not be permitted.
Transfers from the Fixed Account may be restricted as follows:
• Transfers from, of more than 20% of the Fixed Account value in any policy year (as of the end of the previous policy year), may not be permitted.
Amounts transferred to the Fixed Account may be credited interest at different rates, see Fixed Account. Transfers from the Fixed Account will be on a last-in, first-out basis (LIFO). Any restrictions that Nationwide implements will be applied consistently and uniformly.
Contacting the Service Center
All inquiries, paperwork, information requests, service requests, and transaction requests should be made to the Service Center:
• by Internet at www.nationwide.com.
• by telephone at 1-800-848-6331 (TDD 1-800-238-3035)
• by mail to Nationwide Life Insurance Company, P.O. Box 182835, Columbus, Ohio 43218-2835
• by fax at 1-888-677-7393
Nationwide reserves the right to restrict or remove the ability to submit service requests via Internet, phone, or fax upon written notice.
Not all methods of communication are available for all types of requests. To determine which methods are permitted for a particular request, refer to the specific transaction provision in this prospectus, or call the Service Center. Requests submitted by means other than described in this prospectus could be returned or delayed.
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Service and transaction requests will generally be processed in the Valuation Period they are received at the Service Center as long as the request is in good order, see Valuation of Accumulation Units. Good order generally means that all necessary information to process the request is complete and in a form acceptable to Nationwide. If a request is not in good order, Nationwide will take reasonable actions to obtain the information necessary to process the request. Requests that are not in good order may be delayed or returned. Nationwide reserves the right to process any transaction request sent to a location other than the Service Center in the Valuation Period it is received at the Service Center. On any day the post office is closed, Nationwide is unable to retrieve service and transaction requests that are submitted by mail. This will result in a delay of the delivery of those requests to the Service Center.
If mandated under applicable law, Nationwide may be required to reject a Premium payment and to refuse to process transaction requests for transfers, surrenders, loans, and/or Death Benefit Proceeds until instructed otherwise by the appropriate regulator. Nationwide may also be required to provide information about a specific policy to government regulators.
Nationwide will use reasonable procedures to confirm that instructions are genuine and Nationwide will not be liable for following instructions that it reasonably determined to be genuine. Nationwide may record telephone requests. Telephone and computer systems may not always be available. Any telephone system or computer can experience outages or slowdowns for a variety of reasons. The outages or slowdowns could prevent or delay processing. Although Nationwide has taken precautions to support heavy use, it is still possible to incur an outage or delay. To avoid technical difficulties, submit transaction requests by mail.
The Policy
General Information
The policy is a legal contract. It will comprise and be evidenced by: a written contract; any Riders; any endorsements; the Policy Data Pages; and the application, including any supplemental application. The benefits described in the policy and this prospectus, including any optional Riders or modifications in coverage, may be subject to Nationwide’s underwriting and approval. In addition to the terms and conditions of the policy, policy owner rights are governed by this prospectus and protected by federal securities laws and regulations. Nationwide will consider the statements made in the application as representations, and will rely on them as being true and complete. However, Nationwide will not void the policy or deny a claim unless a statement is a material misrepresentation. If a policy owner makes an error or misstatement on the application, Nationwide will adjust the Death Benefit, Rider benefits, and Cash Value accordingly.
Due to state law variations, the terms, benefits, programs and Riders described in this prospectus may vary or may not be available depending on the state in which the policy is issued. Possible state law variations include, but are not limited to, Rider terms and charges, availability of certain investment options, duration of the right to cancel, policy exchange rights, policy Lapse and/or reinstatement requirements, and surrender charge, suicide, and incontestability periods. This prospectus describes all the material features of the policy. State variations are subject to change without notice at any time. To review a copy of the policy and any Riders or endorsements for the state in which the policy will be issued, contact the Service Center, see Contacting the Service Center.
Any modification or waiver of Nationwide’s rights or requirements under the policy must be in writing and signed by Nationwide’s president or corporate secretary. No agent may bind Nationwide by making any promise not contained in the policy.
Nationwide may modify the policy, its operations, or the separate account’s operations to meet the requirements of any law or regulation issued by a government agency to which the policy, Nationwide, or the separate account is subject. Nationwide may modify the policy to assure that it continues to qualify as a life insurance policy under federal tax laws. Nationwide will notify policy owners of all modifications and will make appropriate endorsements to the policy.
The policy is nonparticipating, meaning that Nationwide will not be contributing any operating profits or surplus earnings toward the policy Proceeds.
To the extent permitted by law, policy benefits are not subject to any legal process on the part of a third-party for the payment of any claim, and no right or benefit will be subject to the claims of creditors (except as may be provided by assignment).
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It is important to remember that the portion of any amounts allocated to Nationwide’s general account, including any amounts allocated to the Fixed Account, and any guaranteed benefits Nationwide may provide under the policy exceeding the value of amounts held in the separate account are subject to Nationwide’s claims paying ability.
Any money Nationwide pays, or that is paid to Nationwide, must be in the currency of the United States of America.
In order to comply with the USA PATRIOT Act and rules promulgated thereunder, Nationwide has implemented procedures designed to prevent policies described in this prospectus from being used to facilitate money laundering or the financing of terrorist activities.
Risks Associated with COVID-19
In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, which has resulted in operational disruptions, as well as market volatility and general economic uncertainty. While Nationwide has implemented risk management and contingency plans and taken preventative measures and other precautions so it can continue to provide products and services to its customers, even as many of its employees and the employees of its service providers continue to work remotely, it is not currently possible to accurately estimate the full impact that the COVID-19 pandemic will have on Nationwide’s businesses as Nationwide continues to be subject to certain risks that could negatively impact its operations.
Significant market volatility and negative investment returns in the market resulting from the COVID-19 pandemic could have a negative impact on returns of the underlying mutual funds in which the Variable Account invests. Additionally, prolonged current economic conditions, consumer behavior, economic shutdowns, state and federal legislation intended to ease the impact of the COVID-19 pandemic on consumers and voluntary hardship assistance that Nationwide provides to its customers, among other factors related to COVID-19, could affect the amount of sales and profitability of Nationwide’s businesses and could have a negative impact on its financial condition and operations.
While Nationwide is confident in its ability to manage the financial risks related to COVID-19, the extent and duration or the risks related to the COVID-19 pandemic are unknown at this time. It is possible these risks could impact Nationwide’s financial strength and claims-paying ability. There are many factors beyond Nationwide’s control that cannot be mitigated or foreseen that could have a negative impact on Nationwide and the operation of the policy. Nationwide continues to monitor the economic situation and assess its impact on its business operations closely.
Cybersecurity
Nationwide’s businesses are highly dependent upon its computer systems and those of its business partners. This makes Nationwide potentially susceptible to operational and information security risks resulting from a cyber-attack. These risks include direct risks, such as theft, misuse, corruption and destruction of data maintained by Nationwide, and indirect risks, such as denial of service attacks on service provider websites and other operational disruptions that impede Nationwide’s ability to electronically interact with service providers. Cyber-attacks affecting Nationwide, the underlying mutual funds, intermediaries, and other service providers may adversely affect Nationwide and policy values. In connection with any such cyber-attacks, Nationwide and/or its service providers and intermediaries may be subject to regulatory fines and financial losses and/or reputational damage. Cybersecurity risks may also impact the issuers of securities in which the underlying mutual funds invest, which may cause the underlying mutual funds to lose value. Although Nationwide undertakes substantial efforts to protect its computer systems from cyber-attacks, including internal processes and technological defenses that are preventative or detective, and other controls designed to provide multiple layers of security assurance, there can be no guarantee that Nationwide, its service providers, or the underlying mutual funds will avoid losses affecting the policy due to cyber-attacks or information security breaches in the future.
In the event that policy values are adversely affected as a result of the failure of Nationwide’s cybersecurity controls, Nationwide will take reasonable steps to restore policy values to the levels that they would have been had the cyber-attack not occurred. Nationwide will not, however, be responsible for any adverse impact to policy values that result from the policy owner or its designee’s negligent acts or failure to use reasonably appropriate safeguards to protect against cyber-attacks.
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Business Continuity Risks
Nationwide is exposed to risks related to natural and man-made disasters and catastrophes, such as storms, fires, earthquakes, public health crises and terrorist acts, which could adversely affect Nationwide’s ability to administer the policy. Natural and man-made disasters may require a significant contingent of Nationwide’s employees to work from remote locations. During these periods, Nationwide could experience decreased productivity, and a significant number of Nationwide’s workforce or certain key personnel may be unable to fulfill their duties if Nationwide’s data or systems are disabled or destroyed. In addition, an extended period of remote work arrangements could introduce operational risk and impair Nationwide’s ability to administer the policy.
Nationwide outsources certain critical business functions to third parties and, in the event of a natural or man-made disaster, relies upon the successful implementation and execution of the business continuity planning of such entities. While Nationwide closely monitors the business continuity activities of these third parties, successful implementation and execution of their business continuity strategies are largely beyond Nationwide’s control. If one or more of the third parties to whom Nationwide outsources such critical business functions experience operational failures, Nationwide’s ability to administer the policy could be impaired.
Policy Owner and Beneficiaries
Policy Owner
The policy belongs to the owner named in the application or as a result of a valid assignment. The policy owner may name a contingent owner who will become the policy owner if the policy owner dies before Proceeds become payable. Otherwise, ownership will pass to the policy owner's estate, if the policy owner is not the Insured.
Policy Owner Rights
The policy owner may exercise all policy rights in accordance with policy terms while the policy is In Force, subject to Nationwide’s approval. These rights include, but are not limited to, the following:
• changing the policy owner, contingent owner, and beneficiary;
• assigning, exchanging, and/or converting the policy;
• requesting transfers, policy loans, and partial surrenders or a complete surrender; and
• changing insurance coverage such as death benefit option changes, adding or removing Riders, and/or increasing or decreasing the Total Specified Amount.
These rights are explained in greater detail throughout this prospectus.
Subject to Nationwide’s approval, the policy owner may name a different policy owner or contingent owner while the policy is In Force by submitting a written request to the Service Center. Any such change request will become effective as of the date signed, however, it will not affect any payment made or action taken before the change is received and recorded by Nationwide. There may be adverse tax consequences to changing parties of the policy.
Beneficiaries
The principal right of a beneficiary is to receive the Death Benefit Proceeds if the Insured dies while the policy is In Force. While the policy is In Force, a policy owner may name more than one beneficiary, designate primary and contingent beneficiaries, change or add beneficiaries, and/or direct Nationwide to distribute the Proceeds other than as described below.
If a primary beneficiary dies before the Insured dies, Nationwide will pay the Death Benefit Proceeds to the surviving primary beneficiaries. Unless specified otherwise by the policy owner, Nationwide will pay multiple primary beneficiaries in equal shares. A contingent beneficiary will become the primary beneficiary if all primary beneficiaries die before the Insured dies and before any Proceeds become payable. A policy owner may name more than one contingent beneficiary. Unless specified otherwise by the policy owner, Nationwide will also pay multiple contingent beneficiaries in equal shares.
Requests to change or add beneficiaries must be submitted in writing to the Service Center. Nationwide may require that the policy owner send the policy for endorsement before the change is recorded. Any such change request will become effective as of the date signed, however, it will not affect any payment made or action taken before the change is received and recorded by Nationwide.
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To Purchase
The policy is available for Insureds between the issue ages of 0 and 85. To purchase the policy, prospective purchasers must submit a completed application and the required initial Premium payment.
Nationwide must receive evidence of insurability that satisfies its underwriting standards (this may require a medical examination) before it will issue a policy. Nationwide can provide prospective purchasers with the details of its underwriting standards upon request. Nationwide reserves the right to reject any application for any reason permitted by law. Additionally, Nationwide reserves the right to modify its underwriting standards on a prospective basis for newly issued policies at any time.
The minimum initial Base Policy Specified Amount in most states is $50,000 for non-preferred policies and $100,000 for preferred policies. The basic distinction between the non-preferred and preferred underwriting classifications is that Nationwide expects the Insured under a preferred policy to live longer. Nationwide reserves the right to modify the minimum Base Policy Specified Amount on a prospective basis for newly issued policies at any time.
Coverage
Nationwide will issue the policy only if the underwriting process has been completed, the application is approved, and the proposed Insured is alive and in the same condition of health as described in the application. However, full insurance coverage will take effect only after the minimum initial Premium is paid. Monthly charges are deducted from the policy’s Cash Value beginning on the Policy Date.
Coverage Effective Date
Insurance coverage will begin and be In Force on the Policy Date shown on the Policy Data Page. For a change in the Base Policy Specified Amount and/or Rider Specified Amount, the effective date will be on the next monthly anniversary from the Policy Date after Nationwide approves the request. It will end upon the Insured's death, once the Proceeds are paid or when the policy matures. Coverage will also end if the policy Lapses.
Temporary Insurance Coverage
Temporary Insurance Coverage
Temporary insurance coverage (of an amount equal to the Total Specified Amount, up to $1,000,000) may be available for no charge before full insurance coverage takes effect. Prospective purchasers must submit a temporary insurance agreement and make an initial Premium payment. The amount of this initial Premium payment will depend on the initial Total Specified Amount, choice of death benefit option, and any Riders elected. Temporary insurance coverage will remain In Force for no more than 60 days from the date of the temporary insurance agreement. If full coverage is denied, the temporary insurance coverage will terminate five days from the date Nationwide mails a termination notice (accompanied by a refund equal to the Premium payment made). If full coverage is approved, the temporary insurance coverage will terminate on the date that full insurance coverage takes effect. Allocation of the initial Net Premium will be determined by the right to examine law of the state in which the policy is issued.
Right to Cancel (Examination Right)
Under state law a policy owner may, for a limited time, cancel the policy and receive a refund (commonly referred to as the "right to cancel" period). The length of the right to cancel period depends on state law and may vary depending on whether the policy was purchased to replace another policy. The minimum right to cancel period is 10 days.
In order to cancel the policy during the right to cancel period, a policy owner must submit a written cancellation request and return the policy either to the sales representative or to the Service Center. Nationwide will honor written cancellation requests received in good order by the last day of the right to cancel period (if returned by US mail, the request must be post-marked by the last day of the right to cancel period). If the policy is canceled during the right to cancel period, Nationwide will treat the policy as if it was never issued.
Written cancellation requests received after the close of business on the date the right to cancel period expires will not be canceled free of charge.
Within seven days of receipt of a written cancellation request, Nationwide will refund the amount prescribed by state law. The amount Nationwide refunds will be Cash Value and any charges deducted or, in certain states, the greater of the Premium paid or the policy's Cash Value plus any charges deducted.
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Allocation of Net Premium During Right to Cancel Period
Where state law requires the return of initial Premium for cancellations during the right to cancel period, Nationwide will allocate initial Net Premium to the Fixed Account as instructed. Nationwide will allocate initial Net Premium allocated to the Sub-Accounts to the available money market Sub-Account until the right to cancel period expires. At the expiration of the right to cancel period, Nationwide will transfer the amount held in the money market Sub-Account to the requested Sub-Accounts based on the allocation instructions in effect at the time of the transfer.
Where state law requires the return of Cash Value, Nationwide will allocate all of the initial Net Premium to the designated Sub-Accounts and Fixed Account based upon the allocation instructions in effect at the time, on the next Valuation Period.
Premium Payments
The policy does not require a scheduled payment of Premium to keep it In Force. The policy will remain in effect as long as the conditions that cause the policy to Lapse do not exist, see Unfavorable Investment Experience. Upon request, we will furnish Premium receipts.
Initial Premium
The amount of initial Premium will depend on the initial Total Specified Amount of insurance, the death benefit option, and any Riders elected. Generally, the higher the required initial Total Specified Amount, the higher the initial Premium will be. Similarly, because Death Benefit Option 2 and Death Benefit Option 3 provide for a potentially greater Death Benefit than Death Benefit Option 1, Death Benefit Option 2 and Death Benefit Option 3 may require a higher amount of initial Premium. Also, the age, health, and activities of the Insured will affect Nationwide’s determination of the risk of issuing the policy. In general, the greater this risk, the higher the initial Premium required.
Whether Nationwide will issue full insurance coverage depends on the Insured meeting all underwriting requirements, payment of the initial Premium, and delivery of the policy while the Insured is alive. Nationwide will not delay delivery of the policy to increase the likelihood that the Insured is not still living. Depending on the outcome of the underwriting process, more or less Premium may be necessary to issue the policy. If Nationwide does not issue the policy, the Premium payment will be returned within two business days.
The policy owner may pay the initial Premium to the Service Center or to an authorized representative. The initial Premium payment must be at least $50, equal to the minimum monthly Premium. The initial Premium payment will not be applied to the policy until the underwriting process is complete. Allocation of initial Net Premium will be determined by the right to examine law of the state or territory where the policy is issued, see Right to Cancel (Examination Right).
Subsequent Premium payments will be allocated according to the allocation instructions in effect at the time the Premium is received.
Subsequent Premiums
This policy does not require a payment of a scheduled Premium amount to keep it In Force. It will remain In Force as long as the conditions that cause a policy to Lapse do not exist, see Lapse and Unfavorable Investment Experience. Premium payment reminder notices will be sent according to the Premium payment schedule selected by the policy owner. Additional Premium payments must be submitted to the Service Center. Each Premium payment must be at least $50. Upon request, Nationwide will furnish Premium payment receipts. Policy owners may make additional Premium payments at any time while the policy is In Force and prior to the Maturity Date, subject to the following:
• Nationwide may require satisfactory evidence of insurability before accepting any additional Premium payment that results in an increase in the policy's Net Amount At Risk.
• Nationwide will refund Premium payments that exceed the applicable premium limit established by the Code to qualify the policy as a contract for life insurance.
• Nationwide will monitor Premiums paid and will notify policy owners when the policy is in jeopardy of becoming a modified endowment contract, see Taxes.
• Nationwide may require that policy Indebtedness be repaid before accepting any additional Premium payments.
Cash Value
Nationwide will determine the Cash Value at least monthly. Cash Value will fluctuate daily and there is no guaranteed Cash Value. At the end of any given Valuation Period, the Cash Value is equal to the sum of:
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• the value of the Accumulation Units allocated to the Sub-Accounts, see Valuation of Accumulation Units;
• amounts allocated to the Fixed Account, including credited interest; and
• amounts allocated to the policy loan account (only if a loan was taken), including credited interest, see Policy Loans.
Surrenders and policy charges and deductions will reduce the Cash Value of the policy. If Cash Value is a factor in calculating a benefit associated with the policy, such as the Death Benefit or a benefit associated with an elected Rider, the value of that benefit will also fluctuate, including being reduced due to surrenders and policy charge deductions. If the policy is surrendered or Lapses, the Cash Value will be reduced by the amount of any Indebtedness.
On any date during the policy year, the Cash Value equals the Cash Value on the preceding Valuation Period, plus any Net Premium applied since the previous Valuation Period, minus any policy charges, plus or minus any investment results, and minus any partial surrenders.
To Change Coverage
After the first policy year, the policy owner may request to change the Total Specified Amount. To change the Total Specified Amount, the policy owner must submit a written request to the Service Center. Changes to the Total Specified Amount will become effective on the next monthly policy anniversary after Nationwide approves the request unless the policy owner requests and Nationwide approves a different date. However, no change will take effect unless the Cash Surrender Value or Lapse protection provided by the Guaranteed Policy Continuation Provision would be sufficient to keep the policy In Force for at least three months. Nationwide may limit the number of Total Specified Amount changes to one increase and one decrease each policy year. Changes to the Total Specified Amount will typically alter the Death Benefit.
Increases
To increase the Total Specified Amount, the policy owner must provide satisfactory evidence of insurability. The Insured must be Attained Age 85 or younger at the time of the request. Any request to increase the Total Specified Amount must be at least $10,000. An increase in the Total Specified Amount may cause an increase in the Net Amount At Risk. Because the Cost of Insurance Charge is based on the Net Amount At Risk, and because there will be a separate cost of insurance rate for the increase, this will usually cause the policy's Cost of Insurance Charge to increase. An additional Surrender Charge schedule will also apply whenever the Base Policy Specified Amount is increased. An increase in the Base Policy Specified Amount and/or Rider Specified Amount may cause an increase to the amount of subsequent Premium payments needed to keep the policy from Lapsing, see Lapse.
Decreases
The policy owner may request to decrease the Total Specified Amount. Nationwide applies Total Specified Amount decreases to the most recent Base Policy Specified Amount and/or Rider Specified Amount increase and continues applying the decrease backwards while still maintaining the original Total Specified Amount. Nationwide will deny any request to reduce the Base Policy Specified Amount below the minimum Base Policy Specified Amount shown on the Policy Data Page. Nationwide will also deny any request that would disqualify the policy as a contract for life insurance.
Exchanging the Policy
The policy owner has an exchange right under the policy. At any time within the first 24 months of coverage from the Policy Date, the policy owner may surrender the policy and use the Cash Surrender Value to purchase a new permanent fixed life insurance policy on the Insured’s life without evidence of insurability.
To invoke this right, the policy must be In Force and not in the Grace Period, and the policy owner must submit a written request to the Service Center on approved forms.
The new policy may be one of Nationwide’s available fixed benefit individual life insurance policies. The death benefit on the new policy may not be greater than the Death Benefit on this policy immediately prior to the exchange date. The new policy will have the same Total Specified Amount, Policy Date, and issue age. Nationwide will base Premium payments on the rates in effect for the same sex, Attained Age, and underwriting class of the Insured on the exchange date, unless otherwise required by state law. The policy owner may transfer Indebtedness to the new policy.
Exchange requests must be made on Nationwide forms and submitted to the Service Center. The policy must be In Force and not in a Grace Period. The policy owner must pay a surrender charge if applicable and surrender the policy to Nationwide. The policy owner must pay any money due on the exchange (any amount needed to ensure that the Cash
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Surrender Value of the new policy is the same as the Cash Surrender Value of this policy). The policy owner may request that any excess of the Cash Surrender Value of this policy over the Cash Surrender Value of the new policy be paid to the policy owner. The exchange may have adverse tax consequences. The new policy will take effect on the exchange date only if the Insured is alive. This policy will terminate when the new policy takes effect.
After the first 24 months of coverage, the policy owner may still surrender the policy and use the Cash Surrender Value to purchase a new permanent fixed life insurance policy on the Insured’s life. However, issuance of the new policy will depend on the Insured providing satisfactory evidence of insurability.
To Terminate or Surrender
There are several ways that the policy can terminate. The policy will automatically terminate when the Insured dies, the policy reaches the Maturity Date and is not extended (see Proceeds Upon Maturity), or the Grace Period ends. The policy will also terminate if it is fully surrendered.
Terminating the policy may result in adverse tax consequences.
Generally, if the policy has a Cash Surrender Value in excess of the Premiums paid, upon surrender the excess will be included in the policy owner’s income for federal tax purposes, see Taxes. The Cash Surrender Value will be reduced by outstanding Indebtedness, see Policy Loans.
To Assign
The policy owner may assign any or all rights under the policy while it is In Force, subject to Nationwide’s approval. The beneficiary's interest will be subject to the person or entity to which the policy owner assigned rights. Assignments must be in writing on a form satisfactory to Nationwide. Assignments will become effective on the date signed, unless otherwise specified by the policy owner, and are subject to any payments or actions taken by Nationwide before it is received and recorded at the Service Center. Nationwide is not responsible for the sufficiency or validity of any assignment. Assignments will be subject to any Indebtedness, policy liens, garnishments, court orders, and any previous assignments.
Reminders, Reports and Illustrations
Nationwide will send scheduled Premium payment reminders and transaction confirmations to policy owners upon request. Nationwide will also send quarterly and annual statements that show:
• the Total Specified Amount;
• Premiums paid;
• all charges since the last report;
• the current Cash Value;
• the Cash Surrender Value; and
• Indebtedness.
Confirmations of individual financial transactions, such as transfers, partial surrenders, and loans are generated and mailed automatically. Copies may be obtained by contacting the Service Center. Alternatively, policy owners may receive information faster and reduce the amount of mail received by signing up for the eDelivery program. Go to www.nationwide.com/login to change the document delivery preferences.
Nationwide will send these reminders and reports to the address provided on the application unless directed otherwise. At any time after the first policy year, policy owners may ask for an illustration of future benefits and values under the policy, see Illustration Charge.
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IMPORTANT NOTICE REGARDING DELIVERY
OF SECURITY HOLDER DOCUMENTS
When multiple copies of the same disclosure document(s), such as prospectuses, supplements, proxy statements and semi-annual and annual reports are required to be mailed to multiple policy owners in the same household, Nationwide will mail only one copy of each document, unless notified otherwise by the policy owner(s). Household delivery will continue for the life of the policies. A policy owner can revoke their consent to household delivery and reinstitute individual delivery by contacting the Service Center. Individual delivery will resume within 30 days after receiving such notification.
Standard Policy Charges
Deductions for charges are taken from Premium payments and/or the Cash Value, as applicable, to compensate Nationwide for the services and benefits provided, the costs and expenses incurred, and the risks assumed. Certain expenses may be recovered utilizing more than one charge. Nationwide may generate a profit from any of the charges assessed under the policy.
Monthly charges are deducted from Cash Value beginning on the Policy Date. Charges are taken proportionally from the Sub-Accounts and the Fixed Account, except for the Mortality and Expense Risk Charge which is only deducted proportionally from the Sub-Accounts. Charges taken against allocations to the Sub-Accounts are assessed by redeeming Accumulation Units. The number of Accumulation Units redeemed is determined by dividing the dollar amount of the charge by the Accumulation Unit value for the Sub-Account. Nationwide does not deduct policy charges or Rider charges from the Cash Value attributable to the policy loan account. For a complete description of how interest is credited and charged, see Policy Loans.
Policy and Rider charges reflect costs and risks associated with issuing the policy and Rider(s). Certain charges will vary based upon the individual characteristics of the Insured. The Insured is assigned to an underwriting classification based upon his/her age, sex (if not unisex classified), tobacco rate type, health, and any Substandard Ratings. The policy owner can request an illustration of specific costs and/or see the Policy’s Data Pages for information about specific charges of their policy.
Nationwide may change policy and/or Rider charges and rates under the policy at any time, subject to the guaranteed maximum rates stated in the Policy Data Pages. Changes in policy and/or Rider charges and rates vary by changes in future expectations for factors including, but not limited to, Nationwide’s investment earnings, mortality experience, persistency experience, expenses, including reinsurance expenses, and taxes. Changes to policy and/or Rider charges and rates will be on a uniform basis for Insureds of the same Issue Age, sex, rate class, rate type, any Substandard Rating, Base Policy Specified Amount, and Total Specified Amount (if applicable) whose policies have been In Force for the same length of time. If a change in the charges or rates causes an increase to the policy and/or Rider charges, the policy's Cash Value could decrease. If a change in the charges or rates causes a decrease to the policy and/or Rider charges, the policy's Cash Value could increase. Any changes will be determined in accordance with state law. Policy and Rider charges will never exceed the maximum charges shown in the fee tables, see In Summary: Fee Tables.
Premium Load
Premium Load is comprised of the Sales Load and Premium Taxes. It will vary by policy based on the amount of Premium paid. It is deducted from each Premium payment to partially reimburse Nationwide for sales expenses and Premium taxes, and other expenses, including acquisition costs. The Premium Load also provides revenue to compensate Nationwide for assuming risks associated with the policy, and revenue that may be a profit.
Sales Load
Sales Load (as part of the Premium Load) is deducted from each Premium payment to cover sales expenses. The current Sales Load is $5 per $1,000 of Premium. The guarantee maximum Sales Load is $25 per $1,000 of Premium.
Nationwide may waive the Sales Load on the initial Premium paid into this policy as part of a Nationwide sponsored exchange program to another Nationwide policy as permitted under the securities laws and/or rules or by order of the SEC.
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Premium Taxes
Premium Taxes (as part of the Premium Load) are deducted from each Premium payment to reimburse Nationwide for state and local premium taxes (at the estimated rate of 2.25%) and for federal premium taxes (at the estimated rate of 1.25%). The current (and guaranteed maximum) Premium Tax is $35 per $1,000 of Premium. This amount is not the actual amount of the tax liability Nationwide incurs. It is an estimated amount. If the actual tax liability is more or less, Nationwide will not adjust the charge retroactively.
Illustration Charge
Illustration Charges are not deducted from Premium payments or Cash Value; rather they are paid at the time of an illustration request. Nationwide currently waives the Illustration Charge. The charge is intended to compensate Nationwide for the administrative costs of generating illustrations. Nationwide may elect in the future to assess an Illustration Charge. It will not exceed $25 per illustration requested.
Partial Surrender Fee
The policy owner may request a partial surrender after the first year from the Policy Date while the policy is In Force. The charge for a partial surrender compensates Nationwide for the administrative costs in calculating and generating the surrender amount. The maximum fee is the lesser of $25 or 2% of the dollar amount of the partial surrender. However, currently, there is no charge for a partial surrender. The Cash Value available for a partial surrender is subject to any Indebtedness.
Surrender Charge
A surrender charge will apply if the policy is surrendered or Lapsed. A surrender charge may apply if the Base Policy Specified Amount is decreased. There are two components of the surrender charge meant to cover policy underwriting, or the underwriting component, and sales expenses, or the sales component, including processing the application, conducting any medical exams, determining insurability and the Insured's underwriting class, and establishing policy records. The surrender charge equals the underwriting component and 26.5% of the sales component. The Surrender Charge is deducted based on the following schedule:
Policy year calculated from the Policy Date or
effective date of Base Policy Specified Amount increase: 		  Percentage of Initial
Surrender Charge
1
   100%
2
   100%
3
   90%
4
   80%
5
   70%
6
   60%
7
   50%
8
   40%
9
   30%
After 9
   0
The underwriting component is the product of the Base Policy Specified Amount, divided by 1,000, and the administrative target premium. The administrative target premium is actuarially derived, and is used to determine how much to charge per Premium payment for underwriting expenses. The administrative target premium varies by the Insured's age when the policy was issued.
The sales expense component is the lesser of the following two amounts: The first amount is the product of the Base Policy Specified Amount, divided by 1,000, and the surrender target premium. The surrender target premium is actuarially derived, and is used to figure out how much to charge per Premium payment for sales expenses. The surrender target premium varies by: the Insured's sex; issue age; and the underwriting class. The second amount is the sum of all Premium payments made during the first year from the Policy Date.
Nationwide will calculate a separate surrender charge based on the initial Base Policy Specified Amount and each increase in the Base Policy Specified Amount, which are referred to as "segments". The surrender charge for each segment, when added together, will equal the total surrender charge. A surrender charge will also apply when the aggregate surrenders exceed 25% of a segment's Base Policy Specified Amount. Nationwide defers and accrues the
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charge on partial surrenders that do not exceed 25% of the segment's Base Policy Specified Amount. Once partial surrenders exceed 25%, the current and accrued charge will be assessed against the policy’s Cash Value. In determining the 25% level, Nationwide uses a last in-first out method, so that the latest segment reaches the 25% level first. Nationwide may change this practice and assess the surrender charge against all partial surrenders. The surrender charge for a decrease in the Base Policy Specified Amount will be calculated as if the policy was surrendered, though only a portion will be deducted from the policy's Cash Value. The amount of surrender charge deducted will be a product of the surrender charge and the decrease in Base Policy Specified Amount divided by the Base Policy Specified Amount before the decrease.
The surrender charge will typically be greater for a policy with: an older Insured; a male insured; a higher Specified Amount; more first year Premium; or a tobacco rate type. If the Death Benefit option is changed and the change does not result in a different Net Amount At Risk, no surrender charge will be deducted.
The surrender charge may be waived if the policy is surrendered in exchange for a plan of permanent fixed life insurance offered by Nationwide, subject to the following:
• the exchange and waiver may be subject to new evidence of insurability and underwriting approval; and
• the following Riders have not been invoked:
❍ Premium Waiver Rider;
❍ Deduction (of Fees and Expenses Waiver Rider); or
❍ Long-Term Care Rider.
A new surrender charge may apply to the policy received in the exchange.
Cost of Insurance Charge
A Cost of Insurance Charge is deducted proportionally from Sub-Account and Fixed Account allocations on the Policy Date and on each monthly anniversary of the Policy Date. This charge is intended to cover Nationwide’s expenses associated with providing expected mortality benefits and assuming certain risks associated with the policy, and to cover other expenses, including acquisition costs, and state and federal taxes. Nationwide may also profit from this charge.
The Cost of Insurance is the product of the Net Amount At Risk and the cost of insurance rate. The cost of insurance rate will vary by the Insured's issue age, sex, underwriting classification, any Substandard Ratings, how long the policy has been In Force, and the Base Policy Specified Amount and Total Specified Amount (if applicable). The cost of insurance rates are based on Nationwide’s expectations as to future mortality and expense experience, investment earnings, persistency, and taxes. Current and guaranteed monthly cost of insurance rates established at issue generally increase year over year to reflect expectations that mortality and underwriting risks generally increase as the Insured's Attained Age and the length of time the Policy has been In Force increase.
There will be a separate cost of insurance rate for the initial Base Policy Specified Amount and any Base Policy Specified Amount increase. The cost of insurance rate(s) will never be greater than what is shown on the Policy Data Pages.
Flat Extras and Substandard Ratings
Nationwide may inquire about the occupation and activities of the Insured through the underwriting process. If the activities or occupation of the Insured cause an increased health or accident risk, it may result in the Insured receiving a Substandard Rating. If this is the case, Nationwide may add an additional component to the Cost of Insurance Charge called a "Flat Extra Charge." The Flat Extra Charge accounts for the increased risk of providing life insurance when one or more of these factors apply to the Insured. The Flat Extra Charge is a component of the total Cost of Insurance Charge, so if applied it will be deducted from Cash Value on the Policy Date and the monthly anniversary of the Policy Date. The monthly Flat Extra Charge is between $0.00 and $2.08 per $1,000 of the Net Amount At Risk. If a Flat Extra Charge is applied, it is shown in the Policy Data Pages. In no event will the Flat Extra Charge result in the Cost of Insurance Charge exceeding the maximum charge shown in In Summary: Fee Tables.
Nationwide will uniformly apply a change in any cost of insurance rate for Insureds of the same age, sex, underwriting class, Substandard Ratings, and Base Policy Specified Amount and Total Specified Amount (if applicable), if the policies have been In Force for the same length of time. If a change in the cost of insurance rates causes an increase to a policy’s Cost of Insurance Charge, the policy's Cash Value could decrease. If a change in the cost of insurance rates causes a decrease to the policy’s Cost of Insurance Charge, the policy's Cash Value could increase.
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Mortality and Expense Risk Charge
A Mortality and Expense Risk Charge is deducted monthly from the Cash Value allocated to the Sub-Accounts. The charge will vary by policy based on the amount of Cash Value allocated to the Sub-Accounts and the length of time the policy has been In Force. The charge compensates Nationwide for assuming the risk associated with mortality and expense risk costs. The mortality risk is that the Insured will not live as long as expected. The expense risk is that the costs of issuing and administering the policy will be more than expected. This charge is in addition to any charges assessed by the mutual funds underlying the Sub-Accounts.
Though the maximum guaranteed mortality and expense risk charge is higher, currently, Nationwide deductes this monthly charge according to the following schedule. During the first through 15 years from the Policy Date, the charge is $0.50 per $1,000 on the first $25,000 of Cash Value allocated to the Sub-Accounts, and $0.25 per $1,000 on $25,001 up to $250,000 of Cash Value allocated to the Sub-Accounts. This charge is $0.08 per $1,000 of Cash Value allocated to the Sub-Accounts over $250,000. Beginning in Policy year 16, this charge is: $0.50 per $1000 on the first $25,000 of the Cash Value allocated to the Sub-Accounts, and $0.08 per $1,000 of the Cash Value allocated to the Sub-Accounts over $25,000.
Administrative Charge
An administrative charge is deducted proportionally from the policy's Sub-Account and Fixed Account allocations on the Policy Date and each monthly anniversary of the Policy Date. This charge reimburses Nationwide for the costs of maintaining the policy, including accounting and record-keeping and periodic reports to the policy owner. The charge is currently $10 per month through the first year from the Policy Date and $5 per month thereafter. The maximum guaranteed charge is $10 per month through the first year from the Policy Date and $7.50 per month thereafter.
Mutual Fund Operating Expenses
In addition to the policy charges, there are also charges associated with the mutual funds in which the Sub-Accounts invest. Policy owners do not pay these charges directly, but these charges do affect the value of the assets allocated to the Sub-Accounts because these charges are reflected in the underlying mutual fund prices that Nationwide subsequently uses to value Sub-Account units. The underlying mutual funds' prospectuses contain additional information about these charges. Policy owners may contact the Service Center to receive, free of charge, copies of the prospectuses for any of the underlying mutual funds available under the policy.
Reduction of Charges
The policy may be purchased by individuals, corporations, and other entities. Nationwide may reduce or eliminate certain charges (sales load, surrender charge, administrative charges, cost of insurance charge, or other charges) where the size or nature of the group allows Nationwide to realize savings with respect to sales, underwriting, administrative, or other costs. Where prohibited by state law, Nationwide will not reduce charges associated with the policy.
Nationwide determines the eligibility and the amount of any reduction by examining a number of factors, including: the number of policies owned with different insureds; the total premium Nationwide expects to receive; the total cash value of commonly owned policies; the nature of the relationship among individual insureds; the purpose for which the policies are being purchased; the length of time Nationwide expects the individual policies to be in force; and any other circumstances which are rationally related to the expected reduction in expenses.
Nationwide may lower commissions to the selling broker-dealer and/or increase charge back of commissions paid for policies sold with reduced or eliminated charges. Policy owners should consult with a financial professional about reductions available and, where appropriate, obtain an illustration demonstrating the impact of any reduced charges on the policy.
Nationwide may change both the extent and the nature of the charge reductions. Any charge reductions will be applied in a way that is not unfairly discriminatory to policy owners and will reflect the differences in costs of services provided.
Entities considering purchasing the policy should note that in 1983, the U.S. Supreme Court held in Arizona Governing Committee v. Norris that certain annuity benefits provided by employers' retirement and fringe benefit programs may not vary between men and women on the basis of sex. The policies are based upon actuarial tables that distinguish between men and women unless the purchaser is an entity and requests non-sex distinct tables be used for underwriting. The
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policies generally provide different benefits to men and women of the same age. Accordingly, employers and employee organizations should consider, in consultation with legal counsel, the impact of Norris on any employment related insurance or benefit program before purchasing the policy.
A Note on Charges
During a policy's early years, the expenses Nationwide incurs in distributing and establishing the policy exceed the deductions. Nevertheless, Nationwide expects to make a profit over time because variable life insurance is intended to be a long-term financial investment. Accordingly, Nationwide has designed the policy with features and investment options that it believes support and encourage long-term ownership.
Nationwide makes many assumptions and accounts for many economic and financial factors when establishing the policy's fees and charges. The following is a discussion of some of the factors that are relevant to the policy's pricing structure.
Distribution, Promotional, and Sales Expenses
Distribution, promotional, and sales expenses include amounts paid to broker-dealer firms as commissions, expense allowances, and marketing allowances. Nationwide refers to these expenses collectively as "total compensation."
Nationwide has the ability to customize the total compensation package paid to broker-dealer firms. Nationwide may vary the form of compensation paid or the percentage or amounts paid as commission, expense allowance, or marketing allowance, to the extent permitted by SEC and FINRA rules and other applicable laws and regulations. However, the total premium based compensation will not exceed the maximum, which is 99% of first year premiums and 3% of renewal premium after the first year. Commission may also be paid on an asset-based amount instead of a premium based amount. If an asset-based commission is paid, it will not exceed 0.45% of the non-loaned cash value per year.
Marketing allowance is based on a firm’s ability and demonstrated willingness to promote and market Nationwide’s products. How any marketing allowance is spent is determined by the firm, but generally will be used to finance firm activities that may contribute to the promotion and marketing of Nationwide’s products, which may include but not be limited to, providing conferences or seminars, sales or training programs, advertising and sales campaigns regarding the policies, and payments to assist a firm in connection with its administrative systems, operations and marketing expenses and/or other events or activities sponsored by the firms.
Nationwide may also host training and/or educational meetings including the cost of travel, accommodations and meals for firms that sell the policies as well as assist such firms with marketing or advertisement costs.
The actual amount and/or forms of total compensation paid depend on factors such as the level of premiums Nationwide receives from respective broker-dealer firms and the scope of services the firms provide. Some broker-dealer firms may not receive maximum total compensation.
Individual financial professionals typically receive a portion of the commissions/total compensation paid, depending on their arrangement with their broker-dealer firm. Policy owners should consult the financial professional to know the exact compensation arrangement associated with this policy.
Information on Underlying Mutual Fund Service Fee Payments
Nationwide's Relationship with the Underlying Mutual Funds
The underlying mutual funds incur expenses each time they sell, administer, or redeem their shares. The separate account aggregates policy owner purchase, redemption, and transfer requests and submits net or aggregated purchase/redemption requests to each underlying mutual fund daily. The separate account (not the policy owners) is the underlying mutual fund shareholder. When the separate account aggregates transactions, the underlying mutual fund does not incur the expense of processing individual transactions it would normally incur if it sold its shares directly to the public. Nationwide incurs these expenses instead.
Nationwide also incurs the distribution costs of selling the policy (as discussed above), which benefit the underlying mutual funds by providing policy owners with Sub-Account options that correspond to the underlying mutual funds.
An investment advisor or subadvisor of an underlying mutual fund or its affiliates may provide Nationwide or its affiliates with wholesaling services that assist in the distribution of the policy and may pay Nationwide or its affiliates to participate in educational and/or marketing activities. These activities may provide the advisor or subadvisor (or their affiliates) with increased exposure to persons involved in the distribution of the policy.
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Types of Payments Nationwide Receives
In light of the above, the underlying mutual funds or their affiliates make certain payments to Nationwide or its affiliates (the "payments"). The amount of these payments is typically based on a percentage of assets invested in the underlying mutual funds attributable to the policies and other variable policies Nationwide and its affiliates issue, but in some cases may involve a flat fee. These payments are made for various purposes, including payments for the services provided and expenses incurred by the Nationwide companies in promoting, marketing and administering the policies and underlying funds. Nationwide may realize a profit on the payments received.
Nationwide or its affiliates receive the following types of payments:
• Underlying mutual fund 12b-1 fees, which are deducted from underlying mutual fund assets;
• Sub-transfer agent fees or fees pursuant to administrative service plans adopted by the underlying mutual fund, which may be deducted from underlying mutual fund assets; and
• Payments by an underlying mutual fund's advisor or subadvisor (or its affiliates). Such payments may be derived, in whole or in part, from the advisory fee, which is deducted from underlying mutual fund assets and is reflected in mutual fund charges.
Furthermore, Nationwide benefits from assets invested in affiliated underlying mutual funds (i.e., Nationwide Variable Insurance Trust) because these affiliates receive compensation from the underlying mutual funds for investment advisory, administrative, transfer agency, distribution, and/or other services provided. Overall, Nationwide may receive more revenue with respect to affiliated underlying mutual funds than unaffiliated underlying mutual funds.
Nationwide took into consideration the anticipated mutual fund service fee payments from the underlying mutual funds when it determined the charges imposed under the policies (apart from fees and expenses imposed by the underlying mutual funds). Without these mutual fund service fee payments, Nationwide would have imposed higher charges under the policy.
Amount of Payments Nationwide Receives
For the year ended December 31, 2020, the underlying mutual fund service fee payments Nationwide and its affiliates received from the underlying mutual funds did not exceed 0.75% (as a percentage of the average daily net assets invested in the underlying mutual funds) offered through the policy or other variable policies that Nationwide and its affiliates issued. Payments from investment advisors or subadvisors to participate in educational and/or marketing activities have not been taken into account in this percentage.
Most underlying mutual funds or their affiliates have agreed to make payments to Nationwide or its affiliates, although the applicable percentages may vary from underlying mutual fund to underlying mutual fund and some may not make any payments at all. Because the amount of the actual payments Nationwide or its affiliates receive depends on the assets of the underlying mutual funds attributable to the policy, Nationwide and its affiliates may receive higher payments from underlying mutual funds with lower percentages (but greater assets) than from underlying mutual funds that have higher percentages (but fewer assets).
For policies owned by an employer sponsored retirement plan subject to ERISA, upon a plan trustee’s request, Nationwide will provide a best estimate of plan-specific, aggregate data regarding the amount of underlying mutual fund service fee payments Nationwide received in connection with the plan’s investments either for the previous calendar year or plan year, if the plan year is not the same as a calendar year.
Identification of Underlying Mutual Funds
Nationwide may consider several criteria when identifying the underlying mutual funds, including some or all of the following: investment objectives, investment process, investment performance, risk characteristics, investment capabilities, experience and resources, investment consistency, fund expenses, asset class coverage, the strength of the adviser’s or sub-adviser’s reputation and tenure, brand recognition, and the capability and qualification of each investment firm. Other factors Nationwide may consider during the identification process are: whether the underlying mutual fund's advisor or sub-advisor is a Nationwide affiliate; whether the underlying mutual fund or its service providers (e.g., the investment advisor or sub-advisors), or its affiliates will make mutual fund service fee payments to Nationwide or its affiliates in connection with certain administrative, marketing, and support services; or whether affiliates of the underlying mutual fund can provide marketing and distribution support for sales of the policies. For additional information on these arrangements, see Types of Payments Nationwide Receives. Nationwide reviews the funds periodically and may remove a fund or limit its availability to new contributions and/or transfers of account value if Nationwide determines that a fund no longer satisfies one or more of the selection criteria, and/or if the fund has not attracted significant allocations from policy owners.
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Nationwide does not recommend or endorse any particular fund and it does not provide investment advice.
There may be underlying mutual funds with lower fees and expenses, as well as other variable policies that offer underlying mutual funds with lower fees and expenses. Policy owners should consider all of the fees and charges of the policy in relation to its features. Higher policy fees and charges and underlying mutual fund fees and expenses have a direct effect on the policy’s investment performance.
Policy Riders and Rider Charges
Riders are available for purchase to design the policy to meet the policy owner’s specific needs. The policy owner may purchase any Rider (except for both the Premium Waiver and Deduction of Fees and Expenses Waiver Riders, simultaneously). Once the policy is In Force, to add a Rider, Nationwide may require further evidence of insurability. The policy owner may only elect the Adjusted Sales Load Life Insurance Rider when purchasing the policy.
The availability, operation, and benefits of the Riders may vary by the state where the policy is issued. The policy owner will be charged for a Rider: so long as the policy remains In Force and the Rider's term has not expired; until the benefit has been paid; or the policy owner decides he or she no longer need the benefit and contacts the Service Center in writing.
Adjusted Sales Load Life Insurance Rider
The benefit associated with the Adjusted Sales Load Life Insurance Rider is the replacement of all or a portion of the up-front Premium Load (comprised of the Sales Load and Premium Taxes) with a monthly Rider charge. A policy owner may elect the number of years (from one to seven) that Premium Load would be replaced. A Premium Load would be assessed on any amount that is not replaced by the Rider.
Availability
This Rider is only available to purchase at the time of application.
Adjusted Sales Load Life Insurance Rider Charge
A monthly Adjusted Sales Load Life Insurance Rider Charge is assessed to compensate Nationwide for the sales and premium tax expenses that it will not collect in the form of Premium Load. The aggregate monthly Rider charges will be greater than the amount Nationwide would have deducted as Premium Load. The monthly charge is the product of aggregate Premiums paid since the Policy Date, the portion of Premium Load replaced (expressed as a whole percentage of Premiums paid), and the factor of 0.0001354. The Rider's charge may vary. Each Premium payment made during the selected Rider period will cause the Rider's charge to increase. How long the Rider charge is assessed will also vary. The Rider charge will be assessed for nine policy years, plus the number of years (from one to seven) that Premium Load is replaced (with a maximum Rider charge period of 15 years). However, if a policy owner stops making Premium payments during that one to seven-year period, the Rider charge will only be assessed for nine policy years, plus the number of years that Premium payments were actually made.
For example, upon election, the policy owner anticipated making Premium payments for five years. Therefore, the policy owner could expect to have the Rider charge assessed for 14 years (nine years plus five years). However, the policy owner actually makes the last Premium payment in policy year three, and does not make any additional Premium payments. Since the policy owner did not get full "use" of the Rider (the policy owner only received three years worth of Premium Load replacement), the Rider charge will only be assessed for 12 policy years (nine years plus the three years' worth of benefit received).
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If the policy terminates within the first 10 policy years, Nationwide will deduct from the Cash Surrender Value an amount to compensate it for the Premium Load waived, but not recovered, as a Rider charge. The amount deducted from the Cash Surrender Value will equal the product of the actual Premium Load replaced by the Rider (in dollars) and the percentage from the following table that corresponds to the number of years the policy has been In Force.
Policy Year   Percentage
1
   100%
2
   90%
3
   80%
4
   70%
5
   60%
6
   50%
7
   40%
8
   30%
9
   20%
10
   10%
11 and later
   0%
For example, the policy owner elected to replace the Premium Load for seven years. During the fifth policy year, the policy owner terminates the policy. During the five years the policy was In Force, $10,000 of Premium was paid. The amount of Premium Load that the Rider replaced is $400 ($40 for each $1,000 of Premium). Therefore, Nationwide will deduct $240 (60% of $400) from the policy’s Cash Surrender Value.
The Adjusted Sales Load Life Insurance Rider Charge is deducted proportionally from the Sub-Account and Fixed Account allocations. Because the Adjusted Sales Load Life Insurance Rider Charge is deducted from the policy's Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.
Children's Term Insurance Rider
Subject to underwriting approval, a policy owner may purchase term life insurance on the Insured's children at any time while the policy is In Force. If an insured child dies while the policy is In Force and before the Maturity Date, the policy pays a benefit to the named beneficiary. The insurance coverage for each insured child will continue (as long as the policy is In Force) until the earlier of: (1) the policy anniversary on or next following the date the Insured's child turns age 22; or (2) the policy anniversary on which the Insured reaches Attained Age 65. Subject to certain conditions specified in the Rider, the Rider may be converted into a policy on the life of the insured child without evidence of insurability. The Rider will be effective until the Rider's term expires, until the benefit is paid, the policy terminates, or until the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.
Children’s Term Insurance Rider Charge
A monthly Children's Term Insurance Rider Charge will be deducted if this Rider is elected. The Children’s Term Insurance Rider Charge compensates Nationwide for providing term insurance on the lives of each Insured child. The Rider charge is $0.43 per $1,000 of the Children's Term Insurance Rider's Specified Amount and will be assessed as long as the policy is In Force and the Rider is in effect. The Rider charge will be the same, even if the number of children covered under the Rider changes. Nationwide may decline a request to add another child based on underwriting standards.
The Children's Term Insurance Rider Charge will be deducted proportionally from the Sub-Accounts and Fixed Account allocations. Because the Children’s Term Insurance Rider Charge is deducted from the policy's Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.
Long-Term Care Rider
Availability
Subject to Nationwide's underwriting approval, the Long-Term Care Rider may be purchased at any time while the policy is In Force. If purchased six months or more after the Policy Date, Nationwide will require new evidence of insurability. Underwriting and approval of the Long-Term Care Rider are separate and distinct from underwriting and approval of the
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policy and Additional (insurance) Protection Rider. Therefore, it is possible that the underwriting risk class for the Long-Term Care Rider could differ from the policy and Additional (insurance) Protection Rider or that an Insured could qualify for the policy and Additional (insurance) Protection Rider and still be declined for the Long-Term Care Rider.
There is a right to cancel associated with this Rider. Within 30 days of receipt of the Rider, the policy owner may return it to the sales representative who sold it, or to the Service Center. The Rider will be void and related charges will be refunded as a credit to the policy, see Right to Cancel (Examination Right).
State regulation of long-term care benefits will result in differences in this Rider's name, covered services, criteria for eligibility of benefit payment, cost of insurance charge factors, maximum monthly benefit amounts, minimum monthly benefit amounts, and availability of the 10% residual Death Benefit. State variations are subject to change without notice at any time. Contact the Service Center to obtain a copy of the Long-Term Care Rider applicable to the policy, see Contacting the Service Center.
Long-Term Care Rider Benefit
The benefit associated with the Long-Term Care Rider is that, upon the Insured meeting certain eligibility requirements, the policy owner is paid a monthly benefit to assist with the Insured’s expenses associated with nursing home care or home health care. Benefit payments represent an advance of a portion of the Total Specified Amount which will ultimately reduce the Cash Surrender Value and Death Benefit. The Long-Term Care Rider has no Cash Surrender Value and no loan values.
The Long-Term Care Specified Amount elected must be at least 10% of the Total Specified Amount and no more than 100% of the Total Specified Amount. The maximum monthly benefit, which is determined by Nationwide at the time a request for benefits under the terms of the Rider is submitted, will be the lesser of:
(1) 2% of Long-Term Care Specified Amount in effect; or
(2) the per diem amount allowed by the Health Insurance Portability and Accountability Act times the number of days in the month.
The maximum lifetime benefit under any combination of home health care benefits and long-term care facility benefits is equal to the lesser of the Long-Term Care Specified Amount or the Total Specified Amount minus Indebtedness.
A policy owner may request to receive a monthly benefit less than the maximum subject to any minimum monthly benefit. Choosing a lesser amount could extend the length of the benefit period of the Long-Term Care Rider.
Decreases in the Total Specified Amount will result in a corresponding decrease in the Long-Term Care Specified Amount only if the Total Specified Amount is less than the Long-Term Care Specified Amount after the decrease.
Invoking the Rider
To invoke this Rider, the Insured must be certified by a licensed health care practitioner as: (1) having a severe cognitive impairment or (2) unable to do at least two of the following activities of daily living: bathing, continence, dressing, eating, using the toilet facilities, or transferring (moving into or out of bed, chair, or wheelchair) for a period of at least 90 days. The Insured must also be receiving qualified long-term care services specified in a plan of care submitted to Nationwide.
In addition, a 90-day waiting period, referred to as an "elimination period," must be satisfied before benefits are paid. Benefits will not be retroactively paid for the elimination period. The elimination period can be satisfied by any combination of days of long-term care facility stay or days of home health care, as those terms are defined in the Rider. These days of care or services need not be continuous, but must be accumulated within a continuous period of 730 days. The elimination period has to be satisfied only once while the Rider is in effect. The benefit associated with the Rider may not cover all long-term care costs incurred. The benefits paid in association with the Rider are intended to be "qualified long-term care insurance" under federal tax law, and generally will not be taxable to the policy owner, see Taxes. See a tax advisor about the use of this Rider.
Note: The Rider does not provide benefits for chronic illness resulting from suicide attempts, the commission of felonies, alcoholism or drug addiction, non-organic mental or psychoneurotic disorders, or war. The Rider also does not cover preexisting conditions not disclosed in the application if the need for services begins during the first six months after the Rider effective date.
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Impact of Invoking the Long-Term Care Rider on the Policy and other Riders
While Long-Term Care Rider benefits are being paid, the following are not permitted: loans, partial surrenders, changes to the Base Policy Specified Amount or Total Specified Amount, changes in underwriting classification, addition of other Riders, or changes in death benefit option. In addition, the following are applicable:
• Waiver of the Long-Term Care Rider Charge: The Long-Term Care Rider charge will be waived while Long-Term Care Rider benefits are being paid; however, all other monthly deductions will continue to be charged as long as the policy’s Cash Surrender Value is sufficient.
• Policy Lapse Protection: To the extent the policy's Cash Surrender Value is insufficient to cover all other monthly deductions while benefits are being paid under the Rider, all monthly deductions will be waived and the policy will not Lapse. This includes monthly deductions for other In Force Riders. Premium requirements for any death benefit guarantee feature of the policy or any elected Rider are not waived. Once the Long-Term Care Rider benefit is no longer being paid, payment of additional Premium may be necessary to prevent the policy from Lapsing.
• Death Benefit: The total amount of Rider benefits paid will be subtracted from the Total Specified Amount in calculating the Death Benefit. If the remaining Death Benefit is less than 10% of: the base Policy Specified Amount minus any Indebtedness when the Insured dies and the Rider is In Force, a residual Death Benefit of: 10% of the base Policy Specified Amount minus any Indebtedness will be paid.
• Cash Surrender Value and Policy Loans: The Cash Surrender Value and the amount available for partial surrenders and policy loans will be reduced by the total amount of Long-Term Care benefits paid at the time a request is received.
• Specified Amount Decreases: Decreases in the Base Policy Specified Amount or Total Specified Amount will result in a corresponding decrease in the Long-Term Care Specified Amount if the Base Policy Specified Amount or Total Specified Amount would otherwise be less than the Long-Term Care Specified Amount after the decrease.
• Accelerated Death Benefit for Terminal Illness Rider: The total amount of long-term care benefits paid will be subtracted from the Death Benefit amount available to be accelerated if the Insured is terminally ill.
Terminating the Rider
This Rider will terminate when the policy matures, the Insured dies, the Policy Guard Rider is invoked, the policy is terminated, or the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.
Long-Term Care Referral Service
If the Rider is elected, the Insured will have access to a national long-term care services referral network via a toll-free telephone number. Services include free consultation and tailored information to assist in planning and implementing a plan of care. There is no obligation to use these services which are currently provided through a third party. There is no separate additional charge for this service. This service is subject to availability and may be modified, suspended, or discontinued at any time upon 30 days written notice.
If the Rider is elected, the policy owner will have access to a national long-term care services referral network via a toll-free telephone number. Services provided include free consultation and tailored information to assist in implementing a plan of care. There is no obligation to use these services which are currently provided through a third party. There is no separate additional charge for this service. This service is subject to availability and may be modified, suspended, or discontinued at any time upon 30 days written notice.
Claims
Written notice of a claim must be given within 30 days after the Insured begins receiving qualified long-term care services. Written proof of claim, consisting of detailed documentation that describes and confirms the Insured is chronically ill and is receiving qualified long-term care services, must be given within 90 days. If Nationwide determines that a benefit trigger has not been met, it will follow internal and external review processes consistent with applicable laws and regulations in the state of issue. The policy owner must give immediate notice when the receipt of qualified long-term care services has ceased or is no longer required. Nationwide, at its own expense, has the right to have the Insured examined as often as it may reasonably require while Long-Term Care Rider benefits are being paid.
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Nationwide may contest claims payments under the Rider for misrepresentations made in the application for the Rider, an application for an increase of the Long-Term Care Specified Amount, or an application to reinstate the Rider after a Lapse.
Long-Term Care Rider Charge
A monthly charge is deducted from the Cash Value if this Rider is elected. The charge compensates Nationwide for providing long-term care benefits upon the Insured meeting certain eligibility requirements. The Rider Charge is the product of a long-term care cost of insurance rate and the lesser of the Long-Term Care Rider's Specified Amount and the policy's Net Amount At Risk. The long-term care cost of insurance rate is based on Nationwide’s expectations as to the Insured’s potential need for long-term care over time and will vary by the Insured's sex, Attained Age (in some states Issue Age), underwriting classification, and any Substandard Ratings.
The Rider Charge will be deducted proportionally from the Sub-Accounts and Fixed Account allocations. Because the Rider Charge is deducted from the Cash Value, electing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Additionally, any benefits paid pursuant to this Rider will reduce the Cash Surrender Value and Death Benefit.
Spouse Life Insurance Rider
The benefit associated with the Spouse Life Insurance Rider is a death benefit payable upon the death of the spouse named on the application ("Insured Spouse") to the designated beneficiary. If no beneficiary is designated, the benefit is payable to the Insured.
This Rider may be purchased at any time while the policy is In Force, subject to underwriting approval and the following age restrictions:
• the Insured must be between Attained Age 21 and 59 (this Rider is no longer available on or after the policy anniversary on which the Insured reaches Attained Age 59); and
• the Insured Spouse must be between Attained Age 18 and 69 at the time this Rider is elected.
This Rider will terminate on the earliest of: the policy anniversary on which the Insured Spouse reaches Attained Age 70, the date the Policy Guard Rider is invoked, the date the Rider is converted to a new policy, the date the policy matures or otherwise terminates, or the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received in good order, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.
This Rider has a conversion right. The Insured Spouse may exchange this Rider's benefit for a level premium, level benefit, permanent plan of whole life insurance, subject to limitations.
Spouse Life Insurance Rider Charge
A monthly Rider charge is deducted if this Rider is elected. The Spouse Life Insurance Rider Charge compensates Nationwide for providing term insurance on the life of the Insured Spouse. The Rider charge is the product of the Spouse Life Insurance Rider's Specified Amount and the Insured Spouse life insurance cost of insurance rate. The Insured Spouse life insurance cost of insurance rate is based on Nationwide’s expectations as to the mortality of the Insured Spouse. The Insured Spouse life insurance cost of insurance rate will vary by the Insured Spouse's sex, Attained Age, underwriting class, any Substandard Ratings, and the Spouse Life Insurance Rider's Specified Amount.
The Spouse Life Insurance Rider Charge will be deducted proportionally from the Sub-Account and Fixed Account allocations. Because the Spouse Life Insurance Rider Charge is deducted from Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Decreases in the Base Policy Specified Amount may result in a corresponding decrease in the Spouse Life Insurance Rider's Specified Amount.
Accidental Death Benefit Rider
Subject to Nationwide’s underwriting approval, this Rider may be elected at any time. The Rider pays a benefit, in addition to the Death Benefit, to the named beneficiary upon the Insured's accidental death. The benefit continues until the Insured reaches Attained Age 70. The policy owner will be charged for this Rider: so long as the policy remains In Force and the Rider's term has not expired; the benefit has been paid, the policy matures or otherwise terminates, or until the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination
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will be effective on the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.
The charge for this benefit is deducted from the policy's Cash Value, therefore this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Otherwise, the benefit of this Rider and the Death Benefit are independent of one another.
Accidental Death Benefit Rider Charge
The charge for this Rider compensates Nationwide for providing coverage in the event of the Insured's accidental death, meaning the Insured's death as a result of bodily injury caused by external, violent and accidental means from a cause other than a risk not assumed. The charge is the product of the Accidental Death Benefit Rider Specified Amount and the accidental death benefit cost of insurance rate. The accidental death benefit cost of insurance rate is based on Nationwide’s expectations as to the likelihood of the Insured's accidental death. The accidental death benefit cost of insurance rate will vary by the Insured's sex, Attained Age, underwriting class and any Substandard Ratings.
Premium Waiver Rider
Subject to Nationwide’s underwriting approval, the policy owner may purchase this Rider at any time.
Rider Benefit
The benefit associated with the Premium Waiver Rider is a monthly credit to the policy upon the Insured's total disability for six consecutive months not caused by a risk not assumed. Risks not assumed vary by state. Contact the Service Center to obtain a copy of the Premium Waiver Rider applicable to the policy.
The amount credited to the policy will be the lesser of:
• the Premium specified by the policy owner; or
• the average actual monthly Premiums paid over the last 36 months prior to the disability (or such shorter period of time that the policy has been In Force).
The monthly credit applied pursuant to the Rider may not be sufficient to keep the policy from Lapsing. Purchasing this Rider could help preserve the Death Benefit.
Benefit Duration
If the Insured is younger than Attained Age 63 at the time of the total disability, the Rider coverage continues until the Insured turns Attained Age 65. If the Insured is Attained Age 63 or older at the time of the total disability, the Rider coverage continues for two years. This Rider is effective until the Rider's term expires, the policy terminates, or until the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received in good order, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.
Interaction with the Deduction (of Fees and Expenses) Waiver Rider
This Rider cannot be elected if the Deduction (of Fees and Expenses) Waiver Rider is elected. During the first three years from the Policy Date, the benefit payable under that Rider is sufficient to keep the policy from Lapsing where as the benefit payable under the Premium Waiver Rider is not sufficient to keep the policy from Lapsing, see Deduction (of Fees and Expenses) Waiver Rider.
Premium Waiver Rider Charge
A monthly Premium Waiver Rider Charge will be deducted if this Rider is elected. The Premium Waiver Rider Charge compensates Nationwide for crediting the policy with the amount of scheduled due and payable Premium payments upon the Insured's total disability for six consecutive months.
The Rider Charge is the product of the Rider's benefit (the monthly policy credit) and the premium waiver cost rate. The premium waiver cost rate is based on Nationwide’s expectations as to likelihood of the Insured's total disability for six consecutive months. The premium waiver cost rates will vary by policy based on the Insured's sex, Attained Age, underwriting class, and any Substandard Ratings.
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The Premium Waiver Rider Charge will be deducted proportionally from the Sub-Account allocations and Fixed Account. Because the Premium Waiver Rider Charge is deducted from Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.
Change of Insured Rider
The Rider is only available in connection with policies issued to corporate entities or in other business contexts where the primary purpose is to provide protection or benefits to employees. The Rider is not available to individuals outside of these limited business purposes. The benefit associated with the Change of Insured Rider is that the policy owner may change the Insured at any time after the Policy Date, subject to insurability and the requirements below. There is no charge to change the Insured; however, the policy charges after the change will vary by characteristics of the new Insured including the new Insured’s Attained Age, sex, rate type and rate classification including any Substandard Ratings.
Change of Insured requirements:
(1) The policy owner must submit a written application to change the Insured to the Service Center;
(2) At the time of the change, the new Insured must have the same business relationship to the policy owner as did the previous Insured;
(3) The new Insured must have been at least 18 on the Policy Date;
(4) The new Insured must satisfy Nationwide’s underwriting requirements and may be required to submit satisfactory evidence of insurability; and
(5) The policy must be In Force and not be in a Grace Period when the request is made and at the time of the change (the "change date").
Coverage of the new Insured will become effective on the change date. Coverage of the previous Insured will terminate on the day before the change date. The change date is the first monthly anniversary on or next following the date the change of Insured requirements are met. The Policy Date will not change.
The Total Specified Amount of the policy will be as stated by the policy owner in the application for the change subject to the following:
(1) the policy continues to qualify as life insurance under the Code, and
(2) such Total Specified Amount equals or exceeds the minimum Total Specified Amount stated in the Policy Data Pages.
If the new Insured commits suicide, while sane or insane, within two years of the change date, Nationwide will not pay the Death Benefit. Instead, an amount will be paid equal to the Cash Value as of the change date, plus the sum of Premiums paid since the change date, less any Indebtedness, and less any partial surrenders.
After a change of Insured, Nationwide will not contest the policy after it has been In Force for two years from the change date.
Federal income tax consequences may result from a change in insured. For federal income tax purposes, the substitution of a new insured is treated as an exchange of the policy for another life insurance policy. Because the new insured is not the same as the insured that was substituted, the tax free treatment for policy exchanges under Code Section 1035 may not be available because the requirement that the insured under the policy relate to the same individual would not be met; consequently, the excess Cash Surrender Value over the investment in the policy would be taxable as ordinary income. The foregoing is not comprehensive and cannot replace personalized advice provided by a competent tax professional. The policy owner should seek competent tax advice regarding the tax treatment of the policy when contemplating a change of insured.
Change of Insured Rider Charge
There is no charge associated with the Change of Insured Rider.
Additional (insurance) Protection Rider
The benefit associated with the Additional (insurance) Protection Rider is term life insurance on the Insured, in addition to that under the base policy. The Death Benefit Proceeds attributable to the Additional (insurance) Protection Rider are payable to the beneficiary upon the Insured's death if the Additional (insurance) Protection Rider is still In Force. The
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Additional (insurance) Protection Rider has no cash value and no loanable value nor does it modify any cash or loan values of the base policy. Policy owners should request illustrations showing the impact of purchasing coverage with and without the Additional (insurance) Protection Rider.
Subject to Nationwide’s underwriting approval, this Rider may be purchased at any time while the policy is In Force and until the Insured reaches Attained Age 85. If purchased after the Policy Date, Nationwide will require evidence of insurability. The death benefit option for the base policy will also be the death benefit option for the Additional (insurance) Protection Rider.
The Additional (insurance) Protection Rider coverage terminates on the earliest of the following dates:
• the date the Insured dies;
• the original Maturity Date of the base policy;
• the date the policy Lapses;
• the date the policy terminates for any reason; or
• the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center.
Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.
The policy owner cannot extend the Additional (insurance) Protection Rider coverage beyond the policy's Maturity Date, see Extending Coverage Beyond the Maturity Date.
Additional (insurance) Protection Rider Impact
Cost of Insurance Charges
Electing coverage under the Additional (insurance) Protection Rider, as opposed to electing coverage only under the base policy, should lower the policy owner's overall cost of insurance. This is due in part to the broker-dealer firm receiving less overall compensation for selling a policy with the Additional (insurance) Protection Rider. It is also possible that less Premium may be required to maintain to the Death Benefit over the life of the policy or that increased Premium may be needed if the Additional (insurance) Protection Rider is not purchased.
Guaranteed Policy Continuation Provision
This provision protects the policy from Lapse under certain conditions, see Guaranteed Policy Continuation Provision. However, coverage elected under the Additional (insurance) Protection Rider is not covered by this provision beyond the fifth policy year. In comparison, the base policy may provide longer coverage, see Lapse.
Additional (insurance) Protection Rider Charge
A monthly Additional (insurance) Protection Rider Charge will be deducted if the Rider is elected. The Additional (insurance) Protection Rider Charge compensates Nationwide for providing term life insurance on the Insured.
The monthly cost of insurance charge for this Rider is determined by multiplying the Rider monthly cost of insurance rate by the Rider death benefit. The Rider death benefit will be based on the elected Death Benefit and may vary monthly. The Additional (insurance) Protection Rider cost of insurance rate is based on Nationwide’s expectation as to the Insured's mortality and expense experience. The Additional (insurance) Protection Rider cost of insurance rate will vary by the Insured's sex, Attatined Age, underwriting class, any Substandard Ratings, and the Total Specified Amount.
The Additional (insurance) Protection Rider Charge will be deducted proportionally from the Sub-Account and Fixed Account allocations. Because the Additional (insurance) Protection Rider Charge is deducted from Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on the Cash Value.
Deduction (of Fees and Expenses) Waiver Rider
Subject to Nationwide’s underwriting approval, this Rider can be elected at any time so long as the policy is In Force and it is before the Policy Date on or following the date the Insured reaches age 59.
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Rider Benefit
The benefit associated with this Rider is a waiver of the policy's monthly deductions if the Insured becomes totally disabled, as defined in the Rider, for at least six consecutive months. No benefit is available if total disability results from a risk not assumed; risks not assumed may vary by state. Contact the Service Center to obtain a copy of the Deduction (of Fees and Expenses) Waiver Rider applicable to the policy.
Disability During the First Three Years from the Policy Date
If the Insured becomes totally disabled for six consecutive months within the first three years from the Policy Date, the benefit is a credit to the policy in an amount necessary to keep the policy In Force as opposed to a waiver of the monthly deductions. The Cash Value will increase by the amount in which the minimum monthly premium exceeds the monthly deductions, just as if the minimum monthly premium had been paid.
Disability Following the First Three Years from the Policy Date
If the Insured becomes totally disabled for six consecutive months any time after the first three years from the Policy Date, the benefit is a waiver of the policy's monthly deductions. For example, if the policy owner becomes totally disabled for six consecutive months two years and eight months from the Policy Date, for the first four months, the benefit would be a credit equal to the amount necessary to keep the policy In Force. After that, the Rider's benefit becomes a waiver of the policy's monthly charges.
Following the third year from the Policy Date, the Rider's benefit alone may not be sufficient to keep the policy from Lapsing. The policy owner may need to make additional premium payments to prevent Lapse. However, while the Rider's benefit is being paid, it will cost less on a monthly basis to keep the policy In Force.
Benefit Duration
The benefit duration depends on the Insured's age when total disability begins. Before age 60, the benefit continues for as long as the Insured is totally disabled (even if that disability extends past when the Insured reaches age 65). The benefit will end if you invoke the Policy Guard Rider. Between ages 60 and 63, the benefit continues until the Insured turns age 65. From age 63, the benefit lasts only for two years.
Interaction with Premium Waiver Rider

This Rider cannot be elected if the Premium Waiver Rider is elected. During the first three years from the Policy Date, the benefit payable under this Rider appears to be the same as the benefit payable under the Premium Waiver Rider, i.e., both Riders credit amounts to the policy. However, the monthly credit under this Rider will be sufficient to keep the policy from Lapsing but only during the first three years from the Policy Date. The benefit under the Premium Waiver Rider is not guaranteed to be sufficient to keep the policy from Lapsing, see Premium Waiver Rider.
Deduction (of Fees and Expenses) Waiver Rider Charge
The charge for this Rider compensates Nationwide for the risks assumed in crediting and/or waiving policy charges during the Insured's total disability. The charge is the product of the amount of periodic charges deducted from the policy on a monthly basis (excluding the cost for this Rider) and the deduction waiver cost rate. The deduction waiver cost rate is based on Nationwide’s expectations as to the likelihood of the Insured's total disability for six consecutive months. The deduction waiver cost rate varies by the Insured's sex, Attained Age, underwriting class, and any Substandard Ratings.
The charge for this Rider is deducted proportionately from the Sub-Account and Fixed Account allocations; therefore, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.
Policy Guard Rider
A policy owner is able to prevent the policy from Lapsing due to Indebtedness by invoking the Policy Guard Rider, which provides a guaranteed paid-up insurance benefit. The Rider is designed to enable the policy owner of a policy with a substantially depleted Cash Value, due to Indebtedness, to potentially avoid the negative tax consequences associated with Lapsing the policy.
Note: Neither the IRS nor the courts have ruled on the tax consequences of invoking the Policy Guard Rider. It is possible that the IRS or a court could assert that the Indebtedness should be treated as a distribution, all or a portion of which could be taxable when the Rider is invoked. Consult with a tax advisor regarding the risks associated with invoking this Rider.
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Availability
All policies for which the guideline premium/cash value corridor life insurance qualification test is elected will automatically receive the Policy Guard Rider (state law permitting). The Rider is dormant until specifically invoked by the policy owner, at which time a one-time charge is assessed.
This Rider is not available for policies for which the cash value accumulation life insurance qualification test was elected.
Eligibility
The policy owner is eligible to invoke the Rider upon meeting the following conditions:
• Indebtedness reaches a certain percentage of the policy's Cash Value (the percentage will range from 95% to 99% based upon the life insurance qualification test and the Insured's Attained Age);
• The Insured is Attained Age 75 or older;
• The policy is currently In Force and has been In Force for at least 15 years;
• The policy's Cash Value is at least $100,000; and
• All amounts available for partial surrender not subject to federal income tax have been taken.
The first time the policy's Indebtedness reaches the percentage that makes the policy eligible for the Rider, Nationwide will notify the policy owner of the policy's eligibility to invoke the Rider. The letter will also describe the Rider, its cost, and its guaranteed benefits. The Rider may be invoked at any time, provided that the above conditions are met.
Impact on Other Riders and the Policy
The Long-Term Care Rider, the Spouse Life Insurance Rider, and the Deduction (of Fees and Expenses) Waiver Rider will terminate or will need to be terminated by the policy owner prior to invoking the Policy Guard Rider. An election to invoke the Policy Guard Rider is irrevocable.
Additionally, Nationwide will adjust the policy as follows:
(1) If not already in effect, the death benefit option will be changed to Death Benefit Option 1.
(2) The Total Specified Amount will be adjusted to equal the lesser of: (1) the Total Specified Amount immediately before the Rider was invoked; or (2) the Total Specified Amount that will cause the Death Benefit to equal the Minimum Required Death Benefit immediately after the charge for the Rider is deducted. This "new" Total Specified Amount will be used to calculate the Death Benefit pursuant to The Death Benefit provision.
(3) Any non-loaned Cash Value (after deduction of the Policy Guard Rider charge) will be transferred to the Fixed Account, where it will earn the minimum guaranteed fixed interest rate of the base policy (shown in the Policy Data Pages).
After the above adjustments are made, the Indebtedness will continue to grow at the policy's loan charged rate, and the amount in the policy loan account will continue to earn interest at the policy's loan crediting rate. No additional policy charges will be assessed. No further loans may be taken from the policy and no withdrawals may be taken from the policy (except for a full policy surrender). Cash Value may not be transferred out of the Fixed Account. The Death Benefit will be the greater of the Total Specified Amount or the Minimum Required Death Benefit. The policy will remain as described above for the duration of the policy.
Policy Guard Rider Charge
The Policy Guard Rider Charge is a one-time charge deducted at the time the Rider is invoked, and is assessed against the Cash Value allocated to the Sub-Accounts and the Fixed Account. The charge is intended to cover the administrative costs and to compensate Nationwide for the risks associated with the Rider's guaranteed paid-up death benefit. The charge is the product of the policy's Cash Value and an age-based factor ranging from 0.15% to 15.70% as shown in the Policy Data Pages.
If the Cash Value less Indebtedness is insufficient to satisfy the charge, the Rider cannot be invoked without repaying enough Indebtedness to cover the charge.
Invoking the Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Additionally, any benefits paid pursuant to this Rider will reduce the Cash Surrender Value.
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Policy Owner Services
Dollar Cost Averaging
Dollar cost averaging is an investment strategy designed to reduce the investment risks associated with market fluctuations and promote a more stable Cash Value and Death Benefit over time. A policy owner may elect to participate in the dollar cost averaging program at the time of application or at a later date by submitting an election form to the Service Center. An election to participate in the program that is submitted after application will be effective at the end of the Valuation Period coinciding with the date requested or, if that date has passed or no date is specified, at the end of the Valuation Period during which the request was received, or the end of the right to cancel period, whichever is later.
There is no charge for dollar cost averaging and dollar cost averaging transfers do not count as transfer events. Dollar cost averaging transfers will continue to be processed until there is no more Cash Value left in the originating investment option(s) or until a policy owner instructs Nationwide to terminate the service. Policy owners may direct Nationwide to automatically transfer specific amounts from the Fixed Account and the:
• Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I
• Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I
to any other Sub-Account. Certain Sub-Accounts may or may not be available depending on when the policy was purchased, see Appendix A: Underlying Mutual Fund Information for details on Sub-Account availability. Transfers from the Fixed Account must be no more than 1/30th of the Fixed Account value at the time the program is elected.
Nationwide does not assure the success of these strategies and cannot guarantee that dollar cost averaging will result in a profit or protect against a loss. A policy owner should carefully consider his or her financial ability to continue these programs over a long enough period of time to purchase Accumulation Units when their value is low, as well as when their value is high. Nationwide may modify, suspend, or discontinue these programs at any time. Nationwide will notify policy owners in writing 30 days before doing so.
Enhanced Dollar Cost Averaging
Periodically, Nationwide may offer enhanced dollar cost averaging programs. When offered, these programs will be available only at the time of application. All or a portion of the initial Premium may be applied to a program. Subsequent Premium is not eligible for inclusion in the program. Under an enhanced dollar cost averaging program, the interest rate credited to the initial Premium allocated to the Fixed Account will be greater than the interest rate credited to standard Fixed Account allocations. Enhanced dollar cost averaging programs will last for one year and Cash Value attributable to the enhanced dollar cost averaging program will be transferred from the Fixed Account to the selected Sub-Account(s) based on the following schedule:
Beginning of Month   Fraction of Cash
Value Transferred
2
   1/11
3
   1/10
4
   1/9
5
   1/8
6
   1/7
7
   1/6
8
   1/5
9
   1/4
10
   1/3
11
   1/2
12
   Remaining Amount
Enhanced Dollar Cost Averaging transfers are not considered transfer events.
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Asset Rebalancing
A policy owner may elect to participate in an asset rebalancing program. Asset rebalancing involves the automatic rebalancing of the Cash Value in the chosen Sub-Accounts (up to 20) on a periodic basis. Cash Value allocated to the Fixed Account is not eligible for asset rebalancing. A policy owner can schedule asset rebalancing to occur every three, six, or 12 months on days when Nationwide prices Accumulation Units. There is no charge for asset rebalancing and it does not count as a transfer event.
A policy owner may elect to participate in an asset rebalancing program at the time of application or at a later date by submitting an election form to the Service Center. Unless elected otherwise, asset rebalancing will not affect the allocation of Premiums paid after beginning the program. Manual transfers will not automatically terminate the program. As long as a policy with asset rebalancing elected remains In Force, termination of asset rebalancing will only occur as a result of specific instruction by a policy owner to do so. Nationwide may modify, suspend, or discontinue asset rebalancing programs at any time.
Automated Income Monitor
Automated Income Monitor is an optional systematic partial surrender and/or policy loan program that may be elected at any time, at no additional cost. This program is only available to policies that are not modified endowment contracts.
Automated Income Monitor programs are intended for policy owners who wish to take an income stream of scheduled payments from the Cash Value of the policy. The income stream is generated via partial surrenders until the policy cost basis is depleted, then through policy loans. Taking partial surrenders and/or policy loans may result in adverse tax consequences, will reduce policy values and therefore limit the ability to accumulate Cash Value, and may increase the likelihood the policy will Lapse. Before requesting the Automated Income Monitor program, policy owners should consult with financial and tax advisors.
At the time of application for a program, Nationwide will provide policy owners with an illustration of the proposed income stream and impacts to the Cash Value, Cash Surrender Value, and Death Benefit. Policy owners must submit this illustration along with an application when electing an Automated Income Monitor program. Programs will commence at the beginning of the next monthly anniversary after Nationwide receives the election form and illustration. On each policy anniversary thereafter Nationwide will provide an updated In Force illustration to assist policy owners in determining whether to continue, modify, or discontinue an elected program. Policy owners may request modification or termination of a program at any time by written request to the Service Center.
A policy owner’s program will be based on the policy's Cash Surrender Value at the time of election and each succeeding policy anniversary, and on the following elections:
(1) Payment type:
(a) Fixed Amount: If a policy owner elected payments of a fixed amount, the amount received will not vary with policy Investment Experience; however, the length of time the elected payment amount can be sustained will vary based on the illustration assumptions below and the policy's Investment Experience; or
(b) Fixed Duration: If a policy owner elected payments for a fixed duration, the amount received during the first year will be based on the illustration assumptions below. After the first year, the amount will vary based on the illustration assumptions and policy Investment Experience to maintain the elected duration.
(2) Illustration assumptions:
(a) an assumed variable rate of return specified by the policy owner from the available options stated in the election form;
(b) minimum Cash Surrender Value targeted by the policy owner to have remaining on the policy's Maturity Date, or other date specified by the policy owner. This dollar amount is used to calculate available income. It is not guaranteed to be the Cash Surrender Value on the specified date;
(c) a policy owner may also request a change of death benefit option, or a decrease in Base Policy Specified Amount to be effective in conjunction with commencing a program or to occur at a future date; and
(d) payment frequency: monthly; quarterly; semi-annually; or annually. Payments on a monthly basis are made by direct deposit (electronic funds transfer) only.
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Generally, higher variable rate of return assumptions, a lower target Cash Surrender Value, and Death Benefit Option 1, will result in larger projected payments or longer projected durations. However, larger payments or longer duration may increase the likelihood the policy will Lapse.
Note: Policy owners are responsible for monitoring the policy to prevent Lapse. Nationwide will provide annual In Force illustrations based on current Cash Surrender Values and the elected illustration assumptions to assist policy owners with preventing Lapse. Policy owners may request modification or termination of a program at any time by written request to the Service Center.
Automated Income Monitor programs are subject to the following additional conditions:
(1) To prevent adverse tax consequences, a policy owner can authorize Nationwide to make scheduled payments via policy loan when:
(a) the policy's cost basis is reduced to zero;
(b) a partial surrender within the first 15 policy years would be a taxable event;
(c) or to prevent the policy from becoming a MEC, see Taxes.
  Note: Partial surrenders and policy loans taken under the Automated Income Monitor program are subject to the same terms and conditions as other partial surrenders and policy loans, see Partial Surrender and Policy Loans.
(2) While a program is in effect, no Premium payment reminder notices will be sent unless requested; however, Premium payments will be accepted.
(3) Programs will terminate on the earliest of the following:
(a) Nationwide’s receipt at the Service Center of a written request to terminate participation;
(b) at the time the policy enters a Grace Period or terminates for any reason;
(c) at the time of a requested partial surrender or policy loan outside the program;
(d) upon a change of policy owner;
(e) for income based on a fixed duration, the end of the period the policy owner specified at the time of election;
(f) on any policy anniversary when the current Cash Surrender Value is less than or equal to the target Cash Surrender Value assumption the policy owner specified;
(g) at any time the scheduled partial surrender or policy loan would cause the policy to fail to qualify as life insurance under Section 7702 of the Code; or
(h) the policy's Maturity Date.
Additionally, the program will terminate when one of the following Riders is invoked or begins providing benefits: the Policy Guard Rider and the Long-Term Care Rider.
Nationwide will notify policy owners upon termination of an Automated Income Monitor program. In addition, Nationwide may modify, suspend, or discontinue Automated Income Monitor programs at any time. Nationwide will notify policy owners in writing 30 days before doing so.
Policy Loans
After the expiration of the right to cancel period and while the policy is In Force, a policy owner may take a policy loan. A policy loan will be effective as of the date Nationwide receives the policy owner's written request at the Service Center. Nationwide reserves the right to require written requests to be submitted on current Nationwide forms. Notwithstanding anything to the contrary set forth in this prospectus, Nationwide may accept requests submitted via telephone, subject to dollar amount limitations and payment and other restrictions to prevent fraud. Nationwide reserves the right to discontinue acceptance of telephonic requests at any time upon written notice. Contact the Service Center for current limitations and restrictions, see Contacting the Service Center.
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Taking a policy loan may increase the risk of Lapse and may result in adverse tax consequences. Unpaid loan interest charges accrue daily at a compounded annual interest rate and can cause the policy's Indebtedness to grow significantly. The policy owner should request an illustration demonstrating the impact of a policy loan on the policy's Cash Value, Cash Surrender Value, and Death Benefit Proceeds.
Loan Amount
The minimum loan amount is $200. At the time of a loan request, policy Indebtedness cannot exceed 90% of the Cash Value allocated to the Sub-Accounts plus 100% of the Cash Value allocated to the Fixed Account, plus 100% of the policy loan account, less any surrender charge. Nationwide pays the policy loan to the policy owner with assets from its general account. Nationwide then uses the policy's Cash Value as collateral for the loan as described below.
Collateral and the Policy Loan Account
As collateral for the policy loan, Nationwide transfers an amount equal to the policy loan from the policy's investment options. Collateral amounts are transferred from the Cash Value to the policy loan account (which is part of Nationwide's general account). Because the policy loan account does not participate in the Investment Experience of the Sub-Accounts, policy loans can permanently affect the Death Benefit Proceeds and the Cash Value of the policy, even if repaid. The policy loan account may be subject to Nationwide's creditors in the event of insolvency.
Amounts transferred from the policy's Cash Value equal to the policy loan account are deducted from the Sub-Accounts in the same proportion as the Sub-Account allocations, unless the policy owner has instructed otherwise. Nationwide will only transfer amounts from the Fixed Account if the loan amount exceeds 90% of the Cash Value allocated to the Sub-Accounts.
The policy owner will earn interest on the collateral held in the policy loan account. Interest will accrue daily at no less than the guaranteed minimum rate stated on the Policy Data Pages. Interest credited to the policy loan account is an obligation of Nationwide’s general account and is dependent on Nationwide’s financial strength and claims paying ability. The interest earned on the policy loan account may be different than the rate earned on Cash Value allocated to the Fixed Account.
Interest Charged
Nationwide charges interest against policy Indebtedness. Indebtedness is the total amount of all outstanding policy loans, including principal and compounded interest due. The maximum interest rate Nationwide may charge against Indebtedness is 3.90% per annum, see In Summary: Fee Tables for current interest charged rates. Rates may change and may vary by policy year. Policy loan interest charges may provide revenue for risk charges and profit.
If policy loan interest is not paid when due, policy Indebtedness will continue to compound at the interest rate in effect, see When Interest is Charged and Credited below. If not paid when due, Nationwide will transfer an amount equal to the unpaid interest from the policy's investment options and add it to the policy loan account causing the original policy loan amount (now, "Indebtedness") to increase by the amount of the unpaid interest charged. Amounts transferred from the policy's investment options as unpaid interest charges will be transferred to the policy loan account in the same manner as a new loan.
Note: Over time, unpaid loan interest charges can cause the policy's Indebtedness to be significant. In some cases, policy Indebtedness may be significant enough to cause the policy to Lapse. In general, it is advantageous to repay Indebtedness and at a minimum, the interest charged on Indebtedness, at least annually.
Upon a full surrender, Lapse, or maturity, the amount received in the original loan request(s), plus unpaid loan interest charged is considered "received" under the Code and may result in adverse tax consequences, see Surrender, Lapse, Maturity in Taxes.
When Interest is Charged and Credited
Interest charged against Indebtedness accrues daily. Interest earned on collateral also accrues daily. Nationwide will transfer interest charged on Indebtedness from the policy's investment options to the collateral account, and transfer interest credited on collateral from the policy loan account to the investment options:
• Annually, at the end of a policy year;
• At the time a new loan is requested;
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• When a loan repayment is made;
• Upon the Insured's death;
• Upon policy Lapse and/or;
• Upon a full surrender of the policy.
In most cases, the interest earned on collateral will be less and in some cases, significantly less, than the interest charged against the Indebtedness.
Repayment
The policy owner may repay all or part of policy Indebtedness at any time while the policy is In Force. The minimum loan repayment amount, if any, is stated in the policy. The policy owner should contact the Service Center to obtain loan pay-off amounts.
Note: Interest earned on collateral is not deducted from Indebtedness to calculate loan pay off amounts. If a loan repayment is made, the policy owner's Cash Value is credited with interest earned on collateral and the amount of the loan repayment is deducted from the policy's Indebtedness.
Nationwide will treat any payments made as Premium payments, unless the policy owner specifies that the payment should be applied against the policy's Indebtedness. It may be beneficial for the policy owner to repay Indebtedness before making additional Premium payments because Premium Load charges are deducted from Premium payments but not from loan repayments.
If the policy owner makes a loan repayment, it will be applied to the Sub-Accounts and the Fixed Account in accordance with the allocation instructions in effect at the time the payment is received, unless the policy owner indicates otherwise.
Repaying Indebtedness will cause the Death Benefit and net Cash Surrender Value to increase accordingly.
Lapse
The policy is at risk of Lapsing when the Cash Surrender Value is insufficient to cover the monthly policy charges, including Rider charges, see Unfavorable Investment Experience. A policy owner can avoid Lapsing the policy by paying the amount required by the Guaranteed Policy Continuation Provision or by invoking the Policy Guard Rider to prevent the policy from Lapsing due to Indebtedness. Before any Lapse, there is a Grace Period during which a policy owner can take action to prevent the Lapse. Subject to certain conditions, a policy owner may reinstate a policy that has Lapsed.
Guaranteed Policy Continuation Provision
The policy provides for a Guaranteed Policy Continuation Period. The policy will not Lapse during the Guaranteed Policy Continuation Period if the policy owner pays the Policy Continuation Premium amount shown on the Policy Data Pages.
The Policy Continuation Premium required is stated in the Policy Data Pages and will vary by the Insured's issue age, sex, underwriting classification, any Substandard Ratings, the Total Specified Amount and any Riders elected.
The Policy Continuation Premium can only change due to action taken by the policy owner. If a policy owner has made any changes to the policy after it is issued, including any policy loans or partial surrenders, increases or decreases to the Total Specified Amount, adding or terminating a Rider, and/or changing the death benefit option, the Policy Continuation Premium may change. A change will result in reissued Policy Data Pages which will show the new Policy Continuation Premium. Upon request and for no charge, Nationwide will determine whether Premium payments, minus any Indebtedness and partial surrenders, are sufficient to keep the Guaranteed Policy Continuation Provision in effect.
The Guaranteed Policy Continuation Period will begin when Nationwide issues the policy and will continue for the lesser of 30 years, or the number of years until the Insured reaches Attained Age 65, from the Policy Date. For policies issued on Insured's age 55 or older on the Policy Date, the Guaranteed Policy Continuation Period is 10 years.
When the Guaranteed Policy Continuation Period ends, if the Cash Surrender Value remains insufficient to cover the monthly policy charges, the policy is at risk of Lapsing and a Grace Period will begin. There is no separate additional charge for the Guaranteed Policy Continuation Provision.
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Grace Period
If the Cash Surrender Value on any monthly anniversary is not sufficient to cover the current monthly deductions, then a Grace Period will begin. At the beginning of a Grace Period, the policy owner will receive a notice from Nationwide that will indicate the amount of Premium that must be paid to avoid Lapsing the policy. If the required Premium is not paid within 61 days, the policy and all Riders will Lapse. The amount is equal to the lesser of:
• the amount of Premium required to pay any due and unpaid policy charges plus three times the current monthly deductions; or
• the amount of Premium that will bring the Guaranteed Policy Continuation Provision back into effect, if applicable.
The Grace Period will not alter the operation of the policy or the payment of Proceeds.
Reinstatement
A policy owner may request reinstatement of a Lapsed policy by:
(1) submitting, at any time within three years after the end of the Grace Period (or longer if required by state law) and before the Maturity Date, a written request to the Service Center to reinstate the policy;
(2) providing evidence of insurability satisfactory to Nationwide;
(3) paying sufficient Premium to keep the policy In Force for three months (or less if required by state law) from the date of reinstatement, or, if the policy is in the Guaranteed Policy Continuation Period, paying the lesser of (a) and (b) where:
(a) is the amount of Premium sufficient to keep the policy In Force for three months from the date of reinstatement; and
(b) is the amount of Premium sufficient to bring the Guaranteed Policy Continuation Provision into effect;
(4) paying sufficient Premium to cover all policy charges that were due and unpaid during the Grace Period; and
(5) repaying or reinstating any Indebtedness that existed at the end of the Grace Period.
The policy owner may also reinstate coverage under certain Riders subject to satisfactory evidence of insurability.
If Nationwide approves the application for reinstatement and receives the required Premium, the effective date of a reinstated policy, including any reinstated Riders, will be the coinciding or next monthly anniversary of the Policy Date following the date Nationwide approves the application for reinstatement.
If the policy is reinstated, the Cash Value on the date of reinstatement will be set equal to the lesser of the surrender charge corresponding to the policy year in which the policy is reinstated or the Cash Value at the end of the most recent Grace Period. Nationwide will add any Premiums or loan repayments that were made to reinstate the policy to the Cash Value.
The Sub-Account allocations that were in effect at the start of the Grace Period will be reinstated, unless the policy owner indicates otherwise.
Surrenders
Full Surrender
The policy may be surrendered for the Cash Surrender Value at any time while it is In Force. A surrender will be effective as of the date Nationwide receives the policy owner’s written surrender request in good order at the Service Center. Nationwide reserves the right to require written requests to be submitted on current Nationwide forms. Any applicable surrender charges will be deducted from the policy’s Cash Value, see Surrender Charge. See Payment of Policy Proceeds for additional information.
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Policy Restoration after a Full Surrender
Prior to the Insured's death, Nationwide will permit restoration of a surrendered policy pursuant to established procedures to meet the requirements of state insurance law regarding the replacement of life insurance (i.e., use of the Proceeds from a surrendered policy to purchase a new policy). Restored policies will be treated as if they were never surrendered for all purposes, including Investment Experience, interest, and deduction of charges, see Policy Restoration Procedure in the Statement of Additional Information.
Partial Surrender
After the policy has been In Force for one year, the policy owner may request a partial surrender of the policy's Cash Surrender Value. During the first 10 policy years, the amount of a partial surrender cannot exceed 10% of the Cash Surrender Value as of the beginning of the policy year. Nationwide may limit partial surrenders to one per year from the Policy Date. The minimum amount of any partial surrender request is $200.
When a partial surrender is taken, Nationwide will reduce the Cash Value by the partial surrender amount. The Base Policy Specified Amount will also be reduced by the amount necessary to prevent an increase in the Net Amount At Risk. However, the reduction to the Base Policy Specified Amount will not be greater than the excess of the partial surrender amount over the preferred partial surrender amount (a preferred partial surrender is a partial surrender that occurs before the 15th policy anniversary and does not exceed 10% of the Cash Surrender Value as of the beginning of the policy year). In any event, a partial surrender will reduce the Cash Value in each Sub-Account the same proportion as the current allocations.
Partial surrenders may be subject to income tax penalties. They could also cause the policy to become a "modified endowment contract" under the Code, which could change the income tax treatment of any distribution from the policy, see Periodic Withdrawals, Non-Periodic Withdrawals, and Loans. See Payment of Policy Proceeds for additional information.
Notwithstanding anything to the contrary set forth in this prospectus, requests submitted via telephone will be accepted subject to dollar amount limitations and payment restrictions to prevent fraud. Nationwide reserves the right to discontinue acceptance of telephonic requests at any time upon written notice to the policy owner. Contact the Service Center for current limitations and restrictions on partial surrenders.
Reduction of Base Policy Specified Amount on a Partial Surrender
Nationwide will reduce the Cash Value of the policy by the amount of any partial surrender in the same proportion as how Cash Value is allocated among the Sub-Accounts. Nationwide will only reduce the Cash Value attributable to the Fixed Account when allocations in the Sub-Accounts are insufficient to cover the amount of the partial surrender.
Nationwide may reduce the Base Policy Specified Amount to ensure that the Net Amount At Risk does not increase due to a partial surrender. Because the policy’s Net Amount At Risk is the same before and after the reduction, a partial surrender by itself does not alter the policy's cost of insurance. The policy's charges going forward will be based on a new Base Policy Specified Amount that will change the calculation of those charges. Depending on changes in variables such as the Cash Value, these charges may increase or decrease after the reduction in Base Policy Specified Amount. However, Nationwide will not reduce the Base Policy Specified Amount when a preferred partial surrender is taken. A preferred partial surrender is a surrender taken before the 15th year from the Policy Date, the maximum aggregate annual amount of which is no more than 10% of the policy's Cash Surrender Value as of the beginning of that year.
Any reduction to the Base Policy Specified Amount will be made in the following order:
• against the most recent increase in the Base Policy Specified Amount;
• against the next most recent increases in the Base Policy Specified Amount in succession; and
• against the Base Policy Specified Amount under the original application.
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The Death Benefit
Calculation of the Death Benefit
The Death Benefit will be calculated when Nationwide has received (at the Service Center) all information required to process the claim for Death Benefit Proceeds, including, but not limited to, proof that the Insured has died and any other information Nationwide may reasonably require. The Death Benefit may be subject to an adjustment if an error or misstatement was made upon application, if the Insured dies by suicide, or benefits were paid under a Rider that accelerated all or a portion of the Death Benefit.
While the policy is In Force, the Death Benefit will never be less than the Base Policy Specified Amount. The Death Benefit will depend on the death benefit option elected, certain Riders, and the tax test elected as discussed in greater detail below. The Death Benefit may vary with the Cash Value of the policy, which is affected by Investment Experience, Indebtedness, and any due and unpaid monthly deductions that accrued during a Grace Period.
Death Benefit Options
Policy owners have a choice of one of three available death benefit options under the policy. If a death benefit option is not selected, Nationwide will issue the policy with Death Benefit Option 1. Not all death benefit options are available in all states.
Note: The Death Benefit will be the greater of the amount produced by the death benefit option in effect on the date of the Insured's death or the Minimum Required Death Benefit, see The Minimum Required Death Benefit.
Death Benefit Option 1: The Death Benefit will be the Total Specified Amount as of the Insured's date of death.
Death Benefit Option 2: The Death Benefit will be the Total Specified Amount plus the Cash Value as of the Insured's date of death.
Death Benefit Option 3: The Death Benefit will be the Total Specified Amount plus the accumulated premium account (which consists of all Premium payments, up to the maximum stated in the Policy Data Pages, plus interest), less any partial surrenders, as of the Insured's date of death.
The interest rate attributable to the accumulated premium account is referred to as the Death Benefit Option 3 Interest Rate and is stated in the Policy Data Pages. The amount of the accumulated premium account will be no less than zero and no greater than twice the Total Specified Amount.
The Minimum Required Death Benefit
The policy has a Minimum Required Death Benefit. The Minimum Required Death Benefit is the lowest Death Benefit that will qualify the policy as life insurance under Section 7702 of the Code.
The tax tests for life insurance generally require that the policy have a significant element of life insurance and not be primarily an investment vehicle. At the time the policy is issued, the policy owner irrevocably elects one of the following tests to qualify the policy as life insurance under Section 7702 of the Code:
• the cash value accumulation test; or
• the guideline premium/cash value corridor test.
If a specific test is not elected, Nationwide will issue the policy with the guideline premium/cash value corridor test. If the cash value accumulation test is elected, the Policy Guard Rider is not available.
Cash Value Accumulation Test
The cash value accumulation test determines the Minimum Required Death Benefit by multiplying the Cash Value by a percentage calculated as described in the Code. The percentages depend upon the Insured's age, sex, and underwriting classification. Under the cash value accumulation test, there is no limit to the amount that may be paid in Premiums as long as there is sufficient Death Benefit in relation to the Cash Value at all times.
Guideline Premium/Cash Value Corridor Test
The guideline premium/cash value corridor test determines the Minimum Required Death Benefit by comparing the Death Benefit to an applicable percentage of the Cash Value. These percentages are set out in the Code, but the percentage varies only by the Attained Age of the Insured.
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In deciding which test to elect for the policy, consider the following:
• The cash value accumulation test generally allows flexibility to pay more Premium, subject to Nationwide's approval of any increase in the policy's Net Amount At Risk that would result from higher Premium payments. Premium payments under the guideline premium/cash value corridor test are limited by Section 7702 of the Code.
• Generally, the guideline premium/cash value corridor test produces a higher Death Benefit in the early years of the policy while the cash value accumulation test produces a higher Death Benefit in the policy's later years.
• Monthly cost of insurance charges that vary with the amount of the Death Benefit may be greater during the years when the elected test produces a higher Death Benefit.
Regardless of which test is elected, Nationwide will monitor compliance to ensure that the policy meets the statutory definition of life insurance under the Code. As a result, the Proceeds payable under a policy should be excludable from gross income of the beneficiary for federal income tax purposes. Nationwide may refuse additional Premium payments or return Premium payments so that the policy continues to meet the Code's definition of life insurance. Consult a qualified tax advisor on all tax matters involving the policy.
Changes in the Death Benefit Option
After the first year from the Policy Date, the policy owner may elect to change the Death Benefit option under the policy from either Option 1 to Option 2, or from Option 2 to Option 1. The policy owner may not change from or to Option 3. Nationwide will permit only one change of Death Benefit option per policy year. The effective date of a change will be the monthly anniversary date following the date the change is approved.
For any change in the Death Benefit option to become effective, the Cash Surrender Value after the change must be sufficient to keep the policy In Force for at least three months.
Upon effecting a death benefit option change, the Total Specified Amount may be changed (either increased or decreased) so that the Net Amount At Risk remains the same before and after the change on the date of the change. Because the policy's Net Amount At Risk remains the same before and after the change, changing the death benefit option and preserving the Net Amount At Risk by itself does not alter the policy charges. The policy charges going forward will be based on the adjusted Total Specified Amount. Depending on changes in factors such as fluctuations in the policy's Cash Value, these charges may increase or decrease after the death benefit option change.
The policy owner should request an illustration demonstrating the impact of a change in the policy's death benefit option.
Nationwide will refuse a death benefit option change that would reduce the Total Specified Amount to a level where the Premium already paid would exceed any premium limitations under the Code.
Where the policy owner has selected the guideline premium/cash value corridor test, a change in death benefit option will not be permitted if it results in the total Premium paid exceeding any premium limitations under Section 7702 of the Code.
Incontestability
Nationwide will not contest payment of the Death Benefit based on the initial Total Specified Amount after the policy has been In Force during the Insured's lifetime for two years from the Policy Date, and, in some states, within two years from a reinstatement date. For any change in Total Specified Amount requiring evidence of insurability, Nationwide will not contest payment of the Death Benefit based on such increase after it has been In Force during the Insured's lifetime for two years from its effective date, and, in some states, within two years from a subsequent reinstatement date. The incontestability period in some states may be less than two years.
Suicide
If the Insured dies by suicide within two years from the Policy Date, and, in some states, within two years of a reinstatement date, Nationwide will pay no more than the sum of the Premiums paid, less any Indebtedness, partial surrenders, and any benefits paid as an acceleration of the Base Policy Specified Amount or Total Specified Amount. Similarly, if the Insured dies by suicide within two years from the date an application for an increase in the Total Specified Amount as accepted by Nationwide, and, in some states, within two years from a subsequent reinstatement date, Nationwide will pay no more than the Death Benefit Proceeds associated with insurance that has been In Force for at least two years from the Policy Date, plus the Cost of Insurance Charges associated with any increase in Total Specified Amount that has been In Force for a shorter period. The suicide period in some states may be less than two years.
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Proceeds Upon Maturity
If the policy is In Force on the Maturity Date, Nationwide will pay the Proceeds to the policy owner.
Normally, the Proceeds will be paid within seven days after receipt of the policy owner’s written request for payment of Proceeds at the Service Center. Nationwide may postpone payment of the Proceeds on the days that it is unable to price Accumulation Units, see Valuation of Accumulation Units. The Proceeds will equal the policy's Cash Value minus any Indebtedness. The policy is terminated once the Proceeds are paid.
Extending Coverage Beyond the Maturity Date
Nationwide may offer to extend coverage beyond the Maturity Date to coincide with the Insured's death, at which time the Proceeds will be paid to the beneficiary. During this coverage extension, the policy owner will still be able to request partial surrenders, and if elected, the Long-Term Care Rider will remain in effect (though there will be no charge for it). The termination of some policy and/or Rider benefits will coincide with the policy's Maturity Date (unless the policy owner decides otherwise). The extension of coverage will be for the Cash Value (as defined below) or for the Total Specified Amount (subject to the law of the state in which the policy owner lived at the time the policy was purchased).
If coverage is extended beyond the policy's Maturity Date, Nationwide will endorse the policy so that:
(1) if extended for the Total Specified Amount, the policy's Total Specified Amount will be equal to the Base Policy Specified Amount and will be adjusted to what it was when the Insured reached Attained Age 70, subject to any partial surrenders;
(2) no changes to the Base Policy Specified Amount and/or Total Specified Amount will be permitted (as they are the same);
(3) no changes to the death benefit option will be allowed;
(4) no additional Premium payments will be allowed;
(5) no additional monthly periodic charges will be deducted; however, loan interest will continue to be charged on Indebtedness;
(6) 100% of the policy's Cash Value will be transferred to the Fixed Account;
(7) if coverage is extended for the policy’s Cash Value, the policy's Death Benefit will become the Cash Value, regardless of the previous death benefit option choice;
(8) if the Policy Guard Rider is in effect prior to the extension of coverage beyond the Maturity Date, the Total Specified Amount will continue to be defined as the adjusted Total Specified Amount; and
(9) if the Additional (insurance) Protection Rider is in effect, the extension of coverage beyond the Maturity Date will not apply to the Rider Specified Amount.
Note: Partial surrenders will affect the Base Policy Specified Amount (and thus Total Specified Amount) of a policy with Death Benefit Option 1 based on the Insured's Attained Age at the time the partial surrender is requested. While the Insured is between the Attained Age of 71 and 90, a partial surrender will decrease the Base Policy Specified Amount proportionately. If the Insured is Attained Age 91 or older, a partial surrender will reduce the Proceeds by an amount proportionate to the ratio of the partial surrender to the Cash Value prior to the partial surrender.
The coverage beyond the Maturity Date will not occur when the policy would fail the definition of life insurance under the Code.
The primary purpose of coverage extension is to continue the life insurance coverage, and avoid current income taxes on any earnings in excess of the cost basis if the maturity Proceeds are taken, see Surrendering the Policy; Maturity.
Assuming no Indebtedness on the Maturity Date and no partial surrenders or loans are taken after the Maturity Date, the Proceeds after the Maturity Date will equal or exceed the Proceeds at maturity. However, because the loan interest rate charged may be greater than loan interest credited, if Indebtedness exists on or after the Maturity Date, Proceeds after the Maturity Date may be less than the Proceeds at maturity.
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Payment of Policy Proceeds
Normally, Nationwide will make a lump sum payment of the Proceeds within seven days after the written request for payment is received at the Service Center. However, Nationwide may postpone payment of the Proceeds from:
• the general account options for up to six months;
• on the days that it is unable to price Sub-Account Accumulation Units, see Valuation of Accumulation Units; and/or
• as permitted or required by federal securities laws and rules and regulations of the SEC.
Death Benefit Proceeds are paid from Nationwide’s general account. For payout options other than lump sum, Nationwide will issue a settlement contract in exchange for the policy, see Policy Settlement Options.
Treatment of Unclaimed Property
Every state has unclaimed property laws which generally declare life insurance policies to be abandoned after a period of inactivity of three to five years from the policy Maturity Date or the date Nationwide becomes informed that a Death Benefit is due and payable. For example, if the payment of a Death Benefit has been triggered, but, if after a thorough search, Nationwide is still unable to locate the beneficiary of the Death Benefit, or the beneficiary does not come forward to claim the Death Benefit in a timely manner, the Death Benefit will be surrendered and placed in a non-interest bearing account. While in the non-interest bearing account, Nationwide will continue to perform due diligence required by state law. Once the state mandated period has expired, Nationwide will escheat the Death Benefit to the abandoned property division or unclaimed property office of the state in which the beneficiary or the policy owner last resided, as shown on Nationwide’s books and records, or to Ohio, Nationwide’s state of domicile. If a claim is subsequently made, the state is obligated to pay any such amount (without interest) to the designated recipient upon presentation of proper documentation.
To prevent escheatment, it is important to update beneficiary designations - including complete names, complete addresses, phone numbers, and social security numbers - as they change. Such updates should be sent to the Service Center.
Policy Settlement Options
Proceeds (Death Benefit, maturity Proceeds, or Cash Surrender Value) may be paid out in a lump sum, or in another form that is elected at application.
At any time before the Proceeds become payable, a policy owner may request to change the payout option by writing to the Service Center.
If more than one payout option is elected, at least $2,000 must be apportioned to each option and each payment (made at the specified interval) must be at least $20. The settlement options below are based on predetermined fixed payments.
If the policy owner does not make an election as to the form of the Proceeds, upon the Insured's death, the beneficiary may make the election. Changing the beneficiary of the policy will revoke the payout option(s) in effect at that time. Proceeds are neither assignable nor subject to claims of creditors or legal process. If the beneficiary does not make an election, Nationwide will pay the Proceeds in a lump sum.
Note that for the remainder of Payment of Policy Proceeds provision, "payee" means the person(s) entitled to the Proceeds.
Interest Income Option
If the Interest Income Option is elected, Nationwide retains the Proceeds and credits the Proceeds with interest at an annually determined rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually whether any interest in excess of 2.5% will be credited. The interest can be credited at the end of 12-, six, three, or one month intervals.
At any time, the policy owner can withdraw any remaining Proceeds and accumulated interest by submitting a written request to the Service Center. Upon the payee’s death, the remaining Proceeds and accumulated interest will be paid to the payee’s estate.
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Income for a Fixed Period Option
If the Income for a Fixed Period Option is elected, Nationwide retains the Proceeds and makes payments to the payee at specified intervals over a certain number of years, not to exceed 30. Each payment will consist of a portion of the Proceeds plus interest at an annually determined rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually if any interest in excess of 2.5% will be credited. The payments can be paid at the beginning of 12-, six, three, or one month intervals.
At any time, the payee may withdraw any remaining Proceeds and accumulated interest by submitting a written request to the Service Center. Upon the payee’s death, the remaining Proceeds and accumulated interest will be paid to the payee’s estate.
Life Income with Payments Guaranteed Option
If the Life Income with Payments Guaranteed Option is elected, Nationwide will retain the Proceeds and make payments to the payee at specified intervals for a guaranteed period (10, 15, or 20 years) and, if the payee is still living at the end of the guaranteed period, the payments will continue for the rest of the payee’s life. During the guaranteed period, Nationwide will pay interest on the remaining Proceeds at a rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually if any interest in excess of 2.5% will be paid. The Proceeds can be paid at the beginning of 12-, six, three, or one month intervals.
Once payments begin under this option, withdrawals are not permitted. If a payee dies before the guaranteed period has elapsed, Nationwide will make the remaining payments to the payee’s estate. If the payee dies after the guaranteed period has elapsed, no further payments will be made.
Fixed Income for Varying Periods Option
If the Fixed Income for Varying Periods Option is elected, Nationwide will retain the Proceeds and pay a fixed amount at specified intervals until the Proceeds and accumulated interest have been exhausted. The total amount payable each year may not be less than 5% of the original Proceeds. Nationwide will credit interest on the remaining Proceeds at a rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually if any interest in excess of 2.5% will be credited. The Proceeds can be paid at the beginning of 12-, six, three, or one month intervals.
At any time, the payee may withdraw any remaining Proceeds and accumulated interest by submitting a written request to the Service Center. Upon the payee’s death, Nationwide will pay the remaining Proceeds and accumulated interest to the payee’s estate.
Joint and Survivor Life Option
If the Joint and Survivor Life Option was elected, Nationwide will retain the Proceeds and make equal payments to the payees at specified intervals for the life of the last surviving payee. The Proceeds can be paid at the beginning of 12-, six, three, or one month intervals.
Once payments begin under this option, withdrawals are not permitted. Payments will cease upon the death of the last surviving payee. Nationwide will make no payments to the last surviving payee's estate. It is possible that only one payment will be made under this option if both payees die prior to the first payment.
Alternate Life Income Option
If the Alternate Life Income Option is elected, Nationwide will use the Proceeds to purchase an annuity with the payee as annuitant. The amount payable will be 102% of the current individual immediate annuity purchase rate on the date of the individual immediate annuity is elected. The Proceeds can be paid at the end of 12-, six, three, or one month intervals. Since the payments are based on the payee’s lifetime, the payee may not withdraw any amount designated to this option once payments begin. Payments will cease upon the payee’s death. No payments will be made to the payee’s estate.
Payments to Minors
Nationwide will not make payments directly to minors. Contact a legal advisor for options to facilitate payment of Policy Proceeds intended for a minor’s benefit.
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Taxes
The tax treatment of life insurance policies under the Internal Revenue Code ("Code") is complex and will depend on the policy owner's particular circumstances. The policy owner should seek competent tax advice regarding the tax treatment of the policy given their situation. The following discussion provides a general overview of the Code's provisions relating to certain common life insurance policy transactions. Some of the items discussed below may not be applicable to the life insurance policy described herein. It is not and cannot be comprehensive, and it cannot replace personalized advice provided by a competent tax professional.
Types of Taxes
Federal Income Tax
Generally, the United States assesses a tax on income, which is broadly defined to include all items of income from whatever source, unless specifically excluded. Certain expenditures can reduce income for tax purposes and correspondingly the amount of tax payable. These expenditures are called deductions. While there are many more income tax concepts under the Code, the concepts of "income" and "deduction" are the most fundamental to the federal income tax treatment that pertains to this policy.
Federal Transfer Tax
In addition to the income tax, the United States also assesses a tax on some or all of the value of certain transfers of property made by gift while a person is living (the federal gift tax), and by bequest or otherwise at the time of a person's death (the federal estate tax).
The federal gift tax is imposed on the value of the property (including cash) transferred by gift. Each donor is allowed to exclude an amount per recipient from the value of present interest gifts. An unlimited marital deduction may be available for certain lifetime gifts made by the donor to the donor's spouse as well as for certain amounts that pass to the decedent’s surviving spouse.
The Tax Cuts and Jobs Act (the "Act") of 2017, doubled the basic estate and gift tax exclusion amount from $5 million to $10 million for estates of persons dying and gifts occurring after December 31, 2017. The exclusion amount is adjusted annually for inflation.
If the transfer is made to someone two or more generations younger than the transferor, the transfer may be subject to the federal generation-skipping transfer tax ("GSTT"). The GSTT provisions generally apply to the same transfers that are subject to estate or gift taxes. The GSTT is imposed at a flat rate equal to the maximum estate tax rate of 40% subject to any applicable exemptions.
State and Local Taxes
State and local estate, inheritance, income and other tax consequences of ownership or receipt of policy proceeds depend on the circumstances of each policy owner or beneficiary. While these taxes may or may not be substantial in every policy owner's case, state by state differences of these taxes preclude a useful description of them in this prospectus.
Buying the Policy
Federal Income Tax
Generally, the Code treats life insurance premiums as a nondeductible expense for income tax purposes.
Federal Transfer Tax
Generally, the Code treats the payment of premiums on a life insurance policy as a gift when the premium payment benefits someone else (such as when premium payments are paid by someone other than the policy owner). Gifts are not generally included in the recipient's taxable income. If the policy owner (whether or not they are the insured) transfers ownership of the policy to another person, the transfer may be subject to a federal gift, estate and income tax.
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Investment Gain in the Policy
The income tax treatment of increases in the policy's cash value depends on whether the policy is "life insurance" under the Code. If the policy meets the definition of life insurance, then the increase in the policy's cash value is not included in the policy owner's taxable income for federal income tax purposes unless it is distributed to the policy owner before the death of the insured.
To qualify as life insurance, the policy must meet certain tests set out in Section 7702 of the Code. Nationwide believes the policy meets the statutory requirements of Code Section 7702 and will monitor the policy’s compliance with Section 7702, and take whatever steps are necessary to stay in compliance.
Diversification
In addition to meeting the tests required under Section 7702, Section 817(h) of the Code requires that the investments of the separate account be adequately diversified. Regulations under Code Section 817(h) provide that a variable life policy that fails to satisfy the diversification standards will not be treated as life insurance unless such failure was inadvertent, is corrected, and the policy owner or the issuer pays an amount to the IRS. If the failure to diversify is not corrected, the income and gain in the policy would be currently taxed as ordinary income for federal income tax purposes.
Nationwide will also monitor compliance with Code Section 817(h) and the regulations applicable to Section 817(h) and, to the extent necessary, take appropriate action to remain in compliance.
Representatives of the IRS have informally suggested, from time to time, that the number of underlying investment options available or the number of transfer opportunities available under a variable insurance product may be relevant in determining whether the product qualifies for favorable tax treatment. In 2003, the IRS issued formal guidance, in Revenue Ruling 2003-91, which provides that if the number of underlying investment options available in a variable insurance product does not exceed 20, the number of underlying investment options alone would not cause the policy to not qualify for favorable tax treatment. The IRS has also indicated that exceeding 20 underlying investment options may be considered a factor, along with other factors including the number of transfer opportunities available under the policy, when determining whether the policy qualifies for favorable tax treatment. The revenue ruling did not indicate the number of underlying investment options, if any, that would cause the policy to not provide favorable tax treatment. Should the U.S. Secretary of the Treasury issue additional rules or regulations that would limit: the number of underlying investment options, transfers between underlying investment options, exchanges of underlying investment options or changes in the investment objectives of underlying investment options such that the policy would no longer qualify as life insurance under Section 7702 of the Code, then Nationwide will take whatever steps are available to remain in compliance.
Based on the above, the policy should be treated as life insurance for federal income tax purposes.
Periodic Withdrawals, Non-Periodic Withdrawals and Loans
The tax treatment described in this section applies to withdrawals and loans, premiums Nationwide accepts but then returns in order to meet the Code's definition of life insurance, and amounts used to pay the premium on any rider to the policy.
The income tax treatment of distributions of cash and loans from the policy depends on whether the policy is also considered a modified endowment contract under the Code. Generally, the income tax consequences of owning a life insurance policy that is not a modified endowment contract are more advantageous than the tax consequences of owning a life insurance policy that is a modified endowment contract.
Depending on the policy owner's circumstances, the use of the cash value of the policy to pay for the cost of any rider to the base life policy, could be treated as a distribution, and would be subject to the rules described below. Policy owners should seek competent tax advice regarding the tax treatment of the addition of any rider to the policy taking into account the policy owner's individual facts and circumstances.
A Life Insurance Policy that is a Modified Endowment Contract
The policies offered by this prospectus may or may not be issued as modified endowment contracts. If a policy is issued as a modified endowment contract, it will always be a modified endowment contract; a policy that is not issued as a modified endowment contract can become a modified endowment contract due to subsequent transactions with respect to the policy, such as payment of additional premiums.
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Section 7702A of the Code defines a modified endowment contract as those life insurance policies issued or materially changed on or after June 21, 1988 where the total premiums paid at any time during the first 7 contract years exceed the amount that would have been paid at that point if the policy provided for paid up benefits after the payment of 7 level annual premiums. Under certain conditions, a policy may become a modified endowment contract, or may become subject to a new 7-year testing period because of a "material change" or a "reduction in benefits" as defined by Section 7702A(c) of the Code.
All modified endowment contracts issued to the same owner by the same company during a single calendar year are required to be aggregated and treated as a single policy for purposes of determining the amount that is includible in income when a distribution occurs.
The Code provides special rules for the taxation of partial surrenders, loans, collateral assignments, and other pre-death distributions from modified endowment contracts. Under these special rules, such transactions are treated first as a distribution of gain to the extent that the cash value of the policy exceeds the 'investment in the contract' (generally, the net premiums paid for the policy). In addition, a 10% tax penalty generally applies to the taxable portion of such distributions unless an exception to the 10% penalty applies.
A Life Insurance Policy that is NOT a Modified Endowment Contract
If the policy is not issued as a modified endowment contract, Nationwide will monitor it and advise the policy owner if the payment of a premium, or other transaction, may cause the policy to become a modified endowment contract. It is only with the policy owner's written authorization that Nationwide will permit the policy to become a modified endowment contract. Otherwise, Nationwide will reject the requested action or refund any premium paid that exceeds the modified endowment limits.
Distributions from a life insurance policy that is not a modified endowment contract is generally treated as being first a return of nontaxable premiums paid or investment in the contract, and then taxable income after full recovery of the investment in the contract. Distributions not in excess of investment in the contract will reduce the owner's investment in the contract.
However, in certain circumstances a distribution from a policy that is not a modified endowment contract may not be treated as being first a return of investment in the contract as previously described. Pursuant to Section 7702(f)(7), a cash distribution during the first 15 years after a policy is issued and a reduction in the face amount of the death benefit may result in the cash distribution being fully or partially taxable to the policy owner. The policy owner should consult a competent tax advisor to carefully consider this potential tax consequence and seek further information before requesting any changes in the terms of the policy.
In general, interest paid on a policy loan will not be deductible. In addition, unlike a modified endowment contract, a loan from a life insurance policy that is not a modified endowment contract is not taxable when made, although it can be treated as a distribution if it is forgiven during the owner's lifetime. Distributions from policies that are not modified endowment contracts are not subject to the 10% early distribution penalty tax.
Surrender, Lapse, Maturity
A full surrender, cancellation of the policy by lapse, or the maturity of the policy on its maturity date may have adverse income tax consequences. If the amount received (or is deemed received upon maturity) plus total policy indebtedness exceeds the investment in the contract, then the excess generally will be treated as taxable ordinary income, regardless of whether the policy is a modified endowment contract. In certain circumstances, for example when the policy indebtedness is very large, the amount of tax could exceed the amount distributed to the policy owner at surrender.
The purpose of the maturity date extension feature is to permit the policy to continue to be treated as life insurance for tax purposes. Although Nationwide believes that the extension provision will cause the policy to continue to be treated as life insurance after the initially scheduled maturity date, that result is not certain due to a lack of guidance on the issue. The policy owner should consult with a qualified tax advisor regarding the possible adverse tax consequences that could result from an extension of the scheduled maturity date.
Additional Medicare Tax
Section 1411 of the Code imposes a surtax of 3.8% on certain net investment income received by individuals and certain trusts and estates. The surtax is imposed on the lesser of (a) net investment income or (b) the excess of the modified adjusted gross income over a threshold amount. For individuals, the threshold amount is $250,000 (married filing jointly); $125,000 (married filing separately); or $200,000 (other individuals). The threshold for an estate or trust is $7,500.
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Modified adjusted gross income is equal to adjusted gross income with several modifications; the policy owner should consult with a tax advisor regarding how to determine the policy owner’s modified adjusted gross income for purposes of determining the applicability of the surtax.
Net investment income includes, but is not limited to, interest, dividends, capital gains, rent and royalty income, and income from nonqualified annuities; and may include taxable gain from the sale or surrender of a life insurance policy.
Net investment income includes, but is not limited to, interest, dividends, capital gains, rent and royalty income, and income from nonqualified annuities; and may include taxable distributions from, and gain from the sale or surrenders of, life insurance policies.
Sale of a Life Insurance Policy
If a life insurance policy is transferred or sold it may be taxable to the extent of the gain in the policy and, all or a portion of the gain will be treated as ordinary income. The Tax Cuts and Jobs Act of 2017, provides that for purposes of calculating gain on the sale of a life insurance policy, the owner’s investment in the contract is not reduced for cost of insurance (COI) charges. This reverses the IRS’s position in Revenue Ruling 2009-13 that on the sale of a cash value life insurance policy, the seller’s investment in the contract is reduced by previously imposed COI charges.
Under the transfer for value rule, the sale of the policy may result in a portion of the death benefit proceeds being taxable income when paid to the beneficiary. However, exceptions to the transfer for value rule will preclude taxation of the death benefit proceeds if the transfer is to the insured under the policy, a partner of the insured, a partnership of which the insured is a partner, or to a corporation in which the insured is a shareholder or officer.
However, the Tax Cuts and Jobs Act of 2017 provides that the exceptions to the transfer for value rule noted above are not available if the life insurance policy was transferred in a reportable policy sale. Therefore, in a reportable policy sale some portion of the death benefit proceeds will be taxable.
The Tax Cuts and Jobs Act of 2017 also provides special tax reporting requirements that apply to the sale of a life insurance policy in a reportable policy sale or the transfer of a life insurance policy to a foreign person. Under these reporting requirements the buyer of a life insurance policy in a reportable policy sale must report the amount of the sales proceeds to the IRS as well as the insurance company that issued the policy. Upon receipt of 1) the report of sale from the buyer or 2) any notice of a transfer of a life insurance policy to a foreign person, the insurance company is then required to report information related to the sale or transfer of the life insurance policy to the IRS. A policy owner contemplating the transfer or sale of the policy or a transfer of the policy to a foreign person should consult a qualified tax advisor.
Exchanging the Policy for Another Life Insurance Policy
Generally, policy owners will be taxed on amounts received in excess of the investment in the contract when the policy is surrendered in full. However, if the policy is exchanged for another life insurance policy, endowment contract, or annuity contract, the policy owner will not be taxed on the excess amount if the exchange meets the requirements of Code Section 1035. To satisfy Section 1035, the insured named in the policy must be the insured under the new policy.
If the policy or contract is subject to a policy indebtedness that is discharged as part of the exchange transaction, the discharge of the indebtedness may be taxable. Policy owners should consult with their personal tax or legal advisors in structuring any policy exchange transaction.
Federal Income Taxation of Death Benefits
Death of Insured
Under Section 101 of the Code, the death benefit is generally excludable from the beneficiary’s gross income by reason of the insured’s death. However, if the policy had been transferred to a new policy owner for valuable consideration (e.g., through a sale of the policy), a portion of the death benefit may be includible in the beneficiary’s gross income when it is paid (see, Sale of Life Insurance Policy).
The payout option selected by the policy's beneficiary may affect how the payments received by the beneficiary are taxed. Under the various payout options, the amount payable to the beneficiary may include earnings on the death benefit, which will be taxable as ordinary income. For example, if the beneficiary elects to receive interest only, then the entire amount of the interest payment will be taxable to the beneficiary; if a periodic payment (whether for a fixed period or for life) is
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selected, then a portion of each payment will be taxable interest income, and a portion will be treated as the nontaxable payment of the death benefit. The policy's beneficiaries should consult with their tax advisors to determine the tax consequences of electing a payout option, based on their individual circumstances.
Accelerated Death Benefits
The death benefit under a life insurance policy may be distributed at a time earlier than the death of the insured, and all or a portion of the distribution may still be excludable from gross income under the Code.
Terminal Illness
The death benefit under a life insurance policy may be distributed when the insured is considered a "terminally ill individual" as that term is defined under the Internal Revenue Code. In this situation the distribution is treated as paid by reason of death of the insured and will generally be excluded from the policy owner’s gross income under Section 101 of the Code, see Federal Income Taxation of Death Benefits.
Long-Term Care
A long-term care rider issued with a life insurance policy or one that is subsequently added to the policy may allow for acceleration of all or a portion of the death benefit upon the insured being certified as a "chronically ill individual" as that term is defined under the Internal Revenue Code. If the long-term care rider meets the requirements of a qualified long-term care insurance contract as defined under Section 7702B of the Internal Revenue Code, then a distribution of all or a portion of the death benefit will generally be excluded from income under the Code. The long-term care rider issued with this life insurance policy is intended to be a qualified long-term care insurance contract under Section 7702B of the Internal Revenue Code.
The amount of the long-term care benefit that is excludable from gross income on an annual basis is limited to the greater of (1) the HIPAA per diem amount or (2) the amount of actual qualifying long-term care expenses incurred, reduced by any reimbursements received for qualifying long-term care services provided for the insured. While the long-term care rider issued with this life insurance policy may or may not pay a long-term care benefit that is limited to the HIPAA per diem amount , Nationwide cannot guarantee that the long-term care benefit will be treated as tax free. If multiple indemnity contracts are owned on a single insured, the payments received from these contracts are aggregated for purposes of determining whether the amounts received exceed the greater of the HIPAA per diem amount or the amount of actual qualifying long-term care expenses incurred.
The Tax Cuts and Jobs Act of 2017 changed the methodology used to calculate the annual inflation adjustments to the HIPAA per diem amount. The change will result in a lower rate of increase in the annual HIPAA per diem. Therefore, it is highly recommended that the policy owner consults their tax advisor when contemplating the amount of long-term care benefit to be taken under the long-term care rider.
The long-term care rider may pay benefits if the insured is receiving qualified long-term care services outside of the United States. It is the responsibility of the policy owner to determine if collecting benefits while outside the United States will subject the policy owner to taxation in the United States, the country of residence, or any other foreign jurisdiction.
Payment of long-term care rider charges will be made through deductions from the cash value of the life policy. These deductions from the cash value are considered to be distributions from the life policy for federal tax purposes and will not be included in income even if the policy owner has fully recovered their investment in the contract.
The payment of long-term care benefits made to the policy owner of the long-term care rider will be reported on a Form 1099-LTC. In addition, deductions from the cash value of the life insurance policy to pay for long-term care rider charges during the calendar year will also be reported on Form 1099-R.
This discussion of the tax treatment of the long-term care rider is not meant to be all inclusive. Due to the complexity of these rules, and because they are affected by the policy owner's facts and circumstances, the policy owner should consult with legal and tax counsel and other competent advisors regarding these matters.
Federal Transfer (Estate, Gift and Generation Skipping Transfer) Taxes
When the insured dies, the death benefit will generally be included in the insured's federal gross estate if: (1) the proceeds were payable to or for the benefit of the insured's estate; or (2) the insured held any "incident of ownership" in the policy at death or at any time within three years of death. An incident of ownership, in general, is any right in the policy that may be exercised by the policy owner, such as the right to borrow on the policy or the right to name a new beneficiary.
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If the beneficiary is two or more generations younger than the insured, the death benefit may be subject to the GSTT. Pursuant to regulations issued by the Treasury, Nationwide may be required to withhold a portion of the proceeds and pay them directly to the IRS as the GSTT payment.
If the policy owner is not the insured or a beneficiary, then payment of the death benefit to the beneficiary will be treated as a gift to the beneficiary from the policy owner.
Special Considerations for Corporations
Special federal income tax considerations for life insurance policies owned by employers
Sections 101(j) and 6039I of the Code provide special rules regarding the tax treatment of death benefits that are payable under life insurance policies owned by the employer of the insured. These provisions are generally effective for life insurance policies issued after August 17, 2006. If a life insurance policy was originally issued on or before August 17, 2006, but materially modified after that date, it will be treated as having been issued after that date for purposes of Section 101(j). Policies issued after August 17, 2006 pursuant to a Section 1035 exchange generally are excluded from the operation of these provisions, provided that the policy received in the exchange does not have a material increase in death benefit or other material change with respect to the old policy.
Section 101(j) provides the general rule that, with respect to an employer-owned life insurance policy, the amount of death benefit payable to the employer that may be excluded from income cannot exceed the sum of premiums paid and other payments made by the policy owner for the policy. Consequently, under this general rule, some portion of the death benefit will be taxable.
The general rule of taxability will not apply if the statutory notice and consent requirements are satisfied before the policy is issued and one of the following apply:
1. The insured was an employee at any time during the 12-month period before the insured’s death.
2. At the time that the policy is issued, the insured is either a director, a "highly compensated employee" (as defined in the Code), or a "highly compensated individual" (as defined in the Code).
3. The death benefit is paid to a family member of the insured (as defined under the Code), an individual who is a designated beneficiary (other than the employee) of the insured, a trust established for either the family member’s or beneficiary’s benefit, or the insured’s estate, or
4. The death benefit is used to buy an equity interest in the employer from the family member of the insured, beneficiary, trust or estate.
Code Section 6039I requires any policy owner of an employer-owned policy to file an annual return showing (a) the number of employees of the policy owner, (b) the number of such employees insured under employer-owned policies at the end of the year, (c) the total amount of insurance in force with respect to those policies at the end of the year, (d) the name, address, taxpayer identification number and type of business of the policy owner, and (e) that the policy owner has a valid consent for each insured (or, if all consents are not obtained, the number of insured employees for whom such consent was not obtained). Proper recordkeeping is also required by this section.
It is the employer's responsibility to (a) provide the proper notice to each insured, (b) obtain the proper consent from each insured, (c) inform each insured in writing that the employer-owner will be the beneficiary of any proceeds payable upon the death of the insured, and (d) file the annual return required by Section 6039I. If the employer-owner fails to provide the necessary notice and information, or fails to obtain the necessary consent, the death benefit will be taxable when received. If the employer-owner fails to file a properly completed return under Section 6039I, a penalty may apply.
Due to the complexity of these rules, and because they are affected by the policy owner’s facts and circumstances, the policy owner should consult with legal and tax counsel and other competent advisors regarding these matters.
Limitation on interest and other business deductions
Section 264 of the Code imposes a number of limitations on the interest and other business deductions that may otherwise be available to businesses that own life insurance policies. In addition, the premium paid by a business for a life insurance policy is not deductible as a business expense or otherwise if the business is directly or indirectly a beneficiary of the policy.
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Federal appellate and trial courts have examined the economic substance of transactions involving life insurance policies owned by corporations. These cases involved relatively large loans against the policy's cash value as well as tax deductions for the interest paid on the policy loans by the corporate policy owner to the insurance company. Under the particular factual circumstances in these cases, the courts determined that the corporate policy owners should not have taken tax deductions for the interest paid. Accordingly, the court determined that the corporations should have paid taxes on the amounts deducted. Corporations should consider, in consultation with tax advisors familiar with these matters, the impact of these decisions on the corporation's intended use of the policy.
Due to the complexity of these rules, and because they are affected by the policy owner's facts and circumstances, the policy owner should consult with legal and tax counsel and other competent advisors regarding these matters.
Business Uses of the Policy
The life insurance policy may be used in various arrangements, including nonqualified deferred compensation or salary continuance plans, split dollar insurance plans, executive bonus plans, retiree medical benefit plans, and others. The tax consequences of these plans may vary depending on the particular facts and circumstances of each individual arrangement. Therefore, if the policy owner is contemplating using the policy in any arrangement the value of which depends in part on its tax consequences, the policy owner should be sure to consult a tax advisor as to tax attributes of the arrangement.
Non-Resident Aliens and Other Persons Who are Not Citizens of the United States
Special income tax laws and rules apply to non-resident aliens of the United States including certain withholding requirements with respect to pre-death distributions from the policy. In addition, foreign law may impose additional taxes on the policy, the death benefit, or other distributions and/or ownership of the policy.
In addition, special gift, estate and GSTT laws and rules may apply to non-resident aliens, and to transfers to persons who are not citizens of the United States, including limitations on the marital deduction if the surviving or donee spouse is not a citizen of the United States.
If the policy owner is a non-resident alien, or a resident alien, or if any of the policy's beneficiaries (including the policy owner's spouse) are not citizens of the United States, the policy owner should confer with a competent tax advisor with respect to the tax treatment of this policy.
If the policy owner, the insured, the beneficiary, or other person receiving any benefit or interest in or from the policy, are not both a resident and citizen of the United States, there may be a tax imposed by a foreign country that is in addition to any tax imposed by the United States. The foreign law (including regulations, rulings, treaties with the United States, and case law) may change and impose additional or increased taxes on the policy, payment of the death benefit, or other distributions and/or ownership of the policy.
FATCA
Under Sections 1471 through 1474 of the Internal Revenue Code (commonly referred to as FATCA), distributions from a policy to a foreign financial institution or to a nonfinancial foreign entity, each as described by FATCA, may be subject to United States tax withholding at a flat rate equal to 30% of the taxable amount of the distribution, irrespective of the status of any beneficial owner of the policy or of the distribution. Nationwide may require you to provide certain information or documentation (e.g., Form W-9 or Form W-8BEN) to determine its withholding requirements under FATCA.
Withholding and Tax Reporting
Distribution of taxable income from a life insurance policy, including a life insurance policy that is a modified endowment contract, is subject to federal income tax withholding. Generally, the recipient may elect not to have the withholding taken from the distribution. Nationwide will withhold income tax unless the policy owner advises Nationwide, in writing, of their request not to withhold. If the policy owner requests that taxes not be withheld, or if the taxes withheld are insufficient, the policy owner may be liable for payment of an estimated tax.
A policy owner is not permitted to waive withholding if the payee does not provide Nationwide with a taxpayer identification number; or if Nationwide receives notice from the Internal Revenue Service that the taxpayer identification number furnished by the payee is incorrect. In that instance, a distribution will be subject to withholding rates established by Section 3405 of the Code and will be applied against the amount of income that is distributed.
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However, interest earned on a death benefit may be subject to mandatory back-up withholding. Mandatory backup withholding means that Nationwide is required to withhold taxes on income earned at the rate established by Section 3406 of the Code. Mandatory backup withholding may arise if Nationwide has not been provided a taxpayer identification number, or if the IRS notifies Nationwide that back-up withholding is required.
In certain employer-sponsored life insurance arrangements, participants may be required to report for income tax purposes, one or more of the following:
• the value each year of the life insurance protection provided;
• an amount equal to any employer-paid Premiums;
• some or all of the amount by which the current value exceeds the employer's interest in the policy; and/or
• interest that is deemed to have been forgiven on a loan that Nationwide deems to have been made by the employer.
Participants in an employer-sponsored plan relating to this policy should consult with the sponsor or the administrator of the plan, and/or with their personal tax or legal advisor to determine the tax consequences, if any, of their employer-sponsored life insurance arrangements.
Taxes and the Value of the Policy
For federal income tax purposes, a separate account is not a separate entity from the company. Thus, the tax status of the separate account is not distinct from our status as a life insurance company. Investment income and realized capital gains on the assets of the separate account are reinvested and taken into account in determining the value of Accumulation Units. As a result, such investment income and realized capital gains are automatically applied to increase reserves under the policies.
At present, Nationwide does not expect to incur any federal income tax liability that would be chargeable to the accumulation units. Based upon these expectations, no charge is being made against the policy's accumulation units for federal income taxes. If, however, Nationwide determines that taxes may be incurred, Nationwide reserves the right to assess a charge for these taxes.
Nationwide may also incur state and local taxes (in addition to those described in the discussion of the premium taxes) in several states. At present, these taxes are not significant. If they increase, however, charges for such taxes may be made that would decrease the value of the policy's accumulation units.
Tax Changes
The foregoing is a general discussion of various tax matters pertaining to life insurance policies. It is based on our understanding of federal tax laws as currently interpreted by the IRS, is general and is not intended as tax advice. The policy owner should consult their independent legal, tax and/or financial professional.
The Code has been subjected to numerous amendments and changes, and it is reasonable to believe that it will continue to be revised. The United States Congress has, in the past, considered numerous legislative proposals that, if enacted, could change the tax treatment of life insurance policies. For example, the "FY 2013, Budget of the United States Government" includes a proposal which, if enacted, would affect the treatment of corporate owned life insurance policies by limiting the availability of certain interest deductions for companies that purchase those policies. No proposed statutory language has been released yet, so the specifics of the proposal cannot be addressed herein. Such a proposal, if enacted, could have an adverse tax impact on the ownership of life insurance by or for the benefit of business entities. It is reasonable to believe that such proposals, and future proposals, may be enacted into law. The U.S. Treasury Department may amend existing regulations, issue new regulations, or adopt new interpretations of existing law that may differ from its current positions on these matters. In addition, current state law (which is not discussed herein) and future amendments to state law may affect the tax consequences of the policy.
Any or all of the foregoing may change from time to time without any notice, and the tax consequences arising out of a policy may be changed retroactively. There is no way of predicting if, when, or to what extent any such change may take place. Nationwide makes no representation as to the likelihood of the continuation of these current laws, interpretations, and policies.
The Consolidated Appropriations Act, 2021 that was enacted into law on December 27, 2020 changed the interest rate assumption used under Section 7702 to determine the amount of premium allowed to fund a policy. The change is generally favorable and only applies to life insurance policies issued on or after January 1, 2021.
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Nationwide Life Insurance Company
Nationwide, the depositor, is a stock life insurance company organized under Ohio law in March 1929, with its home office at One Nationwide Plaza, Columbus, Ohio 43215. Nationwide is a provider of life insurance, annuities, and retirement products. It is admitted to do business in all states, the District of Columbia, Guam, the U.S. Virgin Islands, and Puerto Rico.
Nationwide is a member of the Nationwide group of companies. Nationwide Mutual Insurance Company and Nationwide Mutual Fire Insurance Company (the "Companies") are the ultimate controlling persons of the Nationwide group of companies. The Companies were organized under Ohio law in December 1925 and 1933 respectively. The Companies engage in a general insurance and reinsurance business, except life insurance.
Nationwide VLI Separate Account-4
Organization, Registration, and Operation
Nationwide VLI Separate Account-4 is a separate account established under Ohio law. Nationwide owns the assets in this account and is obligated to pay all benefits under the policies. Nationwide may use the separate account to support other variable life insurance policies that it issues. The separate account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940 ("1940 Act") and qualifies as a "separate account" within the meaning of federal securities laws. For purposes of federal securities laws, the separate account is, and will remain, fully funded at all times. This registration does not involve the SEC's supervision of the separate account's management or investment practices or policies.
The separate account is divided into Sub-Accounts that invest in shares of the underlying mutual funds. Nationwide buys and sells the mutual fund shares at their respective NAV. Any dividends and distributions from a mutual fund are reinvested at NAV in shares of that mutual fund.
Income, gains, and losses, whether or not realized, from the assets in the separate account will be credited to, or charged against, the separate account without regard to Nationwide's other income, gains, or losses. Income, gains, and losses credited to, or charged against, a Sub-Account reflect the Sub-Account's own Investment Experience and not the investment experience of Nationwide's other assets. The separate account's assets are held separately from Nationwide’s other assets and are not part of Nationwide’s general account. Nationwide may not use the separate account's assets to pay any of its liabilities other than those arising from the policies. Nationwide will hold assets in the separate account equal to its liabilities. The separate account may include other Sub-Accounts that are not available under the policies, and are not discussed in this prospectus.
Nationwide does not guarantee any money placed in this separate account. The value of each Sub-Account will increase or decrease, depending on the Investment Experience of the corresponding mutual fund. A policy owner could lose some or all of their money.
Addition, Deletion, or Substitution of Mutual Funds
Where permitted by applicable law, Nationwide reserves the right to:
• remove, close, combine, or add Sub-Accounts and make new Sub-Accounts available;
• substitute shares of another mutual fund, which may have different fees and expenses, for shares of an existing mutual fund;
• transfer assets supporting the policies from one Sub-Account to another, or from one separate account to another;
• combine the separate account with other separate accounts, and/or create new separate accounts;
• deregister the separate account under the 1940 Act, or operate the separate account or any Sub-Account as a management investment company under the 1940 Act or as any other form permitted by law; and
• modify the policy provisions to reflect changes in the Sub-Accounts and the separate account to comply with applicable law.
Nationwide reserves the right to make other structural and operational changes affecting this separate account.
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Nationwide will provide notice of any of the changes above. Also, to the extent required by law, Nationwide will obtain the required orders, approvals, and/or regulatory clearance from the appropriate government agencies (such as the various insurance regulators or the SEC). Also, to the extent required by state law, Nationwide will accept an irrevocable election from the policy owner to transfer 100% of the policy's Cash Value to the Fixed Account if received within 60 days after the date the policy owner received notification of a material change in the investment policy of the separate account.
Substitution of Securities
Nationwide may substitute, eliminate, or combine shares of another underlying mutual fund for shares already purchased or to be purchased in the future if either of the following occurs:
(1) shares of a current underlying mutual fund are no longer available for investment; or
(2) further investment in an underlying mutual fund is inappropriate.
Nationwide will not substitute shares of any underlying mutual fund in which the Sub-Accounts invest without any necessary prior approval of the appropriate state and/or federal regulatory authorities. All affected policy owners will be notified in writing by U.S. mail, or any other means permitted by law, in the event there is a substitution, elimination, or combination of shares.
The substitute mutual fund may have different fees and expenses. Substitution may be made with respect to existing investments or the investment of future Premium, or both. Nationwide may close Sub-Accounts to allocations of Premiums or policy value, or both, at any time in its sole discretion. The mutual funds, which sell their shares to the Sub-Accounts pursuant to participation agreements, also may terminate these agreements and discontinue offering their shares to the Sub-Accounts.
Deregistration of the Separate Account
Nationwide may deregister Nationwide VLI Separate Account-4 under the 1940 Act in the event the separate account meets an exemption from registration under the 1940 Act, if there are no shareholders in the separate account or for any other purpose approved by the SEC.
All policy owners will be notified in the event Nationwide deregisters Nationwide VLI Separate Account-4.
Voting Rights
Although the separate account owns the mutual fund shares, policy owners are the beneficial owner of those shares. When a matter involving a mutual fund is subject to shareholder vote, unless there is a change in existing law, Nationwide will vote the separate account's shares only as instructed by policy owners.
When a shareholder vote occurs, a policy owner will have the right to instruct Nationwide how to vote. The weight of each vote is based on the number of mutual fund shares that corresponds to the amount of Cash Value a policy has allocated to that mutual fund's Sub-Account (as of a date set by the mutual fund). Nationwide will vote shares for which no instructions are received in the same proportion as those that are received. What this means is that when only a small number of policy owners vote, each vote has a greater impact on, and may control the outcome of the vote.
Material Conflicts
The underlying mutual funds may be offered through separate accounts of other insurance companies, as well as through other separate accounts of Nationwide. Nationwide does not anticipate any disadvantages to this. However, it is possible that a conflict may arise between the interests of the variable account and one or more of the other separate accounts in which these underlying mutual funds participate.
Material conflicts may occur due to a change in law affecting the operations of variable life insurance policies and variable annuity contracts, or differences in the voting instructions of the policy owners and those of other companies. If a material conflict occurs, Nationwide will take whatever steps are necessary to protect policy owners and variable annuity payees, including withdrawal of the separate account from participation in the underlying mutual fund(s) involved in the conflict.
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Legal Proceedings
Nationwide Life Insurance Company
Nationwide Financial Services, Inc. (NFS, or collectively with its subsidiaries, (the "Company") was formed in November 1996. NFS is the holding company for Nationwide Life Insurance Company (NLIC), Nationwide Life and Annuity Insurance Company (NLAIC) and other companies that comprise the life insurance and retirement savings operations of the Nationwide group of companies (Nationwide). This group includes Nationwide Financial Network (NFN), an affiliated distribution network that markets directly to its customer base. NFS is incorporated in Delaware and maintains its principal executive offices in Columbus, Ohio.
The Company is subject to legal and regulatory proceedings in the ordinary course of its business. These include proceedings specific to the Company and proceedings generally applicable to business practices in the industries in which the Company operates. The outcomes of these proceedings cannot be predicted due to their complexity, scope, and many uncertainties. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory proceedings is not likely to have a material adverse effect on the Company’s financial position. The Company maintains Professional Liability Insurance and Director and Officer Liability insurance policies that may cover losses for certain legal and regulatory proceedings. The Company will make adequate provision for any probable and reasonably estimable recoveries under such policies.
The various businesses conducted by the Company are subject to oversight by numerous federal and state regulatory entities, including but not limited to the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Department of Labor, the Internal Revenue Service, the Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or their affiliates, the Company is cooperating with regulators.
Nationwide Investment Services Corporation
The general distributor, NISC (the "Company"), is subject to legal and regulatory proceedings in the ordinary course of its business. These include proceedings specific to the Company and proceedings generally applicable to business practices in the industries in which the Company operates. The outcomes of these proceedings cannot be predicted due to their complexity, scope and many uncertainties. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory proceedings is not likely to have a material adverse effect on the Company’s financial position. The Company has agreements with Nationwide Life Insurance Company (NLIC) under which, NLIC pays all litigation costs on behalf of the Company. Should NLIC be unable or unwilling to pay these costs in the future, the Company would be liable for such costs.
The various businesses conducted by the Company are subject to oversight by numerous federal and state regulatory entities, including but not limited to the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Department of Labor, the Internal Revenue Service, the Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or its affiliates, the Company is cooperating with regulators.
Financial Statements
The Statement of Additional Information ("SAI") contains the financial statements of Nationwide VLI Separate Account-4 and the financial statements and schedules of Nationwide Life Insurance Company (the "Company"). Policy owners may obtain a copy of the SAI FREE OF CHARGE by contacting the Service Center. Please consider the financial statements of the Company only as bearing on Nationwide’s ability to meet the obligations under the policy. Policy owners should not consider the financial statements of the Company as affecting the investment performance of the assets of the separate account.
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Appendix A: Underlying Mutual Fund Information
This appendix contains information about the underlying mutual funds in which the Sub-Accounts invest. The underlying mutual funds in which the Sub-Accounts invest are designed primarily as investments for variable annuity contracts and variable life insurance policies issued by insurance companies. There is no guarantee that the investment objectives will be met.
Please refer to the prospectus for each underlying mutual fund for more detailed information.
   
Designations Key:
FF: The underlying mutual fund corresponding to this Sub-Account primarily invests in other mutual funds. Therefore, a proportionate share of the fees and expenses of any acquired funds are indirectly borne by investors. As a result, investors in this Sub-Account may incur higher charges than if the assets were invested in an underlying mutual fund that does not invest in other mutual funds. Refer to the prospectus for this underlying mutual fund for more information.
MF: The underlying mutual fund operates as a "feeder fund", which means it invests all of its investment assets in another mutual fund, the "master fund". Investors in this underlying mutual fund will bear the fees and expenses of both this underlying mutual fund and the "master fund" in which it invests. Therefore, this may result in higher expenses than those of other underlying mutual funds that invest directly in individual securities. Refer to the prospectus for this underlying mutual fund for more information.
VOL: The underlying mutual fund uses a volatility management strategy to reduce a policy owner’s exposure to equity investments when equity markets are volatile which may limit investment losses in a down market. However, use of such a strategy may also limit the growth of the policy’s Cash Value. Allocation to this type of investment option may result in foregone investment gains that could otherwise be realized by investing in riskier investment options.
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A
This Sub-Account is only available in policies issued before May 1, 2004
Investment Advisor: AllianceBernstein L.P.
Investment Objective: Long-term growth of capital.
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A
Investment Advisor: AllianceBernstein L.P.
Investment Objective: Long-term growth of capital.
American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II
Investment Advisor: American Century Investment Management, Inc.
Investment Objective: The fund pursues long-term total return using a strategy that seeks to protect against U.S. inflation.
American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I
This Sub-Account is only available in policies issued before May 1, 2004
Investment Advisor: American Century Investment Management, Inc.
Investment Objective: Capital growth by investing in common stocks. Income is a secondary objective.
American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I
Investment Advisor: American Century Investment Management, Inc.
Investment Objective: Long-term capital growth with income as a secondary objective.
BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II
Investment Advisor: BlackRock Advisors, LLC
Sub-advisor: BlackRock Investment Management, LLC
Investment Objective: Seek high total investment return.
BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares
Investment Advisor: BNY Mellon Investment Adviser, Inc.
Investment Objective: The fund seeks to match the performance of the Standard & Poor's® SmallCap 600 Index (S&P SmallCap 600 Index).
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BNY Mellon Stock Index Fund, Inc.: Initial Shares
Investment Advisor: BNY Mellon Investment Adviser, Inc.
Sub-advisor: Mellon Investments Corporation
Investment Objective: The fund seeks to match the total return of the S&P 500® Index.
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares
This Sub-Account is only available in policies issued before May 1, 2003
Investment Advisor: BNY Mellon Investment Adviser, Inc.
Sub-advisor: Newton Investment Management Limited
Investment Objective: The fund seeks long-term capital appreciation.
BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares
This Sub-Account is only available in policies issued before May 1, 2016
Investment Advisor: BNY Mellon Investment Adviser, Inc.
Sub-advisor: Fayez Sarofim & Co.
Investment Objective: The fund seeks long-term capital growth consistent with the preservation of capital. Its secondary goal is current income.
BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares
This Sub-Account is only available in policies issued before May 1, 2004
Investment Advisor: BNY Mellon Investment Adviser, Inc.
Investment Objective: The fund seeks capital growth.
Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares
Investment Advisor: Federated Equity Management Company of Pennsylvania
Sub-advisor: Federated Investment Management Company, Federated Advisory Services Company, Fed Global
Investment Objective: To achieve high current income and moderate capital appreciation.
Designation: VOL
Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares
This Sub-Account is only available in policies issued before May 1, 2008
Investment Advisor: Federated Investment Management Company
Investment Objective: Current income.
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.
Designation: FF
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.
Designation: FF
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.
Designation: FF
Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: Capital appreciation.
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Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: Reasonable income.
Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: Capital appreciation.
Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Service Class
This Sub-Account is only available in policies issued before May 1, 2015
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: High level of current income while also considering growth of capital.
Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: High level of current income.
Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class
This Sub-Account is only available in policies issued before May 1, 2017
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: Long-term growth of capital.
Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-advisor: FMR Co., Inc. (FMRC), FMR Investment Management (UK) Limited (FMR UK), and other investment advisers serve as sub-advisers for the fund.
Investment Objective: Long-term growth of capital.
Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class
This Sub-Account is only available in policies issued before May 1, 2006
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Objective: Capital appreciation.
Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2
Investment Advisor: Franklin Advisers, Inc.
Investment Objective: Seeks capital appreciation with income as a secondary goal.
Designation: FF
Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2
Investment Advisor: Franklin Advisers, Inc.
Investment Objective: Seeks to maximize income while maintaining prospects for capital appreciation.
Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1
This Sub-Account is only available in policies issued before May 1, 2006
Investment Advisor: Franklin Advisers, Inc.
Investment Objective: Seeks long-term capital appreciation, with preservation of capital as an important consideration.
Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1
Investment Advisor: Franklin Mutual Advisers, LLC
Investment Objective: Seeks long-term total return.
Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2
This Sub-Account is only available in policies issued before April 30, 2014
Investment Advisor: Templeton Asset Management, Ltd.
Investment Objective: Seeks long-term capital appreciation.
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Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1
This Sub-Account is no longer available to receive transfers or new premium payments effective May 1, 2005
Investment Advisor: Templeton Investment Counsel, LLC
Investment Objective: Seeks long-term capital growth.
Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2
This Sub-Account is only available in policies issued before April 30, 2014
Investment Advisor: Templeton Investment Counsel, LLC
Investment Objective: Seeks long-term capital growth.
Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2
This Sub-Account is only available in policies issued before May 1, 2019
Investment Advisor: Franklin Advisers, Inc.
Investment Objective: Seeks high current income, consistent with preservation of capital, with capital appreciation as a secondary consideration.
Invesco - Invesco V.I. American Franchise Fund: Series I Shares
Investment Advisor: Invesco Advisers, Inc.
Investment Objective: Seeks capital growth.
Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I (formerly, Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I)
Investment Advisor: Invesco Advisers, Inc.
Investment Objective: Capital appreciation.
Invesco - Invesco V.I. Global Fund: Series I (formerly, Invesco Oppenheimer V.I. Global Fund: Series I)
Investment Advisor: Invesco Advisers, Inc.
Investment Objective: The Fund seeks capital appreciation.
Invesco - Invesco V.I. Global Strategic Income Fund: Series I (formerly, Invesco Oppenheimer V.I. Global Strategic Income Fund: Series I)
Investment Advisor: Invesco Advisers, Inc.
Investment Objective: The Fund seeks total return.
Invesco - Invesco V.I. Main Street Fund: Series I (formerly, Invesco Oppenheimer V.I. Main Street Fund: Series I)
Investment Advisor: Invesco Advisers, Inc.
Investment Objective: The Fund seeks capital appreciation.
Invesco - Invesco V.I. Main Street Small Cap Fund: Series I (formerly, Invesco Oppenheimer V.I. Main Street Small Cap Fund: Series I)
Investment Advisor: Invesco Advisers, Inc.
Investment Objective: Capital appreciation.
Ivy Variable Insurance Portfolios - Asset Strategy: Class II
This Sub-Account is only available in policies issued before May 1, 2017
Investment Advisor: Ivy Investment Management Company
Investment Objective: To seek to provide total return.
Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares
This Sub-Account is only available in policies issued before May 1, 2004
Investment Advisor: Janus Capital Management LLC
Investment Objective: Long-term capital growth, consistent with preservation of capital and balanced by current income.
Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares
Investment Advisor: Janus Capital Management LLC
Investment Objective: Long-term growth of capital.
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Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares
Investment Advisor: Janus Capital Management LLC
Investment Objective: Long-term growth of capital.
Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares
This Sub-Account is only available in policies issued before May 1, 2004
Investment Advisor: Janus Capital Management LLC
Investment Objective: Long-term growth of capital.
MFS® Variable Insurance Trust - MFS Value Series: Initial Class
Investment Advisor: Massachusetts Financial Services Company
Investment Objective: To seek capital appreciation.
MFS® Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class
This Sub-Account is only available in policies issued before March 27, 2015
Investment Advisor: Massachusetts Financial Services Company
Investment Objective: To seek capital appreciation.
Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I
This Sub-Account is only available in policies issued before May 1, 2009
Investment Advisor: Morgan Stanley Investment Management Inc.
Investment Objective: Above-average total return over a market cycle of three to five years by investing primarily in a diversified portfolio of fixed income securities.
Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I
This Sub-Account is only available in policies issued before May 1, 2004
Investment Advisor: Morgan Stanley Investment Management Inc.
Investment Objective: High total return by investing primarily in fixed income securities of government and government-related issuers and, to a lesser extent, of corporate issuers in emerging market countries.
Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Allianz Global Investors U.S. LLC
Investment Objective: The Fund seeks long-term capital growth.
Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Asset Allocation Fund: Class II)
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective: The fund seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term.
Designation: MF
Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Bond Fund: Class II)
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective: The Fund seeks to provide as high a level of current income as is consistent with the preservation of capital.
Designation: MF
Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Global Growth Fund: Class II)
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective: The Fund seeks to provide long-term growth of capital.
Designation: MF
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Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Growth Fund: Class II)
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective: The Fund seeks to provide growth of capital.
Designation: MF
Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Growth-Income Fund: Class II)
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective: The fund seeks to achieve long-term growth of capital and income.
Designation: MF
Nationwide Variable Insurance Trust - NVIT Amundi Multi Sector Bond Fund: Class I (formerly, Nationwide Variable Insurance Trust - Amundi NVIT Multi Sector Bond Fund: Class I)
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Amundi Pioneer Institutional Asset Management, Inc.
Investment Objective: The Fund seeks to provide above average total return over a market cycle of three to five years.
Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: AQR Capital Management, LLC
Investment Objective: The Fund seeks total return through a flexible combination of capital appreciation and current income.
Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I (formerly, Nationwide Variable Insurance Trust - BlackRock NVIT Equity Dividend Fund: Class I)
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: BlackRock Investment Management, LLC
Investment Objective: The Fund seeks capital growth and income through investments in equity securities, including common stocks and securities convertible into common stocks.
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks maximum growth of capital consistent with a more aggressive level of risk as compared to other Blueprint(SM) Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks a high level of total return through investment in both equity and fixed income securities.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks growth of capital, but also seeks income consistent with a less aggressive level of risk as compared to other Blueprint (SM) Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks a high level of total return consistent with a conservative level of risk as compared to other Blueprint(SM) Funds.
Designation: FF
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Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Nationwide Asset Management, LLC
Investment Objective: The Fund seeks a high level of total return consistent with a moderate level of risk as compared to other Blueprint (SM) Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks growth of capital, but also seeks income consistent with a moderately aggressive level of risk as compared to other Blueprint (SM) Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The fund seeks a high level of total return consistent with a moderately conservative level of risk.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I
This Sub-Account is no longer available to receive transfers or new premium payments effective October 16, 2020
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Columbia Management Investment Advisers, LLC
Investment Objective: The Fund seeks to maximize total return consisting of capital appreciation and/or current income.
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Columbia Management Investment Advisers, LLC
Investment Objective: The fund seeks to maximize total return consisting of capital appreciation and/or current income.
Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Nationwide Asset Management, LLC
Investment Objective: The Fund seeks a high level of current income consistent with preserving capital.
Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Neuberger Berman Investment Advisers LLC
Investment Objective: The fund seeks long-term total return consistent with reasonable risk.
Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Lazard Asset Management LLC and Standard Life Investments (Corporate Funds) Limited
Investment Objective: The Fund seeks long-term capital growth by investing primarily in equity securities of companies located in emerging market countries.
Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I (formerly, Nationwide Variable Insurance Trust - Federated NVIT High Income Bond Fund: Class I)
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Federated Investment Management Company
Investment Objective: The Fund seeks to provide high current income.
Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Nationwide Asset Management, LLC
Investment Objective: The Fund seeks as high a level of current income as is consistent with preserving capital.
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Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Federated Investment Management Company
Investment Objective: The Fund seeks as high a level of current income as is consistent with preserving capital and maintaining liquidity. The Fund is a money market fund that seeks to maintain a stable net asset value of $1.00 per share.
Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I
This Sub-Account is only available in policies issued before May 1, 2020
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Lazard Asset Management LLC
Investment Objective: The Fund seeks long-term capital growth by investing primarily in equity securities of companies in Europe, Australasia, the Far East and other regions, including developing countries.
Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II
This Sub-Account is no longer available to receive transfers or new premium payments effective May 1, 2011
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Lazard Asset Management LLC
Investment Objective: The Fund seeks long-term capital growth by investing primarily in equity securities of companies in Europe, Australasia, the Far East and other regions, including developing countries.
Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: BlackRock Investment Management, LLC
Investment Objective: The Fund seeks to match the performance of the MSCI EAFE® Index as closely as possible before the deduction of Fund expenses.
Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks maximum growth of capital consistent with a more aggressive level of risk as compared to other Investor Destinations Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks a high level of total return through investment in both equity and fixed-income securities.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks growth of capital, but also seeks income consistent with a less aggressive level of risk as compared to other NVIT Investor Destinations Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks a high level of total return consistent with a conservative level of risk as compared to other Investor Destinations Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks a high level of total return consistent with a moderate level of risk as compared to other Investor Destinations Funds.
Designation: FF
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Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks growth of capital, but also seeks income consistent with a moderately aggressive level of risk as compared to other Investor Destinations Funds.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Objective: The Fund seeks a high level of total return consistent with a moderately conservative level of risk.
Designation: FF
Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Jacobs Levy Equity Management, Inc.
Investment Objective: The fund seeks long-term capital growth.
Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Mellon Investments Corporation
Investment Objective: The Fund seeks long-term capital growth.
Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I
This Sub-Account is no longer available to receive transfers or new premium payments effective September 11, 2020
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Mellon Investments Corporation
Investment Objective: The Fund seeks capital appreciation, and secondarily current income.
Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Mellon Investments Corporation
Investment Objective: The fund seeks capital appreciation, and secondarily current income.
Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: BlackRock Investment Management, LLC
Investment Objective: The Fund seeks capital appreciation.
Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: American Century Investment Management, Inc. and Thompson, Siegel & Walmsley LLC
Investment Objective: The fund seeks long-term capital appreciation.
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Invesco Advisers, Inc. and Wellington Management Company, LLP
Investment Objective: The Fund seeks capital growth.
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Jacobs Levy Equity Management, Inc. and WCM Investment Management, LLC
Investment Objective: The Fund seeks capital appreciation.
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Jacobs Levy Equity Management, Inc. and Invesco Advisers, Inc.
Investment Objective: The Fund seeks long-term growth of capital.
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Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I (formerly, Nationwide Variable Insurance Trust - Neuberger Berman NVIT Multi Cap Opportunities Fund: Class I)
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Neuberger Berman Investment Advisers LLC
Investment Objective: The fund seeks long-term capital growth.
Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Newton Investment Management Limited
Investment Objective: The Fund seeks long-term growth of capital by investing primarily in securities of companies that meet the fund's financial criteria and social policy.
Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Wellington Management Company LLP
Investment Objective: The Fund seeks current income and long-term capital appreciation.
Nationwide Variable Insurance Trust - NVIT S&P 500® Index Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: BlackRock Investment Management, LLC
Investment Objective: The Fund seeks long-term capital appreciation.
Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Nationwide Asset Management, LLC
Investment Objective: The Fund seeks to provide a high level of current income while preserving capital and minimizing fluctuations in share value.
Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-advisor: Wells Capital Management, Inc.
Investment Objective: The Fund seeks long-term capital growth. The fund invests at least 80% of its net assets in equity securities issued by small- and medium-sized companies with market capitalization similar to those of companies included in the Russell 2500 index.
Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares
This Sub-Account is only available in policies issued before November 6, 2015
Investment Advisor: Neuberger Berman Investment Advisers LLC
Investment Objective: The Fund seeks growth of capital.
Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares
Investment Advisor: Neuberger Berman Investment Advisers LLC
Investment Objective: The Fund seeks the highest available current income consistent with liquidity and low risk to principal; total return is a secondary goal.
Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: I Class Shares
This Sub-Account is only available in policies issued before May 1, 2008
Investment Advisor: Neuberger Berman Investment Advisers LLC
Investment Objective: The Fund seeks long-term growth of capital by investing primarily in securities of companies that meet the Fund's environmental, social and governance (ESG) criteria.
PIMCO Variable Insurance Trust - International Bond Portfolio (Unhedged): Administrative Class
Investment Advisor: PIMCO
Investment Objective: The Portfolio seeks maximum total return consistent with preservation of capital and prudent investment management.
PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class
Investment Advisor: PIMCO
Investment Objective: The Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management.
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Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB
This Sub-Account is only available in policies issued before November 19, 2016
Investment Advisor: Putnam Investment Management, LLC
Sub-advisor: Putnam Investments Limited
Investment Objective: Seeks capital appreciation.
Putnam Variable Trust - Putnam VT International Equity Fund: Class IB
This Sub-Account is only available in policies issued before May 1, 2004
Investment Advisor: Putnam Investment Management, LLC
Sub-advisor: The Putnam Advisory Company, LLC
Investment Objective: Seeks capital appreciation.
Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB (formerly, Putnam Variable Trust - Putnam VT Equity Income Fund: Class IB)
This Sub-Account is only available in policies issued before May 12, 2017
Investment Advisor: Putnam Investment Management, LLC
Sub-advisor: Putnam Investments Limited
Investment Objective: Seeks capital growth and current income.
T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II
Investment Advisor: T. Rowe Price Associates, Inc.
Investment Objective: The fund seeks long-term capital appreciation.
VanEck VIP Trust - Emerging Markets Fund: Initial Class
This Sub-Account is only available in policies issued before May 1, 2002
Investment Advisor: Van Eck Associates Corporation
Investment Objective: Seeks long-term capital appreciation by investing primarily in equity securities in emerging markets around the world.
VanEck VIP Trust - Global Resources Fund: Initial Class (formerly, VanEck VIP Trust - Global Hard Assets Fund: Initial Class)
This Sub-Account is only available in policies issued before May 1, 2002
Investment Advisor: Van Eck Associates Corporation
Investment Objective: Seeks long-term capital appreciation by investing primarily in global resource securities. Income is a secondary consideration.
Wells Fargo Variable Trust - VT Small Cap Growth Fund: Class 2
Investment Advisor: Wells Fargo Funds Management, LLC
Sub-advisor: Wells Capital Management, Inc.
Investment Objective: Seeks long-term capital appreciation.
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Appendix B: Definitions
Accumulation Unit – An accounting unit of measure of an investment in, or share of, a Sub-Account. Accumulation Unit values are initially set at $10 for each Sub-Account.
Attained Age – A person's Issue Age plus the number of full years since the Policy Date.
Base Policy Specified Amount – The amount of insurance coverage selected under the base policy, excluding any Rider Specified Amount.
Cash Surrender Value – The Cash Value minus Indebtedness and any surrender charge.
Cash Value – The total amount allocated to the Sub-Accounts, the policy loan account, and the Fixed Account.
Code – The Internal Revenue Code of 1986, as amended.
Death Benefit – The amount paid upon the Insured's death, before the deduction of any Indebtedness, reduction for any long-term care benefits paid, or due and unpaid policy charges.
Fixed Account – An investment option that is funded by Nationwide's general account.
Grace Period – A 61-day period after which the Policy will Lapse if sufficient payments are not made to prevent Lapse.
In Force – Any time during which benefits are payable under the policy and any elected Rider(s).
Indebtedness – The total amount of all outstanding policy loans, including principal and interest due.
Insured – The person whose life is insured under the policy, and whose death triggers payment of the Death Benefit.
Investment Experience – The market performance of a mutual fund/Sub-Account.
Issue Age – A person's age based on their last birthday on or before the Policy Date.
Lapse – The policy terminates without value.
Long-Term Care Specified Amount – The elected Long-Term Care Rider benefit amount adjusted for any post issue increases and decreases. This amount must be at least 10% of the Total Specified Amount and no more than 100% of the Total Specified Amount.
Maturity Date – The policy anniversary on which the Insured reaches Attained Age 100.
Minimum Required Death Benefit – The lowest Death Benefit that will qualify the policy as life insurance under the Code.
Nationwide – Nationwide Life Insurance Company.
Net Amount At Risk – The policy's base Death Benefit minus the policy's Cash Value.
Net Asset Value (NAV) – The price of each share of a mutual fund in which a Sub-Account invests. NAV is calculated by subtracting the mutual fund's liabilities from its total assets, and dividing that figure by the number of shares outstanding. Nationwide uses NAV to calculate the value of Accumulation Units. NAV does not reflect deductions made for charges taken from the Sub-Accounts.
Net Premium – Premium after transaction charges, but before any allocation to an investment option.
Policy Data Page(s) – The Policy Data Page(s) are issued as part of the policy and contain information specific to the policy and the Insured, including coverage and Rider elections. Updated Policy Data Page(s) will be issued if the policy owner makes any changes to coverage elections after the policy is issued.
Policy Date – The date the policy takes effect as shown in the Policy Data Pages. Policy years, months, and anniversaries are measured from this date.
Policy owner or Owner – The person or entity named as the owner on the application, or the person or entity assigned ownership rights.
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Policy Proceeds or Proceeds – Policy Proceeds may constitute the Death Benefit, or the amount payable if the policy matures or is surrendered, adjusted to account for any unpaid charges, Indebtedness and Rider benefits.
Premium – Amount(s) paid to purchase and maintain the policy.
Premium Load – The aggregate of the sales load and premium tax charges.
Rider – An optional benefit purchased under the policy. Rider availability and Rider terms may vary depending on the state in which the policy was issued.
Rider Specified Amount – The portion of the Total Specified Amount attributable to the Additional (insurance) Protection Rider.
SEC – Securities and Exchange Commission.
Service Center – The department of Nationwide responsible for receiving all service and transaction requests relating to the policy. For service and transaction requests submitted other than by telephone (including fax requests), the Service Center is Nationwide's mail and document processing facility. For service and transaction requests communicated by telephone, the Service Center is Nationwide's operations processing facility. Information on how to contact the Service Center is in the Contacting the Service Center provision.
Sub-Account(s) – The mechanism used to account for allocations of Net Premium and Cash Value among the policy's variable investment options.
Substandard Rating – An underwriting classification based on medical and/or non-medical factors used to determine what to charge for life insurance based on characteristics of the Insured beyond traditional factors for standard risks, which include age, sex, and tobacco habits of the Insured. Substandard Ratings are shown in the Policy Data Pages as rate class multiples (medical factors) and/or monthly flat extras (medical and/or non-medical factors). The higher the rate class multiple or monthly flat extra, the greater the risk assessed and the higher the cost of coverage.
Total Specified Amount – The sum of the Base Policy Specified Amount and the Rider Specified Amount, if applicable.
Valuation Period – The period during which Nationwide determines the change in the value of the Sub-Accounts. One Valuation Period ends and another begins as of the close of regular trading on the New York Stock Exchange.
78

 

Outside back cover page
To learn more about the policy, the policy owner should read the Statement of Additional Information (the "SAI") dated the same date as this prospectus. For a free copy of the SAI, to receive personalized illustrations of Death Benefits, Cash Surrender Values, and Cash Values, and to request other information about the policy contact the Service Center:
• by telephone at 1-800-848-6331
• by mail to Nationwide Life Insurance Company
P.O. Box 182835
Columbus, OH 43218-2835
The SAI has been filed with the SEC and is incorporated by reference into this prospectus. The SEC maintains an Internet website (http://www.sec.gov) that contains the SAI and other information about Nationwide Life Insurance Company and the policy.
Investment Company Act of 1940 Registration File No. 811-08301
Securities Act of 1933 Registration File No. 333-31725

Nationwide VLI Separate Account-4
(Registrant)
Nationwide Life Insurance Company
(Depositor)
Service Center
P.O. Box 182835
Columbus, OH 43218-2835
1-800-848-6331
TDD: 1-800-238-3035
STATEMENT OF ADDITIONAL INFORMATION
Individual Flexible Premium Variable Universal Life Insurance Policies
This Statement of Additional Information ("SAI") contains additional information regarding Individual Flexible Premium Variable Universal Life Insurance Policies offered by Nationwide Life Insurance Company ("Nationwide"). This SAI is not a prospectus and should be read together with the policy prospectus dated May 1, 2021 and the prospectuses for the mutual funds. The prospectus is incorporated by reference in this SAI. Copies may be obtained FREE OF CHARGE by writing or calling the Service Center. Capitalized terms in this SAI correspond to terms defined in the prospectus.
The date of this Statement of Additional Information is May 1, 2021.
TABLE OF CONTENTS

 


General Information and History
Nationwide VLI Separate Account-4 (the "Variable Account") is a separate investment account of Nationwide Life Insurance Company ("Nationwide"). Nationwide is a stock life insurance company organized under the laws of the State of Ohio in March of 1929 with its Home Office at One Nationwide Plaza, Columbus, Ohio 43215. Nationwide provides life insurance, annuities and retirement products. Nationwide is admitted to do business in all states, the District of Columbia, Guam, the U.S. Virgin Islands, and Puerto Rico. Nationwide is a member of the Nationwide group of companies and all of its common stock is owned by Nationwide Financial Services, Inc. ("NFS"), a holding company. Nationwide Corporation owns all of NFS's common stock and is a holding company, as well. All of Nationwide Corporation's common stock is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), the ultimate controlling persons of the Nationwide group of companies. The Nationwide group of companies is one of America's largest insurance and financial services family of companies, with combined assets of over $273 billion as of December 31, 2020.
Nationwide VLI Separate Account-4
Nationwide VLI Separate Account-4 is a separate account that invests in mutual funds offered and sold to insurance companies and certain retirement plans. Nationwide established the Variable Account on May 21, 1998 pursuant to Ohio law. Although the Variable Account is registered with the SEC as a unit investment trust pursuant to the Investment Company Act of 1940, the SEC does not supervise the management of Nationwide or the management of the Variable Account. Nationwide serves as the custodian of the assets of the Variable Account.
Nationwide Investment Services Corporation (NISC)
The policies are distributed by NISC, located at One Nationwide Plaza, Columbus, Ohio 43215, a wholly owned subsidiary of Nationwide. For policies issued in Michigan, all references to NISC will mean Nationwide Investment Svcs. Corporation.
The policies will be sold on a continuous basis by licensed insurance agents in those states where the policies may lawfully be sold. Agents are registered representatives of broker dealers registered under the Securities Exchange Act of 1934 who are member firms of the Financial Industry Regulatory Authority (FINRA).
Gross first year commissions plus any expense allowance payments paid by Nationwide on the sale of these policies provided by NISC will not exceed the maximum, which is 99% of first year premiums and 5% of renewal premium after the first year. Commission may also be paid on an asset-based amount instead of a premium based amount. If an asset-based commission is paid, it will not exceed 0.45% of the non-loaned cash value per year.
No underwriting commissions were paid to NISC for each of this Variable Account’s last three fiscal years.
Services
Nationwide has responsibility for administration of the policies and the Variable Account. Nationwide also maintains the records of the name, address, taxpayer identification number, and other pertinent information for each policy owner and the number and type of policy issued to each policy owner and records with respect to the policy value of each policy.
Nationwide will maintain a record of all purchases and redemption of shares of the mutual funds.
Distribution, Promotional, and Sales Expenses
In addition to or partially in lieu of commission, Nationwide may pay the selling firms a marketing allowance, which is based on the firm's ability and demonstrated willingness to promote and market Nationwide's products. How any marketing allowance is spent is determined by the firm, but generally will be used to finance firm activities that may contribute to the promotion and marketing of Nationwide's products. Nationwide makes certain assumptions about the amount of marketing allowance it will pay and takes these assumptions into consideration when it determines the charges that will be assessed under the policies. Nationwide assumed 5.00% of the Commissionable Target Premium for marketing allowance when determining the charges for the contracts. The actual amount of the marketing allowance may be higher or lower than this assumption. If the actual amount of marketing allowance paid is more than what was assumed, Nationwide will fund the difference. If the actual amount of marketing allowance paid is less than what was assumed, Nationwide may use the excess to pay other sales expenses, non-sales expenses, and/or profit. For more information about marketing allowance or how a particular selling firm uses marketing allowances, consult with your registered representative.
2

 

Commissionable Target Premium (CTP) is an amount used in the calculation of the Premium Load and total compensation Nationwide pays. CTP is actuarially derived based on the Base Policy Specified Amount, the Insured’s characteristics and the death benefit option of the policy.
When Nationwide is made aware that a Qualified Plan has been orphaned, commission payments payable with respect to that Qualified Plan will cease and commission payments that would have been due will not be sent to the Qualified Plan. An orphaned Qualified Plan is a plan without an agent or firm of record.
Independent Registered Public Accounting Firm
The financial statements of Nationwide VLI Separate Account-4 and the statutory financial statements and schedules of Nationwide Life Insurance Company for the periods indicated have been included herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing. KPMG LLP is located at 191 West Nationwide Blvd., Suite 500, Columbus, Ohio 43215.
The KPMG LLP report dated March 19, 2021 of Nationwide Life Insurance Company includes explanatory language that states that the financial statements are prepared by Nationwide Life Insurance Company using statutory accounting practices prescribed or permitted by the Ohio Department of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the KPMG LLP audit report states that the financial statements are not presented fairly in accordance with U.S. generally accepted accounting principles and further states that those statements are presented fairly, in all material respects, in accordance with statutory accounting practices prescribed or permitted by the Ohio Department of Insurance.
Underwriting Procedure
Nationwide underwrites the policies issued through Nationwide VLI Separate Account-4. The policy's cost of insurance depends upon the Insured's sex, issue age, risk class and length of time the policy has been In Force. The rates will vary depending upon tobacco use and other risk factors. Monthly cost of insurance rates will not exceed those guaranteed in the policy. Guaranteed cost of insurance rates for policies issued on Specified Amounts less than $100,000 are based on the 1980 Commissioners’ Extended Term Mortality Table, Age Last Birthday ("1980 CET"). Guaranteed cost of insurance rates for policies issued on Specified Amounts $100,000 or more are based on the 1980 Commissioners’ Standard Ordinary Mortality Table, Age Last Birthday ("1980 CSO"). Guaranteed cost of insurance rates for policies issued on a substandard basis are based on appropriate percentage multiples of the standard guaranteed cost of insurance rate on a standard basis. That is, standard guaranteed cost of insurance rates for substandard risks are guaranteed cost of insurance rates for standard risks times a percentage greater than 100%. These mortality tables are sex distinct. In addition, separate mortality tables will be used for tobacco and non-tobacco.
Mortality tables are unisex for:
• policies issued in the State of Montana; and
• group or sponsored arrangements (including our employees and their family members).
The rate class of an insured may affect the cost of insurance rate. We currently place insureds into both standard rate classes and substandard rate classes that involve a higher mortality risk. In an otherwise identical policy, an insured in the standard rate class will have a lower cost of insurance than an insured in a rate class with higher mortality risks. Any change in the cost of insurance rates will apply to all insureds of the same age, gender, risk class and whose policies have been in effect for the same length of time. The cost of insurance rates, policy charges, and payment options for policies issued in some states or in connection with certain employee benefit arrangements may be issued on a gender-neutral (unisex) basis. The unisex rates will be higher than those applicable to females and lower than those applicable to males. If the rating class for any increase in the Specified Amount of insurance coverage is not the same as the rating class at issue, the cost of insurance rate used after such increase will be a composite rate based upon a weighted average of the rates of the different rating classes. The actual charges made during the policy year will be shown in the annual report delivered to policy owners.
Policy Restoration Procedure
Requests to restore a surrendered policy must meet the following requirements:
3

 

• the request must be in writing and signed by the policy owner (if the surrender was a Code Section 1035 exchange to a new policy with a different insurer, the signature of an officer of the replacing insurer is also required);
• the written request must be received at the Service Center within 30 days of the date the policy was surrendered (periods up to 60 days will be permitted based on the right to examine period applicable to replaced life insurance policies in the state where the policy was issued);
• the surrender Proceeds must be returned in their entirety; and
• the insured must be alive on the date the restoration request is received.
No proof of insurability or additional underwriting will be required for requests to restore a surrendered policy that meet the above requirements.
A restored policy will be treated as if it had never been surrendered for all purposes, including Investment Experience, accrual of interest, and deduction of charges, resulting in the following:
• the returned surrender proceeds and any amount taken as a surrender charge will be used to purchase Accumulation Units according to the allocations currently in effect on, and priced as of, the surrender date;
• any charges that would otherwise have been assessed during the period of surrender will be assessed as of the date(s) they were due resulting in the cancellation of Accumulation Units priced as of the applicable date(s);
• interest will be credited on any allocation to a fixed investment option at the rate(s) in effect during the period of surrender;
• interest charged and credited on any Indebtedness will accrue at the rates in effect for the period of surrender; and
• any transfer of loan interest charged or credited that would have occurred during the period of surrender will be transferred as of the date(s) such transfers would have otherwise occurred.
Policy restoration is not a contract right of the policy; it is an administrative procedure based on requirements of state insurance law and the terms are subject to change without notice at any time.
Maximum Surrender Charge Calculation
The maximum surrender charge under the policy is based on the following calculation.
Maximum Surrender Charge equals 26.50% multiplied by the lesser of (a) or (b), where:
(a) = the Specified Amount multiplied by the rate indicated on the chart "Surrender Target Factor" below divided by 1,000; and
(b) = Premiums paid by the policy owner during the first policy year
Plus (c) multiplied by (d) where:
(c) = the Specified Amount divided by 1,000; and
(d) = the applicable rate from the "Administrative Target Factor" chart below.
The Surrender Target Factor allows the company to account for the probability that our costs incurred in the sales process will not be recouped. The Administrative Target Factor allows the company to account for the probability (at various ages) that death will occur and no surrender charge will be recouped.
Surrender Target Factor
Age   Male Non-Tobacco   Male Tobacco   Female Non-Tobacco   Female Tobacco
0   0.00   3.35   0.00   2.54
1   0.00   3.38   0.00   2.57
2   0.00   3.50   0.00   2.66
3   0.00   3.64   0.00   2.75
4   0.00   3.78   0.00   2.86
5   0.00   3.93   0.00   2.96
6   0.00   4.09   0.00   3.08
7   0.00   4.27   0.00   3.20
8   0.00   4.45   0.00   3.34
4

 

Age   Male Non-Tobacco   Male Tobacco   Female Non-Tobacco   Female Tobacco
9   0.00   4.65   0.00   3.47
10   0.00   4.87   0.00   3.62
11   0.00   5.09   0.00   3.78
12   0.00   5.33   0.00   3.94
13   0.00   5.57   0.00   4.12
14   0.00   5.82   0.00   4.30
15   0.00   6.07   0.00   4.48
16   0.00   6.31   0.00   4.67
17   0.00   6.55   0.00   4.87
18   5.11   6.80   4.27   5.08
19   5.30   7.05   4.45   5.29
20   5.50   7.32   4.64   5.52
21   5.71   7.60   4.83   5.76
22   5.93   7.90   5.04   6.01
23   6.17   8.22   5.26   6.28
24   6.42   8.57   5.49   6.56
25   6.69   8.94   5.73   6.86
26   6.99   9.34   5.99   7.17
27   7.30   9.77   6.25   7.50
28   7.63   10.22   6.54   7.85
29   7.98   10.71   6.84   8.22
30   8.36   11.23   7.16   8.61
31   8.76   11.79   7.49   9.02
32   9.19   12.38   7.85   9.45
33   9.64   13.01   8.22   9.91
34   10.12   13.67   8.62   10.39
35   10.63   14.38   9.04   10.90
36   11.16   15.12   9.48   11.44
37   11.73   15.92   9.95   12.01
38   12.34   16.75   10.44   12.60
39   12.97   17.64   10.96   13.22
40   13.65   18.58   11.50   13.87
41   14.36   19.56   12.07   14.55
42   15.12   20.60   12.67   15.26
43   15.93   21.70   13.30   16.01
44   16.78   22.87   13.97   16.79
45   17.68   24.09   14.68   17.60
46   18.65   25.39   15.42   18.47
47   19.67   26.76   16.21   19.37
48   20.76   28.21   17.05   20.33
49   21.92   29.76   17.93   21.34
50   23.15   31.40   18.87   22.40
51   24.47   33.13   19.87   23.53
52   25.87   34.98   20.93   24.72
53   27.37   36.93   22.05   25.97
54   28.97   38.99   23.25   27.30
55   30.67   41.17   24.51   28.70
56   32.49   43.48   25.86   30.18
57   34.42   45.92   27.31   31.76
58   36.49   48.52   28.86   33.46
59   38.71   51.28   30.52   35.28
60   41.09   54.23   32.32   37.25
61   43.63   57.36   34.26   39.37
62   46.36   60.70   36.35   41.65
63   49.28   64.24   38.59   44.09
5

 

Age   Male Non-Tobacco   Male Tobacco   Female Non-Tobacco   Female Tobacco
64   52.40   67.98   40.99   46.69
65   55.75   71.92   43.56   49.46
66   59.32   76.10   46.32   52.41
67   63.16   80.52   49.30   55.57
68   67.28   85.23   52.52   58.99
69   71.73   90.27   56.04   62.72
70   76.52   95.66   59.88   66.80
71   81.69   101.41   64.08   71.26
72   87.24   107.54   68.67   76.11
73   93.18   114.01   73.64   81.35
74   99.50   120.81   79.03   86.97
75   106.21   127.90   84.84   92.97
76   113.33   135.27   91.10   99.39
77   120.92   142.94   97.88   106.27
78   129.04   150.99   105.24   113.68
79   137.79   159.53   113.28   121.73
80   147.23   168.60   122.07   130.49
81   147.23   168.60   122.07   130.49
82   147.23   168.60   122.07   130.49
83   147.23   168.60   122.07   130.49
84   147.23   168.60   122.07   130.49
85   147.23   168.60   122.07   130.49
Administrative Target Factor
Issue Age   Administrative Target Component
With Specified Amount Less Than $100,000 		  Administrative Target Component
With Specified Amount Of $100,000 And More
0 through 35   6.00   4.00
36 through 55   7.50   5.00
56 through 85   7.50   6.50
Illustrations
Nationwide will provide illustrations of future benefits under the policy before the policy is purchased and upon request thereafter. Nationwide may assess a $25 fee for this service to persons who request more than one policy illustration during a policy year.
Note: The policy owner selects the Premium amount and frequency shown in the policy illustration to show Nationwide how much Premium the policy owner intends to pay and when. Illustrated Premium and hypothetical rates of return are not guaranteed. Investment Experience varies over time, is rarely the same year-over-year, and may be negative. Because the policy is a variable universal life insurance policy with the potential for unfavorable Investment Experience, including extended periods of significant stock market decline, additional Premium may be required to meet a policy owner's goals and/or to prevent the policy from Lapsing. Generally, variable universal life insurance is considered a long-term investment. Policy owners should weigh the investment risk and costs associated with the policy against their objectives, time horizon, risk tolerance, and ability to pay additional Premium if necessary.
Advertising
Rating Agencies
Independent financial rating services, including Moody's, Standard & Poor's and A.M. Best Company rank and rate Nationwide. The purpose of these ratings is to reflect the financial strength or claims-paying ability of Nationwide. The ratings are not intended to reflect the Investment Experience or financial strength of the Variable Account. Nationwide may advertise these ratings from time to time. In addition, Nationwide may include in certain advertisements, endorsements in
6

 

the form of a list of organizations, individuals or other parties which recommend Nationwide or the policies. Furthermore, Nationwide may occasionally include in advertisements comparisons of currently taxable and tax deferred investment programs, based on selected tax brackets, or discussions of alternative investment vehicles and general economic conditions.
Money Market Yields
Nationwide may advertise the "yield" and "effective yield" for the money market Sub-Account. Yield and effective yield are annualized, which means that it is assumed that the underlying mutual fund generates the same level of net income throughout a year.
Yield is a measure of the net dividend and interest income earned over a specific seven-day period (which period will be stated in the advertisement) expressed as a percentage of the offering price of the underlying mutual fund's units. The effective yield is calculated similarly, but reflects assumed compounding, calculated under rules prescribed by the SEC. Thus, effective yield will be slightly higher than yield, due to the compounding.
Historical Performance of the Sub-Accounts
Nationwide will advertise historical performance of the Sub-Accounts in accordance with SEC prescribed calculations. Performance information is annualized. However, if a Sub-Account has been available in the Variable Account for less than one year, the performance information for that Sub-Account is not annualized. Performance information is based on historical earnings and is not intended to predict or project future results.
Additional Materials
Nationwide may provide information on various topics to owners and prospective purchasers in advertising, sales literature, or other materials.
Tax Definition of Life Insurance
Section 7702(b)(1) of the Internal Revenue Code provides that if one of two alternate tests is met, a policy will be treated as life insurance for federal tax purposes. The two tests are referred to as the Guideline Premium/Cash Value Corridor Test and the Cash Value Accumulation Test. Both tests are available to flexible premium policies such as this one.
The tables that follow show, numerically, the requirements for each test.
Guideline Premium/Cash Value Corridor Test
Table of Applicable Percentages of Cash Value
Attained Age
of Insured 		  Percentage of
Cash Value
0-40   250%
41   243%
42   236%
43   229%
44   222%
45   215%
46   209%
47   203%
48   197%
49   191%
50   185%
51   178%
52   171%
53   164%
54   157%
55   150%
56   146%
57   142%
58   138%
Attained Age
of Insured 		  Percentage of
Cash Value
59   134%
60   130%
61   128%
62   126%
63   124%
64   122%
65   120%
66   119%
67   118%
68   117%
69   116%
70   115%
71   113%
72   111%
73   109%
74   107%
75   105%
76   105%
77   105%
Attained Age
of Insured 		  Percentage of
Cash Value
78   105%
79   105%
80   105%
81   105%
82   105%
83   105%
84   105%
85   105%
86   105%
87   105%
88   105%
89   105%
90   105%
91   104%
92   103%
93   102%
94   101%
95   101%
96   101%
7

 

Attained Age
of Insured 		  Percentage of
Cash Value
97   101%
98   101%
Attained Age
of Insured 		  Percentage of
Cash Value
99   101%
100   100%
Cash Value Accumulation Test
The Cash Value Accumulation Test requires the Death Benefit to exceed an applicable percentage of the Cash Value. These applicable percentages are calculated by determining net single premiums, as defined in Code Section 7702(b), for each policy year given a set of actuarial assumptions. The relevant material assumptions include an interest rate of 4% and 1980 CSO guaranteed mortality as prescribed in Code Section 7702 for the Cash Value Accumulation Test. The resulting net single premiums are then inverted (i.e., multiplied by 1/net single premium) to give the applicable Cash Value percentages. These premiums vary with the ages, sexes, and risk classifications of the insureds.
The table below provides an example of applicable percentages for the Cash Value Accumulation Test. This example is for a male preferred non-tobacco issue age 55.
Policy
Year 		  Percentage of
Cash Value
1   302%
2   290%
3   279%
4   269%
5   259%
6   249%
7   240%
8   231%
9   223%
10   215%
11   207%
12   200%
13   193%
14   186%
15   180%
Policy
Year 		  Percentage of
Cash Value
16   174%
17   169%
18   164%
19   159%
20   154%
21   150%
22   146%
23   142%
24   139%
25   136%
26   133%
27   130%
28   127%
29   125%
30   123%
Policy
Year 		  Percentage of
Cash Value
31   121%
32   119%
33   118%
34   116%
35   115%
36   113%
37   112%
38   111%
39   110%
40   108%
41   107%
42   106%
43   104%
44   103%
45   102%
8

NATIONWIDE VLI

SEPARATE

ACCOUNT-4

Annual Report

To

Policyholders

December 31, 2020

 

LOGO

NATIONWIDE LIFE INSURANCE COMPANY

HOME OFFICE: COLUMBUS, OHIO

Report of Independent Registered Public Accounting Firm

The Board of Directors of Nationwide Life Insurance Company and

Contract Owners of Nationwide VLI Separate Account-4:

Opinion on the Financial Statements

We have audited the accompanying statement of assets, liabilities and contract owners’ equity of the sub-accounts listed in the Appendix that comprise the Nationwide VLI Separate Account-4 (the Separate Account) as of the date listed in the Appendix, the related statements of operations for the year or period listed in the Appendix and changes in contract owners’ equity for the years or periods listed in the Appendix, and the related notes including the financial highlights in Note 8 (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each sub-account as of the date listed in the Appendix, the results of its operations for the year or period listed in the Appendix and the changes in its contract owners’ equity for the years or periods listed in the Appendix, and the financial highlights for each of the years or periods indicated in Note 8, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2020, by correspondence with the transfer agent of the underlying mutual funds. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/     KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Nationwide Life Insurance Company separate account investment companies, however we are aware that we have served as the auditor of one or more Nationwide Life Insurance Company separate account investment companies since at least 1981.

Columbus, Ohio

April 2, 2021

Appendix

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for each of the years in the two-year period then ended.

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A (ALVDAA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A (ALVGIA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class A (ALVIVA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B (ALVIVB)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A (ALVSVA)

AMERICAN CENTURY INVESTORS, INC.

American Century Variable Portfolios, Inc. - American Century VP Capital Appreciation Fund: Class I (ACVCA)

American Century Variable Portfolios, Inc. - American Century VP International Fund: Class I (ACVI)

American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG) (1)

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class I (ACVIP1)

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II (ACVIP2)

American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I (ACVMV1)

American Century Variable Portfolios, Inc. - American Century VP Value Fund: Class I (ACVV)

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - Asset Allocation Fund: Class 2 (AMVAA2)

American Funds Insurance Series(R) - Bond Fund: Class 2 (AMVBD2)

American Funds Insurance Series(R) - Growth Fund: Class 2 (AMVGR2)

American Funds Insurance Series(R) - Global Small Capitalization Fund: Class 2 (AMVGS2)

American Funds Insurance Series(R) - International Fund: Class 2 (AMVI2)

American Funds Insurance Series(R) - New World Fund: Class 2 (AMVNW2)

AMUNDI PIONEER

Pioneer Variable Contracts Trust - Pioneer High Yield VCT Portfolio: Class I (PIHYB1)

BLACKROCK FUNDS

BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I (BRVHYI)

BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II (MLVGA2)

BlackRock Variable Series Funds, Inc. - BlackRock Advantage Large Cap Core V.I. Fund: Class II (MLVLC2)

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares (DCAP)

BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares (DSC)

BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)

BNY Mellon Investment Portfolios - MidCap Stock Portfolio: Initial Shares (DVMCS)

BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)

CALVERT GROUP

Calvert VP S&P 500 Index Portfolio (CVSPIP)

 

2

DAVIS FUNDS

Davis Variable Account Fund, Inc. - Davis Value Portfolio (DAVVL)

DELAWARE FUNDS BY MACQUARIE

Delaware Variable Insurance Product Trust - Delaware VIP Emerging Markets Series: Service Class (DWVEMS)

Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS)

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - DFA VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)

DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)

DFA Investment Dimensions Group Inc. - VA International Small Portfolio (DFVIS)

DFA Investment Dimensions Group Inc. - VA U.S. Targeted Value Portfolio (DFVUTV)

DWS INVESTMENT MANAGEMENT AMERICAS, INC.

Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A (DSGIBA)

Deutsche DWS Variable Series II - DWS CROCI(R) U.S. VIP: Class B (SVSLVB)

Deutsche DWS Variable Series II - DWS Small Mid Cap Value VIP: Class B (SVSSVB)

EATON VANCE FUNDS

Eaton Vance Variable Trust - Eaton Vance VT Floating-Rate Income Fund: Initial Class (ETVFR)

FEDERATED HERMES, INC.

Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB) (1)

Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2) (1)

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class (FCS)

Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class (FEIS)

Fidelity Variable Insurance Products - Emerging Markets Portfolio - Service Class (FEMS)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2005 Portfolio: Service Class (FF05S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class (FF10S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2015 Portfolio: Service Class (FF15S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class (FF20S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2025 Portfolio: Service Class (FF25S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class (FF30S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2035 Portfolio: Service Class (FF35S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2040 Portfolio: Service Class (FF40S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2050 Portfolio: Service Class (FF50S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Income Fund Portfolio: Service Class (FFINS)

Fidelity Variable Insurance Products Fund - VIP Growth Opportunities Portfolio: Service Class (FGOS)

Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class (FGS)

Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Service Class (FHIS)

Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class (FIGBS)

 

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Fidelity Variable Insurance Products Fund - VIP Index 500 Portfolio: Initial Class (FIP)

Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class (FMCS)

Fidelity Variable Insurance Products Fund - VIP Government Money Market Portfolio: Initial Class (FMMP)

Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class (FOS)

Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class (FRESS)

Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class (FVSS)

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2 (FTVDM2)

Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)

Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)

Franklin Templeton Variable Insurance Products Trust - Franklin Mutual Global Discovery VIP Fund: Class 2 (FTVMD2)

Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1 (FTVRDI)

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 2 (FTVSV2)

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1 (FTVSVI)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1 (TIF)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)

GOLDMAN SACHS ASSET MANAGEMENT GROUP

Goldman Sachs Variable Insurance Trust - Goldman Sachs Small Cap Equity Insights Fund: Institutional Shares (GVCSE)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Global Trends Allocation Fund: Service Shares (GVGMNS)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Growth Opportunities Fund: Service Shares (GVGOPS)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Mid Cap Value Fund: Institutional Shares (GVMCE)

GUGGENHEIM INVESTMENTS

Guggenheim Variable Fund - Multi-Hedge Strategies (RVARS)

INVESCO INVESTMENTS

Invesco - Invesco V.I. American Franchise Fund: Series I Shares (ACEG)

Invesco - Invesco V.I. Growth and Income Fund: Series I Shares (ACGI)

Invesco - Invesco V.I. Value Opportunities Fund: Series I Shares (AVBVI)

Invesco - Invesco V.I. High Yield Fund: Series I Shares (AVHY1)

Invesco - Invesco V.I. International Growth Fund: Series I Shares (AVIE)

Invesco - Invesco V.I. Mid Cap Core Equity Fund: Series I Shares (AVMCCI)

Invesco - Invesco V.I. Small Cap Equity Fund: Series I Shares (AVSCE)

Invesco Variable Insurance Funds - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)

Invesco Oppenheimer V.I. Main Street Fund: Series I (OVGI)

Invesco Oppenheimer V.I. Capital Appreciation Fund: Series I (OVGR)

Invesco Oppenheimer V.I. Global Fund: Series I (OVGS)

Invesco Oppenheimer V.I. International Growth Fund: Series I (OVIG)

Invesco Oppenheimer V.I. Global Strategic Income Fund: Series I (OVSB)

Invesco Oppenheimer V.I. Main Street Small Cap Fund: Series I (OVSC)

 

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IVY INVESTMENTS

Ivy Variable Insurance Portfolios - Asset Strategy: Class II (WRASP)

Ivy Variable Insurance Portfolios - Growth: Class II (WRGP)

Ivy Variable Insurance Portfolios - High Income: Class II (WRHIP)

Ivy Variable Insurance Portfolios - Mid Cap Growth: Class II (WRMCG)

Ivy Variable Insurance Portfolios - Securian Real Estate Securities: Class II (WRRESP)

Ivy Variable Insurance Portfolios - Science and Technology: Class II (WRSTP)

J.P. MORGAN INVESTMENT MANAGEMENT INC.

JPMorgan Insurance Trust - JPMorgan Insurance Trust Mid Cap Value Portfolio: Class 1 (JPMMV1)

JPMorgan Insurance Trust - JPMorgan Insurance Trust Small Cap Core Portfolio 1 (JPSCE1)

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS) (1)

Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares (JACAS) (1)

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI) (1)

Janus Aspen Series - Janus Henderson Flexible Bond Portfolio: Service Shares (JAFBS) (1)

Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS) (1)

Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS) (1)

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Service Shares (JAMGS) (1)

Janus Aspen Series - Janus Henderson Mid Cap Value Portfolio: Service Shares (JAMVS) (1)

LAZARD FUNDS

Lazard Retirement Series, Inc. - Lazard Retirement Emerging Markets Equity Portfolio: Service Shares (LZREMS)

LEGG MASON

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Small Cap Growth Portfolio: Class I (SBVSG)

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - Baron Growth Opportunities Fund: Service Class (BNCAI)

LORD ABBETT FUNDS

Lord Abbett Series Fund, Inc. - Bond Debenture Portfolio: Class VC (LOVBD)

Lord Abbett Series Fund, Inc. - Mid Cap Stock Portfolio: Class VC (LOVMCV)

Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio: Class VC (LOVSDC)

Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust - MFS Mid Cap Growth Series: Service Class (MMCGSC)

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Initial Class (MNDIC)

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Service Class (MNDSC)

MFS(R) Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class (MV2IGI)

MFS(R) Variable Insurance Trust II - MFS Research International Portfolio: Service Class (MV2RIS)

MFS(R) Variable Insurance Trust II - MFS Blended Research(R) Core Equity Portfolio: Service Class (MVBRES)

MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)

MFS(R) Variable Insurance Trust - MFS Value Series: Service Class (MVFSC)

MFS(R) Variable Insurance Trust II - MFS International Intrinsic Value Portfolio: Service Class (MVIVSC)

MFS(R) Variable Insurance Trust - MFS Total Return Bond Series: Service Class (MVRBSS)

MORGAN STANLEY

Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I (MSEM)

Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio: Class I (MSVEG)

Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I (MSVFI)

 

5

Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio: Class I (MSVMG)

Morgan Stanley Variable Insurance Fund, Inc. - U.S. Real Estate Portfolio: Class I (MSVRE)

Morgan Stanley Variable Insurance Fund, Inc. - Global Real Estate Portfolio: Class II (VKVGR2)

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - DoubleLine NVIT Total Return Tactical Fund: Class II (DTRTFB)

Nationwide Variable Insurance Trust - BlackRock NVIT Equity Dividend Fund: Class I (EIF)

Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I (GBF)

Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I (GEM)

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG)

Nationwide Variable Insurance Trust - American Funds NVIT Asset Allocation Fund: Class II (GVAAA2)

Nationwide Variable Insurance Trust - American Funds NVIT Bond Fund: Class II (GVABD2)

Nationwide Variable Insurance Trust - American Funds NVIT Global Growth Fund: Class II (GVAGG2)

Nationwide Variable Insurance Trust - American Funds NVIT Growth-Income Fund: Class II (GVAGI2)

Nationwide Variable Insurance Trust - American Funds NVIT Growth Fund: Class II (GVAGR2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II (GVDMA)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II (GVDMC)

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II (GVIDA)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II (GVIDC)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II (GVIX2)

Nationwide Variable Insurance Trust - Federated NVIT High Income Bond Fund: Class I (HIBF)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I (IDPG)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I (IDPGI)

Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I (MCIF)

Nationwide Variable Insurance Trust - Amundi NVIT Multi Sector Bond Fund: Class I (MSBF)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I (NCPG) (1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I (NCPGI) (1)

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I (NVAMV1) (1)

Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I (NVBX)

Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I (NVCBD1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I (NVCCA1) (1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I (NVCCN1) (1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I (NVCMA1) (1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I (NVCMC1) (1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I (NVCMD1) (1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I (NVCRA1) (1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I (NVCRB1) (1)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II (NVDBL2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II (NVIE6)

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I (NVIX)

Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I (NVLCP1)

Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I (NVMIG1) (1)

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1) (1)

 

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Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I (NVMMG1) (1)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class I (NVMMV1)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)

Nationwide Variable Insurance Trust - Neuberger Berman NVIT Multi Cap Opportunities Fund: Class I (NVNMO1)

Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I (NVNSR1) (1)

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I (NVOLG1) (1)

Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I (NVRE1)

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class I (NVSTB1)

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II (NVSTB2)

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I (NVTIV3) (1)

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class V (SAM5)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I (SCF)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I (SCGF)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)

Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF) (1)

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: I Class Shares (AMCG)

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares (AMMCGS)

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: I Class Shares (AMRI)

Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares (AMSRS)

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares (AMTB)

NORTHERN LIGHTS

Northern Lights Variable Trust - TOPS Managed Risk Balanced ETF Portfolio: Class 3 (NOTB3)

Northern Lights Variable Trust - TOPS Managed Risk Growth ETF Portfolio: Class 3 (NOTG3)

Northern Lights Variable Trust - TOPS Managed Risk Moderate Growth ETF Portfolio: Class 3 (NOTMG3)

PIMCO FUNDS

PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)

PIMCO Variable Insurance Trust - International Bond Portfolio (unhedged): Administrative Class (PMVFBA)

PIMCO Variable Insurance Trust - International Bond Portfolio (U.S. Dollar-Hedged): Administrative Class (PMVFHA)

PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class (PMVGBA)

PIMCO Variable Insurance Trust - High Yield Portfolio: Administrative Class (PMVHYA)

PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class (PMVLDA)

PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio: Administrative Class (PMVLGA)

PIMCO Variable Insurance Trust - Real Return Portfolio: Administrative Class (PMVRRA)

PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)

PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)

PUTNAM INVESTMENTS

Putnam Variable Trust - Putnam VT Equity Income Fund: Class IB (PVEIB)

Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB (PVGOB)

Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)

Putnam Variable Trust - Putnam VT Small Cap Value Fund: Class IB (PVTSCB)

ROYCE CAPITAL FUNDS

Royce Capital Fund - Royce Micro-Cap Portfolio: Investment Class (ROCMC)

 

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T. ROWE PRICE

T. Rowe Price Equity Series, Inc. - T. Rowe Price Blue Chip Growth Portfolio (TRBCGP)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Equity Income Portfolio: II (TREI2)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)

T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited-Term Bond Portfolio (TRLT1)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio: II (TRMCG2)

T. Rowe Price Equity Series, Inc. - T. Rowe Price New America Growth Portfolio (TRNAG1)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Moderate Allocation Portfolio (TRPSB1)

VAN ECK ASSOCIATES CORPORATION

VanEck VIP Trust - Emerging Markets Fund: Initial Class (VWEM)

VanEck VIP Trust - Global Hard Assets Fund: Initial Class (VWHA)

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Balanced Portfolio (VVB)

Vanguard Variable Insurance Fund - Capital Growth Portfolio (VVCG)

Vanguard Variable Insurance Fund - Total Bond Market Index Portfolio (VVHGB)

Vanguard Variable Insurance Fund - International Portfolio (VVI)

Vanguard Variable Insurance Fund - Mid-Cap Index Portfolio (VVMCI)

Vanguard Variable Insurance Fund - Real Estate Index Portfolio (VVREI)

Vanguard Variable Insurance Fund - Small Company Growth Portfolio (VVSCG)

Vanguard Variable Insurance Fund - Short-Term Investment-Grade Portfolio (VVSTC)

Vanguard Variable Insurance Fund-Total International Stock Market Index Portfolio (VVTISI)

WELLS FARGO FUNDS

Wells Fargo Variable Trust - VT Discovery Fund: Class 2 (SVDF)

Wells Fargo Variable Trust - VT Opportunity Fund: Class 2 (SVOF)

Wells Fargo Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from November 16, 2020 (inception) to December 31, 2020.

MAINSTAY FUNDS

MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Service Class (MNVFRS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from October 23, 2020 (inception) to December 31, 2020.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from October 16, 2020 (inception) to December 31, 2020.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from September 11, 2020 (inception) to December 31, 2020.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)

 

8

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from September 4, 2020 (inception) to December 31, 2020.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class II (NJMMA2)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from August 26, 2020 (inception) to December 31, 2020.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from June 29, 2020 (inception) to December 31, 2020.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class Y (NJMMAY)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from May 15, 2020 (inception) to December 31, 2020.

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Equity Index Portfolio (VVEIX)

Statements of operations and changes in contract owners’ equity for the period from May 11, 2020 (inception) to October 23, 2020 (liquidation).

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT DFA Capital Appreciation Fund: Class II (NVLCA2)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from May 1, 2020 (inception) to December 31, 2020.

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - Capital World Bond Fund: Class 2 (AMVGB2) (1)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from March 2, 2020 (inception) to December 31, 2020.

CHARLES SCHWAB FUNDS

Schwab Annuity Portfolios - Schwab(R) S&P 500 Index Portfolio (SASP5I)

 

9

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from February 11, 2020 (inception) to December 31, 2020.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Total Market Index Portfolio: Service Class (FVMIS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from January 16, 2020 (inception) to December 31, 2020.

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - VA International Value Portfolio (DFVIV)

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Equity Income Portfolio (VVEI)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from September 18, 2019 (inception) to December 31, 2019.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Service Class (MV3MVS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from September 13, 2019 (inception) to December 31, 2019.

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - Growth-Income Fund: Class 2 (AMVGI2)

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2055 Portfolio: Service Class (FF55S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2060 Portfolio: Service Class (FF60S)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from July 10, 2019 (inception) to December 31, 2019.

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - VA U.S. Large Value Portfolio (DFVULV)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from July 8, 2019 (inception) to December 31, 2019.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)

VIRTUS MUTUAL FUNDS

Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from July 5, 2019 (inception) to December 31, 2019.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)

Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from April 1, 2019 (inception) to December 31, 2019.

GOLDMAN SACHS ASSET MANAGEMENT GROUP

Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares (GVMSAS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from January 17, 2019 (inception) to December 31, 2019.

FEDERATED HERMES, INC.

Federated Hermes Insurance Series - Federated Hermes Fund for U.S. Government Securities II (FVUS2) (1)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from January 7, 2019 (inception) to December 31, 2019.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2045 Portfolio: Service Class (FF45S)

Statement of operations for the period from January 1, 2020 to August 6, 2020 (liquidation) and the statements of changes in contract owners’ equity for the period from January 1, 2020 to August 6, 2020 (liquidation) and the year ended December 31, 2019.

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon International Value (DVIV)

Statement of changes in contract owners’ equity for the period from January 1, 2019 to April 30, 2019 (liquidation).

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Guardian Portfolio: I Class Shares (AMGP)

Neuberger Berman Advisers Management Trust - Large Cap Value Portfolio: Class I (AMTP)

Statement of operations for the period from January 1, 2020 to April 30, 2020 (liquidation) and the statements of changes in contract owners’ equity for the period from January 1, 2020 to April 30, 2020 (liquidation) and the year ended December 31, 2019.

INVESCO INVESTMENTS

Invesco - Invesco V.I. Mid Cap Growth Fund: Series I Shares (IVKMG1)

 

11

Statement of operations for the period from January 1, 2020 to October 16, 2020 (liquidation) and the statements of changes in contract owners’ equity for the period from January 1, 2020 to October 16, 2020 (liquidation) and the year ended December 31, 2019.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Multi-Manager International Value Fund: Class I (GVDIVI)

Statement of operations for the period from January 1, 2020 to October 23, 2020 (liquidation) and the statements of changes in contract owners’ equity for the period from January 1, 2020 to October 23, 2020 (liquidation) and the year ended December 31, 2019.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT DFA Capital Appreciation Fund: Class P (NVLCAP)

Nationwide Variable Insurance Trust - NVIT DFA Moderate Fund: Class P (NVLMP)

Statement of operations for the period from January 1, 2020 to September 11, 2020 (liquidation) and the statements of changes in contract owners’ equity for the period from January 1, 2020 to September 11, 2020 (liquidation) and the year ended December 31, 2019.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Multi-Manager Large Cap Value Fund: Class I (NVMLV1)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020 and the related statements of changes in contract owners’ equity for each of the years in the two-year period then ended.

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Diversified Value Portfolio (VVDV)

 

(1) 

See Note 1 to the financial statements for the former name of the sub-account.

 

12

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

 

Subaccount*,**    Shares      Cost      Investments, at
fair value		      Accounts
Receivable		      Total Assets      Accounts
Payable		     

Contract
Owners’

Equity

  

ALVDAA

      1,665      $ 21,042      $ 23,125      $ -          $ 23,125      $ 6      $ 23,119  

ALVGIA

      897,175        25,032,383        25,991,172        85        25,991,257        -            25,991,257  

ALVIVA

      269,498        3,632,334        3,894,247        9        3,894,256        -            3,894,256  

ALVSVA

      819,749        14,743,186        14,255,442        44        14,255,486        -            14,255,486  

ACVCA

      45,590        683,051        878,513        15        878,528        -            878,528  

ACVI

      161,094        1,768,498        2,271,429        18,451        2,289,880        -            2,289,880  

ACVIG

      2,097,889        18,861,124        21,566,301        228        21,566,529        -            21,566,529  

ACVIP1

      2,490,513        25,712,906        27,669,595        35        27,669,630        -            27,669,630  

ACVIP2

      683,149        7,071,333        7,576,120        4        7,576,124        -            7,576,124  

ACVMV1

      496,354        9,617,364        10,195,120        16        10,195,136        -            10,195,136  

ACVV

      1,246,086        12,422,581        13,918,781        2,747        13,921,528        -            13,921,528  

AMVAA2

      524,752        12,072,823        13,753,753        7        13,753,760        -            13,753,760  

AMVBD2

      5,197,197        57,367,049        60,963,124        20        60,963,144        -            60,963,144  

AMVGB2

      229,899        2,834,235        2,951,903        4        2,951,907        -            2,951,907  

AMVGI2

      21,402        1,042,513        1,169,813        -            1,169,813        5        1,169,808  

AMVGR2

      415,838        32,796,060        49,555,397        123        49,555,520        -            49,555,520  

AMVGS2

      88,552        2,134,510        2,794,712        14        2,794,726        -            2,794,726  

AMVI2

      1,269,675        24,379,895        29,888,143        71        29,888,214        -            29,888,214  

AMVNW2

      1,399,753        42,086,756        43,742,281        2        43,742,283        -            43,742,283  

PIHYB1

      429,276        3,762,809        3,992,267        -            3,992,267        550        3,991,717  

BRVHYI

      2,728,694        19,558,363        20,628,923        79,530        20,708,453        -            20,708,453  

MLVGA2

      571,651        9,524,397        11,095,747        -            11,095,747        8        11,095,739  

MLVLC2

      32,124        855,439        962,121        3        962,124        -            962,124  

DCAP

      523,845        20,291,344        24,715,017        -            24,715,017        517        24,714,500  

DSC

      26,112        1,144,986        1,296,743        8        1,296,751        -            1,296,751  

DSIF

      12,618,817        648,701,186        811,011,355        30,947        811,042,302        -            811,042,302  

DSRG

      331,538        11,515,025        15,661,843        23,674        15,685,517        -            15,685,517  

DVMCS

      137,701        2,402,525        2,744,384        19        2,744,403        -            2,744,403  

DVSCS

      7,771,915        128,878,680        148,132,708        303        148,133,011        -            148,133,011  

CVSPIP

      4,270        602,248        708,692        8        708,700        -            708,700  

SASP5I

      1,585,010        72,412,973        87,825,405        176        87,825,581        -            87,825,581  

DAVVL

      513,689        4,037,914        4,710,526        5        4,710,531        -            4,710,531  

DWVEMS

      232,205        5,248,144        6,805,929        19        6,805,948        -            6,805,948  

DWVSVS

      530,813        16,788,728        18,037,034        75        18,037,109        -            18,037,109  

DFVGMI

      13,429        171,453        194,583        -            194,583        5        194,578  

DFVIPS

      669,614        7,005,209        7,573,333        7        7,573,340        -            7,573,340  

DFVIS

      1,861        19,647        24,589        -            24,589        2        24,587  

DFVIV

      4,170        45,345        49,127        2        49,129        -            49,129  

DFVULV

      407,445        10,457,455        10,805,442        -            10,805,442        12,870        10,792,572  

DFVUTV

      121,314        2,163,749        2,233,385        20        2,233,405        -            2,233,405  

DSGIBA

      7,865        181,311        197,175        6        197,181        -            197,181  

SVSLVB

      1,975        22,429        25,619        1        25,620        -            25,620  

SVSSVB

      9,786        119,776        117,334        -            117,334        4        117,330  

ETVFR

      2,809,293        25,608,370        25,367,916        15        25,367,931        -            25,367,931  

FQB

      1,898,525        21,144,354        22,440,564        13        22,440,577        -            22,440,577  

FVU2

      68,559        727,847        760,316        -            760,316        2        760,314  

FVUS2

      167,826        1,869,523        1,872,937        -            1,872,937        10        1,872,927  

FCS

      833,051        29,401,140        39,894,791        371,177        40,265,968        -            40,265,968  

FEIS

      2,580,033        55,695,070        61,249,981        5,651        61,255,632        -            61,255,632  

FEMS

      967,167        10,958,096        14,285,053        33        14,285,086        -            14,285,086  

FF05S

      114,436        1,429,159        1,568,918        12        1,568,930        -            1,568,930  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

 

Subaccount*,**    Shares      Cost      Investments, at
fair value		      Accounts
Receivable		      Total Assets      Accounts
Payable		     

Contract

Owners’

Equity

  

FF10S

      244,587        3,201,701        3,487,815        17        3,487,832        -            3,487,832  

FF15S

      583,539        7,312,170        8,216,230        16        8,216,246        -            8,216,246  

FF20S

      2,032,610        27,379,881        30,428,179        322        30,428,501        -            30,428,501  

FF25S

      2,102,216        30,725,567        35,296,210        63        35,296,273        -            35,296,273  

FF30S

      3,045,947        44,068,054        51,141,446        61        51,141,507        -            51,141,507  

FF35S

      251,383        5,801,094        6,855,222        17        6,855,239        -            6,855,239  

FF40S

      978,967        21,053,873        25,365,031        34        25,365,065        -            25,365,065  

FF45S

      29,394        640,091        765,133        -            765,133        1        765,132  

FF50S

      94,903        1,899,677        2,219,781        16        2,219,797        -            2,219,797  

FF55S

      1,690        21,120        21,400        -            21,400        7        21,393  

FF60S

      27,277        312,550        345,059        4        345,063        -            345,063  

FFINS

      151,814        1,819,986        1,932,598        -            1,932,598        2        1,932,596  

FGOS

      8,762        317,506        677,947        451,269        1,129,216        -            1,129,216  

FGS

      1,604,466        112,578,121        164,329,400        317,318        164,646,718        -            164,646,718  

FHIS

      2,043,993        10,759,361        10,751,404        12        10,751,416        -            10,751,416  

FIGBS

      12,612,838        162,481,991        175,570,710        309        175,571,019        -            175,571,019  

FIP

      3,687        1,178,751        1,369,982        -            1,369,982        10        1,369,972  

FMCS

      937,818        30,319,025        35,899,676        165        35,899,841        -            35,899,841  

FMMP

      7,431,848        7,431,848        7,431,848        -            7,431,848        3        7,431,845  

FNRS2

      295,934        4,882,603        3,068,840        -            3,068,840        1        3,068,839  

FOS

      765,297        15,684,453        20,203,839        175        20,204,014        -            20,204,014  

FRESS

      202,151        3,561,536        3,507,320        8        3,507,328        -            3,507,328  

FVMIS

      15,326        171,545        215,643        -            215,643        1        215,642  

FVSS

      235,653        2,945,620        3,183,671        183        3,183,854        -            3,183,854  

FTVDM2

      311,759        2,818,393        3,628,875        11        3,628,886        -            3,628,886  

FTVFA2

      110,431        684,482        599,639        -            599,639        1        599,638  

FTVGB1

      948,605        15,331,818        13,745,291        6        13,745,297        -            13,745,297  

FTVGI2

      396,359        6,373,749        5,477,679        12        5,477,691        -            5,477,691  

FTVIS2

      353,215        5,279,968        5,312,346        7        5,312,353        -            5,312,353  

FTVMD2

      38,817        578,937        656,403        -            656,403        5        656,398  

FTVRDI

      616,532        16,287,059        18,600,777        -            18,600,777        -            18,600,777  

FTVSV2

      578,045        7,848,705        8,381,647        15        8,381,662        -            8,381,662  

FTVSVI

      640,130        10,482,424        9,729,972        36        9,730,008        -            9,730,008  

TIF

      56,717        768,732        769,643        1        769,644        -            769,644  

TIF2

      864,691        11,562,425        11,483,092        13        11,483,105        -            11,483,105  

GVCSE

      114,960        1,289,347        1,553,106        -            1,553,106        664        1,552,442  

GVGMNS

      1,813        20,895        22,824        -            22,824        -            22,824  

GVGOPS

      92,732        1,106,234        1,223,141        6        1,223,147        -            1,223,147  

GVMCE

      572,284        8,353,129        9,860,454        -            9,860,454        145        9,860,309  

GVMSAS

      1,049        9,291        9,915        2        9,917        -            9,917  

RVARS

      24,272        595,231        621,611        6        621,617        -            621,617  

ACEG

      32,049        2,351,787        2,855,593        -            2,855,593        4        2,855,589  

ACGI

      305,475        5,719,423        5,718,488        20        5,718,508        -            5,718,508  

AVBVI

      2        11        12        -            12        12        -      

AVHY1

      225,755        1,098,633        1,187,471        10        1,187,481        -            1,187,481  

AVIE

      862,559        32,222,872        36,676,027        76        36,676,103        -            36,676,103  

AVMCCI

      24,638        273,129        260,418        18        260,436        -            260,436  

AVSCE

      6,985        123,271        144,024        -            144,024        4        144,020  

IVBRA1

      161,334        1,701,537        1,690,775        -            1,690,775        7        1,690,768  

OVAG

      449,758        32,152,504        48,092,617        946,686        49,039,303        -            49,039,303  

OVGI

      1,348,891        36,878,877        40,345,334        -            40,345,334        24        40,345,310  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

 

Subaccount*,**    Shares      Cost      Investments, at
fair value		      Accounts
Receivable		      Total Assets      Accounts
Payable		     

Contract

Owners’

Equity

  

OVGR

      183,593        10,179,382        12,913,964        60,361        12,974,325        -            12,974,325  

OVGS

      1,857,421        74,938,394        96,808,758        1,347        96,810,105        -            96,810,105  

OVIG

      7,645,403        17,783,783        22,248,123        40        22,248,163        -            22,248,163  

OVSB

      3,862,508        19,830,355        18,694,538        -            18,694,538        4        18,694,534  

OVSC

      291,176        6,673,230        7,984,040        167        7,984,207        -            7,984,207  

WRASP

      668,759        5,862,865        6,983,454        5        6,983,459        -            6,983,459  

WRGP

      383,122        4,101,339        4,866,421        21        4,866,442        -            4,866,442  

WRHIP

      4,281,438        14,150,530        14,536,338        23        14,536,361        -            14,536,361  

WRMCG

      360,749        4,589,009        6,307,328        -            6,307,328        13        6,307,315  

WRRESP

      833,400        5,773,946        5,811,131        -            5,811,131        7        5,811,124  

WRSTP

      270,558        8,073,859        9,705,493        12        9,705,505        -            9,705,505  

JPMMV1

      4,162,739        42,473,121        45,332,231        109        45,332,340        -            45,332,340  

JPSCE1

      22,032        386,136        531,196        -            531,196        1        531,195  

JABS

      947,116        35,377,287        43,662,045        48        43,662,093        -            43,662,093  

JACAS

      1,245,869        45,296,592        65,981,244        146        65,981,390        -            65,981,390  

JAEI

      26,343        2,029,633        2,481,770        10        2,481,780        -            2,481,780  

JAFBS

      528,527        7,051,760        7,388,806        1        7,388,807        -            7,388,807  

JAGTS

      2,147,285        29,274,909        44,019,343        271        44,019,614        -            44,019,614  

JAIGS

      652,475        20,151,740        23,867,541        -            23,867,541        83        23,867,458  

JAMGS

      479,879        33,520,010        41,970,238        61        41,970,299        -            41,970,299  

JAMVS

      54,100        850,260        834,218        10        834,228        -            834,228  

LZREMS

      609,686        11,655,686        12,882,671        33        12,882,704        -            12,882,704  

SBVSG

      767,711        21,507,349        28,098,230        81        28,098,311        -            28,098,311  

BNCAI

      85,503        4,657,177        6,747,543        -            6,747,543        42        6,747,501  

LOVBD

      339,968        4,060,662        4,246,200        11        4,246,211        -            4,246,211  

LOVMCV

      45        909        1,076        -            1,076        15        1,061  

LOVSDC

      1,687,980        24,221,719        24,171,878        32        24,171,910        -            24,171,910  

LOVTRC

      2,147,038        36,193,691        37,251,112        43        37,251,155        -            37,251,155  

MNVFRS

      5,040        43,906        44,445        -            44,445        2        44,443  

MMCGSC

      127,666        1,248,548        1,471,984        -            1,471,984        6        1,471,978  

MNDIC

      88,643        1,844,278        2,389,805        15        2,389,820        -            2,389,820  

MNDSC

      149,368        2,812,668        3,526,584        16        3,526,600        -            3,526,600  

MV2IGI

      191,745        3,705,325        4,805,130        4        4,805,134        -            4,805,134  

MV2RIS

      2,096,576        37,227,007        37,528,717        -            37,528,717        -            37,528,717  

MV3MVI

      1,725        14,584        14,816        7        14,823        -            14,823  

MV3MVS

      161,078        1,263,630        1,369,167        7        1,369,174        -            1,369,174  

MVBRES

      30,675        1,518,262        1,738,655        9        1,738,664        -            1,738,664  

MVFIC

      525,733        9,950,440        10,724,958        22        10,724,980        -            10,724,980  

MVFSC

      4,862,634        91,517,289        97,058,170        209        97,058,379        -            97,058,379  

MVIGIC

      18,825        254,978        302,889        -            302,889        5        302,884  

MVIVSC

      3,225,973        82,719,067        111,199,295        147        111,199,442        -            111,199,442  

MVRBSS

      256,949        3,464,624        3,561,313        12        3,561,325        -            3,561,325  

MSEM

      1,017,792        7,652,448        7,877,711        -            7,877,711        -            7,877,711  

MSVEG

      159,960        7,134,967        11,233,987        42        11,234,029        -            11,234,029  

MSVFI

      223,240        2,477,900        2,616,375        58        2,616,433        -            2,616,433  

MSVMG

      163,118        3,032,657        4,810,342        -            4,810,342        36        4,810,306  

MSVRE

      304,239        5,855,810        5,211,606        -            5,211,606        38        5,211,568  

VKVGR2

      535,016        4,650,913        4,579,733        12        4,579,745        -            4,579,745  

DTRTFB

      14,689        149,084        149,531        4        149,535        -            149,535  

EIF

      757,799        12,566,879        14,693,720        310        14,694,030        -            14,694,030  

GBF

      10,268,681        109,999,252        115,933,403        189        115,933,592        -            115,933,592  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

 

Subaccount*,**    Shares      Cost      Investments, at
fair value		      Accounts
Receivable		      Total Assets      Accounts
Payable		     

Contract

Owners’

Equity

  

GEM

      975,767        12,176,993        14,597,477        777        14,598,254        -            14,598,254  

GIG

      1,433,393        15,411,606        16,641,694        257        16,641,951        -            16,641,951  

GVAAA2

      468,625        11,657,299        12,507,606        15        12,507,621        -            12,507,621  

GVABD2

      158,060        1,891,605        1,996,297        6        1,996,303        -            1,996,303  

GVAGG2

      274,366        8,359,716        11,043,251        -            11,043,251        16        11,043,235  

GVAGI2

      87,854        4,700,734        4,957,611        -            4,957,611        12        4,957,599  

GVAGR2

      160,901        13,796,497        19,440,109        97        19,440,206        -            19,440,206  

GVDMA

      8,881,069        112,169,774        116,786,060        8,161        116,794,221        -            116,794,221  

GVDMC

      2,066,394        21,890,887        23,246,931        138        23,247,069        -            23,247,069  

GVEX1

      486,679        9,077,286        10,882,154        -            10,882,154        12        10,882,142  

GVIDA

      3,461,220        43,679,837        45,168,919        1,815        45,170,734        -            45,170,734  

GVIDC

      1,592,466        15,877,267        16,784,591        19        16,784,610        -            16,784,610  

GVIDM

      6,775,341        81,734,958        81,778,365        168        81,778,533        -            81,778,533  

GVIX2

      378,370        3,514,673        3,935,048        -            3,935,048        4        3,935,044  

HIBF

      3,368,382        22,056,945        22,062,904        1,273        22,064,177        -            22,064,177  

IDPG

      1,274        14,314        15,304        4        15,308        -            15,308  

IDPGI

      738        8,036        8,448        1        8,449        -            8,449  

MCIF

      5,391,976        119,460,847        123,638,003        235        123,638,238        -            123,638,238  

MSBF

      1,148,274        10,422,714        10,564,117        3        10,564,120        -            10,564,120  

NCPG

      8,195        85,089        92,769        7        92,776        -            92,776  

NCPGI

      1,743        18,631        19,226        1        19,227        -            19,227  

NJMMA2

      5,500        53,437        54,997        3        55,000        -            55,000  

NJMMAY

      77,426        749,582        780,458        1        780,459        -            780,459  

NVAMV1

      2,380,571        37,383,437        35,589,537        2,611        35,592,148        -            35,592,148  

NVAMVX

      1,362,770        17,535,255        20,332,526        13        20,332,539        -            20,332,539  

NVBX

      34,134,391        361,688,608        381,622,489        236        381,622,725        -            381,622,725  

NVCBD1

      325,298        3,612,773        3,724,659        9        3,724,668        -            3,724,668  

NVCCA1

      421,647        4,155,422        4,477,896        -            4,477,896        14        4,477,882  

NVCCN1

      394,495        4,015,187        4,303,936        9        4,303,945        -            4,303,945  

NVCMA1

      812,295        7,803,765        7,741,169        -            7,741,169        4        7,741,165  

NVCMC1

      259,739        2,676,355        2,877,907        -            2,877,907        1        2,877,906  

NVCMD1

      784,809        8,522,432        8,530,872        19        8,530,891        -            8,530,891  

NVCRA1

      303,981        2,882,665        3,304,274        11        3,304,285        -            3,304,285  

NVCRB1

      570,507        5,906,974        6,423,913        3        6,423,916        -            6,423,916  

NVDBL2

      133,189        2,049,886        2,157,669        -            2,157,669        3        2,157,666  

NVDCA2

      43,806        768,610        802,525        5        802,530        -            802,530  

NVDCAP

      8,768        147,968        159,920        -            159,920        3        159,917  

NVFIII

      22,229        249,711        251,183        4        251,187        -            251,187  

NVGEII

      2,796        33,151        37,769        2        37,771        -            37,771  

NVIDMP

      87,888        1,013,916        1,056,413        1        1,056,414        -            1,056,414  

NVIE6

      18,353        163,695        211,064        3        211,067        -            211,067  

NVIX

      2,974,057        28,026,160        30,959,933        46        30,959,979        -            30,959,979  

NVLCP1

      186,039        2,131,525        2,277,113        -            2,277,113        6        2,277,107  

NVMIG1

      1,859,038        20,428,678        22,475,766        4        22,475,770        -            22,475,770  

NVMIVX

      469,336        4,287,590        5,050,058        3        5,050,061        -            5,050,061  

NVMLG1

      1,973,415        20,157,586        17,642,328        44        17,642,372        -            17,642,372  

NVMMG1

      4,921,823        52,522,191        68,167,252        25        68,167,277        -            68,167,277  

NVMMV1

      1,035,147        7,333,888        8,001,688        17        8,001,705        -            8,001,705  

NVMMV2

      1,569,727        15,329,143        12,228,176        -            12,228,176        4        12,228,172  

NVNMO1

      1,573,715        15,789,250        19,262,267        -            19,262,267        8        19,262,259  

NVNSR1

      12,719        167,828        179,089        -            179,089        4        179,085  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

 

Subaccount*,**    Shares      Cost      Investments, at
fair value		      Accounts
Receivable		      Total Assets      Accounts
Payable		     

Contract

Owners’

Equity

  

NVOLG1

      11,002,726        194,759,320        207,291,356        -            207,291,356        7        207,291,349  

NVRE1

      4,106,522        27,202,153        29,813,349        12        29,813,361        -            29,813,361  

NVSIX2

      170,792        1,644,635        1,557,621        3        1,557,624        -            1,557,624  

NVSTB1

      3,075,505        32,274,348        32,108,273        55        32,108,328        -            32,108,328  

NVSTB2

      311,609        3,213,368        3,237,617        1        3,237,618        -            3,237,618  

NVTIV3

      77,822        883,169        837,359        5        837,364        -            837,364  

SAM

      38,662,778        38,662,778        38,662,778        -            38,662,778        167,712        38,495,066  

SAM5

      225,618,984        225,618,984        225,618,984        177        225,619,161        -            225,619,161  

SCF

      2,466,813        47,344,436        49,311,584        2,516        49,314,100        -            49,314,100  

SCGF

      1,743,089        29,314,299        34,251,696        89        34,251,785        -            34,251,785  

SCVF

      4,318,557        44,929,827        37,873,743        78        37,873,821        -            37,873,821  

TRF

      2,039,134        37,439,303        47,980,813        28,044        48,008,857        -            48,008,857  

AMCG

      46,809        1,392,661        1,863,010        2,359        1,865,369        -            1,865,369  

AMMCGS

      30,768        809,211        1,109,485        5        1,109,490        -            1,109,490  

AMRI

      1,865        26,752        28,713        3        28,716        -            28,716  

AMSRS

      86,654        2,161,760        2,659,400        525        2,659,925        -            2,659,925  

AMTB

      266,497        2,812,021        2,846,191        -            2,846,191        4        2,846,187  

NOTB3

      4,137        48,120        49,019        -            49,019        6        49,013  

NOTG3

      4,271        47,462        50,017        -            50,017        6        50,011  

NOTMG3

      12,097        140,247        147,709        1        147,710        -            147,710  

PMVAAA

      469,241        4,665,425        5,194,494        11        5,194,505        -            5,194,505  

PMVFBA

      154,195        1,527,111        1,623,673        39        1,623,712        -            1,623,712  

PMVFHA

      33,540        378,407        376,990        4        376,994        -            376,994  

PMVGBA

      51,139        566,997        623,383        5        623,388        -            623,388  

PMVHYA

      108,491        818,777        869,012        70        869,082        -            869,082  

PMVLDA

      3,966,493        40,587,391        41,172,199        610        41,172,809        -            41,172,809  

PMVLGA

      1,260,948        18,097,925        18,624,199        571        18,624,770        -            18,624,770  

PMVRRA

      3,745,120        47,627,703        52,132,065        2,871        52,134,936        -            52,134,936  

PMVRSA

      24,834        163,071        150,243        -            150,243        1        150,242  

PMVTRA

      7,007,025        77,228,213        81,211,417        2,817        81,214,234        -            81,214,234  

PVEIB

      66,600        1,586,597        1,698,976        6        1,698,982        -            1,698,982  

PVGOB

      248,177        3,138,373        3,610,974        -            3,610,974        -            3,610,974  

PVTIGB

      73,116        1,031,107        1,204,950        -            1,204,950        7        1,204,943  

PVTSCB

      104,010        795,533        1,041,136        5        1,041,141        -            1,041,141  

ROCMC

      213,037        1,959,958        2,537,274        -            2,537,274        26        2,537,248  

TRBCGP

      2,560,739        96,738,212        129,855,076        201        129,855,277        -            129,855,277  

TREI2

      771,086        19,531,145        20,125,337        63        20,125,400        -            20,125,400  

TRHS2

      278,133        12,717,492        16,120,568        5        16,120,573        -            16,120,573  

TRLT1

      2,599,403        12,887,051        12,997,016        -            12,997,016        400        12,996,616  

TRMCG2

      1,145,944        31,068,249        36,246,217        122        36,246,339        -            36,246,339  

TRNAG1

      1,944,838        62,957,819        77,132,287        105        77,132,392        -            77,132,392  

TRPSB1

      406,067        8,455,425        9,307,066        2        9,307,068        -            9,307,068  

VWEM

      682,864        9,230,152        11,533,567        411        11,533,978        -            11,533,978  

VWHA

      724,734        12,264,465        16,292,021        73        16,292,094        -            16,292,094  

VVB

      539,997        12,190,142        13,867,118        44        13,867,162        -            13,867,162  

VVCG

      427,412        14,166,314        19,323,298        41        19,323,339        -            19,323,339  

VVEI

      7,192        141,755        165,920        1        165,921        -            165,921  

VVEIX

      1,943        78,998        104,433        -            104,433        4        104,429  

VVHGB

      4,824,089        57,765,009        61,796,576        69        61,796,645        -            61,796,645  

VVI

      418,912        11,189,567        18,251,982        37        18,252,019        -            18,252,019  

VVMCI

      1,129,392        23,522,278        29,104,443        76        29,104,519        -            29,104,519  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

 

Subaccount*,**    Shares      Cost      Investments, at
fair value		      Accounts
Receivable		      Total Assets      Accounts
Payable		     

Contract

Owners’

Equity

  

VVREI

      238,127        2,895,294        2,959,921        7        2,959,928        -            2,959,928  

VVSCG

      348,399        7,402,261        8,532,301        15        8,532,316        -            8,532,316  

VVSTC

      2,157        23,217        23,990        1        23,991        -            23,991  

VVTISI

      867,508        16,420,822        19,935,330        47        19,935,377        -            19,935,377  

VRVDRI

      145,390        2,182,577        2,573,408        16        2,573,424        -            2,573,424  

SVDF

      669,258        20,710,302        32,612,929        18        32,612,947        -            32,612,947  

SVOF

      285,165        7,348,446        8,449,446        198        8,449,644        -            8,449,644  

WFVSCG

      688,096        7,199,222        10,128,774        -            10,128,774        17        10,128,757  
        

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total (unaudited)

 

    $ 6,233,810,008      $ 2,372,868      $ 6,236,182,876      $ 183,403      $ 6,235,999,473  
        

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

*

Represents abbreviation of investment name. For full investment name and related abbreviation, see note 1(b).

**

For all subaccounts not included herein but listed as an investment option in note 1(b), Total Assets and Contract Owners’ Equity at the end of the period are $0. See note 1(b) for all investments available for which no policyholders were invested at December 31, 2020, if applicable.

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    Total
(unaudited)		     ALVDAA     ALVGIA     ALVIVA     ALVIVB     ALVSVA     ACVCA     ACVI  

Reinvested dividends

    $ 76,744,716       378       382,072       64,829       283       128,061       -           10,478  

Mortality and expense risk charges (note 3)

      (6,593,375 )      -           (41,113 )      (2,917 )      -           (7,526 )      (1,582 )      (2,287 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      70,151,341       378       340,959       61,912       283       120,535       (1,582 )      8,191  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      60,011,207       790       (2,578,599 )      (89,796 )      (1,482 )      (564,331 )      77,352       (26,376 ) 

Change in unrealized gain (loss) on investments

      434,974,239       -           1,024,105       163,706       (1,038 )      417,255       133,874       392,493  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      494,985,446       790       (1,554,494 )      73,910       (2,520 )      (147,076 )      211,226       366,117  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      233,748,104       -           1,297,893       -           -           586,193       80,548       31,603  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 798,884,891       1,168       84,358       135,822       (2,237 )      559,652       290,192       405,911  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    ACVIG     ACVIP1     ACVIP2     ACVMV1     ACVV     AMVAA2     AMVBD2     AMVGB2  

Reinvested dividends

    $ 380,240       415,866       102,686       166,106       304,493       206,526       1,240,196       29,244  

Mortality and expense risk charges (note 3)

      (5,117 )      (50,891 )      -           (5,723 )      (21,316 )      (21,007 )      (61,454 )      (775 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      375,123       364,975       102,686       160,383       283,177       185,519       1,178,742       28,469  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      1,035,003       432,059       35,286       (866,012 )      (689,206 )      (109,896 )      194,143       13,003  

Change in unrealized gain (loss) on investments

      (635,925 )      1,568,930       564,246       665,420       (365,047 )      1,175,357       3,675,400       117,668  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      399,078       2,000,989       599,532       (200,592 )      (1,054,253 )      1,065,461       3,869,543       130,671  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      1,057,848       -           -           -           375,258       56,537       573,430       4,294  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 1,832,049       2,365,964       702,218       (40,209 )      (395,818 )      1,307,517       5,621,715       163,434  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    AMVGI2     AMVGR2     AMVGS2     AMVI2     AMVNW2     PIHYB1     BRVHYI     MLVGA2  

Reinvested dividends

    $ 10,305       121,616       4,308       167,691       3,216       183,420       972,657       113,283  

Mortality and expense risk charges (note 3)

      1,381       (79,007 )      (5,216 )      (42,992 )      (7,683 )      (5,209 )      (31,153 )      (2,638 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      11,686       42,609       (908 )      124,699       (4,467 )      178,211       941,504       110,645  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (5,116 )      1,914,347       115,145       (674,497 )      (680 )      (91,784 )      (255,147 )      43,866  

Change in unrealized gain (loss) on investments

      127,045       14,448,815       334,781       4,472,413       1,355,758       148,241       490,603       1,176,416  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      121,929       16,363,162       449,926       3,797,916       1,355,078       56,457       235,456       1,220,282  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      2,516       901,275       160,861       -           47,453       -           -           521,339  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 136,131       17,307,046       609,879       3,922,615       1,398,064       234,668       1,176,960       1,852,266  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    MLVLC2     DCAP     DSC     DSIF     DSRG     DVMCS     DVSCS     CVSPIP  

Reinvested dividends

    $ 7,919       169,969       6,362       10,836,797       145,787       23,879       1,013,917       10,176  

Mortality and expense risk charges (note 3)

      (2,012 )      (4,172 )      -           (891,948 )      (493 )      (5,541 )      (162,392 )      (2,026 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      5,907       165,797       6,362       9,944,849       145,294       18,338       851,525       8,150  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (217,305 )      (579,817 )      (177,483 )      32,544,740       408,326       (285,379 )      (7,053,976 )      (98,464 ) 

Change in unrealized gain (loss) on investments

      214,297       3,534,230       364,623       29,486,305       2,367,096       430,357       12,290,864       29,013  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      (3,008 )      2,954,413       187,140       62,031,045       2,775,422       144,978       5,236,888       (69,451 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      76,680       1,763,790       -           44,623,318       158,207       -           5,773,387       20,046  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 79,579       4,884,000       193,502       116,599,212       3,078,923       163,316       11,861,800       (41,255 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    SASP5I     DAVVL     DWVEMS     DWVSVS     DFVGMI     DFVIPS     DFVIS     DFVIV  

Reinvested dividends

    $ 893,376       29,833       26,755       156,254       2,138       81,289       449       1,059  

Mortality and expense risk charges (note 3)

      (135,744 )      (5,860 )      (11,107 )      (27,891 )      -           (11,310 )      31       42  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      757,632       23,973       15,648       128,363       2,138       69,979       480       1,101  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      1,516,802       (533,946 )      267,880       (2,834,446 )      1,264       40,183       22       (274 ) 

Change in unrealized gain (loss) on investments

      15,412,432       854,213       996,980       1,531,979       14,023       504,822       4,942       3,782  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      16,929,234       320,267       1,264,860       (1,302,467 )      15,287       545,005       4,964       3,508  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      141,940       119,331       100,391       890,893       2,312       42,904       396       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 17,828,806       463,571       1,380,899       (283,211 )      19,737       657,888       5,840       4,609  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    DFVULV     DFVUTV     DSGIBA     SVSLVB     SVSSVB     ETVFR     FQB     FVU2  

Reinvested dividends

    $ 210,836       33,962       5,234       564       1,838       814,794       613,791       19,224  

Mortality and expense risk charges (note 3)

      (19,487 )      (3,815 )      -           (57 )      (206 )      (55,932 )      (15,508 )      -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      191,349       30,147       5,234       507       1,632       758,862       598,283       19,224  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (106,646 )      (191,206 )      (4,730 )      (5,508 )      (43,749 )      (469,544 )      (9,694 )      (1,854 ) 

Change in unrealized gain (loss) on investments

      (278,586 )      199,650       10,485       116       16,633       57,428       1,030,542       (16,510 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      (385,232 )      8,444       5,755       (5,392 )      (27,116 )      (412,116 )      1,020,848       (18,364 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           -           3,855       1,447       13,527       -           65,741       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ (193,883 )      38,591       14,844       (3,438 )      (11,957 )      346,746       1,684,872       860  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    FVUS2     FCS     FEIS     FEMS     FF05S     FF10S     FF15S     FF20S  

Reinvested dividends

    $ 2,598       49,456       940,638       87,404       17,954       38,768       95,040       332,432  

Mortality and expense risk charges (note 3)

      (1,026 )      (64,571 )      (17,740 )      (18,797 )      (2,716 )      (681 )      (10,964 )      (37,948 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      1,572       (15,115 )      922,898       68,607       15,238       38,087       84,076       294,484  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      9,010       981,287       (345,869 )      346,349       12,402       72,518       65,688       350,487  

Change in unrealized gain (loss) on investments

      3,207       8,554,248       507,176       2,058,637       75,818       113,641       626,599       1,721,073  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      12,217       9,535,535       161,307       2,404,986       88,220       186,159       692,287       2,071,560  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           169,281       2,489,437       1,082,815       35,955       98,524       372,566       1,730,222  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 13,789       9,689,701       3,573,642       3,556,408       139,413       322,770       1,148,929       4,096,266  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    FF25S     FF30S     FF35S     FF40S     FF45S     FF50S     FF55S     FF60S  

Reinvested dividends

    $ 363,104       516,185       60,356       193,945       6,051       15,409       151       2,530  

Mortality and expense risk charges (note 3)

      (59,330 )      (61,457 )      (10,633 )      (41,602 )      (1,258 )      (2,790 )      (35 )      (157 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      303,774       454,728       49,723       152,343       4,793       12,619       116       2,373  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      444,288       831,911       141,187       294,826       30,850       2,281       (2,091 )      2,265  

Change in unrealized gain (loss) on investments

      2,533,478       4,107,391       795,258       2,525,972       109,951       247,829       236       32,465  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      2,977,766       4,939,302       936,445       2,820,798       140,801       250,110       (1,855 )      34,730  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      1,383,590       1,950,826       176,285       1,012,443       18,143       45,076       533       9,147  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 4,665,130       7,344,856       1,162,453       3,985,584       163,737       307,805       (1,206 )      46,250  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    FFINS     FGOS     FGS     FHIS     FIGBS     FIP     FMCS     FMMP  

Reinvested dividends

    $ 21,339       34       77,581       530,618       3,587,975       287,180       170,217       35,215  

Mortality and expense risk charges (note 3)

      (3,441 )      (616 )      (81,123 )      (11,035 )      (250,535 )      (27,490 )      (18,116 )      (23,464 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      17,898       (582 )      (3,542 )      519,583       3,337,440       259,690       152,101       11,751  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (8,985 )      6,689       7,277,485       (264,399 )      2,337,162       15,108,637       (193,552 )      -      

Change in unrealized gain (loss) on investments

      75,010       240,048       30,242,235       3,530       8,410,670       (18,751,795 )      5,343,594       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      66,025       246,737       37,519,720       (260,869 )      10,747,832       (3,643,158 )      5,150,042       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      34,328       28,229       12,088,285       -           59,752       259,387       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 118,251       274,384       49,604,463       258,714       14,145,024       (3,124,081 )      5,302,143       11,751  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    FNRS2     FOS     FRESS     FVMIS     FVSS     FTVDM2     FTVFA2     FTVGB1  

Reinvested dividends

    $ 76,876       60,442       66,496       2,499       32,750       124,155       7,914       1,366,382  

Mortality and expense risk charges (note 3)

      -           (2,155 )      (4,201 )      214       (44 )      -           -           (30,007 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      76,876       58,287       62,295       2,713       32,706       124,155       7,914       1,336,375  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (496,184 )      135,592       (78,060 )      (1 )      (323,121 )      162,658       (17,692 )      (1,379,400 ) 

Change in unrealized gain (loss) on investments

      (1,095,934 )      2,317,521       (233,020 )      44,098       317,535       121,880       (69,108 )      (899,632 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      (1,592,118 )      2,453,113       (311,080 )      44,097       (5,586 )      284,538       (86,800 )      (2,279,032 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           79,531       119,793       -           165,021       77,916       141,008       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ (1,515,242 )      2,590,931       (128,992 )      46,810       192,141       486,609       62,122       (942,657 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    FTVGI2     FTVIS2     FTVMD2     FTVRDI     FTVSV2     FTVSVI     TIF     TIF2  

Reinvested dividends

    $ 484,516       316,702       16,745       246,171       115,267       140,876       24,902       355,407  

Mortality and expense risk charges (note 3)

      (158 )      -           (1,412 )      -           (14,740 )      -           -           (14,310 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      484,358       316,702       15,333       246,171       100,527       140,876       24,902       341,097  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (182,901 )      (177,223 )      (207,050 )      274,039       (1,804,901 )      (836,155 )      (16,247 )      (647,531 ) 

Change in unrealized gain (loss) on investments

      (616,521 )      (190,344 )      90,071       1,241,688       1,413,787       642,288       (22,720 )      (232,670 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      (799,422 )      (367,567 )      (116,979 )      1,515,727       (391,114 )      (193,867 )      (38,967 )      (880,201 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           4,486       13,412       850,640       490,263       504,812       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ (315,064 )      (46,379 )      (88,234 )      2,612,538       199,676       451,821       (14,065 )      (539,104 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    GVCSE     GVGMNS     GVGOPS     GVMCE     GVMSAS     RVARS     ACEG     ACGI  

Reinvested dividends

    $ 2,953       62       -           53,281       181       7,983       1,246       115,013  

Mortality and expense risk charges (note 3)

      (1,845 )      -           (1,721 )      (19,645 )      -           -           -           (8,316 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      1,108       62       (1,721 )      33,636       181       7,983       1,246       106,697  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (196,813 )      (2,649 )      31,050       (784,027 )      4       3,731       61,355       (1,054,983 ) 

Change in unrealized gain (loss) on investments

      322,325       2,337       114,335       1,117,680       657       21,699       429,376       790,117  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      125,512       (312 )      145,385       333,653       661       25,430       490,731       (264,866 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      18,361       319       199,586       135,336       -           -           130,022       84,671  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 144,981       69       343,250       502,625       842       33,413       621,999       (73,498 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    AVBVI     AVHY1     AVIE     AVMCCI     AVSCE     IVBRA1     OVAG     OVGI  

Reinvested dividends

    $ -           50,662       748,155       1,630       405       126,650       13,219       546,178  

Mortality and expense risk charges (note 3)

      -           (2,305 )      (64,479 )      (123 )      (295 )      -           (11,718 )      (16,653 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      -           48,357       683,676       1,507       110       126,650       1,501       529,525  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (9,533 )      (127,404 )      658,721       (32,002 )      (8,195 )      (29,384 )      2,151,785       1,597,793  

Change in unrealized gain (loss) on investments

      9,192       80,945       2,167,850       5,048       23,025       (22,542 )      9,332,399       (774,760 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      (341 )      (46,459 )      2,826,571       (26,954 )      14,830       (51,926 )      11,484,184       823,033  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           -           720,790       46,133       10,083       81,646       2,755,710       3,596,896  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ (341 )      1,898       4,231,037       20,686       25,023       156,370       14,241,395       4,949,454  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    OVGR     OVGS     OVIG     OVSB     OVSC     WRASP     WRGP     WRHIP  

Reinvested dividends

    $ -           566,473       174,147       1,036,707       39,511       127,786       -           1,101,975  

Mortality and expense risk charges (note 3)

      (23,238 )      (89,544 )      (32,376 )      -           (917 )      (1,146 )      (4,221 )      (29,212 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      (23,238 )      476,929       141,771       1,036,707       38,594       126,640       (4,221 )      1,072,763  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      75,997       520,792       480,580       (415,329 )      (364,633 )      (20,200 )      (120,343 )      (894,847 ) 

Change in unrealized gain (loss) on investments

      1,633,738       16,967,868       3,412,401       (58,199 )      1,537,233       598,047       752,340       458,761  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      1,709,735       17,488,660       3,892,981       (473,528 )      1,172,600       577,847       631,997       (436,086 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      1,560,764       2,951,486       257,213       -           89,495       106,027       522,207       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 3,247,261       20,917,075       4,291,965       563,179       1,300,689       810,514       1,149,983       636,677  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    WRMCG     WRRESP     WRSTP     JPMMV1     JPSCE1     JABS     JACAS     JAEI  

Reinvested dividends

    $ -           93,906       -           589,470       5,055       587,049       91,566       1,608  

Mortality and expense risk charges (note 3)

      (7,834 )      (6,989 )      (4,963 )      (76,992 )      (649 )      (58,054 )      (20,462 )      -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      (7,834 )      86,917       (4,963 )      512,478       4,406       528,995       71,104       1,608  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      439,073       3,910       998,269       (1,609,807 )      (160,993 )      1,880,396       2,178,918       25,202  

Change in unrealized gain (loss) on investments

      1,231,811       (689,289 )      880,377       13,931       172,989       2,046,614       12,512,978       182,969  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      1,670,884       (685,379 )      1,878,646       (1,595,876 )      11,996       3,927,010       14,691,896       208,171  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      336,771       429,752       1,025,078       2,459,433       33,288       576,692       4,197,214       159,852  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 1,999,821       (168,710 )      2,898,761       1,376,035       49,690       5,032,697       18,960,214       369,631  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    JAFBS     JAGTS     JAIGS     JAMGS     JAMVS     LZREMS     SBVSG     BNCAI  

Reinvested dividends

    $ 166,815       1,031       241,549       -           7,991       281,724       -           -      

Mortality and expense risk charges (note 3)

      (9,329 )      (12,758 )      (9,028 )      (56,957 )      (1,536 )      (19,484 )      (37,157 )      (10,940 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      157,486       (11,727 )      232,521       (56,957 )      6,455       262,240       (37,157 )      (10,940 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      329,283       4,155,349       (509,310 )      1,380,127       (12,115 )      (1,518,101 )      (105,684 )      846,888  

Change in unrealized gain (loss) on investments

      151,405       7,227,338       3,470,078       4,241,519       (28,446 )      880,413       6,697,997       675,201  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      480,688       11,382,687       2,960,768       5,621,646       (40,561 )      (637,688 )      6,592,313       1,522,089  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           2,993,656       -           2,645,470       15,152       -           1,864,361       113,979  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 638,174       14,364,616       3,193,289       8,210,159       (18,954 )      (375,448 )      8,419,517       1,625,128  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    LOVBD     LOVMCV     LOVSDC     LOVTRC     MNVFRS     MMCGSC     MNDIC     MNDSC  

Reinvested dividends

    $ 153,748       11       650,115       850,548       160       -           -           -      

Mortality and expense risk charges (note 3)

      (7,570 )      (1 )      (41,271 )      (67,708 )      (11 )      (716 )      -           (284 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      146,178       10       608,844       782,840       149       (716 )      -           (284 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      72,232       (2,320 )      (205,731 )      279,420       -           44,318       (9,082 )      3,569  

Change in unrealized gain (loss) on investments

      54,045       711       227,598       546,300       539       219,819       557,401       702,736  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      126,277       (1,609 )      21,867       825,720       539       264,137       548,319       706,305  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           -           -           676,850       -           96,190       155,504       168,125  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 272,455       (1,599 )      630,711       2,285,410       688       359,611       703,823       874,146  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    MV2IGI     MV2RIS     MV3MVI     MV3MVS     MVBRES     MVFIC     MVFSC     MVIGIC  

Reinvested dividends

    $ 19,362       30,494       8       3,976       18,977       160,875       1,082,434       3,494  

Mortality and expense risk charges (note 3)

      -           (16,126 )      -           (592 )      (3,544 )      -           (166,796 )      -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      19,362       14,368       8       3,384       15,433       160,875       915,638       3,494  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      180,219       734,708       -           (1,015 )      (96,639 )      14,479       (347,986 )      (1,187 ) 

Change in unrealized gain (loss) on investments

      245,786       (994,515 )      232       104,969       167,050       (317,781 )      (151,513 )      43,913  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      426,005       (259,807 )      232       103,954       70,411       (303,302 )      (499,499 )      42,726  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      410,118       58,183       27       16,423       70,927       450,878       3,637,672       3,178  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 855,485       (187,256 )      267       123,761       156,771       308,451       4,053,811       49,398  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    MVIVSC     MVRBSS     MSEM     MSVEG     MSVFI     MSVMG     MSVRE     VKVGR2  

Reinvested dividends

    $ 763,205       51,149       341,023       -           69,103       -           146,854       213,004  

Mortality and expense risk charges (note 3)

      (197,874 )      (3,272 )      (8,100 )      (9,921 )      -           (6,449 )      (9,723 )      (9,625 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      565,331       47,877       332,923       (9,921 )      69,103       (6,449 )      137,131       203,379  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      4,350,810       30,519       (195,195 )      756,195       45,782       752,176       (1,116,019 )      (914,985 ) 

Change in unrealized gain (loss) on investments

      11,773,879       89,031       209,085       3,839,911       39,231       1,838,774       (983,750 )      (165,459 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      16,124,689       119,550       13,890       4,596,106       85,013       2,590,950       (2,099,769 )      (1,080,444 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      1,996,613       -           -           719,874       25,261       377,455       145,795       100,464  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 18,686,633       167,427       346,813       5,306,059       179,377       2,961,956       (1,816,843 )      (776,601 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    DTRTFB     EIF     GBF     GEM     GIG     GVAAA2     GVABD2     GVAGG2  

Reinvested dividends

    $ 3,386       231,548       2,407,149       237,577       179,395       207,398       44,175       62,698  

Mortality and expense risk charges (note 3)

      -           (2,465 )      (135,743 )      (5,916 )      (10,436 )      -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      3,386       229,083       2,271,406       231,661       168,959       207,398       44,175       62,698  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      622       772,428       1,469,123       511,734       58,499       254,258       31,152       89,082  

Change in unrealized gain (loss) on investments

      1,309       (1,020,478 )      3,305,635       501,294       619,621       (24,811 )      70,222       1,836,516  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      1,931       (248,050 )      4,774,758       1,013,028       678,120       229,447       101,374       1,925,598  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           566,861       -           -           -           1,072,347       1,426       639,200  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 5,317       547,894       7,046,164       1,244,689       847,079       1,509,192       146,975       2,627,496  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    GVAGI2     GVAGR2     GVDMA     GVDMC     GVEX1     GVIDA     GVIDC     GVIDM  

Reinvested dividends

    $ 72,723       101,246       228,785       30,323       182,448       88,482       15,771       102,072  

Mortality and expense risk charges (note 3)

      -           -           (59,585 )      (15,367 )      -           (40,524 )      (15,961 )      (38,639 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      72,723       101,246       169,200       14,956       182,448       47,958       (190 )      63,433  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      21,649       468,715       1,736,323       (659,610 )      290,572       (435,580 )      (34,273 )      621,021  

Change in unrealized gain (loss) on investments

      32,158       4,534,648       4,229,027       2,140,077       998,877       2,754,168       911,200       2,809,058  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      53,807       5,003,363       5,965,350       1,480,467       1,289,449       2,318,588       876,927       3,430,079  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      449,012       1,325,855       6,512,852       644,105       170,222       2,607,851       150,171       4,213,803  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 575,542       6,430,464       12,647,402       2,139,528       1,642,119       4,974,397       1,026,908       7,707,315  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    GVIX2     HIBF     IDPG     IDPGI     MCIF     MSBF     NCPG     NCPGI  

Reinvested dividends

    $ 80,346       1,123,967       18       10       1,232,476       341,652       1,268       116  

Mortality and expense risk charges (note 3)

      -           (25,790 )      -           -           (143,516 )      (3,582 )      -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      80,346       1,098,177       18       10       1,088,960       338,070       1,268       116  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (24,353 )      (101,296 )      (135 )      (1 )      (4,765,478 )      (151,837 )      (266 )      19  

Change in unrealized gain (loss) on investments

      203,770       34,387       563       301       12,688,213       127,054       7,982       485  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      179,417       (66,909 )      428       300       7,922,735       (24,783 )      7,716       504  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      105,317       -           265       90       5,249,551       -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 365,080       1,031,268       711       400       14,261,246       313,287       8,984       620  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    NJMMA2     NJMMAY     NVAMV1     NVAMVX     NVBX     NVCBD1      NVCCA1     NVCCN1  

Reinvested dividends

    $ 86       -           552,932       238,640       8,231,084       95,414        38,203       8,713  

Mortality and expense risk charges (note 3)

      (48 )      1,033       -           (2,995 )      (420,593 )      -            (75 )      (1,536 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income (loss)

      38       1,033       552,932       235,645       7,810,491       95,414        38,128       7,177  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Realized gain (loss) on investments

      76       41       (256,804 )      16,917       829,654       9,198        (160,564 )      (40,914 ) 

Change in unrealized gain (loss) on investments

      1,559       30,876       (1,296,221 )      2,797,271       16,185,049       95,469        526,025       287,329  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net gain (loss) on investments

      1,635       30,917       (1,553,025 )      2,814,188       17,014,703       104,667        365,461       246,415  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Reinvested capital gains

      -           2,530       907,118       -           -           8,043        149,476       8,508  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 1,673       34,480       (92,975 )      3,049,833       24,825,194       208,124        553,065       262,100  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  
Investment Activity:    NVCMA1     NVCMC1     NVCMD1     NVCRA1     NVCRB1     NVDBL2      NVDCA2     NVDCAP  

Reinvested dividends

    $ 76,637       11,923       64,457       32,239       36,891       2,410        1,419       -      

Mortality and expense risk charges (note 3)

      (503 )      (317 )      (3,045 )      (320 )      (1,160 )      -            -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income (loss)

      76,134       11,606       61,412       31,919       35,731       2,410        1,419       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Realized gain (loss) on investments

      (179,273 )      (52,199 )      (129,886 )      (65,901 )      (301,539 )      1,124        (6,971 )      12  

Change in unrealized gain (loss) on investments

      820,087       253,462       694,991       462,745       725,606       122,028        45,461       11,951  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net gain (loss) on investments

      640,814       201,263       565,105       396,844       424,067       123,152        38,490       11,963  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Reinvested capital gains

      151,940       15,036       216,212       -           75,031       53,162        45,973       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 868,888       227,905       842,729       428,763       534,829       178,724        85,882       11,963  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    NVFIII     NVGEII     NVIDMP     NVIE6     NVIX     NVLCP1     NVMIG1     NVMIVX  

Reinvested dividends

    $ 2,877       441       -           1,774       651,768       62,926       170,143       -      

Mortality and expense risk charges (note 3)

      -           -           -           -           (44,973 )      -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      2,877       441       -           1,774       606,795       62,926       170,143       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      4,314       1,078       -           1,022       (1,320,444 )      16,930       (78,775 )      9,767  

Change in unrealized gain (loss) on investments

      2,537       3,797       42,497       11,845       2,352,195       100,316       2,182,052       762,468  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      6,851       4,875       42,497       12,867       1,031,751       117,246       2,103,277       772,235  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      445       1       -           -           713,044       -           5,313,125       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 10,173       5,317       42,497       14,641       2,351,590       180,172       7,586,545       772,235  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    NVMLG1     NVMMG1     NVMMV1     NVMMV2     NVNMO1     NVNSR1     NVOLG1     NVRE1  

Reinvested dividends

    $ -           -           155,664       224,835       72,582       1,273       2,490,774       444,280  

Mortality and expense risk charges (note 3)

      (4,505 )      (4,601 )      (6,031 )      -           -           -           (2,732 )      (13,209 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      (4,505 )      (4,601 )      149,633       224,835       72,582       1,273       2,488,042       431,071  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (792,024 )      (246,078 )      (2,411,497 )      (860,941 )      284,603       (7,090 )      1,829,411       (1,135,355 ) 

Change in unrealized gain (loss) on investments

      (2,510,313 )      18,764,097       2,243,367       388,016       458,792       9,121       9,974,154       (1,240,836 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      (3,302,337 )      18,518,019       (168,130 )      (472,925 )      743,395       2,031       11,803,565       (2,376,191 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      7,477,665       6,719,538       -           -           1,425,087       11,260       18,809,132       138,145  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 4,170,823       25,232,956       (18,497 )      (248,090 )      2,241,064       14,564       33,100,739       (1,806,975 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    NVSIX2     NVSTB1     NVSTB2     NVTIV3     SAM     SAM5     SCF     SCGF  

Reinvested dividends

    $ 11,158       3,553,378       52,051       12,733       102,880       621,549       7,974       -      

Mortality and expense risk charges (note 3)

      (9 )      (155,933 )      -           -           (64 )      (445,455 )      (28,135 )      (18,326 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      11,149       3,397,445       52,051       12,733       102,816       176,094       (20,161 )      (18,326 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (64,530 )      947,566       4,759       (47,967 )      -           -           (3,247,065 )      (42,131 ) 

Change in unrealized gain (loss) on investments

      264,489       6,065       29,152       62,618       -           -           10,469,700       6,829,915  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      199,959       953,631       33,911       14,651       -           -           7,222,635       6,787,784  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      55,242       -           -           -           -           -           1,683,638       3,545,415  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 266,350       4,351,076       85,962       27,384       102,816       176,094       8,886,112       10,314,873  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    SCVF     TRF     AMCG     AMMCGS     AMRI     AMSRS     AMTB     NOTB3  

Reinvested dividends

    $ 23,835       507,781       -           -           306       13,908       64,937       993  

Mortality and expense risk charges (note 3)

      (10,583 )      (3,722 )      (3,856 )      -           (26 )      (273 )      -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      13,252       504,059       (3,856 )      -           280       13,635       64,937       993  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (5,615,653 )      13,092,184       120,627       127,234       (2,439 )      236,305       (9,346 )      (211 ) 

Change in unrealized gain (loss) on investments

      7,369,812       (11,660,660 )      276,758       177,084       124       (53,172 )      33,192       1,181  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      1,754,159       1,431,524       397,385       304,318       (2,315 )      183,133       23,846       970  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      159,995       3,261,012       70,902       53,499       -           95,535       -           639  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 1,927,406       5,196,595       464,431       357,817       (2,035 )      292,303       88,783       2,602  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    NOTG3     NOTMG3     PMVAAA     PMVFBA     PMVFHA     PMVGBA     PMVHYA     PMVLDA  

Reinvested dividends

    $ 921       1,228       639,336       74,540       22,774       13,963       35,887       468,689  

Mortality and expense risk charges (note 3)

      -           -           (19,544 )      (1,762 )      (901 )      (1,352 )      (1,693 )      (71,309 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      921       1,228       619,792       72,778       21,873       12,611       34,194       397,380  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      54       78       (829,352 )      (84,463 )      3,815       5,547       (20,205 )      145,589  

Change in unrealized gain (loss) on investments

      1,561       3,978       66,099       107,363       (14,315 )      48,155       36,887       548,008  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      1,615       4,056       (763,253 )      22,900       (10,500 )      53,702       16,682       693,597  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           486       -           -           -           -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 2,536       5,770       (143,461 )      95,678       11,373       66,313       50,876       1,090,977  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    PMVLGA     PMVRRA     PMVRSA     PMVTRA     PVEIB     PVGOB     PVTIGB     PVTSCB  

Reinvested dividends

    $ 205,777       692,419       8,391       1,660,908       24,979       1,004       17,113       9,084  

Mortality and expense risk charges (note 3)

      (5,199 )      (90,350 )      -           (116,191 )      -           -           -           (1,922 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      200,578       602,069       8,391       1,544,717       24,979       1,004       17,113       7,162  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      535,797       1,378,126       (3,579 )      1,222,867       6,513       550,068       (4,775 )      (139,701 ) 

Change in unrealized gain (loss) on investments

      (319,224 )      3,327,696       (3,152 )      2,578,141       (1,792 )      237,299       102,716       255,228  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      216,573       4,705,822       (6,731 )      3,801,008       4,721       787,367       97,941       115,527  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      67,562       -           -           885,171       100,574       141,971       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 484,713       5,307,891       1,660       6,230,896       130,274       930,342       115,054       122,689  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    ROCMC     TRBCGP     TREI2     TRHS2     TRLT1     TRMCG2     TRNAG1     TRPSB1  

Reinvested dividends

    $ -           -           399,320       -           526,730       -           -           117,143  

Mortality and expense risk charges (note 3)

      (3,901 )      (182,261 )      (37,377 )      -           (60,691 )      (68,133 )      (102,729 )      (12,514 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      (3,901 )      (182,261 )      361,943       -           466,039       (68,133 )      (102,729 )      104,629  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (898,414 )      9,456,157       (2,501,150 )      933,933       993,787       402,860       6,907,981       (236,974 ) 

Change in unrealized gain (loss) on investments

      828,780       19,266,798       1,306,053       1,684,031       (175,716 )      3,852,026       6,126,639       685,674  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      (69,634 )      28,722,955       (1,195,097 )      2,617,964       818,071       4,254,886       13,034,620       448,700  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      33,085       4,013,456       433,446       896,572       -           2,341,247       11,578,313       293,281  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ (40,450 )      32,554,150       (399,708 )      3,514,536       1,284,110       6,528,000       24,510,204       846,610  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    VWEM     VWHA     VVB     VVCG     VVEI     VVEIX     VVHGB     VVI  

Reinvested dividends

    $ 202,786       125,309       325,929       247,929       1,021       -           1,070,468       162,324  

Mortality and expense risk charges (note 3)

      (7,911 )      (18,711 )      (24,939 )      (35,645 )      193       151       (111,284 )      (27,723 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      194,875       106,598       300,990       212,284       1,214       151       959,184       134,601  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      197,551       (2,355,464 )      68,906       1,129,408       (4,656 )      850       1,011,956       969,250  

Change in unrealized gain (loss) on investments

      823,117       5,181,247       659,327       615,843       24,165       25,435       1,434,608       5,338,619  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      1,020,668       2,825,783       728,233       1,745,251       19,509       26,285       2,446,564       6,307,869  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      304,582       -           397,482       527,865       1,275       -           -           296,680  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 1,520,125       2,932,381       1,426,705       2,485,400       21,998       26,436       3,405,748       6,739,150  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

 

Investment Activity:    VVMCI     VVREI     VVSCG     VVSTC     VVTISI     VRVDRI     SVDF     SVOF  

Reinvested dividends

    $ 421,728       72,106       46,220       -           369,969       30,409       -           31,689  

Mortality and expense risk charges (note 3)

      (53,742 )      (5,183 )      (14,241 )      32       (35,614 )      (3,388 )      (17,603 )      (16,386 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      367,986       66,923       31,979       32       334,355       27,021       (17,603 )      15,303  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      448,773       129,969       (129,989 )      46       424,655       (444,256 )      825,915       (219,322 ) 

Change in unrealized gain (loss) on investments

      2,612,180       (177,173 )      1,136,011       773       1,678,705       500,156       9,575,170       1,072,764  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      3,060,953       (47,204 )      1,006,022       819       2,103,360       55,900       10,401,085       853,442  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      1,579,028       45,343       667,934       -           104,533       47,824       1,952,725       547,845  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 5,007,967       65,062       1,705,935       851       2,542,248       130,745       12,336,207       1,416,590  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity:    WFVSCG     DVIV     IVKMG1     GVDIVI     NVMLV1     NVLCA2     NVLCAP     NVLMP  

Reinvested dividends

    $ -           121,436       -           426,607       223,630       -           522       574  

Mortality and expense risk charges (note 3)

      (10,783 )      (1,525 )      (225 )      -           (7,043 )      -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      (10,783 )      119,911       (225 )      426,607       216,587       -           522       574  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      93,231       (494,384 )      (1,120,793 )      (2,576,823 )      (12,569,993 )      506       (130 )      (4,807 ) 

Change in unrealized gain (loss) on investments

      3,295,113       (395,652 )      (57,507 )      1,416,446       4,246,355       -           (6,762 )      (2,132 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      3,388,344       (890,036 )      (1,178,300 )      (1,160,377 )      (8,323,638 )      506       (6,892 )      (6,939 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      440,668       -           985,439       -           5,966,559       -           1,856       6,127  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

    $ 3,818,229       (770,125 )      (193,086 )      (733,770 )      (2,140,492 )      506       (4,514 )      (238 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    Total (unaudited)     ALVDAA     ALVGIA     ALVIVA  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 70,151,341       92,524,801       378       555       340,959       268,393       61,912       27,934  

Realized gain (loss) on investments

     60,011,207       158,442,154       790       382       (2,578,599 )      2,507       (89,796 )      (156,208 ) 

Change in unrealized gain (loss) on investments

     434,974,239       466,668,363       -           2,657       1,024,105       2,382,004       163,706       841,047  

Reinvested capital gains

     233,748,104       309,168,057       -           31       1,297,893       2,677,061       -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     798,884,891       1,026,803,375       1,168       3,625       84,358       5,329,965       135,822       712,773  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     194,912,481       248,864,982       325       6,464       1,119,299       999,863       35,997       58,500  

Transfers between funds

     (1 )      -           -           (3,411 )      (2,812,639 )      4,394,147       108,629       (1,253,877 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

     (379,042,006 )      (486,067,219 )      (5,277 )      (1,651 )      (1,742,971 )      (3,087,401 )      (92,174 )      (721,276 ) 

Adjustments to maintain reserves

     1,192,510       252,204       (11 )      6       128       (39 )      24       (11 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (182,937,016 )      (236,950,033 )      (4,963 )      1,408       (3,436,183 )      2,306,570       52,476       (1,916,664 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     615,947,875       789,853,342       (3,795 )      5,033       (3,351,825 )      7,636,535       188,298       (1,203,891 ) 

Contract owners’ equity at beginning of period

     5,620,051,598       4,830,198,256       26,914       21,881       29,343,082       21,706,547       3,705,958       4,909,849  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 6,235,999,473       5,620,051,598       23,119       26,914       25,991,257       29,343,082       3,894,256       3,705,958  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     240,534,324       242,066,823       1,774       1,666       670,740       613,461       383,564       598,205  

Units purchased

     59,840,090       60,925,938       95       395       109,716       167,821       52,726       16,528  

Units surrendered

     (56,225,954 )      (62,458,437 )      (417 )      (287 )      (203,229 )      (110,542 )      (42,728 )      (231,169 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     244,148,460       240,534,324       1,452       1,774       577,227       670,740       393,562       383,564  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     ALVIVB     ALVSVA     ACVCA     ACVI  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 283       248       120,535       71,358       (1,582 )      (1,922 )      8,191       16,038  

Realized gain (loss) on investments

      (1,482 )      (472 )      (564,331 )      (515,265 )      77,352       (19,173 )      (26,376 )      52,682  

Change in unrealized gain (loss) on investments

      (1,038 )      3,491       417,255       1,896,312       133,874       120,062       392,493       331,605  

Reinvested capital gains

      -           -           586,193       1,499,919       80,548       131,409       31,603       118,217  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      (2,237 )      3,267       559,652       2,952,324       290,192       230,376       405,911       518,542  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      5,449       -           66,065       638,276       (5,128 )      1,059       (18,691 )      41,441  

Transfers between funds

      41,046       (1,436 )      382,990       (4,436,416 )      (138,077 )      15,555       (187,731 )      (61,519 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

      (73,021 )      14,005       (403,926 )      (2,545,346 )      (139,620 )      (9,157 )      (184,062 )      (71,440 ) 

Adjustments to maintain reserves

      (3 )      8       5,235       (5,176 )      19       (7 )      3,812       3,236  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (26,529 )      12,577       50,364       (6,348,662 )      (282,806 )      7,450       (386,672 )      (88,282 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (28,766 )      15,844       610,016       (3,396,338 )      7,386       237,826       19,239       430,260  

Contract owners’ equity at beginning of period

      28,766       12,922       13,645,470       17,041,808       871,142       633,316       2,270,641       1,840,381  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ -           28,766       14,255,486       13,645,470       878,528       871,142       2,289,880       2,270,641  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      2,377       1,247       256,880       386,451       48,363       47,564       97,122       123,291  

Units purchased

      2,948       1,472       27,210       19,162       4,850       5,515       14,344       91,386  

Units surrendered

      (5,325 )      (342 )      (23,945 )      (148,733 )      (18,935 )      (4,716 )      (33,895 )      (117,555 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      -           2,377       260,145       256,880       34,278       48,363       77,571       97,122  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    ACVIG     ACVIP1     ACVIP2     ACVMV1  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 375,123       428,918       364,975       534,026       102,686       175,160       160,383       220,037  

Realized gain (loss) on investments

     1,035,003       795,635       432,059       (72,679 )      35,286       (105,746 )      (866,012 )      (282,613 ) 

Change in unrealized gain (loss) on investments

     (635,925 )      1,437,281       1,568,930       1,406,176       564,246       573,090       665,420       1,805,807  

Reinvested capital gains

     1,057,848       1,771,122       -           -           -           -           -           1,189,553  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     1,832,049       4,432,956       2,365,964       1,867,523       702,218       642,504       (40,209)       2,932,784  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     274,694       517,214       813,056       918,655       173,034       198,904       1,255,586       1,338,556  

Transfers between funds

     (1,367,905 )      468,520       1,024,857       1,719,912       (519,248 )      (83,186 )      (1,342,300 )      (762,232 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

     (1,465,867 )      (1,887,939 )      (1,414,657 )      (536,515 )      (470,555 )      (521,777 )      (2,049,532 )      (2,400,070 ) 

Adjustments to maintain reserves

     10       (103 )      19       12       (42 )      (12 )      3       11  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (2,559,068 )      (902,308 )      423,275       2,102,064       (816,811 )      (406,071 )      (2,136,243 )      (1,823,735 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (727,019 )      3,530,648       2,789,239       3,969,587       (114,593 )      236,433       (2,176,452 )      1,109,049  

Contract owners’ equity at beginning of period

     22,293,548       18,762,900       24,880,391       20,910,804       7,690,717       7,454,284       12,371,588       11,262,539  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 21,566,529       22,293,548       27,669,630       24,880,391       7,576,124       7,690,717       10,195,136       12,371,588  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     571,931       596,221       2,341,496       2,146,672       431,303       455,259       301,093       353,741  

Units purchased

     38,680       132,177       530,178       345,627       17,209       16,632       37,196       36,191  

Units surrendered

     (128,164 )      (156,467 )      (496,585 )      (150,803 )      (60,689 )      (40,588 )      (93,930 )      (88,839 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     482,447       571,931       2,375,089       2,341,496       387,823       431,303       244,359       301,093  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    ACVV     AMVAA2     AMVBD2     AMVGB2  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 283,177       475,819       185,519       222,601       1,178,742       1,722,067       28,469       -      

Realized gain (loss) on investments

     (689,206 )      943,164       (109,896 )      152,435       194,143       (446,095 )      13,003       -      

Change in unrealized gain (loss) on investments

     (365,047 )      2,868,612       1,175,357       1,322,899       3,675,400       4,829,260       117,668       -      

Reinvested capital gains

     375,258       1,486,154       56,537       602,875       573,430       -           4,294       -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     (395,818)       5,773,749       1,307,517       2,300,810       5,621,715       6,105,232       163,434       -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     212,654       354,563       1,716,236       1,815,679       773       17       934,389       -      

Transfers between funds

     (8,185,957 )      (1,102,151 )      (1,655,768 )      986,383       (14,378,239 )      (7,450,289 )      1,876,911       -      

Surrenders (notes 2, 3, 4, 5 and 6)

     (2,234,718 )      (3,467,590 )      (1,703,903 )      (1,512,273 )      (855,558 )      (651,614 )      (22,830 )      -      

Adjustments to maintain reserves

     (539 )      1,941       (21 )      43       1       6       3       -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (10,208,560 )      (4,213,237 )      (1,643,456 )      1,289,832       (15,233,023 )      (8,101,880 )      2,788,473       -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (10,604,378 )      1,560,512       (335,939 )      3,590,642       (9,611,308 )      (1,996,648 )      2,951,907       -      

Contract owners’ equity at beginning of period

     24,525,906       22,965,394       14,089,699       10,499,057       70,574,452       72,571,100       -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 13,921,528       24,525,906       13,753,760       14,089,699       60,963,144       70,574,452       2,951,907       -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     522,839       656,692       662,559       597,801       4,889,291       5,492,418       -           -      

Units purchased

     36,649       187,956       178,271       259,203       4,371       3,736       262,259       -      

Units surrendered

     (261,875 )      (321,809 )      (267,400 )      (194,445 )      (1,040,779 )      (606,863 )      (6,411 )      -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     297,613       522,839       573,430       662,559       3,852,883       4,889,291       255,848       -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    AMVGI2     AMVGR2     AMVGS2     AMVI2  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 11,686       56       42,609       154,896       (908 )      (1,062 )      124,699       329,319  

Realized gain (loss) on investments

     (5,116 )      119       1,914,347       717,323       115,145       9,913       (674,497 )      388,089  

Change in unrealized gain (loss) on investments

     127,045       255       14,448,815       3,705,482       334,781       425,340       4,472,413       3,703,458  

Reinvested capital gains

     2,516       -           901,275       3,080,841       160,861       139,166       -           630,511  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     136,131       430       17,307,046       7,658,542       609,879       573,357       3,922,615       5,051,377  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     943,690       3,866       2,173,771       1,865,439       232,694       184,089       1,987,333       1,290,323  

Transfers between funds

     90,414       2,639       (1,561,048 )      (1,080,725 )      (35,913 )      313,664       (2,491,677 )      677,167  

Surrenders (notes 2, 3, 4, 5 and 6)

     (7,108 )      (248 )      (1,407,744 )      (732,731 )      (678,601 )      (38,939 )      (1,204,532 )      (1,638,250 ) 

Adjustments to maintain reserves

     (2 )      (4 )      131       6       13       (1 )      70       11  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     1,026,994       6,253       (794,890 )      51,989       (481,807 )      458,813       (1,708,806 )      329,251  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     1,163,125       6,683       16,512,156       7,710,531       128,072       1,032,170       2,213,809       5,380,628  

Contract owners’ equity at beginning of period

     6,683       -           33,043,364       25,332,833       2,666,654       1,634,484       27,674,405       22,293,777  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 1,169,808       6,683       49,555,520       33,043,364       2,794,726       2,666,654       29,888,214       27,674,405  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     609       -           1,167,629       1,167,950       144,805       116,395       1,839,312       1,818,914  

Units purchased

     93,910       633       169,703       123,124       40,126       32,868       235,539       397,594  

Units surrendered

     (794 )      (24 )      (185,830 )      (123,445 )      (67,899 )      (4,458 )      (330,273 )      (377,196 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     93,725       609       1,151,502       1,167,629       117,032       144,805       1,744,578       1,839,312  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    AMVNW2     PIHYB1     BRVHYI     MLVGA2  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ (4,467 )      27,638       178,211       165,616       941,504       818,680       110,645       105,725  

Realized gain (loss) on investments

     (680 )      (66,368 )      (91,784 )      36,717       (255,147 )      (85,481 )      43,866       (143,614 ) 

Change in unrealized gain (loss) on investments

     1,355,758       567,377       148,241       270,452       490,603       1,347,758       1,176,416       1,255,436  

Reinvested capital gains

     47,453       104,595       -           -           -           -           521,339       319,328  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     1,398,064       633,242       234,668       472,785       1,176,960       2,080,957       1,852,266       1,536,875  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     1,257,274       142,015       11,804       63,554       758,946       718,103       319,103       316,985  

Transfers between funds

     37,433,128       1,859,200       504,747       (804,700 )      10,148       6,853,433       185,077       (411,866 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

     (327,686 )      (192,472 )      (147,560 )      (216,381 )      (910,307 )      (1,058,089 )      (1,032,212 )      (762,149 ) 

Adjustments to maintain reserves

     24       (29 )      (362 )      (189 )      31       (54 )      (2 )      (2 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     38,362,740       1,808,714       368,629       (957,716 )      (141,182 )      6,513,393       (528,034 )      (857,032 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     39,760,804       2,441,956       603,297       (484,931 )      1,035,778       8,594,350       1,324,232       679,843  

Contract owners’ equity at beginning of period

     3,981,479       1,539,523       3,388,420       3,873,351       19,672,675       11,078,325       9,771,507       9,091,664  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 43,742,283       3,981,479       3,991,717       3,388,420       20,708,453       19,672,675       11,095,739       9,771,507  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     268,304       133,700       98,275       129,139       1,556,089       1,008,812       509,702       548,347  

Units purchased

     2,159,972       157,752       58,814       52,642       238,983       766,093       61,808       37,784  

Units surrendered

     (48,391 )      (23,148 )      (44,670 )      (83,506 )      (265,843 )      (218,816 )      (91,352 )      (76,429 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     2,379,885       268,304       112,419       98,275       1,529,229       1,556,089       480,158       509,702  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    MLVLC2     DCAP     DSC     DSIF  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 5,907       16,866       165,797       232,524       6,362       -           9,944,849       9,734,326  

Realized gain (loss) on investments

     (217,305 )      (24,977 )      (579,817 )      (316,446 )      (177,483 )      (108,065 )      32,544,740       56,214,224  

Change in unrealized gain (loss) on investments

     214,297       298,846       3,534,230       3,999,840       364,623       116,796       29,486,305       70,854,341  

Reinvested capital gains

     76,680       90,074       1,763,790       2,249,210       -           221,820       44,623,318       32,402,967  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     79,579       380,809       4,884,000       6,165,128       193,502       230,551       116,599,212       169,205,858  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     61,566       106,140       482,830       518,863       65,925       28,911       14,397,148       23,528,760  

Transfers between funds

     (720,618 )      (35,591 )      (1,164,657 )      (450,284 )      8,030       23,251       49,231,001       (82,443,561 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

     (214,891 )      (32,811 )      (1,726,316 )      (1,812,833 )      (157,061 )      (139,455 )      (38,738,908 )      (42,598,551 ) 

Adjustments to maintain reserves

     13       2,302       (88 )      (129 )      20       (9 )      5,197       2,371  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (873,930 )      40,040       (2,408,231 )      (1,744,383 )      (83,086 )      (87,302 )      24,894,438       (101,510,981 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (794,351 )      420,849       2,475,769       4,420,745       110,416       143,249       141,493,650       67,694,877  

Contract owners’ equity at beginning of period

     1,756,475       1,335,626       22,238,731       17,817,986       1,186,335       1,043,086       669,548,652       601,853,775  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 962,124       1,756,475       24,714,500       22,238,731       1,296,751       1,186,335       811,042,302       669,548,652  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     54,258       53,409       482,959       527,909       37,209       39,841       18,394,093       21,793,980  

Units purchased

     5,482       29,566       31,233       29,193       2,748       2,446       3,097,633       2,618,901  

Units surrendered

     (34,828 )      (28,717 )      (77,736 )      (74,143 )      (6,034 )      (5,078 )      (2,595,941 )      (6,018,788 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     24,912       54,258       436,456       482,959       33,923       37,209       18,895,785       18,394,093  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    DSRG     DVMCS     DVSCS     CVSPIP  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 145,294       177,229       18,338       13,147       851,525       740,137       8,150       25,836  

Realized gain (loss) on investments

     408,326       128,077       (285,379 )      (61,478 )      (7,053,976 )      536,420       (98,464 )      13,947  

Change in unrealized gain (loss) on investments

     2,367,096       2,840,579       430,357       356,155       12,290,864       11,089,550       29,013       257,720  

Reinvested capital gains

     158,207       393,424       -           218,650       5,773,387       8,924,513       20,046       106,948  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     3,078,923       3,539,309       163,316       526,474       11,861,800       21,290,620       (41,255)       404,451  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     554,531       524,498       203,746       171,664       2,402,041       3,313,651       43       6,449  

Transfers between funds

     28,135       (101,908 )      (653,769 )      (19,044 )      28,339,874       1,480,880       (689,720 )      150,211  

Surrenders (notes 2, 3, 4, 5 and 6)

     (1,352,468 )      (1,065,886 )      (183,770 )      (130,874 )      (6,120,848 )      (12,405,621 )      (330,986 )      (33,708 ) 

Adjustments to maintain reserves

     4,636       5,129       58       (21 )      (1 )      (82 )      (26 )      36  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (765,166 )      (638,167 )      (633,735 )      21,725       24,621,066       (7,611,172 )      (1,020,689 )      122,988  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     2,313,757       2,901,142       (470,419 )      548,199       36,482,866       13,679,448       (1,061,944 )      527,439  

Contract owners’ equity at beginning of period

     13,371,760       10,470,618       3,214,822       2,666,623       111,650,145       97,970,697       1,770,644       1,243,205  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 15,685,517       13,371,760       2,744,403       3,214,822       148,133,011       111,650,145       708,700       1,770,644  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     366,776       386,790       75,349       74,955       2,550,810       2,735,357       94,734       87,276  

Units purchased

     25,574       30,489       25,375       10,618       920,370       377,676       2,622       35,039  

Units surrendered

     (45,827 )      (50,503 )      (41,238 )      (10,224 )      (418,810 )      (562,223 )      (65,100 )      (27,581 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     346,523       366,776       59,486       75,349       3,052,370       2,550,810       32,256       94,734  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    SASP5I     DAVVL     DWVEMS     DWVSVS  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 757,632       -           23,973       64,622       15,648       8,364       128,363       97,160  

Realized gain (loss) on investments

     1,516,802       -           (533,946 )      (88,705 )      267,880       116,320       (2,834,446 )      (433,865 ) 

Change in unrealized gain (loss) on investments

     15,412,432       -           854,213       900,966       996,980       764,318       1,531,979       3,010,562  

Reinvested capital gains

     141,940       -           119,331       221,944       100,391       99,385       890,893       1,333,184  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     17,828,806       -           463,571       1,098,827       1,380,899       988,387       (283,211)       4,007,041  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     185,190       -           150,564       92,051       295,200       799,690       706,348       1,948,076  

Transfers between funds

     73,263,236       -           (449,604 )      694,448       (372,524 )      (95,725 )      (900,003 )      (1,004,180 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

     (3,454,829 )      -           (174,073 )      (601,234 )      (271,254 )      (144,220 )      (701,232 )      (445,005 ) 

Adjustments to maintain reserves

     3,178       -           21       (16 )      12       13       199       (104 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     69,996,775       -           (473,092 )      185,249       (348,566 )      559,758       (894,688 )      498,787  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     87,825,581       -           (9,521 )      1,284,076       1,032,333       1,548,145       (1,177,899 )      4,505,828  

Contract owners’ equity at beginning of period

     -           -           4,720,052       3,435,976       5,773,615       4,225,470       19,215,008       14,709,180  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 87,825,581       -           4,710,531       4,720,052       6,805,948       5,773,615       18,037,109       19,215,008  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     -           -           229,390       218,345       401,894       358,976       933,346       911,599  

Units purchased

     7,805,810       -           34,107       50,802       86,811       112,367       115,986       214,313  

Units surrendered

     (319,333 )      -           (58,692 )      (39,757 )      (108,183 )      (69,449 )      (152,580 )      (192,566 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     7,486,477       -           204,805       229,390       380,522       401,894       896,752       933,346  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     DFVGMI     DFVIPS     DFVIS      DFVIV  
     2020     2019     2020     2019     2020     2019      2020     2019  

Investment activity:

                  

Net investment income (loss)

    $ 2,138       2,628       69,979       57,260       480       -            1,101       -      

Realized gain (loss) on investments

      1,264       3,991       40,183       (27,238 )      22       -            (274 )      -      

Change in unrealized gain (loss) on investments

      14,023       23,606       504,822       270,033       4,942       -            3,782       -      

Reinvested capital gains

      2,312       864       42,904       -           396       -            -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      19,737       31,089       657,888       300,055       5,840       -            4,609       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Equity transactions:

                  

Purchase payments received from policyholders (notes 2 and 6)

      4,100       3,836       14,082       2,171       348       -            20,700       -      

Transfers between funds

      54,224       (68,935 )      3,140,938       (308,236 )      18,596       -            24,565       -      

Surrenders (notes 2, 3, 4, 5 and 6)

      (2,723 )      (6,276 )      (313,073 )      (265,369 )      (195 )      -            (747 )      -      

Adjustments to maintain reserves

      (8 )      -           8       (7 )      (2 )      -            2       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net equity transactions

      55,593       (71,375 )      2,841,955       (571,441 )      18,747       -            44,520       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net change in contract owners’ equity

      75,330       (40,286 )      3,499,843       (271,386 )      24,587       -            49,129       -      

Contract owners’ equity at beginning of period

      119,248       159,534       4,073,497       4,344,883       -           -            -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 194,578       119,248       7,573,340       4,073,497       24,587       -            49,129       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

CHANGE IN UNITS:

                  

Beginning units

      9,936       15,702       376,703       434,932       -           -            -           -      

Units purchased

      4,959       344       276,990       608       1,712       -            4,854       -      

Units surrendered

      (327 )      (6,110 )      (26,741 )      (58,837 )      (16 )      -            (88 )      -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Ending units

      14,568       9,936       626,952       376,703       1,696       -            4,766       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     DFVULV     DFVUTV     DSGIBA     SVSLVB  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 191,349       231,979       30,147       31,488       5,234       5,509       507       355  

Realized gain (loss) on investments

      (106,646 )      5,170       (191,206 )      (21,811 )      (4,730 )      (572 )      (5,508 )      631  

Change in unrealized gain (loss) on investments

      (278,586 )      626,573       199,650       384,075       10,485       20,817       116       4,762  

Reinvested capital gains

      -           123,449       -           64,346       3,855       165       1,447       2,119  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      (193,883 )      987,171       38,591       458,098       14,844       25,919       (3,438)       7,867  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      187,986       -           20,859       667       8,162       8,393       -           50  

Transfers between funds

      (586,770 )      11,461,129       (289,337 )      228,152       28,079       7,464       (264 )      (2,436 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

      (423,396 )      (626,795 )      (118,081 )      (158,694 )      (12,672 )      (7,210 )      (1,249 )      (950 ) 

Adjustments to maintain reserves

      (17,516 )      4,646       30       (2 )      10       (7 )      (14 )      12  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (839,696 )      10,838,980       (386,529 )      70,123       23,579       8,640       (1,527 )      (3,324 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (1,033,579 )      11,826,151       (347,938 )      528,221       38,423       34,559       (4,965 )      4,543  

Contract owners’ equity at beginning of period

      11,826,151       -           2,581,343       2,053,122       158,758       124,199       30,585       26,042  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 10,792,572       11,826,151       2,233,405       2,581,343       197,181       158,758       25,620       30,585  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      1,081,191       -           197,182       191,812       11,797       11,090       1,665       1,875  

Units purchased

      17,739       1,140,456       3,894       17,906       3,026       1,529       586       30  

Units surrendered

      (96,408 )      (59,265 )      (36,714 )      (12,536 )      (1,292 )      (822 )      (659 )      (240 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      1,002,522       1,081,191       164,362       197,182       13,531       11,797       1,592       1,665  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    SVSSVB     ETVFR     FQB     FVU2  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 1,632       279       758,862       1,059,487       598,283       621,234       19,224       12,045  

Realized gain (loss) on investments

     (43,749 )      (4,108 )      (469,544 )      199,476       (9,694 )      (42,809 )      (1,854 )      (346 ) 

Change in unrealized gain (loss) on investments

     16,633       26,973       57,428       1,426,199       1,030,542       1,360,919       (16,510 )      100,137  

Reinvested capital gains

     13,527       13,650       -           -           65,741       834       -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     (11,957)       36,794       346,746       2,685,162       1,684,872       1,940,178       860       111,836  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     -           154       399,445       765,607       509,564       524,029       20,861       14,761  

Transfers between funds

     (59,579 )      (10,133 )      679,869       (42,132,311 )      (833,625 )      193,778       49,180       85,610  

Surrenders (notes 2, 3, 4, 5 and 6)

     (9,627 )      (12,926 )      (1,487,780 )      (1,095,164 )      (1,043,915 )      (1,719,095 )      (29,334 )      (21,399 ) 

Adjustments to maintain reserves

     (9 )      (2 )      519       8,353       (6 )      26       (1 )      (5 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (69,215 )      (22,907 )      (407,947 )      (42,453,515 )      (1,367,982 )      (1,001,262 )      40,706       78,967  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (81,172 )      13,887       (61,201 )      (39,768,353 )      316,890       938,916       41,566       190,803  

Contract owners’ equity at beginning of period

     198,502       184,615       25,429,132       65,197,485       22,123,687       21,184,771       718,748       527,945  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 117,330       198,502       25,367,931       25,429,132       22,440,577       22,123,687       760,314       718,748  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     10,664       11,981       1,943,147       5,289,996       870,739       911,169       65,636       57,964  

Units purchased

     6,557       236       258,932       261,899       186,658       47,162       8,188       10,224  

Units surrendered

     (10,921 )      (1,553 )      (298,092 )      (3,608,748 )      (245,067 )      (87,592 )      (5,033 )      (2,552 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     6,300       10,664       1,903,987       1,943,147       812,330       870,739       68,791       65,636  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    FVUS2     FCS     FEIS     FEMS  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 1,572       425       (15,115 )      42,531       922,898       1,079,877       68,607       112,062  

Realized gain (loss) on investments

     9,010       575       981,287       728,272       (345,869 )      630,680       346,349       107,807  

Change in unrealized gain (loss) on investments

     3,207       207       8,554,248       4,072,037       507,176       8,488,676       2,058,637       1,340,171  

Reinvested capital gains

     -           -           169,281       3,911,420       2,489,437       3,828,453       1,082,815       -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     13,789       1,207       9,689,701       8,754,260       3,573,642       14,027,686       3,556,408       1,560,040  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     493       19       (155,116 )      52,975       1,540,289       1,973,321       274,841       199,288  

Transfers between funds

     2,280,419       60,871       1,195,572       (4,212,060 )      105,821       (3,319,721 )      1,819,260       3,964,275  

Surrenders (notes 2, 3, 4, 5 and 6)

     (480,570 )      (3,290 )      (2,805,096 )      (3,531,556 )      (4,806,999 )      (5,918,821 )      (395,058 )      (314,743 ) 

Adjustments to maintain reserves

     (3 )      (8 )      86,649       67,932       187       1,338       38       7  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     1,800,339       57,592       (1,677,991 )      (7,622,709 )      (3,160,702 )      (7,263,883 )      1,699,081       3,848,827  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     1,814,128       58,799       8,011,710       1,131,551       412,940       6,763,803       5,255,489       5,408,867  

Contract owners’ equity at beginning of period

     58,799       -           32,254,258       31,122,707       60,842,692       54,078,889       9,029,597       3,620,730  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 1,872,927       58,799       40,265,968       32,254,258       61,255,632       60,842,692       14,285,086       9,029,597  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     5,444       -           713,280       911,259       1,602,889       1,839,288       841,122       435,283  

Units purchased

     201,223       5,757       123,805       272,124       98,560       218,808       238,705       492,377  

Units surrendered

     (42,396 )      (313 )      (163,317 )      (470,103 )      (184,654 )      (455,207 )      (63,786 )      (86,538 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     164,271       5,444       673,768       713,280       1,516,795       1,602,889       1,016,041       841,122  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    FF05S     FF10S     FF15S     FF20S  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 15,238       22,457       38,087       41,388       84,076       132,429       294,484       524,242  

Realized gain (loss) on investments

     12,402       12,495       72,518       18,665       65,688       (158,834 )      350,487       385,207  

Change in unrealized gain (loss) on investments

     75,818       97,417       113,641       158,721       626,599       663,316       1,721,073       2,492,992  

Reinvested capital gains

     35,955       21,180       98,524       87,090       372,566       446,040       1,730,222       1,391,095  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     139,413       153,549       322,770       305,864       1,148,929       1,082,951       4,096,266       4,793,536  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     166       95       42,336       37,736       998,533       407,013       1,071,168       1,577,707  

Transfers between funds

     223,367       89,204       1,320,690       (16,831 )      (977,125 )      395,774       (2,943,563 )      1,275,249  

Surrenders (notes 2, 3, 4, 5 and 6)

     (103,070 )      (77,691 )      (357,438 )      (143,068 )      (483,906 )      (432,607 )      (2,345,058 )      (1,442,882 ) 

Adjustments to maintain reserves

     (2 )      18       24       (22 )      14       (21 )      70       (94 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     120,461       11,626       1,005,612       (122,185 )      (462,484 )      370,159       (4,217,383 )      1,409,980  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     259,874       165,175       1,328,382       183,679       686,445       1,453,110       (121,117 )      6,203,516  

Contract owners’ equity at beginning of period

     1,309,056       1,143,881       2,159,450       1,975,771       7,529,801       6,076,691       30,549,618       24,346,102  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 1,568,930       1,309,056       3,487,832       2,159,450       8,216,246       7,529,801       30,428,501       30,549,618  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     81,637       80,945       92,267       97,923       402,085       384,349       1,214,585       1,161,074  

Units purchased

     12,581       5,638       55,009       2,148       111,457       107,396       179,076       188,284  

Units surrendered

     (5,946 )      (4,946 )      (14,734 )      (7,804 )      (126,907 )      (89,660 )      (339,706 )      (134,773 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     88,272       81,637       132,542       92,267       386,635       402,085       1,053,955       1,214,585  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    FF25S     FF30S     FF35S     FF40S  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 303,774       504,440       454,728       637,648       49,723       53,673       152,343       275,203  

Realized gain (loss) on investments

     444,288       1,662,022       831,911       751,730       141,187       9,073       294,826       609,322  

Change in unrealized gain (loss) on investments

     2,533,478       2,783,730       4,107,391       4,505,876       795,258       368,294       2,525,972       2,722,229  

Reinvested capital gains

     1,383,590       810,175       1,950,826       1,063,213       176,285       46,457       1,012,443       568,750  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     4,665,130       5,760,367       7,344,856       6,958,467       1,162,453       477,497       3,985,584       4,175,504  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     1,057,302       1,010,737       2,576,736       4,161,456       1,103,967       765,815       751,747       1,018,406  

Transfers between funds

     519,416       (207,585 )      3,976,199       2,690,473       1,621,484       1,499,237       1,497,212       397,769  

Surrenders (notes 2, 3, 4, 5 and 6)

     (2,528,568 )      (1,204,762 )      (2,591,267 )      (1,124,782 )      (756,753 )      (84,590 )      (955,658 )      (656,248 ) 

Adjustments to maintain reserves

     27       (9 )      42       982       8       8       44       410  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (951,823 )      (401,619 )      3,961,710       5,728,129       1,968,706       2,180,470       1,293,345       760,337  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     3,713,307       5,358,748       11,306,566       12,686,596       3,131,159       2,657,967       5,278,929       4,935,841  

Contract owners’ equity at beginning of period

     31,582,966       26,224,218       39,834,941       27,148,345       3,724,080       1,066,113       20,086,136       15,150,295  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 35,296,273       31,582,966       51,141,507       39,834,941       6,855,239       3,724,080       25,365,065       20,086,136  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     1,583,389       1,597,869       1,438,640       1,217,467       320,893       116,705       849,519       820,514  

Units purchased

     173,040       245,212       343,590       502,756       242,151       227,471       178,584       152,414  

Units surrendered

     (227,121 )      (259,692 )      (199,835 )      (281,583 )      (62,265 )      (23,283 )      (126,817 )      (123,409 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     1,529,308       1,583,389       1,582,395       1,438,640       500,779       320,893       901,286       849,519  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     FF45S     FF50S     FF55S     FF60S  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 4,793       4,506       12,619       13,919       116       14       2,373       14  

Realized gain (loss) on investments

      30,850       8,360       2,281       19,182       (2,091 )      3       2,265       3  

Change in unrealized gain (loss) on investments

      109,951       15,091       247,829       189,007       236       44       32,465       44  

Reinvested capital gains

      18,143       1,114       45,076       27,949       533       6       9,147       5  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      163,737       29,071       307,805       250,057       (1,206)       67       46,250       66  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      211,715       176,703       381,279       34,947       2,811       732       2,422       732  

Transfers between funds

      166,687       130,629       523,366       57,941       20,458       469       296,297       469  

Surrenders (notes 2, 3, 4, 5 and 6)

      (106,631 )      (6,778 )      (48,950 )      (96,632 )      (1,889 )      (40 )      (1,136 )      (40 ) 

Adjustments to maintain reserves

      (4 )      3       11       3       (4 )      (5 )      7       (4 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      271,767       300,557       855,706       (3,741 )      21,376       1,156       297,590       1,157  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      435,504       329,628       1,163,511       246,316       20,170       1,223       343,840       1,223  

Contract owners’ equity at beginning of period

      329,628       -           1,056,286       809,970       1,223       -           1,223       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 765,132       329,628       2,219,797       1,056,286       21,393       1,223       345,063       1,223  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      27,896       -           81,668       80,264       111       -           111       -      

Units purchased

      38,012       29,064       66,327       18,672       1,675       115       26,303       115  

Units surrendered

      (10,536 )      (1,168 )      (3,670 )      (17,268 )      (152 )      (4 )      (98 )      (4 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      55,372       27,896       144,325       81,668       1,634       111       26,316       111  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    FFINS     FGOS     FGS     FHIS  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 17,898       30,778       (582 )      (626 )      (3,542 )      97,286       519,583       611,828  

Realized gain (loss) on investments

     (8,985 )      5,836       6,689       10,679       7,277,485       10,634,264       (264,399 )      (171,632 ) 

Change in unrealized gain (loss) on investments

     75,010       77,137       240,048       83,436       30,242,235       14,632,990       3,530       1,149,129  

Reinvested capital gains

     34,328       24,168       28,229       31,211       12,088,285       7,302,649       -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     118,251       137,919       274,384       124,700       49,604,463       32,667,189       258,714       1,589,325  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     126       111       -           24       2,273,870       4,590,431       194,050       235,022  

Transfers between funds

     154,660       622,383       4,771       (23,655 )      5,128,520       (9,420,267 )      (1,719,692 )      913,921  

Surrenders (notes 2, 3, 4, 5 and 6)

     (86,159 )      (99,918 )      (10,504 )      (9,469 )      (9,784,637 )      (14,864,556 )      (650,860 )      (802,565 ) 

Adjustments to maintain reserves

     (2 )      (4 )      183,414       77,499       95,410       48,541       (1 )      (68 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     68,625       522,572       177,681       44,399       (2,286,837 )      (19,645,851 )      (2,176,503 )      346,310  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     186,876       660,491       452,065       169,099       47,317,626       13,021,338       (1,917,789 )      1,935,635  

Contract owners’ equity at beginning of period

     1,745,720       1,085,229       677,151       508,052       117,329,092       104,307,754       12,669,205       10,733,570  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 1,932,596       1,745,720       1,129,216       677,151       164,646,718       117,329,092       10,751,416       12,669,205  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     120,811       83,843       15,533       15,899       2,682,726       3,346,655       480,498       467,620  

Units purchased

     6,181       43,997       6,270       4,475       388,596       373,563       27,968       67,417  

Units surrendered

     (5,576 )      (7,029 )      (5,762 )      (4,841 )      (445,679 )      (1,037,492 )      (106,461 )      (54,539 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     121,416       120,811       16,041       15,533       2,625,643       2,682,726       402,005       480,498  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    FIGBS     FIP     FMCS     FMMP  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 3,337,440       4,293,587       259,690       1,363,605       152,101       255,906       11,751       133,521  

Realized gain (loss) on investments

     2,337,162       (208,071 )      15,108,637       4,974,238       (193,552 )      (1,554,050 )      -           -      

Change in unrealized gain (loss) on investments

     8,410,670       11,616,076       (18,751,795 )      13,451,543       5,343,594       4,824,010       -           -      

Reinvested capital gains

     59,752       -           259,387       1,171,212       -           3,984,389       -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     14,145,024       15,701,592       (3,124,081)       20,960,598       5,302,143       7,510,255       11,751       133,521  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     2,484,327       1,910,576       765,913       20,545       667,152       957,850       1,039       117  

Transfers between funds

     (4,500,972 )      (8,072,530 )      (76,409,083 )      (2,987,680 )      (4,412,218 )      (1,069,662 )      (5,222,495 )      5,086,122  

Surrenders (notes 2, 3, 4, 5 and 6)

     (6,057,898 )      (10,389,505 )      (291,030 )      (5,054,450 )      (2,491,557 )      (4,955,310 )      (525,130 )      (646,881 ) 

Adjustments to maintain reserves

     (10 )      383       (46 )      83       54       350       (832 )      833  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (8,074,553 )      (16,551,076 )      (75,934,246 )      (8,021,502 )      (6,236,569 )      (5,066,772 )      (5,747,418 )      4,440,191  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     6,070,471       (849,484 )      (79,058,327 )      12,939,096       (934,426 )      2,443,483       (5,735,667 )      4,573,712  

Contract owners’ equity at beginning of period

     169,500,548       170,350,032       80,428,299       67,489,203       36,834,267       34,390,784       13,167,512       8,593,800  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 175,571,019       169,500,548       1,369,972       80,428,299       35,899,841       36,834,267       7,431,845       13,167,512  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     8,807,134       9,699,249       2,881,385       3,169,190       609,632       702,092       1,268,832       843,109  

Units purchased

     1,031,905       772,334       41,154       -           36,202       43,847       -           488,246  

Units surrendered

     (1,479,065 )      (1,664,449 )      (2,882,048 )      (287,805 )      (144,150 )      (136,307 )      (553,522 )      (62,523 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     8,359,974       8,807,134       40,491       2,881,385       501,684       609,632       715,310       1,268,832  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     FNRS2     FOS     FRESS     FVMIS  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 76,876       87,186       58,287       279,696       62,295       43,306       2,713       -      

Realized gain (loss) on investments

      (496,184 )      (277,953 )      135,592       51,986       (78,060 )      49,639       (1 )      -      

Change in unrealized gain (loss) on investments

      (1,095,934 )      646,531       2,317,521       3,244,486       (233,020 )      332,014       44,098       -      

Reinvested capital gains

      -           3,249       79,531       637,720       119,793       46,333       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      (1,515,242)       459,013       2,590,931       4,213,888       (128,992)       471,292       46,810       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      241,957       345,780       483,903       510,114       378,105       46,957       170,596       -      

Transfers between funds

      (71,044 )      (178,232 )      85,448       (555,267 )      304,041       631,363       -           -      

Surrenders (notes 2, 3, 4, 5 and 6)

      (322,589 )      (598,016 )      (1,441,788 )      (1,700,954 )      (90,210 )      (31,020 )      (1,764 )      -      

Adjustments to maintain reserves

      (6 )      (430 )      32       (154 )      16       (14 )      -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (151,682 )      (430,898 )      (872,405 )      (1,746,261 )      591,952       647,286       168,832       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (1,666,924 )      28,115       1,718,526       2,467,627       462,960       1,118,578       215,642       -      

Contract owners’ equity at beginning of period

      4,735,763       4,707,648       18,485,488       16,017,861       3,044,368       1,925,790       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 3,068,839       4,735,763       20,204,014       18,485,488       3,507,328       3,044,368       215,642       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      281,564       307,387       654,246       740,247       252,550       196,032       -           -      

Units purchased

      37,097       27,681       42,242       52,663       87,682       99,666       16,547       -      

Units surrendered

      (46,824 )      (53,504 )      (81,812 )      (138,664 )      (27,792 )      (43,148 )      (164 )      -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      271,837       281,564       614,676       654,246       312,440       252,550       16,383       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     FVSS     FTVDM2     FTVFA2     FTVGB1  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 32,706       59,440       124,155       30,248       7,914       20,934       1,336,375       1,159,834  

Realized gain (loss) on investments

      (323,121 )      (29,346 )      162,658       55,655       (17,692 )      (9,920 )      (1,379,400 )      293,409  

Change in unrealized gain (loss) on investments

      317,535       627,618       121,880       652,038       (69,108 )      56,088       (899,632 )      (1,122,660 ) 

Reinvested capital gains

      165,021       305,955       77,916       -           141,008       38,593       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      192,141       963,667       486,609       737,941       62,122       105,695       (942,657)       330,583  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      110,192       147,385       159,043       148,239       26,575       29,543       536,784       694,301  

Transfers between funds

      (1,027,817 )      547,751       (39,597 )      52,139       180       11,081       (3,342,046 )      1,546,808  

Surrenders (notes 2, 3, 4, 5 and 6)

      (355,881 )      (214,695 )      (439,244 )      (339,136 )      (105,514 )      (67,000 )      (879,374 )      (1,054,761 ) 

Adjustments to maintain reserves

      (1 )      33       4       4       (9 )      13       1       15  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (1,273,507 )      480,474       (319,794 )      (138,754 )      (78,768 )      (26,363 )      (3,684,635 )      1,186,363  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (1,081,366 )      1,444,141       166,815       599,187       (16,646 )      79,332       (4,627,292 )      1,516,946  

Contract owners’ equity at beginning of period

      4,265,220       2,821,079       3,462,071       2,862,884       616,284       536,952       18,372,589       16,855,643  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 3,183,854       4,265,220       3,628,886       3,462,071       599,638       616,284       13,745,297       18,372,589  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      114,054       101,371       259,597       271,977       34,651       36,186       1,733,956       1,622,403  

Units purchased

      4,666       22,868       23,243       21,640       1,897       2,844       128,646       364,108  

Units surrendered

      (40,044 )      (10,185 )      (50,639 )      (34,020 )      (6,376 )      (4,379 )      (495,717 )      (252,555 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      78,676       114,054       232,201       259,597       30,172       34,651       1,366,885       1,733,956  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    FTVGI2     FTVIS2     FTVMD2     FTVRDI  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 484,358       436,880       316,702       323,687       15,333       15,766       246,171       253,035  

Realized gain (loss) on investments

     (182,901 )      (155,912 )      (177,223 )      (46,090 )      (207,050 )      (45,039 )      274,039       92,994  

Change in unrealized gain (loss) on investments

     (616,521 )      (142,210 )      (190,344 )      508,732       90,071       156,955       1,241,688       1,446,258  

Reinvested capital gains

     -           -           4,486       97,830       13,412       113,228       850,640       2,563,862  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     (315,064 )      138,758       (46,379)       884,159       (88,234)       240,910       2,612,538       4,356,149  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     177,592       208,410       170,319       200,123       1,449       821       1,148,884       1,678,565  

Transfers between funds

     2,927       (644,044 )      (141,503 )      189,449       (327,093 )      (20,129 )      (731,921 )      (1,225,505 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

     (347,798 )      (562,951 )      (1,036,008 )      (474,982 )      (56,286 )      (255,920 )      (2,257,087 )      (2,908,167 ) 

Adjustments to maintain reserves

     (7 )      14       17       (18 )      (11 )      16       (2,989 )      (2 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (167,286 )      (998,571 )      (1,007,175 )      (85,428 )      (381,941 )      (275,212 )      (1,843,113 )      (2,455,109 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (482,350 )      (859,813 )      (1,053,554 )      798,731       (470,175 )      (34,302 )      769,425       1,901,040  

Contract owners’ equity at beginning of period

     5,960,041       6,819,854       6,365,907       5,567,176       1,126,573       1,160,875       17,831,352       15,930,312  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 5,477,691       5,960,041       5,312,353       6,365,907       656,398       1,126,573       18,600,777       17,831,352  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     329,117       384,666       286,791       291,083       60,561       77,118       372,542       431,290  

Units purchased

     20,560       13,793       8,055       25,852       1,569       4,195       9,926       10,700  

Units surrendered

     (30,390 )      (69,342 )      (57,169 )      (30,144 )      (25,202 )      (20,752 )      (48,111 )      (69,448 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     319,287       329,117       237,677       286,791       36,928       60,561       334,357       372,542  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    FTVSV2     FTVSVI     TIF     TIF2  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 100,527       85,407       140,876       115,111       24,902       16,333       341,097       230,489  

Realized gain (loss) on investments

     (1,804,901 )      (661,645 )      (836,155 )      (37,198 )      (16,247 )      (44,686 )      (647,531 )      (235,723 ) 

Change in unrealized gain (loss) on investments

     1,413,787       981,673       642,288       622,420       (22,720 )      115,870       (232,670 )      1,441,737  

Reinvested capital gains

     490,263       1,674,774       504,812       1,445,334       -           8,335       -           150,757  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     199,676       2,080,209       451,821       2,145,667       (14,065)       95,852       (539,104)       1,587,260  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     237,886       350,857       218,612       228,095       -           -           86,231       202,098  

Transfers between funds

     (549,165 )      (1,323,723 )      (248,766 )      113,398       (17,835 )      (6,447 )      (763,281 )      (1,933,692 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

     (897,869 )      (529,006 )      (740,798 )      (812,303 )      (20,410 )      (90,687 )      (1,023,268 )      (564,110 ) 

Adjustments to maintain reserves

     1       30       2       (24 )      (10 )      15       5       (422 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (1,209,147 )      (1,501,842 )      (770,950 )      (470,834 )      (38,255 )      (97,119 )      (1,700,313 )      (2,296,126 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (1,009,471 )      578,367       (319,129 )      1,674,833       (52,320 )      (1,267 )      (2,239,417 )      (708,866 ) 

Contract owners’ equity at beginning of period

     9,391,133       8,812,766       10,049,137       8,374,304       821,964       823,231       13,722,522       14,431,388  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 8,381,662       9,391,133       9,730,008       10,049,137       769,644       821,964       11,483,105       13,722,522  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     293,223       347,426       184,863       195,223       28,545       32,259       538,139       638,100  

Units purchased

     32,900       42,614       10,415       10,395       -           -           44,829       107,244  

Units surrendered

     (77,461 )      (96,817 )      (25,468 )      (20,755 )      (1,570 )      (3,714 )      (128,063 )      (207,205 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     248,662       293,223       169,810       184,863       26,975       28,545       454,905       538,139  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     GVCSE     GVGMNS     GVGOPS     GVMCE  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 1,108       4,608       62       780       (1,721 )      (1,476 )      33,636       55,437  

Realized gain (loss) on investments

      (196,813 )      (163,277 )      (2,649 )      (2,403 )      31,050       (273,400 )      (784,027 )      120,423  

Change in unrealized gain (loss) on investments

      322,325       413,114       2,337       7,414       114,335       325,389       1,117,680       2,382,736  

Reinvested capital gains

      18,361       28,042       319       2,281       199,586       149,022       135,336       382,100  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      144,981       282,487       69       8,072       343,250       199,535       502,625       2,940,696  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      84,447       64,410       1,729       (333 )      17,447       110,006       (4,606 )      38,856  

Transfers between funds

      26,695       (176,036 )      24,911       (79,486 )      119,284       (116,077 )      (806,704 )      (1,767,376 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

      (72,638 )      (38,028 )      (58,602 )      (270 )      (40,022 )      (10,441 )      (799,657 )      (476,925 ) 

Adjustments to maintain reserves

      (649 )      (25 )      4       (9 )      13       (5 )      (147 )      144  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      37,855       (149,679 )      (31,958 )      (80,098 )      96,722       (16,517 )      (1,611,114 )      (2,205,301 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      182,836       132,808       (31,889 )      (72,026 )      439,972       183,018       (1,108,489 )      735,395  

Contract owners’ equity at beginning of period

      1,369,606       1,236,798       54,713       126,739       783,175       600,157       10,968,798       10,233,403  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 1,552,442       1,369,606       22,824       54,713       1,223,147       783,175       9,860,309       10,968,798  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      67,651       75,898       3,776       9,791       32,955       33,790       223,376       274,092  

Units purchased

      22,418       16,835       1,981       156       11,173       6,088       27,764       34,929  

Units surrendered

      (19,518 )      (25,082 )      (4,245 )      (6,171 )      (8,417 )      (6,923 )      (65,805 )      (85,645 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      70,551       67,651       1,512       3,776       35,711       32,955       185,335       223,376  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     GVMSAS     RVARS     ACEG     ACGI  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 181       114       7,983       8,868       1,246       -           106,697       127,511  

Realized gain (loss) on investments

      4       83       3,731       511       61,355       57,078       (1,054,983 )      (112,316 ) 

Change in unrealized gain (loss) on investments

      657       (32 )      21,699       8,496       429,376       162,658       790,117       831,683  

Reinvested capital gains

      -           -           -           -           130,022       188,905       84,671       863,602  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      842       165       33,413       17,875       621,999       408,641       (73,498)       1,710,480  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      474       19,716       2,473       2,030       175,531       54,562       75,276       45,366  

Transfers between funds

      4,910       1,947       222,200       45,170       718,236       (40,580 )      (2,394,113 )      (432,576 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

      (499 )      (17,639 )      (49,406 )      (50,695 )      (128,798 )      (163,758 )      (149,716 )      (162,261 ) 

Adjustments to maintain reserves

      (2 )      3       4       -           (18 )      7       34       169  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      4,883       4,027       175,271       (3,495 )      764,951       (149,769 )      (2,468,519 )      (549,302 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      5,725       4,192       208,684       14,380       1,386,950       258,872       (2,542,017 )      1,161,178  

Contract owners’ equity at beginning of period

      4,192       -           412,933       398,553       1,468,639       1,209,767       8,260,525       7,099,347  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 9,917       4,192       621,617       412,933       2,855,589       1,468,639       5,718,508       8,260,525  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      406       -           37,683       38,194       54,996       61,953       222,627       367,294  

Units purchased

      637       2,219       20,016       4,823       24,611       2,928       129,772       11,597  

Units surrendered

      (143 )      (1,813 )      (4,875 )      (5,334 )      (4,488 )      (9,885 )      (121,734 )      (156,264 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      900       406       52,824       37,683       75,119       54,996       230,665       222,627  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     AVBVI     AVHY1     AVIE     AVMCCI  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ -           20       48,357       80,652       683,676       423,307       1,507       1,143  

Realized gain (loss) on investments

      (9,533 )      (1,802 )      (127,404 )      (58,997 )      658,721       1,255,639       (32,002 )      (2,459 ) 

Change in unrealized gain (loss) on investments

      9,192       4,571       80,945       473,356       2,167,850       4,392,625       5,048       29,756  

Reinvested capital gains

      -           7,531       -           -           720,790       1,985,608       46,133       29,605  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      (341)       10,320       1,898       495,011       4,231,037       8,057,179       20,686       58,045  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      -           -           10,674       46,808       286,470       371,264       97,104       36,971  

Transfers between funds

      (37,944 )      (7,963 )      (163,487 )      (4,763,899 )      155,420       751,916       (58,581 )      3,161  

Surrenders (notes 2, 3, 4, 5 and 6)

      (33 )      (512 )      (213,672 )      (136,055 )      (1,315,653 )      (4,658,947 )      (88,949 )      (34,789 ) 

Adjustments to maintain reserves

      8       (22 )      (5 )      (41 )      34       9       13       7  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (37,969 )      (8,497 )      (366,490 )      (4,853,187 )      (873,729 )      (3,535,758 )      (50,413 )      5,350  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (38,310 )      1,823       (364,592 )      (4,358,176 )      3,357,308       4,521,421       (29,727 )      63,395  

Contract owners’ equity at beginning of period

      38,310       36,487       1,552,073       5,910,249       33,318,795       28,797,374       290,163       226,768  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ -           38,310       1,187,481       1,552,073       36,676,103       33,318,795       260,436       290,163  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      1,339       1,704       91,988       397,389       1,085,856       1,205,012       10,468       10,244  

Units purchased

      (1 )      1,465       13,276       8,051       132,612       114,815       1,982       1,671  

Units surrendered

      (1,338 )      (1,830 )      (36,991 )      (313,452 )      (168,265 )      (233,971 )      (3,904 )      (1,447 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      -           1,339       68,273       91,988       1,050,203       1,085,856       8,546       10,468  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    AVSCE     IVBRA1     OVAG     OVGI  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 110       (473 )      126,650       -           1,501       (10,445 )      529,525       357,499  

Realized gain (loss) on investments

     (8,195 )      (16,777 )      (29,384 )      (14,408 )      2,151,785       1,705,185       1,597,793       1,373,847  

Change in unrealized gain (loss) on investments

     23,025       49,770       (22,542 )      237,190       9,332,399       4,051,276       (774,760 )      2,207,291  

Reinvested capital gains

     10,083       17,830       81,646       -           2,755,710       3,883,315       3,596,896       5,624,209  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     25,023       50,350       156,370       222,782       14,241,395       9,629,331       4,949,454       9,562,846  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     -           17       41,953       381,961       596,013       873,067       826,513       875,107  

Transfers between funds

     (6,627 )      (113,287 )      (194,815 )      (4,823 )      3,747,668       (562,811 )      (1,051,357 )      (168,009 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

     (33,582 )      (1,642 )      (108,124 )      (56,838 )      (2,945,136 )      (2,709,256 )      (2,417,527 )      (2,957,203 ) 

Adjustments to maintain reserves

     -           40       (2 )      -           804,657       40,142       31       (3,841 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (40,209 )      (114,872 )      (260,988 )      320,300       2,203,202       (2,358,858 )      (2,642,340 )      (2,253,946 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (15,186 )      (64,522 )      (104,618 )      543,082       16,444,597       7,270,473       2,307,114       7,308,900  

Contract owners’ equity at beginning of period

     159,206       223,728       1,795,386       1,252,304       32,594,706       25,324,233       38,038,196       30,729,296  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 144,020       159,206       1,690,768       1,795,386       49,039,303       32,594,706       40,345,310       38,038,196  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     11,678       20,724       136,958       110,056       807,590       890,299       1,029,257       1,096,146  

Units purchased

     -           3       3,949       31,715       128,953       63,951       47,991       36,448  

Units surrendered

     (3,355 )      (9,049 )      (23,894 )      (4,813 )      (76,326 )      (146,660 )      (117,379 )      (103,337 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     8,323       11,678       117,013       136,958       860,217       807,590       959,869       1,029,257  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    OVGR     OVGS     OVIG     OVSB  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ (23,238 )      (17,609 )      476,929       611,411       141,771       129,091       1,036,707       720,503  

Realized gain (loss) on investments

     75,997       (168,710 )      520,792       (44,819 )      480,580       283,331       (415,329 )      (77,976 ) 

Change in unrealized gain (loss) on investments

     1,633,738       2,287,240       16,967,868       9,611,117       3,412,401       2,875,308       (58,199 )      1,309,460  

Reinvested capital gains

     1,560,764       960,672       2,951,486       11,180,425       257,213       776,075       -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     3,247,261       3,061,593       20,917,075       21,358,134       4,291,965       4,063,805       563,179       1,951,987  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     6,759       12,114       2,388,947       3,475,123       1,652,425       1,396,839       122,788       306,719  

Transfers between funds

     364,060       (2,545,754 )      (6,161,353 )      (1,570,713 )      (27,396 )      (1,330,228 )      (274,359 )      (210,615 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

     (231,888 )      (631,665 )      (6,781,874 )      (8,639,886 )      (1,226,771 )      (2,145,968 )      (1,445,135 )      (596,058 ) 

Adjustments to maintain reserves

     16,186       12,689       68       814       32       19       (2 )      -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     155,117       (3,152,616 )      (10,554,212 )      (6,734,662 )      398,290       (2,079,338 )      (1,596,708 )      (499,954 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     3,402,378       (91,023 )      10,362,863       14,623,472       4,690,255       1,984,467       (1,033,529 )      1,452,033  

Contract owners’ equity at beginning of period

     9,571,947       9,662,970       86,447,242       71,823,770       17,557,908       15,573,441       19,728,063       18,276,030  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 12,974,325       9,571,947       96,810,105       86,447,242       22,248,163       17,557,908       18,694,534       19,728,063  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     340,202       477,720       2,419,546       2,649,183       1,248,270       1,421,451       1,229,876       1,262,443  

Units purchased

     23,985       27,932       313,790       190,974       262,715       314,925       32,856       39,883  

Units surrendered

     (31,528 )      (165,450 )      (615,520 )      (420,611 )      (207,466 )      (488,106 )      (135,620 )      (72,450 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     332,659       340,202       2,117,816       2,419,546       1,303,519       1,248,270       1,127,112       1,229,876  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    OVSC     WRASP     WRGP     WRHIP  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 38,594       11,830       126,640       131,404       (4,221 )      (3,500 )      1,072,763       893,041  

Realized gain (loss) on investments

     (364,633 )      (120,174 )      (20,200 )      (15,925 )      (120,343 )      (113,348 )      (894,847 )      (242,731 ) 

Change in unrealized gain (loss) on investments

     1,537,233       1,085,709       598,047       874,739       752,340       220,118       458,761       851,083  

Reinvested capital gains

     89,495       553,160       106,027       253,639       522,207       948,465       -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     1,300,689       1,530,525       810,514       1,243,857       1,149,983       1,051,735       636,677       1,501,393  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     1,014,488       1,487,789       302,293       320,970       219,620       239,892       216,657       326,992  

Transfers between funds

     (48,124 )      73,569       (55,673 )      (391,867 )      (545,336 )      521,976       (2,713,698 )      1,971,902  

Surrenders (notes 2, 3, 4, 5 and 6)

     (1,439,054 )      (2,267,689 )      (602,758 )      (495,965 )      (138,658 )      (197,215 )      (459,790 )      (500,098 ) 

Adjustments to maintain reserves

     25       39       (3 )      6       (6 )      19       16       6  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (472,665 )      (706,292 )      (356,141 )      (566,856 )      (464,380 )      564,672       (2,956,815 )      1,798,802  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     828,024       824,233       454,373       677,001       685,603       1,616,407       (2,320,138 )      3,300,195  

Contract owners’ equity at beginning of period

     7,156,183       6,331,950       6,529,086       5,852,085       4,180,839       2,564,432       16,856,499       13,556,304  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 7,984,207       7,156,183       6,983,459       6,529,086       4,866,442       4,180,839       14,536,361       16,856,499  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     125,648       140,428       359,396       392,480       87,159       73,043       1,104,637       985,689  

Units purchased

     10,892       8,434       30,468       23,324       6,405       24,439       78,698       207,812  

Units surrendered

     (19,419 )      (23,214 )      (52,381 )      (56,408 )      (15,742 )      (10,323 )      (283,114 )      (88,864 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     117,121       125,648       337,483       359,396       77,822       87,159       900,221       1,104,637  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    WRMCG     WRRESP     WRSTP     JPMMV1  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ (7,834 )      (8,026 )      86,917       106,635       (4,963 )      (5,731 )      512,478       576,417  

Realized gain (loss) on investments

     439,073       273,116       3,910       (24,774 )      998,269       (237,353 )      (1,609,807 )      704,396  

Change in unrealized gain (loss) on investments

     1,231,811       372,223       (689,289 )      1,420,969       880,377       2,205,172       13,931       5,637,760  

Reinvested capital gains

     336,771       789,864       429,752       32,748       1,025,078       747,332       2,459,433       2,740,619  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     1,999,821       1,427,177       (168,710)       1,535,578       2,898,761       2,709,420       1,376,035       9,659,192  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     232,836       93,990       414,756       754,292       1,360,464       1,165,802       587,098       831,397  

Transfers between funds

     (538,977 )      57,263       (1,075,449 )      (615,029 )      (2,482,556 )      971,264       80,551       (1,661,866 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

     (547,335 )      (250,211 )      (487,065 )      (844,638 )      (962,836 )      (1,662,727 )      (1,327,273 )      (1,873,626 ) 

Adjustments to maintain reserves

     (8 )      (4 )      17       (26 )      71       (46 )      138       36  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (853,484 )      (98,962 )      (1,147,741 )      (705,401 )      (2,084,857 )      474,293       (659,486 )      (2,704,059 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     1,146,337       1,328,215       (1,316,451 )      830,177       813,904       3,183,713       716,549       6,955,133  

Contract owners’ equity at beginning of period

     5,160,978       3,832,763       7,127,575       6,297,398       8,891,601       5,707,888       44,615,791       37,660,658  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 6,307,315       5,160,978       5,811,124       7,127,575       9,705,505       8,891,601       45,332,340       44,615,791  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     209,954       214,776       258,676       284,575       229,430       220,024       1,104,013       1,180,431  

Units purchased

     33,804       30,974       28,060       57,157       43,417       83,126       160,838       139,265  

Units surrendered

     (71,611 )      (35,796 )      (69,294 )      (83,056 )      (88,425 )      (73,720 )      (146,806 )      (215,683 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     172,147       209,954       217,442       258,676       184,422       229,430       1,118,045       1,104,013  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    JPSCE1     JABS     JACAS     JAEI  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 4,406       1,206       528,995       526,171       71,104       (18,496 )      1,608       4,165  

Realized gain (loss) on investments

     (160,993 )      6,183       1,880,396       694,319       2,178,918       298,454       25,202       43,446  

Change in unrealized gain (loss) on investments

     172,989       44,182       2,046,614       4,718,833       12,512,978       11,058,797       182,969       389,978  

Reinvested capital gains

     33,288       55,942       576,692       902,222       4,197,214       4,393,377       159,852       114,719  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     49,690       107,513       5,032,697       6,841,545       18,960,214       15,732,132       369,631       552,308  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     284,642       47,716       3,411,480       1,420,534       1,840,092       1,860,070       59,897       50,953  

Transfers between funds

     (339,354 )      21,187       (324,183 )      2,150,319       (2,110,233 )      (1,384,329 )      (300,230 )      580,260  

Surrenders (notes 2, 3, 4, 5 and 6)

     (56,778 )      (8,509 )      (2,891,038 )      (2,102,920 )      (5,697,033 )      (8,402,402 )      (71,910 )      (125,080 ) 

Adjustments to maintain reserves

     9       (9 )      91       (9 )      6       65       15       (10 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (111,481 )      60,385       196,350       1,467,924       (5,967,168 )      (7,926,596 )      (312,228 )      506,123  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (61,791 )      167,898       5,229,047       8,309,469       12,993,046       7,805,536       57,403       1,058,431  

Contract owners’ equity at beginning of period

     592,986       425,088       38,433,046       30,123,577       52,988,344       45,182,808       2,424,377       1,365,946  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 531,195       592,986       43,662,093       38,433,046       65,981,390       52,988,344       2,481,780       2,424,377  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     42,359       37,754       943,328       903,670       1,418,018       1,660,305       154,605       118,018  

Units purchased

     25,332       8,658       147,403       195,198       75,116       131,029       4,540       45,129  

Units surrendered

     (34,156 )      (4,053 )      (150,057 )      (155,540 )      (224,692 )      (373,316 )      (26,676 )      (8,542 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     33,535       42,359       940,674       943,328       1,268,442       1,418,018       132,469       154,605  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    JAFBS     JAGTS     JAIGS     JAMGS  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 157,486       181,860       (11,727 )      108,583       232,521       365,001       (56,957 )      (29,222 ) 

Realized gain (loss) on investments

     329,283       16,397       4,155,349       3,670,592       (509,310 )      (220,252 )      1,380,127       840,597  

Change in unrealized gain (loss) on investments

     151,405       367,849       7,227,338       4,459,902       3,470,078       4,669,338       4,241,519       5,176,150  

Reinvested capital gains

     -           -           2,993,656       2,036,413       -           -           2,645,470       1,757,806  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     638,174       566,106       14,364,616       10,275,490       3,193,289       4,814,087       8,210,159       7,745,331  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     352,487       559,288       1,065,054       493,495       523,468       665,522       1,104,804       2,580,459  

Transfers between funds

     (224,610 )      (751,672 )      3,122,536       (1,353,081 )      (129,508 )      (754,612 )      647,580       1,392,757  

Surrenders (notes 2, 3, 4, 5 and 6)

     (555,528 )      (80,596 )      (3,409,242 )      (3,952,332 )      (1,501,264 )      (1,506,128 )      (1,007,731 )      (604,205 ) 

Adjustments to maintain reserves

     (4 )      3       123       18       (36 )      (2,402 )      (58 )      131  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (427,655 )      (272,977 )      778,471       (4,811,900 )      (1,107,340 )      (1,597,620 )      744,595       3,369,142  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     210,519       293,129       15,143,087       5,463,590       2,085,949       3,216,467       8,954,754       11,114,473  

Contract owners’ equity at beginning of period

     7,178,288       6,885,159       28,876,527       23,412,937       21,781,509       18,565,042       33,015,545       21,901,072  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 7,388,807       7,178,288       44,019,614       28,876,527       23,867,458       21,781,509       41,970,299       33,015,545  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     628,541       658,022       1,245,624       1,466,235       1,200,849       1,298,483       1,803,875       1,614,203  

Units purchased

     68,935       109,700       184,635       79,668       107,439       132,849       443,767       426,673  

Units surrendered

     (109,853 )      (139,181 )      (168,176 )      (300,279 )      (174,498 )      (230,483 )      (319,503 )      (237,001 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     587,623       628,541       1,262,083       1,245,624       1,133,790       1,200,849       1,928,139       1,803,875  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    JAMVS     LZREMS     SBVSG     BNCAI  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 6,455       12,122       262,240       105,689       (37,157 )      (34,744 )      (10,940 )      (13,447 ) 

Realized gain (loss) on investments

     (12,115 )      (9,532 )      (1,518,101 )      528,113       (105,684 )      1,845,162       846,888       443,716  

Change in unrealized gain (loss) on investments

     (28,446 )      170,005       880,413       2,411,242       6,697,997       783,554       675,201       1,376,306  

Reinvested capital gains

     15,152       77,364       -           -           1,864,361       1,812,424       113,979       170,064  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     (18,954)       249,959       (375,448)       3,045,044       8,419,517       4,406,396       1,625,128       1,976,639  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     1,960       2,344       711,623       733,167       1,035,434       1,536,993       (97,591 )      2,417  

Transfers between funds

     (33,570 )      (187,750 )      (2,081,608 )      (7,978,674 )      (701,168 )      (1,884,210 )      (736,634 )      (562,149 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

     (9,856 )      (75,624 )      (651,155 )      (2,027,403 )      (1,126,270 )      (1,347,465 )      (367,220 )      (1,265,955 ) 

Adjustments to maintain reserves

     10       4       17       17       (17 )      94       (63 )      20  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (41,456 )      (261,026 )      (2,021,123 )      (9,272,893 )      (792,021 )      (1,694,588 )      (1,201,508 )      (1,825,667 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (60,410 )      (11,067 )      (2,396,571 )      (6,227,849 )      7,627,496       2,711,808       423,620       150,972  

Contract owners’ equity at beginning of period

     894,638       905,705       15,279,275       21,507,124       20,470,815       17,759,007       6,323,881       6,172,909  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 834,228       894,638       12,882,704       15,279,275       28,098,311       20,470,815       6,747,501       6,323,881  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     40,695       53,472       1,217,379       2,023,340       652,734       717,325       103,709       138,622  

Units purchased

     125       1,943       153,760       166,152       110,593       140,600       5,309       34,891  

Units surrendered

     (2,330 )      (14,720 )      (330,341 )      (972,113 )      (137,614 )      (205,191 )      (26,334 )      (69,804 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     38,490       40,695       1,040,798       1,217,379       625,713       652,734       82,684       103,709  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    LOVBD     LOVMCV     LOVSDC     LOVTRC  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 146,178       146,876       10       98       608,844       667,631       782,840       737,704  

Realized gain (loss) on investments

     72,232       41,185       (2,320 )      (43 )      (205,731 )      (195,814 )      279,420       (45,527 ) 

Change in unrealized gain (loss) on investments

     54,045       213,120       711       1,873       227,598       448,622       546,300       1,275,233  

Reinvested capital gains

     -           -           -           197       -           -           676,850       -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     272,455       401,181       (1,599)       2,125       630,711       920,439       2,285,410       1,967,410  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     402,920       81,906       -           212       (397,107 )      2,083,389       2,050,379       2,336,901  

Transfers between funds

     (489,083 )      750,067       (3,606 )      294       2,510,908       1,418,353       3,229,237       5,868,052  

Surrenders (notes 2, 3, 4, 5 and 6)

     (46,535 )      (140,198 )      (5,639 )      66       16,676       (1,884,023 )      (1,454,824 )      (1,655,769 ) 

Adjustments to maintain reserves

     18       (15 )      (14 )      (9 )      (6,922 )      6,961       26       36  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (132,680 )      691,760       (9,259 )      563       2,123,555       1,624,680       3,824,818       6,549,220  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     139,775       1,092,941       (10,858 )      2,688       2,754,266       2,545,119       6,110,228       8,516,630  

Contract owners’ equity at beginning of period

     4,106,436       3,013,495       11,919       9,231       21,417,644       18,872,525       31,140,927       22,624,297  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 4,246,211       4,106,436       1,061       11,919       24,171,910       21,417,644       37,251,155       31,140,927  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     313,730       260,383       491       467       1,956,169       1,808,605       2,753,771       2,164,849  

Units purchased

     101,835       86,640       61       215       474,179       1,216,000       530,619       982,718  

Units surrendered

     (113,404 )      (33,293 )      (508 )      (191 )      (287,003 )      (1,068,436 )      (211,243 )      (393,796 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     302,161       313,730       44       491       2,143,345       1,956,169       3,073,147       2,753,771  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    MNVFRS     MMCGSC     MNDIC     MNDSC  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 149       -           (716 )      (297 )      -           -           (284 )      (286 ) 

Realized gain (loss) on investments

     -           -           44,318       29,967       (9,082 )      (91,007 )      3,569       1,994  

Change in unrealized gain (loss) on investments

     539       -           219,819       5,820       557,401       218,796       702,736       75,600  

Reinvested capital gains

     -           -           96,190       22,790       155,504       243,374       168,125       143,954  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     688       -           359,611       58,280       703,823       371,163       874,146       221,262  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     -           -           429,313       27,048       83,978       55,561       707,111       17,838  

Transfers between funds

     43,823       -           490,401       129,441       308,819       272,315       1,151,093       52,689  

Surrenders (notes 2, 3, 4, 5 and 6)

     (67 )      -           (56,575 )      (128,964 )      (150,581 )      (137,329 )      (22,161 )      (5,361 ) 

Adjustments to maintain reserves

     (1 )      -           (8 )      (6 )      12       7       29       (332 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     43,755       -           863,131       27,519       242,228       190,554       1,836,072       64,834  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     44,443       -           1,222,742       85,799       946,051       561,717       2,710,218       286,096  

Contract owners’ equity at beginning of period

     -           -           249,236       163,437       1,443,769       882,052       816,382       530,286  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 44,443       -           1,471,978       249,236       2,389,820       1,443,769       3,526,600       816,382  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     -           -           18,803       17,017       56,254       48,699       32,582       29,829  

Units purchased

     3,992       -           95,358       12,936       13,156       18,446       65,331       3,001  

Units surrendered

     (6 )      -           (32,536 )      (11,150 )      (5,583 )      (10,891 )      (803 )      (248 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     3,986       -           81,625       18,803       63,827       56,254       97,110       32,582  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     MV2IGI     MV2RIS     MV3MVI      MV3MVS  
     2020     2019     2020     2019     2020     2019      2020     2019  

Investment activity:

                  

Net investment income (loss)

    $ 19,362       22,899       14,368       6,003       8       -            3,384       (5 ) 

Realized gain (loss) on investments

      180,219       100,311       734,708       4,963       -           -            (1,015 )      -      

Change in unrealized gain (loss) on investments

      245,786       812,800       (994,515 )      1,359,931       232       -            104,969       568  

Reinvested capital gains

      410,118       305,917       58,183       41,256       27       -            16,423       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      855,485       1,241,927       (187,256)       1,412,153       267       -            123,761       563  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Equity transactions:

                  

Purchase payments received from policyholders (notes 2 and 6)

      92,499       137,451       35,178       50,760       -           -            5,283       202  

Transfers between funds

      (149,117 )      233,226       10,291,564       25,321,888       14,585       -            1,233,077       9,171  

Surrenders (notes 2, 3, 4, 5 and 6)

      (370,016 )      (344,350 )      (212,653 )      (47,925 )      (36 )      -            (2,863 )      (26 ) 

Adjustments to maintain reserves

      (5 )      10       8       (5 )      7       -            4       2  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net equity transactions

      (426,639 )      26,337       10,114,097       25,324,718       14,556       -            1,235,501       9,349  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net change in contract owners’ equity

      428,846       1,268,264       9,926,841       26,736,871       14,823       -            1,359,262       9,912  

Contract owners’ equity at beginning of period

      4,376,288       3,108,024       27,601,876       865,005       -           -            9,912       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 4,805,134       4,376,288       37,528,717       27,601,876       14,823       -            1,369,174       9,912  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

CHANGE IN UNITS:

                  

Beginning units

      230,941       229,541       2,182,472       87,513       -           -            902       -      

Units purchased

      11,448       24,215       477,814       2,107,770       1,079       -            119,892       904  

Units surrendered

      (35,435 )      (22,815 )      (24,795 )      (12,811 )      (3 )      -            (380 )      (2 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Ending units

      206,954       230,941       2,635,491       2,182,472       1,076       -            120,414       902  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    MVBRES     MVFIC     MVFSC     MVIGIC  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 15,433       26,544       160,875       225,308       915,638       1,310,828       3,494       211  

Realized gain (loss) on investments

     (96,639 )      (109,165 )      14,479       67,665       (347,986 )      1,596,478       (1,187 )      (247 ) 

Change in unrealized gain (loss) on investments

     167,050       460,259       (317,781 )      2,003,125       (151,513 )      13,706,576       43,913       3,998  

Reinvested capital gains

     70,927       195,288       450,878       474,197       3,637,672       3,549,727       3,178       1,888  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     156,771       572,926       308,451       2,770,295       4,053,811       20,163,609       49,398       5,850  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     132,489       128,676       259,645       279,947       2,365,146       3,373,497       4,199       126  

Transfers between funds

     (866,372 )      (402,431 )      (525,872 )      (506,635 )      7,685,400       (6,166,426 )      147,410       117,485  

Surrenders (notes 2, 3, 4, 5 and 6)

     (138,911 )      (136,242 )      (726,919 )      (1,137,118 )      (2,594,249 )      (4,668,041 )      (18,962 )      (2,615 ) 

Adjustments to maintain reserves

     15       (7 )      6       36       185       (747 )      (4 )      (3 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (872,779 )      (410,004 )      (993,140 )      (1,363,770 )      7,456,482       (7,461,717 )      132,643       114,993  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (716,008 )      162,922       (684,689 )      1,406,525       11,510,293       12,701,892       182,041       120,843  

Contract owners’ equity at beginning of period

     2,454,672       2,291,750       11,409,669       10,003,144       85,548,086       72,846,194       120,843       -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 1,738,664       2,454,672       10,724,980       11,409,669       97,058,379       85,548,086       302,884       120,843  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     144,468       173,610       230,589       262,410       3,683,177       4,057,097       11,023       -      

Units purchased

     20,062       52,830       9,695       7,476       830,715       550,741       14,724       11,271  

Units surrendered

     (75,610 )      (81,972 )      (30,812 )      (39,297 )      (463,126 )      (924,661 )      (1,895 )      (248 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     88,920       144,468       209,472       230,589       4,050,766       3,683,177       23,852       11,023  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    MVIVSC     MVRBSS     MSEM     MSVEG  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 565,331       1,185,166       47,877       4,709       332,923       407,200       (9,921 )      (5,021 ) 

Realized gain (loss) on investments

     4,350,810       2,638,689       30,519       11,892       (195,195 )      (40,681 )      756,195       73,589  

Change in unrealized gain (loss) on investments

     11,773,879       13,803,302       89,031       8,184       209,085       665,212       3,839,911       511,246  

Reinvested capital gains

     1,996,613       2,894,693       -           -           -           -           719,874       143,467  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     18,686,633       20,521,850       167,427       24,785       346,813       1,031,731       5,306,059       723,281  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     1,814,032       2,563,614       200,237       2,072       184,237       308,099       682,921       218,780  

Transfers between funds

     (3,801,379 )      (1,635,185 )      2,015,271       956,564       (385,980 )      (189,981 )      1,509,020       1,418,514  

Surrenders (notes 2, 3, 4, 5 and 6)

     (4,237,506 )      (4,850,903 )      (31,983 )      (5,904 )      (421,702 )      (566,483 )      (477,186 )      (289,730 ) 

Adjustments to maintain reserves

     (126 )      301       10       3       22       (66 )      238       (179 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (6,224,979 )      (3,922,173 )      2,183,535       952,735       (623,423 )      (448,431 )      1,714,993       1,347,385  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     12,461,654       16,599,677       2,350,962       977,520       (276,610 )      583,300       7,021,052       2,070,666  

Contract owners’ equity at beginning of period

     98,737,788       82,138,111       1,210,363       232,843       8,154,321       7,571,021       4,212,977       2,142,311  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 111,199,442       98,737,788       3,561,325       1,210,363       7,877,711       8,154,321       11,234,029       4,212,977  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     3,016,906       3,148,318       109,591       23,116       192,075       207,015       105,709       70,519  

Units purchased

     375,596       279,492       243,940       87,031       19,059       23,905       39,953       46,684  

Units surrendered

     (564,353 )      (410,904 )      (55,385 )      (556 )      (36,580 )      (38,845 )      (16,064 )      (11,494 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     2,828,149       3,016,906       298,146       109,591       174,554       192,075       129,598       105,709  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

    MSVFI     MSVMG     MSVRE     VKVGR2  
    2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                

Net investment income (loss)

   $ 69,103       86,624       (6,449 )      (11,073 )      137,131       170,115       203,379       117,194  

Realized gain (loss) on investments

     45,782       15,012       752,176       471,679       (1,116,019 )      148,698       (914,985 )      101,072  

Change in unrealized gain (loss) on investments

     39,231       117,876       1,838,774       247,010       (983,750 )      988,416       (165,459 )      467,731  

Reinvested capital gains

     25,261       -           377,455       713,714       145,795       372,290       100,464       240,835  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

     179,377       219,512       2,961,956       1,421,330       (1,816,843)       1,679,519       (776,601)       926,832  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 2 and 6)

     152,256       107,139       1,825       11,560       89,104       113,627       256,589       370,332  

Transfers between funds

     419,659       170,108       (331,964 )      (86,137 )      (3,391,169 )      (162,179 )      (433,163 )      (72,918 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

     (406,501 )      (317,424 )      (177,228 )      (2,838,171 )      (262,874 )      (238,199 )      (214,486 )      (670,279 ) 

Adjustments to maintain reserves

     1       19       (18 )      (13 )      9       (299 )      12       15  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     165,415       (40,158 )      (507,385 )      (2,912,761 )      (3,564,930 )      (287,050 )      (391,048 )      (372,850 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     344,792       179,354       2,454,571       (1,491,431 )      (5,381,773 )      1,392,469       (1,167,649 )      553,982  

Contract owners’ equity at beginning of period

     2,271,641       2,092,287       2,355,735       3,847,166       10,593,341       9,200,872       5,747,394       5,193,412  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 2,616,433       2,271,641       4,810,306       2,355,735       5,211,568       10,593,341       4,579,745       5,747,394  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     115,319       117,770       73,374       168,880       160,729       174,180       421,903       449,700  

Units purchased

     30,388       14,618       19,514       29,591       4,004       39,065       72,021       75,476  

Units surrendered

     (22,494 )      (17,069 )      (33,322 )      (125,097 )      (69,393 )      (52,516 )      (98,985 )      (103,273 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     123,213       115,319       59,566       73,374       95,340       160,729       394,939       421,903  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     DTRTFB     EIF     GBF     GEM  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 3,386       3,850       229,083       245,303       2,271,406       3,007,433       231,661       340,536  

Realized gain (loss) on investments

      622       (7 )      772,428       763,669       1,469,123       (358,108 )      511,734       251,700  

Change in unrealized gain (loss) on investments

      1,309       (807 )      (1,020,478 )      1,677,908       3,305,635       5,204,066       501,294       2,461,993  

Reinvested capital gains

      -           -           566,861       528,380       -           -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      5,317       3,036       547,894       3,215,260       7,046,164       7,853,391       1,244,689       3,054,229  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      1,807       14,937       312,727       327,138       2,595,622       3,644,874       441,749       396,109  

Transfers between funds

      26,594       124,722       1,595       112,005       (24,878,891 )      61,333,474       (1,337,255 )      (975,491 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

      (14,950 )      (14,499 )      (766,949 )      (931,290 )      (6,371,267 )      (5,613,973 )      (888,361 )      (1,566,802 ) 

Adjustments to maintain reserves

      9       (4 )      (26 )      101       73       23       88       123  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      13,460       125,156       (452,653 )      (492,046 )      (28,654,463 )      59,364,398       (1,783,779 )      (2,146,061 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      18,777       128,192       95,241       2,723,214       (21,608,299 )      67,217,789       (539,090 )      908,168  

Contract owners’ equity at beginning of period

      130,758       2,566       14,598,789       11,875,575       137,541,891       70,324,102       15,137,344       14,229,176  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 149,535       130,758       14,694,030       14,598,789       115,933,592       137,541,891       14,598,254       15,137,344  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      12,047       252       419,411       432,609       6,370,399       3,491,610       459,444       532,915  

Units purchased

      2,607       13,208       20,284       23,768       1,127,189       3,429,201       31,158       52,554  

Units surrendered

      (1,375)       (1,413)       (32,202)       (36,966)       (2,429,625)       (550,412)       (100,167)       (126,025)  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      13,279       12,047       407,493       419,411       5,067,963       6,370,399       390,435       459,444  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     GIG     GVAAA2     GVABD2     GVAGG2  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 168,959       435,710       207,398       208,863       44,175       31,693       62,698       56,766  

Realized gain (loss) on investments

      58,499       (105,460 )      254,258       198,730       31,152       2,577       89,082       146,658  

Change in unrealized gain (loss) on investments

      619,621       1,958,692       (24,811 )      1,064,228       70,222       97,576       1,836,516       1,644,577  

Reinvested capital gains

      -           755,603       1,072,347       870,629       1,426       5,617       639,200       743,103  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      847,079       3,044,545       1,509,192       2,342,450       146,975       137,463       2,627,496       2,591,104  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      516,246       732,516       783,580       587,391       81,779       70,781       267,469       402,749  

Transfers between funds

      (851,977 )      (793,156 )      (1,316,883 )      191,147       170,171       216,290       (263,256 )      (584,168 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

      (2,172,996 )      (1,350,880 )      (1,992,384 )      (859,811 )      (171,988 )      (160,701 )      (952,365 )      (989,839 ) 

Adjustments to maintain reserves

      244       30       26       (6 )      7       (8 )      (8 )      (8 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (2,508,483 )      (1,411,490 )      (2,525,661 )      (81,279 )      79,969       126,362       (948,160 )      (1,171,266 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (1,661,404 )      1,633,055       (1,016,469 )      2,261,171       226,944       263,825       1,679,336       1,419,838  

Contract owners’ equity at beginning of period

      18,303,355       16,670,300       13,524,090       11,262,919       1,769,359       1,505,534       9,363,899       7,944,061  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 16,641,951       18,303,355       12,507,621       13,524,090       1,996,303       1,769,359       11,043,235       9,363,899  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      882,785       959,672       562,207       565,512       117,649       109,099       315,449       360,690  

Units purchased

      55,162       151,597       28,415       36,722       34,555       21,237       12,359       15,147  

Units surrendered

      (195,397 )      (228,484 )      (126,369 )      (40,027 )      (30,654 )      (12,687 )      (41,482 )      (60,388 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      742,550       882,785       464,253       562,207       121,550       117,649       286,326       315,449  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     GVAGI2     GVAGR2     GVDMA     GVDMC  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 72,723       58,224       101,246       40,991       169,200       2,027,259       14,956       450,731  

Realized gain (loss) on investments

      21,649       94,363       468,715       734,550       1,736,323       2,306,585       (659,610 )      (244,197 ) 

Change in unrealized gain (loss) on investments

      32,158       424,698       4,534,648       685,459       4,229,027       5,331,921       2,140,077       1,137,216  

Reinvested capital gains

      449,012       401,546       1,325,855       1,677,469       6,512,852       9,476,552       644,105       931,860  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      575,542       978,831       6,430,464       3,138,469       12,647,402       19,142,317       2,139,528       2,275,610  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      188,609       254,688       272,663       329,971       4,358,395       5,810,693       980,609       724,061  

Transfers between funds

      (126,901 )      105,952       1,307,709       (940,602 )      1,121,062       (157,445 )      255,138       3,863,901  

Surrenders (notes 2, 3, 4, 5 and 6)

      (516,603 )      (339,489 )      (1,353,211 )      (939,248 )      (7,514,657 )      (8,321,622 )      (1,919,773 )      (1,381,584 ) 

Adjustments to maintain reserves

      (21 )      14       15       9       945       3,811       5       33  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (454,916 )      21,165       227,176       (1,549,870 )      (2,034,255 )      (2,664,563 )      (684,021 )      3,206,411  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      120,626       999,996       6,657,640       1,588,599       10,613,147       16,477,754       1,455,507       5,482,021  

Contract owners’ equity at beginning of period

      4,836,973       3,836,977       12,782,566       11,193,967       106,181,074       89,703,320       21,791,562       16,309,541  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 4,957,599       4,836,973       19,440,206       12,782,566       116,794,221       106,181,074       23,247,069       21,791,562  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      192,818       192,213       400,269       456,682       3,434,675       3,530,534       920,683       780,720  

Units purchased

      6,994       14,549       43,327       15,528       313,680       268,953       207,517       235,922  

Units surrendered

      (25,042 )      (13,944 )      (41,769 )      (71,941 )      (380,653 )      (364,812 )      (219,372 )      (95,959 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      174,770       192,818       401,827       400,269       3,367,702       3,434,675       908,828       920,683  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     GVEX1     GVIDA     GVIDC     GVIDM  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 182,448       152,201       47,958       760,902       (190 )      291,481       63,433       1,541,768  

Realized gain (loss) on investments

      290,572       274,825       (435,580 )      1,090,778       (34,273 )      (78,366 )      621,021       1,611,150  

Change in unrealized gain (loss) on investments

      998,877       1,129,344       2,754,168       2,630,658       911,200       728,466       2,809,058       1,928,033  

Reinvested capital gains

      170,222       299,451       2,607,851       3,536,047       150,171       296,034       4,213,803       6,716,237  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      1,642,119       1,855,821       4,974,397       8,018,385       1,026,908       1,237,615       7,707,315       11,797,188  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      544,137       134,118       1,483,360       1,231,381       654,008       545,661       2,276,424       2,446,358  

Transfers between funds

      1,847,619       16,196       (197,252 )      1,972,648       2,142,717       1,756,434       2,221,853       1,135,929  

Surrenders (notes 2, 3, 4, 5 and 6)

      (630,477 )      (613,530 )      (3,513,497 )      (2,819,339 )      (1,316,537 )      (2,058,389 )      (5,147,796 )      (8,052,418 ) 

Adjustments to maintain reserves

      (2 )      1       261       327       38       (17 )      25       (8,789 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      1,761,277       (463,215 )      (2,227,128 )      385,017       1,480,226       243,689       (649,494 )      (4,478,920 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      3,403,396       1,392,606       2,747,269       8,403,402       2,507,134       1,481,304       7,057,821       7,318,268  

Contract owners’ equity at beginning of period

      7,478,746       6,086,140       42,423,465       34,020,063       14,277,476       12,796,172       74,720,712       67,402,444  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 10,882,142       7,478,746       45,170,734       42,423,465       16,784,610       14,277,476       81,778,533       74,720,712  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      324,557       346,411       1,302,019       1,291,051       728,384       714,180       2,741,076       2,908,368  

Units purchased

      101,759       11,608       106,707       134,658       182,046       185,632       274,960       229,400  

Units surrendered

      (26,753 )      (33,462 )      (179,388 )      (123,690 )      (106,392 )      (171,428 )      (292,984 )      (396,692 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      399,563       324,557       1,229,338       1,302,019       804,038       728,384       2,723,052       2,741,076  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     GVIX2     HIBF     IDPG     IDPGI  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 80,346       92,038       1,098,177       1,320,836       18       560       10       181  

Realized gain (loss) on investments

      (24,353 )      (686 )      (101,296 )      (309,631 )      (135 )      (1,484 )      (1 )      1  

Change in unrealized gain (loss) on investments

      203,770       420,746       34,387       2,366,426       563       4,492       301       111  

Reinvested capital gains

      105,317       5,587       -           -           265       689       90       157  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      365,080       517,685       1,031,268       3,377,631       711       4,257       400       450  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders
(notes 2 and 6)

      133,018       88,913       261,729       299,411       576       20,878       202       -      

Transfers between funds

      513,131       181,383       (1,817,747 )      (249,548 )      -           -           535       7,327  

Surrenders (notes 2, 3, 4, 5 and 6)

      (100,761 )      (67,140 )      (1,051,336 )      (3,671,559 )      (5,535 )      (32,949 )      (375 )      (91 ) 

Adjustments to maintain reserves

      (6 )      (3 )      22       254       (3 )      11       (1 )      2  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      545,382       203,153       (2,607,332 )      (3,621,442 )      (4,962 )      (12,060 )      361       7,238  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      910,462       720,838       (1,576,064 )      (243,811 )      (4,251 )      (7,803 )      761       7,688  

Contract owners’ equity at beginning of period

      3,024,582       2,303,744       23,640,241       23,884,052       19,559       27,362       7,688       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 3,935,044       3,024,582       22,064,177       23,640,241       15,308       19,559       8,449       7,688  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      249,031       230,301       689,566       798,649       1,464       2,366       599       -      

Units purchased

      74,251       27,047       36,822       27,615       128       1,735       59       606  

Units surrendered

      (21,434 )      (8,317 )      (117,688 )      (136,698 )      (517 )      (2,637 )      (30 )      (7 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      301,848       249,031       608,700       689,566       1,075       1,464       628       599  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     MCIF     MSBF     NCPG     NCPGI  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 1,088,960       1,355,833       338,070       583,907       1,268       2,921       116       77  

Realized gain (loss) on investments

      (4,765,478 )      (2,696,479 )      (151,837 )      (107,573 )      (266 )      1,376       19       14  

Change in unrealized gain (loss) on investments

      12,688,213       8,676,399       127,054       548,179       7,982       7,052       485       109  

Reinvested capital gains

      5,249,551       17,485,729       -           -           -           3,541       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      14,261,246       24,821,482       313,287       1,024,513       8,984       14,890       620       200  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      3,242,262       5,017,684       267,217       235,056       58,058       56,786       488       -      

Transfers between funds

      (5,197,849 )      1,969,702       (355,601 )      2,206,351       (881 )      (2,868 )      18,423       4,670  

Surrenders (notes 2, 3, 4, 5 and 6)

      (5,670,127 )      (13,776,024 )      (811,208 )      (3,397,867 )      (92,695 )      (38,439 )      (5,158 )      (18 ) 

Adjustments to maintain reserves

      (622 )      950       (18 )      24       5       7       4       (2 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (7,626,336 )      (6,787,688 )      (899,610 )      (956,436 )      (35,513 )      15,486       13,757       4,650  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      6,634,910       18,033,794       (586,323 )      68,077       (26,529 )      30,376       14,377       4,850  

Contract owners’ equity at beginning of period

      117,003,328       98,969,534       11,150,443       11,082,366       119,305       88,929       4,850       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 123,638,238       117,003,328       10,564,120       11,150,443       92,776       119,305       19,227       4,850  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      2,062,940       2,209,081       416,531       456,560       9,171       7,902       385       -      

Units purchased

      179,394       372,548       20,999       187,933       5,809       4,735       1,479       387  

Units surrendered

      (328,483 )      (518,689 )      (58,418 )      (227,962 )      (8,349 )      (3,466 )      (416 )      (2 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      1,913,851       2,062,940       379,112       416,531       6,631       9,171       1,448       385  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     NJMMA2      NJMMAY      NVAMV1     NVAMVX  
     2020     2019      2020     2019      2020     2019     2020     2019  

Investment activity:

                   

Net investment income (loss)

    $ 38       -            1,033       -            552,932       1,023,797       235,645       -      

Realized gain (loss) on investments

      76       -            41       -            (256,804 )      326,053       16,917       -      

Change in unrealized gain (loss) on investments

      1,559       -            30,876       -            (1,296,221 )      3,514,514       2,797,271       -      

Reinvested capital gains

      -           -            2,530       -            907,118       4,232,718       -           -      
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      1,673       -            34,480       -            (92,975)       9,097,082       3,049,833       -      
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                   

Purchase payments received from policyholders (notes 2 and 6)

      -           -            -           -            725,220       1,095,416       376,175       -      

Transfers between funds

      53,840       -            749,579       -            (3,526,019 )      (688,578 )      16,970,200       -      

Surrenders (notes 2, 3, 4, 5 and 6)

      (517 )      -            (3,600 )      -            (2,681,363 )      (3,684,708 )      (63,693 )      -      

Adjustments to maintain reserves

      4       -            -           -            283       13       24       -      
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      53,327       -            745,979       -            (5,481,879 )      (3,277,857 )      17,282,706       -      
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      55,000       -            780,459       -            (5,574,854 )      5,819,225       20,332,539       -      

Contract owners’ equity at beginning of period

      -           -            -           -            41,167,002       35,347,777       -           -      
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 55,000       -            780,459       -            35,592,148       41,167,002       20,332,539       -      
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                   

Beginning units

      -           -            -           -            1,163,109       1,267,871       -           -      

Units purchased

      -           -            76,448       -            31,701       48,869       1,765,470       -      

Units surrendered

      -           -            (360 )      -            (204,008 )      (153,631 )      (50,117 )      -      
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      -           -            76,088       -            990,802       1,163,109       1,715,353       -      
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     NVBX     NVCBD1     NVCCA1     NVCCN1  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 7,810,491       7,295,959       95,414       76,063       38,128       117,807       7,177       73,638  

Realized gain (loss) on investments

      829,654       (263,881 )      9,198       6,618       (160,564 )      (115,888 )      (40,914 )      (16,278 ) 

Change in unrealized gain (loss) on investments

      16,185,049       12,414,319       95,469       113,002       526,025       344,434       287,329       127,600  

Reinvested capital gains

      -           -           8,043       -           149,476       379,416       8,508       48,737  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      24,825,194       19,446,397       208,124       195,683       553,065       725,769       262,100       233,697  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      695,854       532,763       95,631       82,897       541,289       779,460       495,423       554,093  

Transfers between funds

      63,671,822       107,579,725       1,054,776       513,259       (758,610 )      (364,016 )      970,204       367,841  

Surrenders (notes 2, 3, 4, 5 and 6)

      (10,478,321 )      (5,089,706 )      (245,092 )      (218,626 )      85,238       (1,334,219 )      (421,698 )      (535,568 ) 

Adjustments to maintain reserves

      114       81       6       4       (1 )      (11 )      19       (9 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      53,889,469       103,022,863       905,321       377,534       (132,084 )      (918,786 )      1,043,948       386,357  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      78,714,663       122,469,260       1,113,445       573,217       420,981       (193,017 )      1,306,048       620,054  

Contract owners’ equity at beginning of period

      302,908,062       180,438,802       2,611,223       2,038,006       4,056,901       4,249,918       2,997,897       2,377,843  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 381,622,725       302,908,062       3,724,668       2,611,223       4,477,882       4,056,901       4,303,945       2,997,897  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      22,483,412       16,799,978       160,810       136,733       209,609       264,163       189,973       167,055  

Units purchased

      9,883,886       9,665,071       69,889       38,658       66,753       52,379       111,989       76,376  

Units surrendered

      (1,764,022 )      (3,981,637 )      (16,348 )      (14,581 )      (68,571 )      (106,933 )      (50,135 )      (53,458 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      30,603,276       22,483,412       214,351       160,810       207,791       209,609       251,827       189,973  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     NVCMA1     NVCMC1     NVCMD1     NVCRA1  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 76,134       199,411       11,606       58,992       61,412       201,025       31,919       84,014  

Realized gain (loss) on investments

      (179,273 )      (191,717 )      (52,199 )      (84,112 )      (129,886 )      (64,935 )      (65,901 )      (9,724 ) 

Change in unrealized gain (loss) on investments

      820,087       661,196       253,462       190,852       694,991       458,821       462,745       349,875  

Reinvested capital gains

      151,940       671,295       15,036       103,030       216,212       533,686       -           223,448  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      868,888       1,340,185       227,905       268,762       842,729       1,128,597       428,763       647,613  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      246,557       189,897       353,100       412,591       960,761       997,137       581,475       588,949  

Transfers between funds

      (321,719 )      (199,279 )      331,933       113,157       (258,313 )      (246,316 )      (161,018 )      (568,532 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

      (219,871 )      (418,556 )      (360,055 )      (802,398 )      (473,462 )      (444,119 )      (590,289 )      (730,893 ) 

Adjustments to maintain reserves

      (8 )      -           (4 )      8       36       (8 )      23       (26 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (295,041 )      (427,938 )      324,974       (276,642 )      229,022       306,694       (169,809 )      (710,502 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      573,847       912,247       552,879       (7,880 )      1,071,751       1,435,291       258,954       (62,889 ) 

Contract owners’ equity at beginning of period

      7,167,318       6,255,071       2,325,027       2,332,907       7,459,140       6,023,849       3,045,331       3,108,220  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 7,741,165       7,167,318       2,877,906       2,325,027       8,530,891       7,459,140       3,304,285       3,045,331  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      360,913       383,832       133,143       152,838       388,182       375,704       149,689       190,615  

Units purchased

      17,750       14,366       45,662       33,629       51,398       51,008       35,013       35,603  

Units surrendered

      (31,616 )      (37,285 )      (26,989 )      (53,324 )      (42,705 )      (38,530 )      (41,134 )      (76,529 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      347,047       360,913       151,816       133,143       396,875       388,182       143,568       149,689  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     NVCRB1     NVDBL2     NVDCA2     NVDCAP  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 35,731       165,295       2,410       40,672       1,419       16,159       -           -      

Realized gain (loss) on investments

      (301,539 )      (210,805 )      1,124       3,886       (6,971 )      (5,984 )      12       -      

Change in unrealized gain (loss) on investments

      725,606       555,209       122,028       97,298       45,461       69,291       11,951       -      

Reinvested capital gains

      75,031       368,679       53,162       105,637       45,973       56,683       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      534,829       878,378       178,724       247,493       85,882       136,149       11,963       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      1,072,608       1,503,561       65,185       70,317       21,495       96,022       4,892       -      

Transfers between funds

      (1,057,179 )      (44,204 )      87,045       77,936       (62,432 )      (35,769 )      142,696       -      

Surrenders (notes 2, 3, 4, 5 and 6)

      (725,745 )      (1,821,110 )      (83,487 )      (93,595 )      (44,718 )      (100,835 )      368       -      

Adjustments to maintain reserves

      (10 )      3       (6 )      2       21       (21 )      (2 )      -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (710,326 )      (361,750 )      68,737       54,660       (85,634 )      (40,603 )      147,954       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (175,497 )      516,628       247,461       302,153       248       95,546       159,917       -      

Contract owners’ equity at beginning of period

      6,599,413       6,082,785       1,910,205       1,608,052       802,282       706,736       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 6,423,916       6,599,413       2,157,666       1,910,205       802,530       802,282       159,917       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      362,954       391,200       88,203       85,642       30,410       32,130       -           -      

Units purchased

      78,980       133,462       7,384       7,315       1,176       3,598       14,844       -      

Units surrendered

      (122,680 )      (161,708 )      (4,522 )      (4,754 )      (4,333 )      (5,318 )      (69 )      -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      319,254       362,954       91,065       88,203       27,253       30,410       14,775       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     NVFIII     NVGEII     NVIDMP      NVIE6  
     2020     2019     2020     2019     2020     2019      2020     2019  

Investment activity:

                  

Net investment income (loss)

    $ 2,877       1,164       441       101       -           -            1,774       4,546  

Realized gain (loss) on investments

      4,314       127       1,078       216       -           -            1,022       7,644  

Change in unrealized gain (loss) on investments

      2,537       (1,065 )      3,797       821       42,497       -            11,845       13,268  

Reinvested capital gains

      445       631       1       113       -           -            -           8,568  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      10,173       857       5,317       1,251       42,497       -            14,641       34,026  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Equity transactions:

                  

Purchase payments received from policyholders (notes 2 and 6)

      4,070       1,068       586       222       241,878       -            -           -      

Transfers between funds

      162,423       120,812       29,821       17,187       739,913       -            -           -      

Surrenders (notes 2, 3, 4, 5 and 6)

      (46,531 )      (1,689 )      (16,464 )      (151 )      32,123       -            (4,166 )      (25,836 ) 

Adjustments to maintain reserves

      2       2       1       1       3       -            2       1  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net equity transactions

      119,964       120,193       13,944       17,259       1,013,917       -            (4,164 )      (25,835 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net change in contract owners’ equity

      130,137       121,050       19,261       18,510       1,056,414       -            10,477       8,191  

Contract owners’ equity at beginning of period

      121,050       -           18,510       -           -           -            200,590       192,399  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 251,187       121,050       37,771       18,510       1,056,414       -            211,067       200,590  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

CHANGE IN UNITS:

                  

Beginning units

      11,457       -           1,703       -           -           -            16,404       18,710  

Units purchased

      15,124       11,717       2,785       1,718       101,291       -            -           -      

Units surrendered

      (4,388 )      (260 )      (1,486 )      (15 )      (2,787 )      -            (375 )      (2,306 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Ending units

      22,193       11,457       3,002       1,703       98,504       -            16,029       16,404  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     NVIX     NVLCP1     NVMIG1     NVMIVX  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 606,795       831,791       62,926       63,179       170,143       182,361       -           -      

Realized gain (loss) on investments

      (1,320,444 )      365,972       16,930       (3,932 )      (78,775 )      (240,676 )      9,767       -      

Change in unrealized gain (loss) on investments

      2,352,195       3,673,691       100,316       124,132       2,182,052       3,313,655       762,468       -      

Reinvested capital gains

      713,044       51,078       -           -           5,313,125       946,674       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      2,351,590       4,922,532       180,172       183,379       7,586,545       4,202,014       772,235       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      1,099,380       1,006,889       79,324       61,529       560,692       476,600       31,381       -      

Transfers between funds

      1,233,268       761,795       63,078       (81,741 )      (267,728 )      (557,942 )      4,450,741       -      

Surrenders (notes 2, 3, 4, 5 and 6)

      (2,039,561 )      (1,773,754 )      (76,236 )      (137,362 )      (1,429,738 )      (1,312,571 )      (204,300 )      -      

Adjustments to maintain reserves

      (21 )      84       (12 )      (4 )      (200 )      202       4       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      293,066       (4,986 )      66,154       (157,578 )      (1,136,974 )      (1,393,711 )      4,277,826       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      2,644,656       4,917,546       246,326       25,801       6,449,571       2,808,303       5,050,061       -      

Contract owners’ equity at beginning of period

      28,315,323       23,397,777       2,030,781       2,004,980       16,026,199       13,217,896       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 30,959,979       28,315,323       2,277,107       2,030,781       22,475,770       16,026,199       5,050,061       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      2,374,544       2,384,652       117,469       127,441       1,200,666       1,318,529       -           -      

Units purchased

      689,438       323,187       19,404       6,695       48,444       59,740       436,313       -      

Units surrendered

      (649,014 )      (333,295 )      (16,370 )      (16,667 )      (134,283 )      (177,603 )      (7,682 )      -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      2,414,968       2,374,544       120,503       117,469       1,114,827       1,200,666       428,631       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     NVMLG1     NVMMG1     NVMMV1     NVMMV2  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ (4,505 )      585,585       (4,601 )      (4,826 )      149,633       188,957       224,835       286,069  

Realized gain (loss) on investments

      (792,024 )      26,584       (246,078 )      (640,415 )      (2,411,497 )      (902,544 )      (860,941 )      (335,752 ) 

Change in unrealized gain (loss) on investments

      (2,510,313 )      1,275,530       18,764,097       2,730,446       2,243,367       903,976       388,016       458,961  

Reinvested capital gains

      7,477,665       1,905,114       6,719,538       10,495,120       -           1,475,143       -           2,263,981  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      4,170,823       3,792,813       25,232,956       12,580,325       (18,497)       1,665,532       (248,090)       2,673,259  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      457,992       2,116,296       1,187,727       1,123,496       1,288,891       1,509,664       291,640       334,288  

Transfers between funds

      (997,888 )      (786,452 )      2,151,786       (1,941,483 )      (1,333,082 )      (679,263 )      (242,215 )      (392,820 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

      (1,075,419 )      (2,946,632 )      (3,485,271 )      (3,505,287 )      (681,068 )      (1,079,487 )      (887,763 )      (881,847 ) 

Adjustments to maintain reserves

      70       (17,069 )      23       (4,125 )      (7 )      19       (7 )      (6 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (1,615,245 )      (1,633,857 )      (145,735 )      (4,327,399 )      (725,266 )      (249,067 )      (838,345 )      (940,385 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      2,555,578       2,158,956       25,087,221       8,252,926       (743,763 )      1,416,465       (1,086,435 )      1,732,874  

Contract owners’ equity at beginning of period

      15,086,794       12,927,838       43,080,056       34,827,130       8,745,468       7,329,003       13,314,607       11,581,733  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 17,642,372       15,086,794       68,167,277       43,080,056       8,001,705       8,745,468       12,228,172       13,314,607  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      542,567       606,571       1,543,482       1,712,714       326,265       338,667       500,340       539,003  

Units purchased

      52,530       30,291       116,002       74,334       75,064       94,605       18,902       18,987  

Units surrendered

      (107,957 )      (94,295 )      (141,226 )      (243,566 )      (99,220 )      (107,007 )      (54,410 )      (57,650 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      487,140       542,567       1,518,258       1,543,482       302,109       326,265       464,832       500,340  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     NVNMO1     NVNSR1     NVOLG1     NVRE1  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 72,582       112,065       1,273       1,741       2,488,042       2,923,871       431,071       531,750  

Realized gain (loss) on investments

      284,603       224,348       (7,090 )      (3,923 )      1,829,411       3,092,963       (1,135,355 )      (499,794 ) 

Change in unrealized gain (loss) on investments

      458,792       2,404,941       9,121       31,257       9,974,154       2,957,530       (1,240,836 )      8,139,301  

Reinvested capital gains

      1,425,087       1,392,831       11,260       21,377       18,809,132       44,233,441       138,145       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      2,241,064       4,134,185       14,564       50,452       33,100,739       53,207,805       (1,806,975)       8,171,257  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      377,099       517,369       10,703       10,926       4,559,948       4,399,348       836,049       903,033  

Transfers between funds

      (402,375 )      45,140       (33,526 )      (14,410 )      (2,421,795 )      (2,118,699 )      690,183       1,939,566  

Surrenders (notes 2, 3, 4, 5 and 6)

      (1,458,213 )      (1,271,338 )      (27,945 )      (38,472 )      (14,479,175 )      (15,822,073 )      (2,457,049 )      (5,602,055 ) 

Adjustments to maintain reserves

      (24 )      21       (12 )      8       (538 )      (14,180 )      10       32  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (1,483,513 )      (708,808 )      (50,780 )      (41,948 )      (12,341,560 )      (13,555,604 )      (930,807 )      (2,759,424 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      757,551       3,425,377       (36,216 )      8,504       20,759,179       39,652,201       (2,737,782 )      5,411,833  

Contract owners’ equity at beginning of period

      18,504,708       15,079,331       215,301       206,797       186,532,170       146,879,969       32,551,143       27,139,310  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 19,262,259       18,504,708       179,085       215,301       207,291,349       186,532,170       29,813,361       32,551,143  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      744,674       777,174       8,372       10,147       4,099,182       4,451,457       1,372,936       1,473,675  

Units purchased

      21,704       33,494       822       730       185,573       146,400       99,027       136,705  

Units surrendered

      (83,717 )      (65,994 )      (3,050 )      (2,505 )      (419,062 )      (498,675 )      (153,976 )      (237,444 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      682,661       744,674       6,144       8,372       3,865,693       4,099,182       1,317,987       1,372,936  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     NVSIX2     NVSTB1     NVSTB2     NVTIV3  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 11,149       10,028       3,397,445       2,404,965       52,051       63,644       12,733       26,029  

Realized gain (loss) on investments

      (64,530 )      (31,402 )      947,566       (64,843 )      4,759       (6,713 )      (47,967 )      (8,355 ) 

Change in unrealized gain (loss) on investments

      264,489       (122,145 )      6,065       1,637,427       29,152       49,635       62,618       12,923  

Reinvested capital gains

      55,242       390,059       -           -           -           -           -           93,961  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      266,350       246,540       4,351,076       3,977,549       85,962       106,566       27,384       124,558  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      77,702       29,097       216,687       1,588,282       294,529       114,364       14,555       24,541  

Transfers between funds

      131,439       (28,356 )      (70,529,302 )      19,556,208       468,450       316,469       (223,804 )      (26,110 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

      (31,050 )      (149,068 )      (4,758,602 )      (2,985,687 )      (552,485 )      (280,643 )      (75,766 )      (40,740 ) 

Adjustments to maintain reserves

      11       (8 )      (6,762 )      6,814       4       1       5       (8 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      178,102       (148,335 )      (75,077,979 )      18,165,617       210,498       150,191       (285,010 )      (42,317 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      444,452       98,205       (70,726,903 )      22,143,166       296,460       256,757       (257,626 )      82,241  

Contract owners’ equity at beginning of period

      1,113,172       1,014,967       102,835,231       80,692,065       2,941,158       2,684,401       1,094,990       1,012,749  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 1,557,624       1,113,172       32,108,328       102,835,231       3,237,618       2,941,158       837,364       1,094,990  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      57,737       65,783       8,069,491       6,606,604       234,739       223,003       60,476       62,918  

Units purchased

      12,779       2,080       132,014       2,734,573       60,617       36,763       1,176       1,854  

Units surrendered

      (2,613 )      (10,126 )      (5,747,968 )      (1,271,686 )      (44,072 )      (25,027 )      (17,683 )      (4,296 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      67,903       57,737       2,453,537       8,069,491       251,284       234,739       43,969       60,476  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     SAM     SAM5     SCF     SCGF  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 102,816       732,482       176,094       3,893,762       (20,161 )      (5,569 )      (18,326 )      (16,752 ) 

Realized gain (loss) on investments

      -           -           -           -           (3,247,065 )      (617,034 )      (42,131 )      (499,473 ) 

Change in unrealized gain (loss) on investments

      -           -           -           -           10,469,700       5,413,096       6,829,915       1,283,550  

Reinvested capital gains

      -           -           -           -           1,683,638       4,894,419       3,545,415       6,434,502  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      102,816       732,482       176,094       3,893,762       8,886,112       9,684,912       10,314,873       7,201,827  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      3,479,403       3,357,170       45,559,035       72,150,874       761,450       814,315       935,675       585,717  

Transfers between funds

      5,211,486       14,614,367       (11,776,647 )      36,397,565       (2,167,601 )      (2,327,358 )      (2,043,890 )      (836,374 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

      (13,919,451 )      (19,997,044 )      (32,005,043 )      (71,765,534 )      (2,298,749 )      (3,482,511 )      (1,480,174 )      (1,468,784 ) 

Adjustments to maintain reserves

      (410 )      (2,183 )      453       (700 )      544       635       68       6  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (5,228,972 )      (2,027,690 )      1,777,798       36,782,205       (3,704,356 )      (4,994,919 )      (2,588,321 )      (1,719,435 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (5,126,156 )      (1,295,208 )      1,953,892       40,675,967       5,181,756       4,689,993       7,726,552       5,482,392  

Contract owners’ equity at beginning of period

      43,621,222       44,916,430       223,665,269       182,989,302       44,132,344       39,442,351       26,525,233       21,042,841  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 38,495,066       43,621,222       225,619,161       223,665,269       49,314,100       44,132,344       34,251,785       26,525,233  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      2,945,259       3,087,242       18,952,580       15,777,823       795,273       916,577       578,711       622,751  

Units purchased

      691,318       1,304,225       8,469,222       12,042,651       36,527       45,940       44,396       36,601  

Units surrendered

      (1,044,031 )      (1,446,208 )      (8,298,959 )      (8,867,894 )      (119,338 )      (167,244 )      (92,350 )      (80,641 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      2,592,546       2,945,259       19,122,843       18,952,580       712,462       795,273       530,757       578,711  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     SCVF     TRF     AMCG     AMMCGS  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 13,252       370,599       504,059       798,502       (3,856 )      (4,532 )      -           -      

Realized gain (loss) on investments

      (5,615,653 )      147,610       13,092,184       52,878,470       120,627       147,516       127,234       37,390  

Change in unrealized gain (loss) on investments

      7,369,812       (5,595,636 )      (11,660,660 )      (26,741,554 )      276,758       274,327       177,084       153,508  

Reinvested capital gains

      159,995       11,356,217       3,261,012       4,143,699       70,902       126,303       53,499       82,329  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      1,927,406       6,278,790       5,196,595       31,079,117       464,431       543,614       357,817       273,227  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      971,429       1,145,175       1,805,718       1,907,070       23,593       5,463       19,583       19,048  

Transfers between funds

      (339,380 )      (841,567 )      (32,634,083 )      (86,530,285 )      (466,407 )      92,872       (233,440 )      171,769  

Surrenders (notes 2, 3, 4, 5 and 6)

      (2,059,820 )      (3,310,081 )      (4,250,105 )      (5,016,658 )      (175,498 )      (461,801 )      (202,288 )      (72,038 ) 

Adjustments to maintain reserves

      (169 )      239       2,652       1,835       (8,719 )      9,705       (78 )      82  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (1,427,940 )      (3,006,234 )      (35,075,818 )      (89,638,038 )      (627,031 )      (353,761 )      (416,223 )      118,861  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      499,466       3,272,556       (29,879,223 )      (58,558,921 )      (162,600 )      189,853       (58,406 )      392,088  

Contract owners’ equity at beginning of period

      37,374,355       34,101,799       77,888,080       136,447,001       2,027,969       1,838,116       1,167,896       775,808  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 37,873,821       37,374,355       48,008,857       77,888,080       1,865,369       2,027,969       1,109,490       1,167,896  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      605,244       666,577       2,069,600       4,994,776       58,523       73,877       75,744       66,658  

Units purchased

      53,903       63,222       56,589       78,711       3,244       11,653       2,082       21,234  

Units surrendered

      (77,508 )      (124,555 )      (1,067,790 )      (3,003,887 )      (21,420 )      (27,007 )      (26,322 )      (12,148 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      581,639       605,244       1,058,399       2,069,600       40,347       58,523       51,504       75,744  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     AMRI     AMSRS     AMTB     NOTB3  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 280       3,423       13,635       11,749       64,937       57,801       993       953  

Realized gain (loss) on investments

      (2,439 )      (5,770 )      236,305       165,041       (9,346 )      (4,689 )      (211 )      (147 ) 

Change in unrealized gain (loss) on investments

      124       183,057       (53,172 )      232,093       33,192       50,371       1,181       3,762  

Reinvested capital gains

      -           106,189       95,535       167,389       -           -           639       1,276  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      (2,035)       286,899       292,303       576,272       88,783       103,483       2,602       5,844  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      5,497       3,229       46,254       74,952       73,641       86,393       3,526       3,526  

Transfers between funds

      (12,518 )      (1,619,938 )      (737,598 )      863,824       88,198       185,787       -           -      

Surrenders (notes 2, 3, 4, 5 and 6)

      (452 )      (876,018 )      (236,414 )      (244,427 )      (297,916 )      (258,784 )      (3,383 )      (3,186 ) 

Adjustments to maintain reserves

      (2 )      13       147       (88 )      (79 )      73       (4 )      5  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (7,475 )      (2,492,714 )      (927,611 )      694,261       (136,156 )      13,469       139       345  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (9,510 )      (2,205,815 )      (635,308 )      1,270,533       (47,373 )      116,952       2,741       6,189  

Contract owners’ equity at beginning of period

      38,226       2,244,041       3,295,233       2,024,700       2,893,560       2,776,608       46,272       40,083  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 28,716       38,226       2,659,925       3,295,233       2,846,187       2,893,560       49,013       46,272  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      1,756       122,620       73,644       56,641       218,350       217,249       3,618       3,588  

Units purchased

      318       1,185       2,183       45,894       14,892       23,274       280       293  

Units surrendered

      (724 )      (122,049 )      (26,366 )      (28,891 )      (25,645 )      (22,173 )      (271 )      (263 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      1,350       1,756       49,461       73,644       207,597       218,350       3,627       3,618  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     NOTG3     NOTMG3     PMVAAA     PMVFBA  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 921       803       1,228       1,131       619,792       407,587       72,778       33,236  

Realized gain (loss) on investments

      54       394       78       318       (829,352 )      496,814       (84,463 )      (23,309 ) 

Change in unrealized gain (loss) on investments

      1,561       2,583       3,978       4,380       66,099       1,037,494       107,363       102,413  

Reinvested capital gains

      -           2,869       486       2,310       -           -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      2,536       6,649       5,770       8,139       (143,461)       1,941,895       95,678       112,340  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      3,456       2,549       3,561       3,408       265,467       333,645       65,093       37,850  

Transfers between funds

      -           (13)       84,110       (3,000)       (9,143,002)       (8,412,533)       194,779       (68,695)  

Surrenders (notes 2, 3, 4, 5 and 6)

      (2,225 )      (1,583 )      (2,946 )      (2,393 )      (784,315 )      (809,890 )      (324,917 )      (67,809 ) 

Adjustments to maintain reserves

      (7 )      2       5       (5 )      13       (43 )      131       2  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      1,224       955       84,730       (1,990 )      (9,661,837 )      (8,888,821 )      (64,914 )      (98,652 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      3,760       7,604       90,500       6,149       (9,805,298 )      (6,946,926 )      30,764       13,688  

Contract owners’ equity at beginning of period

      46,251       38,647       57,210       51,061       14,999,803       21,946,729       1,592,948       1,579,260  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 50,011       46,251       147,710       57,210       5,194,505       14,999,803       1,623,712       1,592,948  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      3,493       3,413       4,296       4,454       675,872       1,106,937       114,171       121,129  

Units purchased

      275       208       6,447       311       33,935       49,071       34,034       45,207  

Units surrendered

      (176 )      (128 )      (269 )      (469 )      (495,427 )      (480,136 )      (43,391 )      (52,165 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      3,592       3,493       10,474       4,296       214,380       675,872       104,814       114,171  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     PMVFHA     PMVGBA     PMVHYA     PMVLDA  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 21,873       5,632       12,611       9,597       34,194       13,589       397,380       894,694  

Realized gain (loss) on investments

      3,815       2,412       5,547       (28,462 )      (20,205 )      5,263       145,589       (67,765 ) 

Change in unrealized gain (loss) on investments

      (14,315 )      13,654       48,155       42,164       36,887       16,753       548,008       468,050  

Reinvested capital gains

      -           2,432       -           -           -           -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      11,373       24,130       66,313       23,299       50,876       35,605       1,090,977       1,294,979  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      16,882       10,143       72,227       80,690       1,992       24,000       514,430       435,473  

Transfers between funds

      (45,065)       (8,472)       10,790       96,767       224,491       372,821       7,528,821       2,280,211  

Surrenders (notes 2, 3, 4, 5 and 6)

      (8,928 )      (12,018 )      (12,581 )      (8,464 )      (10,184 )      (5,617 )      (2,718,914 )      (4,014,775 ) 

Adjustments to maintain reserves

      17       3       40       (23 )      152       (49 )      3,101       454  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (37,094 )      (10,344 )      70,476       168,970       216,451       391,155       5,327,438       (1,298,637 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (25,721 )      13,786       136,789       192,269       267,327       426,760       6,418,415       (3,658 ) 

Contract owners’ equity at beginning of period

      402,715       388,929       486,599       294,330       601,755       174,995       34,754,394       34,758,052  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 376,994       402,715       623,388       486,599       869,082       601,755       41,172,809       34,754,394  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      36,396       37,522       45,894       29,386       53,595       17,836       2,169,008       2,259,303  

Units purchased

      15,054       5,751       11,795       17,325       37,268       37,658       732,619       387,849  

Units surrendered

      (19,127 )      (6,877 )      (4,173 )      (817 )      (17,513 )      (1,899 )      (402,892 )      (478,144 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      32,323       36,396       53,516       45,894       73,350       53,595       2,498,735       2,169,008  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     PMVLGA     PMVRRA     PMVRSA     PMVTRA  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 200,578       205,492       602,069       715,973       8,391       6,014       1,544,717       1,975,602  

Realized gain (loss) on investments

      535,797       30,868       1,378,126       151,486       (3,579 )      (441 )      1,222,867       (42,414 ) 

Change in unrealized gain (loss) on investments

      (319,224 )      723,789       3,327,696       2,990,607       (3,152 )      8,403       2,578,141       3,434,899  

Reinvested capital gains

      67,562       -           -           -           -           -           885,171       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      484,713       960,149       5,307,891       3,858,066       1,660       13,976       6,230,896       5,368,087  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      58,718       92,152       485,293       1,016,915       3,029       3,474       2,291,343       3,078,248  

Transfers between funds

      9,578,736       (11,739,107)       2,549,998       (2,182,828)       11,044       5,787       5,580,392       3,002,205  

Surrenders (notes 2, 3, 4, 5 and 6)

      (136,340 )      (352,187 )      (3,407,226 )      (4,439,628 )      (6,390 )      (2,644 )      (4,720,303 )      (6,503,234 ) 

Adjustments to maintain reserves

      1,050       1,047       6,218       (936 )      (1 )      -           8,680       (1,028 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      9,502,164       (11,998,095 )      (365,717 )      (5,606,477 )      7,682       6,617       3,160,112       (423,809 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      9,986,877       (11,037,946 )      4,942,174       (1,748,411 )      9,342       20,593       9,391,008       4,944,278  

Contract owners’ equity at beginning of period

      8,637,893       19,675,839       47,192,762       48,941,173       140,900       120,307       71,823,226       66,878,948  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 18,624,770       8,637,893       52,134,936       47,192,762       150,242       140,900       81,214,234       71,823,226  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      474,406       1,221,413       2,292,172       2,580,241       22,676       21,575       3,204,002       3,238,199  

Units purchased

      409,896       12,279       293,085       337,722       2,560       2,250       746,962       1,001,581  

Units surrendered

      (13,749 )      (759,286 )      (316,337 )      (625,791 )      (1,379 )      (1,149 )      (619,169 )      (1,035,778 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      870,553       474,406       2,268,920       2,292,172       23,857       22,676       3,331,795       3,204,002  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     PVEIB     PVGOB     PVTIGB     PVTSCB  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 24,979       29,266       1,004       2,859       17,113       15,273       7,162       3,032  

Realized gain (loss) on investments

      6,513       17,288       550,068       189,209       (4,775 )      (2,973 )      (139,701 )      (181,314 ) 

Change in unrealized gain (loss) on investments

      (1,792 )      205,157       237,299       121,290       102,716       233,874       255,228       253,594  

Reinvested capital gains

      100,574       125,070       141,971       289,533       -           1,960       -           74,856  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      130,274       376,781       930,342       602,891       115,054       248,134       122,689       150,168  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      38,056       26,892       187,484       55,298       20,963       22,832       143,254       123,897  

Transfers between funds

      121,964       (88,574)       865,962       (420,135)       (44,273)       15,721       25,630       (19,336)  

Surrenders (notes 2, 3, 4, 5 and 6)

      (92,486 )      (104,379 )      (268,191 )      (212,413 )      (109,588 )      (53,665 )      (26,484 )      (86,407 ) 

Adjustments to maintain reserves

      10       (1 )      (11 )      5       5       (1 )      7       19  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      67,544       (166,062 )      785,244       (577,245 )      (132,893 )      (15,113 )      142,407       18,173  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      197,818       210,719       1,715,586       25,646       (17,839 )      233,021       265,096       168,341  

Contract owners’ equity at beginning of period

      1,501,164       1,290,445       1,895,388       1,869,742       1,222,782       989,761       776,045       607,704  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 1,698,982       1,501,164       3,610,974       1,895,388       1,204,943       1,222,782       1,041,141       776,045  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      110,712       124,107       101,955       137,529       45,519       46,112       42,112       40,721  

Units purchased

      16,956       13,705       52,942       17,533       1,263       1,992       16,503       14,306  

Units surrendered

      (9,239 )      (27,100 )      (14,862 )      (53,107 )      (6,767 )      (2,585 )      (4,147 )      (12,915 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      118,429       110,712       140,035       101,955       40,015       45,519       54,468       42,112  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     ROCMC     TRBCGP     TREI2     TRHS2  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ (3,901 )      (8,782 )      (182,261 )      (158,548 )      361,943       424,641       -           -      

Realized gain (loss) on investments

      (898,414 )      69,906       9,456,157       8,461,368       (2,501,150 )      (270,704 )      933,933       638,021  

Change in unrealized gain (loss) on investments

      828,780       292,113       19,266,798       13,306,821       1,306,053       3,568,959       1,684,031       1,814,004  

Reinvested capital gains

      33,085       370,585       4,013,456       2,405,450       433,446       1,428,838       896,572       555,914  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      (40,450)       723,822       32,554,150       24,015,091       (399,708)       5,151,734       3,514,536       3,007,939  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      (25,582)       77,589       5,072,803       6,685,907       147,801       348,780       607,526       468,882  

Transfers between funds

      (1,386,885)       (711,414)       (1,815,347)       (7,434,461)       (1,853,820)       (903,024)       1,383,035       (1,479,454)  

Surrenders (notes 2, 3, 4, 5 and 6)

      (173,358 )      (253,172 )      (7,071,485 )      (7,475,658 )      (1,808,300 )      (1,194,701 )      (1,610,535 )      (1,046,388 ) 

Adjustments to maintain reserves

      (10 )      (63 )      (523 )      130       84       862       3       (1 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (1,585,835 )      (887,060 )      (3,814,552 )      (8,224,082 )      (3,514,235 )      (1,748,083 )      380,029       (2,056,961 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (1,626,285 )      (163,238 )      28,739,598       15,791,009       (3,913,943 )      3,403,651       3,894,565       950,978  

Contract owners’ equity at beginning of period

      4,163,533       4,326,771       101,115,679       85,324,670       24,039,343       20,635,692       12,226,008       11,275,030  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 2,537,248       4,163,533       129,855,277       101,115,679       20,125,400       24,039,343       16,120,573       12,226,008  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      114,963       144,169       3,244,814       3,549,101       632,019       683,732       239,216       283,769  

Units purchased

      16,084       62,613       149,347       729,588       81,863       78,314       31,284       12,748  

Units surrendered

      (74,480 )      (91,819 )      (286,620 )      (1,033,875 )      (189,887 )      (130,027 )      (26,497 )      (57,301 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      56,567       114,963       3,107,541       3,244,814       523,995       632,019       244,003       239,216  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     TRLT1     TRMCG2     TRNAG1     TRPSB1  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 466,039       519,778       (68,133 )      (67,935 )      (102,729 )      117,015       104,629       161,251  

Realized gain (loss) on investments

      993,787       (19,603 )      402,860       (104,377 )      6,907,981       1,345,658       (236,974 )      (209,197 ) 

Change in unrealized gain (loss) on investments

      (175,716 )      444,239       3,852,026       5,367,195       6,126,639       9,659,062       685,674       1,474,788  

Reinvested capital gains

      -           -           2,341,247       2,263,095       11,578,313       3,641,720       293,281       229,757  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      1,284,110       944,414       6,528,000       7,457,978       24,510,204       14,763,455       846,610       1,656,599  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      2,221,229       3,032,331       (54,795)       448       1,800,997       2,083,483       589,534       347,158  

Transfers between funds

      (9,400,206)       1,909,756       (1,581,588)       786,727       (1,618,506)       (138,170)       (588,048)       (601,112)  

Surrenders (notes 2, 3, 4, 5 and 6)

      (8,693,832 )      (912,051 )      (879,554 )      (307,506 )      (5,025,328 )      (3,222,534 )      (601,914 )      (1,383,644 ) 

Adjustments to maintain reserves

      3,170       (217 )      151       (126 )      97       189       5       (8 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (15,869,639 )      4,029,819       (2,515,786 )      479,543       (4,842,740 )      (1,277,032 )      (600,423 )      (1,637,606 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (14,585,529 )      4,974,233       4,012,214       7,937,521       19,667,464       13,486,423       246,187       18,993  

Contract owners’ equity at beginning of period

      27,582,145       22,607,912       32,234,125       24,296,604       57,464,928       43,978,505       9,060,881       9,041,888  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 12,996,616       27,582,145       36,246,339       32,234,125       77,132,392       57,464,928       9,307,068       9,060,881  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      2,482,744       2,121,125       407,648       402,726       1,133,445       1,173,553       398,214       480,068  

Units purchased

      757,102       842,321       10,006       73,244       119,332       283,777       69,975       230,400  

Units surrendered

      (2,122,415 )      (480,702 )      (45,708 )      (68,322 )      (199,216 )      (323,885 )      (110,929 )      (312,254 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      1,117,431       2,482,744       371,946       407,648       1,053,561       1,133,445       357,260       398,214  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     VWEM     VWHA     VVB     VVCG  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 194,875       42,204       106,598       (22,478 )      300,990       257,955       212,284       164,231  

Realized gain (loss) on investments

      197,551       77,634       (2,355,464 )      (1,635,307 )      68,906       26,078       1,129,408       841,928  

Change in unrealized gain (loss) on investments

      823,117       2,436,270       5,181,247       3,930,325       659,327       1,300,668       615,843       2,683,593  

Reinvested capital gains

      304,582       256,173       -           -           397,482       563,628       527,865       493,983  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      1,520,125       2,812,281       2,932,381       2,272,540       1,426,705       2,148,329       2,485,400       4,183,735  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      189,364       244,145       713,449       1,107,324       72,037       1,773       2,935       4,728  

Transfers between funds

      (717,846)       (291,925)       (1,257,952)       (6,968,303)       1,299,731       632,717       (1,916,187)       687,344  

Surrenders (notes 2, 3, 4, 5 and 6)

      (727,829 )      (1,225,685 )      (1,346,773 )      (1,237,698 )      (852,586 )      (716,609 )      (1,012,250 )      (1,185,470 ) 

Adjustments to maintain reserves

      94       39       62       7       47       19       30       17  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (1,256,217 )      (1,273,426 )      (1,891,214 )      (7,098,670 )      519,229       (82,100 )      (2,925,472 )      (493,381 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      263,908       1,538,855       1,041,167       (4,826,130 )      1,945,934       2,066,229       (440,072 )      3,690,354  

Contract owners’ equity at beginning of period

      11,270,070       9,731,215       15,250,927       20,077,057       11,921,228       9,854,999       19,763,411       16,073,057  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 11,533,978       11,270,070       16,292,094       15,250,927       13,867,162       11,921,228       19,323,339       19,763,411  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      217,323       244,574       539,484       785,577       496,895       502,080       1,124,585       1,154,543  

Units purchased

      10,764       17,764       102,309       84,038       59,638       25,915       -           41,390  

Units surrendered

      (37,378 )      (45,015 )      (162,632 )      (330,131 )      (33,562 )      (31,100 )      (186,649 )      (71,348 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      190,709       217,323       479,161       539,484       522,971       496,895       937,936       1,124,585  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     VVDV     VVEI      VVEIX      VVHGB  
     2020     2019     2020     2019      2020     2019      2020     2019  

Investment activity:

                   

Net investment income (loss)

    $ -           333,571       1,214       -            151       -            959,184       1,166,455  

Realized gain (loss) on investments

      -           (555,923 )      (4,656 )      -            850       -            1,011,956       94,132  

Change in unrealized gain (loss) on investments

      -           1,216,271       24,165       -            25,435       -            1,434,608       2,726,320  

Reinvested capital gains

      -           687,054       1,275       -            -           -            -           -      
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      -           1,680,973       21,998       -            26,436       -            3,405,748       3,986,907  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Equity transactions:

                   

Purchase payments received from policyholders (notes 2 and 6)

      883       2,080       41,746       -            1,544       -            8,796       2,959  

Transfers between funds

      13,531       (12,546,166)       105,192       -            77,408       -            11,972,112       14,663,063  

Surrenders (notes 2, 3, 4, 5 and 6)

      (14,415 )      (106,463 )      (3,015 )      -            (954 )      -            (2,889,465 )      (3,142,129 ) 

Adjustments to maintain reserves

      1       18       -           -            (5 )      -            45       23  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net equity transactions

      -           (12,650,531 )      143,923       -            77,993       -            9,091,488       11,523,916  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net change in contract owners’ equity

      -           (10,969,558 )      165,921       -            104,429       -            12,497,236       15,510,823  

Contract owners’ equity at beginning of period

      -           10,969,558       -           -            -           -            49,299,409       33,788,586  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ -           -           165,921       -            104,429       -            61,796,645       49,299,409  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

CHANGE IN UNITS:

                   

Beginning units

      -           639,958       -           -            -           -            3,770,243       2,802,309  

Units purchased

      696       143       15,148       -            8,113       -            838,620       1,210,810  

Units surrendered

      (696 )      (640,101 )      (308 )      -            (82 )      -            (206,986 )      (242,876 ) 
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Ending units

      -           -           14,840       -            8,031       -            4,401,877       3,770,243  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     VVI     VVMCI     VVREI     VVSCG  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 134,601       133,345       367,986       349,967       66,923       64,736       31,979       25,092  

Realized gain (loss) on investments

      969,250       463,167       448,773       460,427       129,969       91,849       (129,989 )      107,287  

Change in unrealized gain (loss) on investments

      5,338,619       2,091,066       2,612,180       4,245,351       (177,173 )      348,672       1,136,011       779,682  

Reinvested capital gains

      296,680       341,596       1,579,028       2,098,579       45,343       126,595       667,934       902,252  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      6,739,150       3,029,174       5,007,967       7,154,324       65,062       631,852       1,705,935       1,814,313  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      142,605       3,344       327,585       9,960       3,468       1,460       34,936       3,749  

Transfers between funds

      (1,561)       (875,637)       (2,373,515)       (1,804,959)       679,819       (327,401)       (541,385)       11,696  

Surrenders (notes 2, 3, 4, 5 and 6)

      (788,271 )      (731,743 )      (1,604,263 )      (1,751,573 )      (245,980 )      (165,467 )      (442,863 )      (477,443 ) 

Adjustments to maintain reserves

      21       11       85       1       (2 )      12       40       (13 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (647,206 )      (1,604,025 )      (3,650,108 )      (3,546,571 )      437,305       (491,396 )      (949,272 )      (462,011 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      6,091,944       1,425,149       1,357,859       3,607,753       502,367       140,456       756,663       1,352,302  

Contract owners’ equity at beginning of period

      12,160,075       10,734,926       27,746,660       24,138,907       2,457,561       2,317,105       7,775,653       6,423,351  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 18,252,019       12,160,075       29,104,519       27,746,660       2,959,928       2,457,561       8,532,316       7,775,653  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      684,174       790,875       1,017,241       1,155,762       100,637       121,963       278,570       294,192  

Units purchased

      9,067       -           11,220       -           37,730       -           2,434       2,236  

Units surrendered

      (40,452 )      (106,701 )      (123,166 )      (138,521 )      (10,833 )      (21,326 )      (32,385 )      (17,858 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      652,789       684,174       905,295       1,017,241       127,534       100,637       248,619       278,570  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     VVSTC      VVTISI     VRVDRI     SVDF  
     2020     2019      2020     2019     2020     2019     2020     2019  

Investment activity:

                  

Net investment income (loss)

    $ 32       -            334,355       280,868       27,021       15,140       (17,603 )      (17,118 ) 

Realized gain (loss) on investments

      46       -            424,655       347,170       (444,256 )      1,726       825,915       56,459  

Change in unrealized gain (loss) on investments

      773       -            1,678,705       2,228,861       500,156       (109,325 )      9,575,170       3,793,985  

Reinvested capital gains

      -           -            104,533       1,805       47,824       88,834       1,952,725       1,967,143  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      851       -            2,542,248       2,858,704       130,745       (3,625)       12,336,207       5,800,469  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                  

Purchase payments received from policyholders (notes 2 and 6)

      1,358       -            518       526       89,600       4,454       913,405       415,579  

Transfers between funds

      22,234       -            2,325,323       3,612,204       1,422,903       989,075       74,618       52,963  

Surrenders (notes 2, 3, 4, 5 and 6)

      (453 )      -            (816,464 )      (1,000,018 )      (40,827 )      (18,915 )      (836,920 )      (1,428,893 ) 

Adjustments to maintain reserves

      1       -            48       -           11       3       54       (27 ) 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      23,140       -            1,509,425       2,612,712       1,471,687       974,617       151,157       (960,378 ) 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      23,991       -            4,051,673       5,471,416       1,602,432       970,992       12,487,364       4,840,091  

Contract owners’ equity at beginning of period

      -           -            15,883,704       10,412,288       970,992       -           20,125,583       15,285,492  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 23,991       -            19,935,377       15,883,704       2,573,424       970,992       32,612,947       20,125,583  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                  

Beginning units

      -           -            1,386,663       1,102,651       89,155       -           647,369       683,178  

Units purchased

      1,622       -            252,930       375,011       192,550       90,933       63,214       64,007  

Units surrendered

      (30 )      -            (70,979 )      (90,999 )      (41,940 )      (1,778 )      (65,849 )      (99,816 ) 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      1,592       -            1,568,614       1,386,663       239,765       89,155       644,734       647,369  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     SVOF     WFVSCG     DVIV     IVKMG1  
     2020     2019     2020     2019     2020     2019     2020     2019  

Investment activity:

                 

Net investment income (loss)

    $ 15,303       3,766       (10,783 )      (10,339 )      119,911       68,364       (225 )      (747 ) 

Realized gain (loss) on investments

      (219,322 )      (40,498 )      93,231       387,561       (494,384 )      (29,920 )      (1,120,793 )      (58,385 ) 

Change in unrealized gain (loss) on investments

      1,072,764       1,091,017       3,295,113       28,801       (395,652 )      666,554       (57,507 )      532,629  

Reinvested capital gains

      547,845       800,351       440,668       1,197,062       -           -           985,439       511,498  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      1,416,590       1,854,636       3,818,229       1,603,085       (770,125)       704,998       (193,086)       984,995  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 2 and 6)

      (150,424)       27,118       338,815       80,920       10,278       8,442       37,330       77,728  

Transfers between funds

      (439,911)       251,855       (426,535)       (1,072,119)       (2,911,111)       (271,126)       (3,254,376)       (2,554)  

Surrenders (notes 2, 3, 4, 5 and 6)

      (121,444 )      (164,272 )      (400,884 )      (602,096 )      (32,712 )      (114,187 )      (155,761 )      (556,829 ) 

Adjustments to maintain reserves

      22       38       (29 )      9       (17 )      20       (7 )      4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (711,757 )      114,739       (488,633 )      (1,593,286 )      (2,933,562 )      (376,851 )      (3,372,814 )      (481,651 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      704,833       1,969,375       3,329,596       9,799       (3,703,687 )      328,147       (3,565,900 )      503,344  

Contract owners’ equity at beginning of period

      7,744,811       5,775,436       6,799,161       6,789,362       3,703,687       3,375,540       3,565,900       3,062,556  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 8,449,644       7,744,811       10,128,757       6,799,161       -           3,703,687       -           3,565,900  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      201,520       197,765       251,278       312,243       156,626       176,384       154,966       178,780  

Units purchased

      15,606       40,101       29,311       12,685       23,509       70,091       2,215       8,911  

Units surrendered

      (34,944 )      (36,346 )      (43,498 )      (73,650 )      (180,135 )      (89,849 )      (157,181 )      (32,725 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      182,182       201,520       237,091       251,278       -           156,626       -           154,966  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     GVDIVI     NVMLV1     NVLCA2      NVLCAP  
     2020     2019     2020     2019     2020     2019      2020     2019  

Investment activity:

                  

Net investment income (loss)

    $ 426,607       1,182,190       216,587       3,964,604       -           -            522       2,384  

Realized gain (loss) on investments

      (2,576,823 )      (70,699 )      (12,569,993 )      (335,076 )      506       -            (130 )      5,966  

Change in unrealized gain (loss) on investments

      1,416,446       (548,006 )      4,246,355       (840,318 )      -           -            (6,762 )      16,393  

Reinvested capital gains

      -           210,168       5,966,559       1,359,362       -           -            1,856       2,794  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      (733,770)       773,653       (2,140,492)       4,148,572       506       -            (4,514)       27,537  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Equity transactions:

                  

Purchase payments received from policyholders (notes 2 and 6)

      122,538       152,931       263,670       336,203       -           -            3,485       820  

Transfers between funds

      (4,385,718)       119,101       (17,160,840)       (1,736,895)       (500)       -            (142,855)       4,766  

Surrenders (notes 2, 3, 4, 5 and 6)

      (322,007 )      (435,073 )      (352,503 )      (821,201 )      (5 )      -            (4,489 )      (25,361 ) 

Adjustments to maintain reserves

      (3 )      11       94       (103 )      (1 )      -            (1 )      2  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net equity transactions

      (4,585,190 )      (163,030 )      (17,249,579 )      (2,221,996 )      (506 )      -            (143,860 )      (19,773 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net change in contract owners’ equity

      (5,318,960 )      610,623       (19,390,071 )      1,926,576       -           -            (148,374 )      7,764  

Contract owners’ equity at beginning of period

      5,318,960       4,708,337       19,390,071       17,463,495       -           -            148,374       140,610  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ -           5,318,960       -           19,390,071       -           -            -           148,374  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

CHANGE IN UNITS:

                  

Beginning units

      236,586       244,083       821,925       926,784       -           -            9,118       10,360  

Units purchased

      13,547       17,114       16,007       43,025       -           -            229       766  

Units surrendered

      (250,133 )      (24,611 )      (837,932 )      (147,884 )      -           -            (9,347 )      (2,008 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Ending units

      -           236,586       -           821,925       -           -            -           9,118  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

 

     NVLMP     AMGP     AMTP  
     2020     2019     2020      2019     2020      2019  

Investment activity:

               

Net investment income (loss)

    $ 574       1,488       -            1,529       -            9,093  

Realized gain (loss) on investments

      (4,807 )      329       -            (166,593 )      -            (91,191 ) 

Change in unrealized gain (loss) on investments

      (2,132 )      5,770       -            69,203       -            24,509  

Reinvested capital gains

      6,127       1,636       -            184,669       -            100,671  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Net increase (decrease) in contract owners’ equity resulting from operations

      (238)       9,223       -            88,808       -            43,082  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Equity transactions:

               

Purchase payments received from

policyholders (notes 2 and 6)

      6,664       30,250       -            39       -            2,151  

Transfers between funds

      (89,205 )      37,527       -            (534,269 )      -            (365,894 ) 

Surrenders (notes 2, 3, 4, 5 and 6)

      (4,450 )      (25,874 )      -            (2,484 )      -            (2,701 ) 

Adjustments to maintain reserves

      -           (5 )      -            (166 )      -            597  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Net equity transactions

      (86,991 )      41,898       -            (536,880 )      -            (365,847 ) 
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Net change in contract owners’ equity

      (87,229 )      51,121       -            (448,072 )      -            (322,765 ) 

Contract owners’ equity at beginning of period

      87,229       36,108       -            448,072       -            322,765  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Contract owners’ equity at end of period

    $ -           87,229       -            -           -            -      
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

CHANGE IN UNITS:

               

Beginning units

      5,726       2,790       -            16,218       -            11,004  

Units purchased

      556       4,818       -            1,255       -            3,750  

Units surrendered

      (6,282 )      (1,882 )      -            (17,473 )      -            (14,754 ) 
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Ending units

      -           5,726       -            -           -            -      
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

(1) Background and Summary of Significant Accounting Policies

(a) Organization and Nature of Operations

The Nationwide VLI Separate Account-4 (the Separate Account) was established pursuant to a resolution of the Board of Directors of Nationwide Life Insurance Company (the Company) on December 3, 1997. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940. The Separate Account is an Investment Company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services – Investment Companies. The Company offers Flexible Premium, Modified Single Premium, Variable Executive Life, Corporate, and Survivorship Life Variable Life Insurance Policies through the Separate Account.

(b) The Policies

The Separate Account offers variable investment options through life insurance policies intended to provide benefits to the policyholder and/or the beneficiary named by the policyholder. Policy features are described in the applicable prospectus.

With certain exceptions, policyholders may invest in any of the following:

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A (ALVDAA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A (ALVGIA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class A (ALVIVA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B (ALVIVB)*

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A (ALVSVA)

AMERICAN CENTURY INVESTORS, INC.

American Century Variable Portfolios, Inc. - American Century VP Capital Appreciation Fund: Class I (ACVCA)

American Century Variable Portfolios, Inc. - American Century VP International Fund: Class I (ACVI)

American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG)

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class I (ACVIP1)

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II (ACVIP2)

American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I (ACVMV1)

American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class I (ACVU1)*

American Century Variable Portfolios, Inc. - American Century VP Value Fund: Class I (ACVV)

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - Asset Allocation Fund: Class 2 (AMVAA2)

American Funds Insurance Series(R) - Bond Fund: Class 2 (AMVBD2)

American Funds Insurance Series(R) - Capital World Bond Fund: Class 2 (AMVGB2)

American Funds Insurance Series(R) - Growth-Income Fund: Class 2 (AMVGI2)

American Funds Insurance Series(R) - Growth Fund: Class 2 (AMVGR2)

American Funds Insurance Series(R) - Global Small Capitalization Fund: Class 2 (AMVGS2)

American Funds Insurance Series(R) - International Fund: Class 2 (AMVI2)

American Funds Insurance Series(R) - New World Fund: Class 2 (AMVNW2)

AMUNDI PIONEER

Pioneer Variable Contracts Trust - Pioneer High Yield VCT Portfolio: Class I (PIHYB1)

BLACKROCK FUNDS

BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I (BRVHYI)

BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II (MLVGA2)

BlackRock Variable Series Funds, Inc. - BlackRock Advantage Large Cap Core V.I. Fund: Class II (MLVLC2)

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares (DCAP)

BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares (DSC)

BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)

BNY Mellon Investment Portfolios - MidCap Stock Portfolio: Initial Shares (DVMCS)

BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)

CALVERT GROUP

Calvert VP S&P 500 Index Portfolio (CVSPIP)

CHARLES SCHWAB FUNDS

Schwab Annuity Portfolios - Schwab(R) S&P 500 Index Portfolio (SASP5I)

DAVIS FUNDS

Davis Variable Account Fund, Inc. - Davis Value Portfolio (DAVVL)

DELAWARE FUNDS BY MACQUARIE

Delaware Variable Insurance Product Trust - Delaware VIP Emerging Markets Series: Service Class (DWVEMS)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS)

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - VA Equity Allocation Portfolio: Institutional Class (DFVEA)*

DFA Investment Dimensions Group Inc. - VA Global Bond Portfolio (DFVGB)*

DFA Investment Dimensions Group Inc. - DFA VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)

DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)

DFA Investment Dimensions Group Inc. - VA International Small Portfolio (DFVIS)

DFA Investment Dimensions Group Inc. - VA International Value Portfolio (DFVIV)

DFA Investment Dimensions Group Inc. - VA Short-Term Fixed Portfolio (DFVSTF)*

DFA Investment Dimensions Group Inc. - VA U.S. Large Value Portfolio (DFVULV)

DFA Investment Dimensions Group Inc. - VA U.S. Targeted Value Portfolio (DFVUTV)

DWS INVESTMENT MANAGEMENT AMERICAS, INC.

Deutsche DWS Investments VIT Funds - DWS Small Cap Index VIP: Class A (BISCI)*

Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A (DSGIBA)

Deutsche DWS Variable Series II - DWS CROCI(R) U.S. VIP: Class B (SVSLVB)

Deutsche DWS Variable Series II - DWS Small Mid Cap Value VIP: Class B (SVSSVB)

EATON VANCE FUNDS

Eaton Vance Variable Trust - Eaton Vance VT Floating-Rate Income Fund: Initial Class (ETVFR)

FEDERATED HERMES, INC.

Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB)

Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2)

Federated Hermes Insurance Series - Federated Hermes Fund for U.S. Government Securities II (FVUS2)

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class (FCS)

Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class (FEIS)

Fidelity Variable Insurance Products - Emerging Markets Portfolio - Service Class (FEMS)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2005 Portfolio: Service Class (FF05S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class (FF10S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2015 Portfolio: Service Class (FF15S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class (FF20S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2025 Portfolio: Service Class (FF25S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class (FF30S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2035 Portfolio: Service Class (FF35S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2040 Portfolio: Service Class (FF40S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2045 Portfolio: Service Class (FF45S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2050 Portfolio: Service Class (FF50S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2055 Portfolio: Service Class (FF55S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2060 Portfolio: Service Class (FF60S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Income Fund Portfolio: Service Class (FFINS)

Fidelity Variable Insurance Products Fund - VIP Growth & Income Portfolio: Service Class (FGIS)*

Fidelity Variable Insurance Products Fund - VIP Growth Opportunities Portfolio: Service Class (FGOS)

Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class (FGS)

Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Service Class (FHIS)

Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class (FIGBS)

Fidelity Variable Insurance Products Fund - VIP Index 500 Portfolio: Initial Class (FIP)

Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class (FMCS)

Fidelity Variable Insurance Products Fund - VIP Government Money Market Portfolio: Initial Class (FMMP)

Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class (FOS)

Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class (FRESS)

Fidelity Variable Insurance Products Fund - VIP Bond Index Portfolio: Service Class (FVBIS)*

Fidelity Variable Insurance Products Fund - VIP Extended Market Index Portfolio: Service Class (FVEMIS)*

Fidelity Variable Insurance Products Fund - VIP International Index Portfolio: Service Class (FVIIS)*

Fidelity Variable Insurance Products Fund - VIP Total Market Index Portfolio: Service Class (FVMIS)

Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class (FVSS)

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2 (FTVDM2)

Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)

Franklin Templeton Variable Insurance Products Trust - Franklin Mutual Global Discovery VIP Fund: Class 2 (FTVMD2)

Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1 (FTVRDI)

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 2 (FTVSV2)

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1 (FTVSVI)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1 (TIF)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)

GOLDMAN SACHS ASSET MANAGEMENT GROUP

Goldman Sachs Variable Insurance Trust - Goldman Sachs Small Cap Equity Insights Fund: Institutional Shares (GVCSE)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Global Trends Allocation Fund: Service Shares (GVGMNS)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Growth Opportunities Fund: Service Shares (GVGOPS)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Mid Cap Value Fund: Institutional Shares (GVMCE)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares (GVMSAS)

GUGGENHEIM INVESTMENTS

Guggenheim Variable Fund - Multi-Hedge Strategies (RVARS)

INVESCO INVESTMENTS

Invesco - Invesco V.I. American Franchise Fund: Series I Shares (ACEG)

Invesco - Invesco V.I. Growth and Income Fund: Series I Shares (ACGI)

Invesco - Invesco V.I. Value Opportunities Fund: Series I Shares (AVBVI)*

Invesco - Invesco V.I. High Yield Fund: Series I Shares (AVHY1)

Invesco - Invesco V.I. International Growth Fund: Series I Shares (AVIE)

Invesco - Invesco V.I. Mid Cap Core Equity Fund: Series I Shares (AVMCCI)

Invesco - Invesco V.I. Small Cap Equity Fund: Series I Shares (AVSCE)

Invesco Variable Insurance Funds - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)

Invesco - Invesco V.I. American Value Fund: Series I Shares (MSVMV)*

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)

Invesco Oppenheimer V.I. Main Street Fund: Series I (OVGI)

Invesco Oppenheimer V.I. Capital Appreciation Fund: Series I (OVGR)

Invesco Oppenheimer V.I. Global Fund: Series I (OVGS)

Invesco Oppenheimer V.I. International Growth Fund: Series I (OVIG)

Invesco Oppenheimer V.I. Global Strategic Income Fund: Series I (OVSB)

Invesco Oppenheimer V.I. Main Street Small Cap Fund: Series I (OVSC)

IVY INVESTMENTS

Ivy Variable Insurance Portfolios - Asset Strategy: Class II (WRASP)

Ivy Variable Insurance Portfolios - Growth: Class II (WRGP)

Ivy Variable Insurance Portfolios - High Income: Class II (WRHIP)

Ivy Variable Insurance Portfolios - Mid Cap Growth: Class II (WRMCG)

Ivy Variable Insurance Portfolios - Securian Real Estate Securities: Class II (WRRESP)

Ivy Variable Insurance Portfolios - Science and Technology: Class II (WRSTP)

J.P. MORGAN INVESTMENT MANAGEMENT INC.

JPMorgan Insurance Trust - JPMorgan Insurance Trust Mid Cap Value Portfolio: Class 1 (JPMMV1)

JPMorgan Insurance Trust - JPMorgan Insurance Trust Small Cap Core Portfolio 1 (JPSCE1)

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS)

Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares (JACAS)

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)

Janus Aspen Series - Janus Henderson Flexible Bond Portfolio: Service Shares (JAFBS)

Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS)

Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS)

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Service Shares (JAMGS)

Janus Aspen Series - Janus Henderson Mid Cap Value Portfolio: Service Shares (JAMVS)

LAZARD FUNDS

Lazard Retirement Series, Inc. - Lazard Retirement Emerging Markets Equity Portfolio: Service Shares (LZREMS)

LEGG MASON

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Small Cap Growth Portfolio: Class I (SBVSG)

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - Baron Growth Opportunities Fund: Service Class (BNCAI)

LORD ABBETT FUNDS

Lord Abbett Series Fund, Inc. - Bond Debenture Portfolio: Class VC (LOVBD)

Lord Abbett Series Fund, Inc. - Mid Cap Stock Portfolio: Class VC (LOVMCV)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio: Class VC (LOVSDC)

Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)

MAINSTAY FUNDS

MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Initial Class (MNVFRI)*

MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Service Class (MNVFRS)

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust - MFS Mid Cap Growth Series: Service Class (MMCGSC)

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Initial Class (MNDIC)

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Service Class (MNDSC)

MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Initial Class (MV2EEI)*

MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Service Class (MV2EES)*

MFS(R) Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class (MV2IGI)

MFS(R) Variable Insurance Trust II - MFS Research International Portfolio: Service Class (MV2RIS)

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Service Class (MV3MVS)

MFS(R) Variable Insurance Trust II - MFS Corporate Bond Portfolio: Service Class (MVBDS)*

MFS(R) Variable Insurance Trust II - MFS Blended Research(R) Core Equity Portfolio: Service Class (MVBRES)

MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)

MFS(R) Variable Insurance Trust - MFS Value Series: Service Class (MVFSC)

MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)

MFS(R) Variable Insurance Trust II - MFS International Intrinsic Value Portfolio: Service Class (MVIVSC)

MFS(R) Variable Insurance Trust - MFS Total Return Bond Series: Service Class (MVRBSS)

MORGAN STANLEY

Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I (MSEM)

Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio: Class I (MSVEG)

Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I (MSVFI)

Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio: Class I (MSVMG)

Morgan Stanley Variable Insurance Fund, Inc. - U.S. Real Estate Portfolio: Class I (MSVRE)

Morgan Stanley Variable Insurance Fund, Inc. - Global Real Estate Portfolio: Class II (VKVGR2)

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - DoubleLine NVIT Total Return Tactical Fund: Class II (DTRTFB)

Nationwide Variable Insurance Trust - BlackRock NVIT Equity Dividend Fund: Class I (EIF)

Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I (GBF)

Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I (GEM)

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG)

Nationwide Variable Insurance Trust - American Funds NVIT Asset Allocation Fund: Class II (GVAAA2)

Nationwide Variable Insurance Trust - American Funds NVIT Bond Fund: Class II (GVABD2)

Nationwide Variable Insurance Trust - American Funds NVIT Global Growth Fund: Class II (GVAGG2)

Nationwide Variable Insurance Trust - American Funds NVIT Growth-Income Fund: Class II (GVAGI2)

Nationwide Variable Insurance Trust - American Funds NVIT Growth Fund: Class II (GVAGR2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II (GVDMA)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II (GVDMC)

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II (GVIDA)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II (GVIDC)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II (GVIX2)

Nationwide Variable Insurance Trust - Federated NVIT High Income Bond Fund: Class I (HIBF)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I (IDPG)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I (IDPGI)

Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I (MCIF)

Nationwide Variable Insurance Trust - Amundi NVIT Multi Sector Bond Fund: Class I (MSBF)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I (NCPG)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I (NCPGI)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class II (NJMMA2)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class Y (NJMMAY)

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I (NVAMV1)

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)

Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I (NVBX)

Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I (NVCBD1)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I (NVCCA1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I (NVCCN1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I (NVCMA1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I (NVCMC1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I (NVCMD1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I (NVCRA1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I (NVCRB1)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II (NVDBL2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)

Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)

Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II (NVIE6)

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I (NVIX)

Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I (NVLCP1)

Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I (NVMIG1)

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1)

Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I (NVMMG1)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class I (NVMMV1)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)

Nationwide Variable Insurance Trust - Neuberger Berman NVIT Multi Cap Opportunities Fund: Class I (NVNMO1)

Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I (NVNSR1)

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I (NVOLG1)

Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I (NVRE1)

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class Y (NVSIXD)*

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class I (NVSTB1)

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II (NVSTB2)

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I (NVTIV3)

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class V (SAM5)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I (SCF)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I (SCGF)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)

Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF)

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: I Class Shares (AMCG)

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares (AMMCGS)

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: I Class Shares (AMRI)

Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares (AMSRS)

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares (AMTB)

NORTHERN LIGHTS

Northern Lights Variable Trust - TOPS Managed Risk Balanced ETF Portfolio: Class 3 (NOTB3)

Northern Lights Variable Trust - TOPS Managed Risk Growth ETF Portfolio: Class 3 (NOTG3)

Northern Lights Variable Trust - TOPS Managed Risk Moderate Growth ETF Portfolio: Class 3 (NOTMG3)

PIMCO FUNDS

PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)

PIMCO Variable Insurance Trust - International Bond Portfolio (unhedged): Administrative Class (PMVFBA)

PIMCO Variable Insurance Trust - International Bond Portfolio (U.S. Dollar-Hedged): Administrative Class (PMVFHA)

PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class (PMVGBA)

PIMCO Variable Insurance Trust - High Yield Portfolio: Administrative Class (PMVHYA)

PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class (PMVLDA)

PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio: Administrative Class (PMVLGA)

PIMCO Variable Insurance Trust - Real Return Portfolio: Administrative Class (PMVRRA)

PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)

PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)

PUTNAM INVESTMENTS

Putnam Variable Trust - Putnam VT Equity Income Fund: Class IB (PVEIB)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB (PVGOB)

Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)

Putnam Variable Trust - Putnam VT Small Cap Value Fund: Class IB (PVTSCB)

ROYCE CAPITAL FUNDS

Royce Capital Fund - Royce Micro-Cap Portfolio: Investment Class (ROCMC)

Royce Capital Fund - Royce Small-Cap Portfolio: Investment Class (ROCSC)*

T. ROWE PRICE

T. Rowe Price Equity Series, Inc. - T. Rowe Price Blue Chip Growth Portfolio: II (TRBCG2)*

T. Rowe Price Equity Series, Inc. - T. Rowe Price Blue Chip Growth Portfolio (TRBCGP)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Equity Income Portfolio: II (TREI2)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)

T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited-Term Bond Portfolio (TRLT1)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio: II (TRMCG2)

T. Rowe Price Equity Series, Inc. - T. Rowe Price New America Growth Portfolio (TRNAG1)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Moderate Allocation Portfolio (TRPSB1)

VAN ECK ASSOCIATES CORPORATION

VanEck VIP Trust - Emerging Markets Fund: Initial Class (VWEM)

VanEck VIP Trust - Global Hard Assets Fund: Initial Class (VWHA)

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Balanced Portfolio (VVB)

Vanguard Variable Insurance Fund - Capital Growth Portfolio (VVCG)

Vanguard Variable Insurance Fund - Diversified Value Portfolio (VVDV)*

Vanguard Variable Insurance Fund - Equity Income Portfolio (VVEI)

Vanguard Variable Insurance Fund - Equity Index Portfolio (VVEIX)

Vanguard Variable Insurance Fund - Growth Portfolio (VVG)*

Vanguard Variable Insurance Fund-Global Bond Index Portfolio (VVGBI)*

Vanguard Variable Insurance Fund - Total Bond Market Index Portfolio (VVHGB)

Vanguard Variable Insurance Fund - High Yield Bond Portfolio (VVHYB)*

Vanguard Variable Insurance Fund - International Portfolio (VVI)

Vanguard Variable Insurance Fund - Mid-Cap Index Portfolio (VVMCI)

Vanguard Variable Insurance Fund - Real Estate Index Portfolio (VVREI)

Vanguard Variable Insurance Fund - Small Company Growth Portfolio (VVSCG)

Vanguard Variable Insurance Fund - Short-Term Investment-Grade Portfolio (VVSTC)

Vanguard Variable Insurance Fund-Total International Stock Market Index Portfolio (VVTISI)

Vanguard Variable Insurance Fund - Total Stock Market Index Portfolio (VVTSM)*

VIRTUS MUTUAL FUNDS

Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)

WELLS FARGO FUNDS

Wells Fargo Variable Trust - VT Discovery Fund: Class 2 (SVDF)

Wells Fargo Variable Trust - VT Opportunity Fund: Class 2 (SVOF)

Wells Fargo Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)

 

  *

At December 31, 2020, policyholders were not invested in this fund.

The Contract Owners’ Equity is affected by the investment results of each fund, equity transactions by policyholders and certain policy and asset charges (see notes 2 and 3). The accompanying financial statements include only policyholders’ purchase payments pertaining to the variable portions of their policies and exclude any purchase payments for fixed dollar benefits, the latter being included in the accounts of the Company.

A policyholder may choose from among a number of different underlying mutual fund options. The underlying mutual fund options are not available to the general public directly. The underlying mutual funds are available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies or, in some cases, through participation in certain qualified pension or retirement plans.

Some of the underlying mutual funds have been established by investment advisers which manage publicly traded mutual funds having similar names and investment objectives. While some of the underlying mutual funds may be similar to, and may in fact be modeled after, publicly traded mutual funds, the underlying mutual funds are not otherwise directly related to any publicly traded mutual fund. Consequently, the investment performance of publicly traded mutual funds and any corresponding underlying mutual funds may differ substantially.

A purchase payment could be presented as a negative equity transaction in the Statements of Changes in Contract Owners’ Equity if a prior period purchase payment is refunded to a policyholder due to a policy cancellation during the free look period, and/or if a gain is realized by the policyholder during the free look period.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

The Company allocates purchase payments to subaccounts and/or the fixed account as instructed by the policyholder. Shares of the subaccounts are purchased at Net Asset Value, then converted into accumulation units. Certain transactions may be subject to conditions imposed by the underlying mutual funds, as well as those set forth in the policy.

Unless listed below, the financial statements presented are as of December 31, 2020 and for each of the years in the two-year period ended December 31, 2020. For the subaccounts listed below with inception or liquidation dates in 2020, the financial statements are as of December 31, 2020 and for the period from the inception date to December 31, 2020 or from January 1, 2020 to the liquidation date. For the subaccounts listed below with inception or liquidation dates in 2019, the financial statements are as of December 31, 2020 and for the period from inception date to December 31, 2019 or from January 1, 2019 to the liquidation date:

 

     Inception Date      Liquidation Date  

MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Service Class (MNVFRS)

      11/16/2020     

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)

      10/23/2020     

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)

      10/23/2020     

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)

      10/16/2020     

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)

      9/11/2020     

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class II (NJMMA2)

      9/4/2020     

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)

      8/26/2020     

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class Y (NJMMAY)

      6/29/2020     

Vanguard VIF Equity Index (VVEIX)

      5/15/2020     

NVIT DFA Capital Appreciation II (NVLCA2)

      5/11/2020     

American Funds Insurance Series(R) - Capital World Bond Fund: Class 2 (AMVGB2)

      5/1/2020     

Schwab Annuity Portfolios - Schwab(R) S&P 500 Index Portfolio (SASP5I)

      3/2/2020     

Fidelity Variable Insurance Products Fund - VIP Total Market Index Portfolio: Service Class (FVMIS)

      2/11/2020     

DFA VA International Value (DFVIV)

      1/16/2020     

Vanguard VIF Equity Income (VVEI)

      1/16/2020     

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Service Class (MV3MVS)

      9/18/2019     

American Funds Insurance Series(R) - Growth-Income Fund: Class 2 (AMVGI2)

      9/13/2019     

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2055 Portfolio: Service Class (FF55S)

      9/13/2019     

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2060 Portfolio: Service Class (FF60S)

      9/13/2019     

DFA VA U.S. Large Value (DFVULV)

      7/10/2019     

MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)

      7/8/2019     

Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)

      7/8/2019     

Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)

      7/5/2019     

Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)

      7/5/2019     

Goldman Sachs VIT Multi-Strat Alts Svc (GVMSAS)

      4/1/2019     

Federated Insurance Series - Federated Fund for U.S. Government Securities II (FVUS2)

      1/17/2019     

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2045 Portfolio: Service Class (FF45S)

      1/7/2019     

BNY Mellon Variable Investment Fund - International Value Portfolio: Initial Shares (DVIV)

         8/6/2020  

Neuberger Berman Advisers Management Trust - Guardian Portfolio: I Class Shares (AMGP)

         4/30/2019  

Neuberger Berman Advisers Management Trust - Large Cap Value Portfolio: Class I (AMTP)

         4/30/2019  

For the one-year period ended December 31, 2020, the following subaccount mergers occurred. The subaccounts that were acquired during the year are no longer available as of December 31, 2020.

 

Acquired

Subaccount

Abbreviation

   

Acquired Subaccount

    Acquiring
Subaccount
Abbreviation		   

Acquiring Subaccount

    Effective Date  

IVKMG1

    Invesco - Invesco V.I. Mid Cap Growth Fund: Series I Shares (IVKMG1)    OVAG    Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I      4/30/2020  

GVDIVI

    Nationwide Variable Insurance Trust - NVIT Multi-Manager International Value Fund: Class I (GVDIVI)    NVMIVX    Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X      10/16/2020  

NVLCA2

    Nationwide Variable Insurance Trust - NVIT DFA Capital Appreciation Fund: Class II (NVLCA2)    NVDCA2    Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II      10/23/2020  

NVLCAP

    Nationwide Variable Insurance Trust - NVIT DFA Capital Appreciation Fund: Class P (NVLCAP)    NVDCAP    Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P      10/23/2020  

NVLMP

    Nationwide Variable Insurance Trust - NVIT DFA Moderate Fund: Class P (NVLMP)    NVIDMP    Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P      10/23/2020  

NVMLV1

    Nationwide Variable Insurance Trust - NVIT Multi-Manager Large Cap Value Fund: Class I (NVMLV1)    NVAMVX    Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X      9/11/2020  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

For the one-year period ended December 31, 2020, the following subaccount name changes occurred:

 

Subaccount
Abbreviation

   

Current Legal Name

   

Prior Legal Name

    Effective Date  

ACVIG

    American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I    American Century Variable Portfolios, Inc. - American Century VP Income & Growth Fund: Class I      9/25/2020  

AMVGB2

    American Funds Insurance Series(R) - Capital World Bond Fund: Class 2    American Funds Insurance Series(R) - Global Bond Fund: Class 2      5/1/2020  

FQB

    Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares    Federated Insurance Series - Federated Quality Bond Fund II: Primary Shares      5/1/2020  

FVU2

    Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares    Federated Insurance Series - Federated Managed Volatility Fund II: Primary Shares      5/1/2020  

FVUS2

    Federated Hermes Insurance Series - Federated Hermes Fund for U.S. Government Securities II    Federated Insurance Series - Federated Fund for U.S. Government Securities II      5/1/2020  

JABS

    Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares    Janus Henderson VIT Balanced Portfolio: Service Shares      5/1/2020  

JACAS

    Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares    Janus Henderson VIT Forty Portfolio: Service Shares      5/1/2020  

JAEI

    Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares    Janus Henderson VIT Enterprise Portfolio: Institutional Shares      5/1/2020  

JAFBS

    Janus Aspen Series - Janus Henderson Flexible Bond Portfolio: Service Shares    Janus Henderson VIT Flexible Bond Portfolio: Service Shares      5/1/2020  

JAGTS

    Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares    Janus Henderson VIT Global Technology Portfolio: Service Shares      5/1/2020  

JAIGS

    Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares    Janus Henderson VIT Overseas Portfolio: Service Shares      5/1/2020  

JAMGS

    Janus Aspen Series - Janus Henderson Enterprise Portfolio: Service Shares    Janus Henderson VIT Enterprise Portfolio: Service Shares      5/1/2020  

JAMVS

    Janus Aspen Series - Janus Henderson Mid Cap Value Portfolio: Service Shares    Janus Henderson VIT Mid Cap Value Portfolio: Service Shares      5/1/2020  

NCPG

    Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I    Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Managed Growth Fund: Class I      5/1/2020  

NCPGI

    Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I    Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Managed Growth & Income Fund: Class I      5/1/2020  

NVAMV1

    Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I    Nationwide Variable Insurance Trust - American Century NVIT Multi Cap Value Fund: Class I      5/1/2020  

NVCCA1

    Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I    Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Capital Appreciation Fund: Class I      5/1/2020  

NVCCN1

    Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I    Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Conservative Fund: Class I      5/1/2020  

NVCMA1

    Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I    Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Moderately Aggressive Fund: Class I      5/1/2020  

NVCMC1

    Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I    Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Moderately Conservative Fund: Class I      5/1/2020  

NVCMD1

    Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I    Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Moderate Fund: Class I      5/1/2020  

NVCRA1

    Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I    Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Aggressive Fund: Class I      5/1/2020  

NVCRB1

    Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I    Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Balanced Fund: Class I      5/1/2020  

NVMIG1

    Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I    Nationwide Variable Insurance Trust - NVIT Multi-Manager International Growth Fund: Class I      5/1/2020  

NVMLG1

    Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I    Nationwide Variable Insurance Trust - NVIT Multi-Manager Large Cap Growth Fund: Class I      1/21/2020  

NVMMG1

    Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I    Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Growth Fund: Class I      1/21/2020  

NVNSR1

    Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I    Nationwide Variable Insurance Trust - Neuberger Berman NVIT Socially Responsible Fund: Class I      5/1/2020  

NVOLG1

    Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I    Nationwide Variable Insurance Trust - NVIT Dynamic U.S. Growth Fund: Class I      5/1/2020  

NVTIV3

    Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I    Nationwide Variable Insurance Trust - Templeton NVIT International Value Fund: Class I      5/1/2020  

TRF

    Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I    Nationwide Variable Insurance Trust - NVIT Nationwide Fund: Class I      5/1/2020  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

(c) Security Valuation, Transactions and Related Investment Income

Investments in underlying mutual funds are valued at the closing Net Asset Value per share at December 31, 2020 of such funds. The cost of investments sold is determined on a first in - first out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed), and dividends and capital gain distributions are accrued as of the ex-dividend date and are reinvested in the underlying mutual funds.

(d) Federal Income Taxes

Operations of the Separate Account form a part of, and are taxed with, operations of the Company which is taxed as a life insurance company under the Internal Revenue Code. The Company does not provide for income taxes within the Separate Account. Taxes are generally the responsibility of the policyholder upon termination or withdrawal.

(e) Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. generally accepted accounting principles may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(f) COVID-19

Equity and financial markets have experienced significant volatility and interest rates have experienced significant declines primarily driven by the COVID-19 pandemic. These conditions have and may continue to impact the Company’s operations and financial condition. The extent to which the COVID-19 pandemic may impact the Company’s operations and financial condition will depend on future developments which are evolving and uncertain.

(g) Subsequent Events

The company evaluated subsequent events through the date the financial statements were available to be issued with the Securities and Exchange Commission, and no subsequent events have occurred requiring accrual or disclosures.

(2) Policy Charges

The Separate Account assesses charges associated with the policy. These charges are either assessed as a direct deduction from premium payments or through a surrender of units from the subaccounts contained within the Separate Account. The assessment of charges varies based on the policy and any additional riders or benefits elected. The additional riders or benefits and related charges specific to each product are described in detail in the applicable prospectus.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

Policy Charges

     
Mortality and Expense Risk Charge/Variable Account Asset Charge - assessed through a surrender of units    Equal, on an annual basis, to 0.05% - 1.25% of the daily value of the assets invested in each fund
Sales Charge/Percent of Premium Charge - assessed through a deduction from premium payments    0.0% - 12% of each premium paid
Premium Tax Charge - assessed through a deduction from premium payments    3.5% of each premium payment
Cost of Insurance Charges (including any flat extra charge) - assessed through a surrender of units    $0.01 - $83.33 per $1,000 of a policy’s net amount at risk
Administrative Charge - assessed through a surrender of units    $5 - $10 per policy, per month
Administrative/Specified Amount Charge    $0.01 - $0.40 per $1,000 of specified amount
Tax Expense Charge    $0.42 per $1,000 of cash value
Administrative Expense Charge    $0.25 per $1,000 of cash value
Surrender Charge - assessed through a surrender of units    $0.00 - $124.65 per $1,000 of a policy’s specified amount; for single premium policies 0.00% - 10.00% of premium
Policy Loan Interest Charge - assessed through a surrender of units    2% - 6% of an outstanding policy loan
Partial Surrender Fees - assessed through a surrender of units    $0.00 - $25.00 per request

Rider Charges - assessed through a surrender of units monthly, unless otherwise specified.

Long-Term Care Rider Charge    $0.02 - $28.65 per $1,000 of the rider’s net amount risk; or $1.946 per $1,000 of the rider’s specified amount
Estate Protection Rider Charge    $0.01 - $83.33 per $1,000 of the rider’s death benefit
Policy Split Option Rider Charge    $0.01 - $0.03 of policy and Additional Term Insurance Rider specified amount
Policy Guard/Overloan Lapse Protection Rider Charge    $1.50 - $157.00 per $1,000 of the policy’s cash value at the time the rider is invoked
Adjusted Sales Load Life Insurance Rider Charge    $0.14 for each $1,000 of premium for each 1% of sales load reduction elected
Additional Protection Rider Charge/Supplemental Insurance Rider Charge    $0.01 - $125.00 per $1,000 of the rider’s death benefit

Cost of Insurance Charge

    $0.01-$125.00

Variable Account Asset Charge

    0.16% - 1.25%

Specified Amount Charge

    $0.01 - $0.40 per $1,000 of specified amount
Children’s Term Insurance Rider Charge    $0.43 per $1,000 of the rider’s specified amount
Spouse Life Insurance Rider Charge    $0.10 - $12.02 per $1,000 of the rider’s specified amount
Accidental Death Benefit Rider Charge    $0.05 - $0.75 per $1,000 of the rider’s specified amount
Premium Waiver Rider Charge    $42 - $315 per $1,000 of the rider’s benefit amount
Waiver of Monthly Deductions Rider Charge    $85 - $860 per $1,000 of the rider’s benefit amount

For the years ended December 31, 2020 and 2019, total front-end sales charge deductions were $8,308,916 and $10,845,193, respectively and were recognized as part of purchase payments on the Statements of Changes in Contract Owners’ Equity.

(3) Asset Charges

The Company deducts a charge related to the assumption of mortality and expense risk. Asset charges are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

(a) Modified Single Premium Policies (MSP)

For modified single premium policies, the Company deducts a charge equal to an annualized rate of 0.70% of the cash surrender value of the subaccounts. In policy years 1- 10, the Company also deducts a charge equal to the annualized rate of 0.50% of the cash surrender value of the subaccounts as reimbursement for taxes imposed by federal, state and local governments. These charges are assessed monthly against each policy by liquidating units.

(b) Flexible Premium and Variable Executive Life Policies (FPVUL and VEL)

For Best of America® The Next Generation and ChoiceLifeSM policies, during the first fifteen policy years, the Company deducts a charge of $0.50 per $1,000 on the first $25,000 of cash value attributable to the variable account, $0.25 per $1,000 on $25,001 up to $250,000 of cash value attributable to the variable account and $0.08 per $1,000 over $250,000 of cash value attributable to the variable account. Beginning in policy year sixteen, the Company deducts a charge of $0.50 per $1,000 on the first $25,000 of cash value attributable to the variable account, and $0.08 per $1,000 over $25,000 of cash value attributable to the variable account. This charge is assessed monthly against each policy by liquidating units. For Choice Life ProtectionSM policies and Best of America® ProtectionSM policies, the Company deducts $0.66 per $1,000 of cash surrender value attributable to the variable account during the first through fifteenth years from the Policy Date. Thereafter, this charge is $0.25 per $1,000 of cash surrender value attributable to the variable account. This charge is assessed monthly against each policy by liquidating units.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

(c) Survivorship Life Policies (SL)

For The Best of America® Last Survivorship II and The Best of America® ChoiceLife Survivorship policies, during the first ten policy years, the Company deducts a charge of $0.46 per $1,000 on the cash surrender value attributable to the variable account. After ten years from the Policy Date, the Company deducts $0.46 per $1,000 on the first $25,000 of cash surrender value attributable to the variable account; $0.29 per $1,000 on $25,001 up to $99,999 of cash surrender value attributable to the variable account; and $0.17 per $1,000 on $100,000 or more of cash surrender value attributable to the variable account. This charge is assessed monthly against each policy by liquidating units.

For The Best of America® ChoiceLifeSM Survivorship II and Next GenerationSM Survivorship Life policies, during the first fifteen policy years, the Company deducts a charge of $0.50 per $1,000 on the first $25,000 of cash surrender value attributable to the variable account; $0.25 per $1,000 on $25,001 up to $250,000 of cash surrender value attributable to the variable account; and $0.08 per $1,000 over $250,000 of cash surrender value attributable to the variable account. After fifteen years from the Policy Date, the Company deducts $0.50 per $1,000 on the first $25,000 of cash surrender value attributable to the variable account and $0.08 per $1,000 over $25,000 of cash surrender value attributable to the variable account. This charge is assessed monthly against each policy by liquidating units.

For The Best of America® ProtectionSM Survivorship and ChoiceLife ProtectionSM Survivorship Life policies, during the first fifteen policy years, the Company deducts a charge of $0.66 per $1,000 of cash surrender value attributable to the variable account. After fifteen years from the Policy Date, the Company deducts $0.25 per $1,000 of cash surrender value attributable to the variable account. This charge is assessed monthly against each policy by liquidating units.

(d) Corporate Policies (LSFP)

For Future Corporate Flexible Premium Variable Universal Life, the Company deducts a charge guaranteed not to exceed an annualized rate of 0.90% of the daily net assets of the Separate Account for policies issued on or after January 1, 2009. This charge is guaranteed not to exceed an annualized rate of 0.75% of the daily net assets of the Separate Account for policies issued prior to January 1, 2009. Currently, this rate is 0.25% during the first through fourth policy years, 0.20% during the fifth through fifteenth policy years, and 0.10% thereafter. This charge is assessed monthly against each policies by liquidating units.

For Future Executive Corporate Flexible Premium Variable Universal Life, the Company deducts a charge guaranteed not to exceed an annualized rate of 0.90% of the daily net assets of the Separate Account. Currently, this rate is 0.25% during the first through fourth policy years, 0.20% during the fifth through fifteenth policy years, and 0.10% thereafter. This charge is assessed monthly against each policy by liquidating units.

For Next Generation Corporate Owned Flexible Premium Variable Universal Life, the Company deducts a charge guaranteed not to exceed an annualized rate of 1.25% of the daily net assets of the Separate Account. Currently, this rate will not exceed 0.60%. This charge is assessed monthly against each policy by liquidating units.

The Company may reduce or eliminate certain charges where the size or nature of the group results in savings in sales, underwriting, administrative or other costs to the Company. These charges may be reduced in certain group sponsored arrangements or special exchange programs made available by the Company.

(4) Death Benefits

Death benefit proceeds result in a surrender of the policy value from the Separate Account and payment of those proceeds, less any outstanding policy loans (and policy charges), to the legal beneficiary. In the event that the guaranteed death benefit exceeds the policy value on the date of death, the excess is paid by the Company’s general account. Death benefits are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

(5) Policy Loans (Net of Repayments)

Policy provisions allow policyholders to borrow 90% of a policy’s variable cash surrender value plus 100% of a policy’s fixed cash surrender value less applicable value of surrender charge. Interest is charged on the outstanding loan and is due and payable in advance on the policy anniversary. At the time the loan is granted, the amount of the loan is transferred from the Separate Account to the Company’s general account as collateral for the outstanding loan. Collateral amounts in the general account are credited with the stated rate of interest in effect at the time the loan is made, subject to a guaranteed minimum rate. Interest credited is paid by the Company’s general account to the Separate Account. Loan repayments result in a transfer of collateral including interest credited back to the Separate Account. Policy loans (net of repayments) are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

(6) Related Party Transactions

The Company performs various services on behalf of the mutual fund companies in which the Separate Account invests and may receive fees for the services performed. These services include, among other things, shareholder communications, postage, fund transfer agency and various other record keeping and customer service functions. These fees are paid to an affiliate of the Company.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

Policyholders may, with certain restrictions, transfer their assets between the Separate Account and a fixed dollar contract (fixed account) maintained in the accounts of the Company. These transfers are the result of the policyholder executing fund exchanges. Fund exchanges from the Separate Account to the fixed account are included in surrenders, and fund exchanges from the fixed account to the Separate Account are included in purchase payments received from policyholders, as applicable, on the accompanying Statements of Changes in Contract Owners’ Equity. Policy loan transactions (note 5), executed at the direction of the policyholder, also result in transfers between the Separate Account and the fixed account of the Company. The fixed account assets are not reflected in the accompanying financial statements. For the years ended December 31, 2020 and 2019, total transfers to the Separate Account from the fixed account were $48,732,969 and $50,620,793, respectively, and total transfers from the Separate Account to the fixed account were $59,260,515 and $79,042,106, respectively.

(7) Fair Value Measurement

FASB ASC 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Separate Account generally uses the market approach as the valuation technique due to the nature of the mutual fund investments offered in the Separate Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable inputs.

In accordance with FASB ASC 820, the Separate Account categorized its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety.

The Separate Account categorizes financial assets recorded at fair value as follows:

 

  •  

Level 1 – Unadjusted quoted prices accessible in active markets and mutual funds where the value per share (unit) is determined and published and is the basis for current transactions for identical assets or liabilities at the measurement date.

 

  •  

Level 2 – Unadjusted quoted prices for similar assets or liabilities in active markets or inputs (other than quoted prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means.

 

  •  

Level 3 – Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate about the assumptions market participants would use at the measurement date in pricing the asset or liability. Consideration is given to the risk inherent in both the method of valuation and the valuation inputs.

The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2020:

 

     Level 1      Level 2      Level 3      Total  

Separate Account Investments

    $ 6,233,810,008      $ -          $ -          $ 6,233,810,008  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

The cost of purchases and proceeds from sales of Investments for the year ended December 31, 2020 are as follows:

 

Subaccount

Abbreviation*

    Purchases of
Investments		      Sales of
Investments		  

ALVDAA

    $ 1,950      $ 6,522  

ALVGIA

      9,139,598        10,937,058  

ALVIVA

      483,287        368,924  

ALVIVB

      47,860        74,103  

ALVSVA

      3,486,177        2,734,319  

ACVCA

      913,500        1,117,359  

ACVI

      658,604        1,009,295  

ACVIG

      2,579,708        3,705,816  

ACVIP1

      14,503,897        13,715,666  

ACVIP2

      829,472        1,543,606  

ACVMV1

      2,767,733        4,743,597  

ACVV

      5,989,886        15,539,473  

AMVAA2

      4,302,776        5,704,156  

AMVBD2

      2,598,533        16,079,385  

AMVGB2

      3,236,865        415,633  

AMVGI2

      1,120,620        79,422  

AMVGR2

      10,218,695        10,069,832  

AMVGS2

      1,187,352        1,509,220  

AMVI2

      7,266,010        8,850,187  

AMVNW2

      40,177,163        1,771,460  

PIHYB1

      2,429,677        1,882,476  

BRVHYI

      8,670,819        7,869,151  

MLVGA2

      1,765,359        1,661,407  

MLVLC2

      164,576        955,932  

DCAP

      4,036,057        4,514,614  

DSC

      165,965        242,710  

DSIF

      240,246,520        160,789,111  

DSRG

      527,157        993,458  

DVMCS

      1,031,144        1,646,598  

DVSCS

      80,098,773        48,852,793  

CVSPIP

      801,238        1,793,704  

SASP5I

      84,813,373        13,917,202  

DAVVL

      1,627,028        1,956,837  

DWVEMS

      1,267,316        1,499,855  

DWVSVS

      6,584,526        6,460,156  

DFVGMI

      74,155        14,105  

DFVIPS

      3,504,812        549,982  

DFVIS

      19,752        127  

DFVIV

      46,608        989  

DFVULV

      1,554,174        2,185,004  

DFVUTV

      323,921        680,333  

DSGIBA

      65,285        32,628  

SVSLVB

      167,305        166,864  

SVSSVB

      29,845        83,891  

ETVFR

      5,808,738        5,458,341  

FQB

      1,139,050        1,843,001  

FVU2

      164,146        104,216  

FVUS2

      3,103,935        1,302,022  

FCS

      11,051,979        12,662,452  

FEIS

      6,528,756        6,277,310  

FEMS

      6,502,813        3,652,347  

FF05S

      420,254        248,597  

FF10S

      1,647,215        505,017  

FF15S

      5,787,334        5,793,190  

FF20S

      8,942,803        11,135,550  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

FF25S

      9,500,114        8,764,601  

FF30S

      13,578,080        7,210,859  

FF35S

      4,219,219        2,024,512  

FF40S

      7,863,019        5,404,932  

FF45S

      1,131,559        836,853  

FF50S

      2,069,884        1,156,493  

FF55S

      112,423        90,395  

FF60S

      330,644        21,541  

FFINS

      947,947        827,096  

FGOS

      43,032        21,117  

FGS

      35,633,276        25,930,782  

FHIS

      1,368,579        3,025,498  

FIGBS

      44,409,986        49,087,337  

FIP

      2,463,298        77,878,420  

FMCS

      2,993,075        9,077,597  

FMMP

      10,974,093        16,708,927  

FNRS2

      669,366        744,165  

FOS

      1,283,243        2,017,862  

FRESS

      1,697,419        923,394  

FVMIS

      172,976        1,430  

FVSS

      503,058        1,578,837  

FTVDM2

      534,559        652,288  

FTVFA2

      169,030        98,866  

FTVGB1

      7,536,083        9,884,345  

FTVGI2

      1,020,888        703,810  

FTVIS2

      447,236        1,133,240  

FTVMD2

      564,043        917,228  

FTVRDI

      2,254,731        3,001,044  

FTVSV2

      2,392,683        3,011,041  

FTVSVI

      1,155,373        1,280,637  

TIF

      24,902        38,245  

TIF2

      3,153,637        4,512,858  

GVCSE

      474,016        416,044  

GVGMNS

      26,407        57,989  

GVGOPS

      808,970        514,397  

GVMCE

      4,119,348        5,561,343  

GVMSAS

      5,834        767  

RVARS

      271,530        88,279  

ACEG

      1,193,578        297,341  

ACGI

      1,386,909        3,664,094  

AVBVI

      -            37,977  

AVHY1

      1,314,318        1,632,448  

AVIE

      8,573,509        8,042,805  

AVMCCI

      171,666        174,453  

AVSCE

      205,445        235,460  

IVBRA1

      268,738        321,429  

OVAG

      8,165,545        4,009,789  

OVGI

      5,275,313        3,791,262  

OVGR

      3,596,610        1,920,153  

OVGS

      11,328,197        18,454,062  

OVIG

      5,466,896        4,669,654  

OVSB

      2,151,112        2,711,111  

OVSC

      1,481,763        1,826,364  

WRASP

      822,074        945,546  

WRGP

      1,812,172        1,758,559  

WRHIP

      5,659,847        7,543,915  

WRMCG

      2,573,418        3,097,956  

WRRESP

      3,131,057        3,762,144  

WRSTP

      6,176,221        7,241,035  

JPMMV1

      15,231,145        12,918,858  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

JPSCE1

      369,659        443,455  

JABS

      9,422,602        8,120,656  

JACAS

      9,461,993        11,160,850  

JAEI

      384,392        535,175  

JAFBS

      4,198,862        4,469,027  

JAGTS

      12,113,066        8,352,792  

JAIGS

      1,329,498        2,204,281  

JAMGS

      13,831,839        10,498,673  

JAMVS

      37,517        57,376  

LZREMS

      4,999,888        6,758,788  

SBVSG

      9,809,734        8,774,534  

BNCAI

      1,917,451        3,015,858  

LOVBD

      1,003,537        990,056  

LOVMCV

      1,018        10,254  

LOVSDC

      10,654,150        7,914,827  

LOVTRC

      13,656,196        8,371,714  

MNVFRS

      43,983        77  

MMCGSC

      1,470,803        512,190  

MNDIC

      828,047        430,326  

MNDSC

      2,036,984        33,101  

MV2IGI

      963,036        960,192  

MV2RIS

      35,904,616        25,717,976  

MV3MVI

      14,620        36  

MV3MVS

      1,268,249        12,945  

MVBRES

      856,374        1,642,807  

MVFIC

      1,221,780        1,603,173  

MVFSC

      32,782,883        20,773,276  

MVIGIC

      155,972        16,653  

MVIVSC

      15,209,263        18,872,172  

MVRBSS

      3,112,882        881,480  

MSEM

      1,722,872        2,013,394  

MSVEG

      4,706,498        2,281,789  

MSVFI

      906,487        646,708  

MSVMG

      3,048,663        3,185,025  

MSVRE

      1,729,538        5,011,552  

VKVGR2

      2,770,240        2,857,455  

DTRTFB

      32,689        15,853  

EIF

      2,118,527        1,775,211  

GBF

      21,252,157        47,635,288  

GEM

      1,697,305        3,249,510  

GIG

      2,156,977        4,496,741  

GVAAA2

      2,715,968        3,961,910  

GVABD2

      804,887        679,324  

GVAGG2

      1,284,282        1,530,538  

GVAGI2

      824,377        757,537  

GVAGR2

      3,462,369        1,808,108  

GVDMA

      14,311,351        9,664,501  

GVDMC

      12,170,620        12,195,585  

GVEX1

      3,711,738        1,597,788  

GVIDA

      7,056,964        6,628,543  

GVIDC

      9,779,372        8,149,202  

GVIDM

      12,808,304        9,180,585  

GVIX2

      1,228,236        497,185  

HIBF

      3,236,960        4,746,135  

IDPG

      951        5,629  

IDPGI

      837        375  

MCIF

      21,528,513        22,815,716  

MSBF

      1,730,832        2,292,354  

NCPG

      73,998        108,248  

NCPGI

      18,989        5,121  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

NJMMA2

      75,204        21,843  

NJMMAY

      752,109        2,568  

NVAMV1

      1,775,246        5,799,681  

NVAMVX

      17,747,226        228,888  

NVBX

      93,528,094        31,828,247  

NVCBD1

      1,668,251        659,477  

NVCCA1

      1,550,176        1,494,655  

NVCCN1

      3,114,508        2,054,894  

NVCMA1

      431,937        498,896  

NVCMC1

      1,375,052        1,023,431  

NVCMD1

      1,089,188        582,577  

NVCRA1

      1,054,676        1,192,588  

NVCRB1

      2,063,319        2,662,873  

NVDBL2

      249,408        125,093  

NVDCA2

      56,403        94,664  

NVDCAP

      148,211        255  

NVFIII

      196,779        73,494  

NVGEII

      34,225        19,840  

NVIDMP

      1,013,916        -      

NVIE6

      1,774        4,166  

NVIX

      14,033,509        12,420,583  

NVLCP1

      585,923        456,832  

NVMIG1

      6,074,469        1,727,976  

NVMIVX

      4,609,504        331,681  

NVMLG1

      9,278,848        3,421,003  

NVMMG1

      11,315,966        4,746,788  

NVMMV1

      3,706,808        4,282,433  

NVMMV2

      421,760        1,035,263  

NVNMO1

      1,588,074        1,573,894  

NVNSR1

      22,959        61,194  

NVOLG1

      23,300,488        14,344,847  

NVRE1

      4,094,838        4,456,439  

NVSIX2

      337,414        92,931  

NVSTB1

      94,693,722        166,367,495  

NVSTB2

      996,849        734,303  

NVTIV3

      38,911        311,194  

SAM

      18,607,649        23,733,397  

SAM5

      197,597,979        195,644,540  

SCF

      3,285,056        5,326,478  

SCGF

      6,529,941        5,591,243  

SCVF

      3,729,809        4,984,333  

TRF

      3,943,185        35,256,585  

AMCG

      503,366        1,054,722  

AMMCGS

      96,555        459,201  

AMRI

      9,353        16,546  

AMSRS

      125,110        943,697  

AMTB

      411,009        482,149  

NOTB3

      5,158        3,383  

NOTG3

      4,319        2,167  

NOTMG3

      88,881        2,442  

PMVAAA

      4,086,568        13,128,626  

PMVFBA

      899,017        891,284  

PMVFHA

      254,181        269,420  

PMVGBA

      441,135        358,087  

PMVHYA

      690,108        439,616  

PMVLDA

      24,409,820        18,688,101  

PMVLGA

      13,071,714        3,302,460  

PMVRRA

      26,468,429        26,238,294  

PMVRSA

      24,666        8,592  

PMVTRA

      31,732,356        26,151,036  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

PVEIB

      384,906        191,819  

PVGOB

      2,970,924        2,042,695  

PVTIGB

      108,083        223,868  

PVTSCB

      540,069        390,507  

ROCMC

      826,208        2,382,848  

TRBCGP

      36,047,029        36,029,863  

TREI2

      6,331,048        9,049,978  

TRHS2

      5,038,080        3,761,481  

TRLT1

      22,023,329        37,428,254  

TRMCG2

      8,733,044        8,975,869  

TRNAG1

      29,562,238        22,929,491  

TRPSB1

      5,044,808        5,247,325  

VWEM

      859,531        1,616,385  

VWHA

      4,827,265        6,611,944  

VVB

      2,487,537        1,269,882  

VVCG

      1,864,966        4,050,319  

VVEI

      164,517        18,106  

VVEIX

      85,359        7,211  

VVHGB

      23,713,767        13,663,142  

VVI

      2,600,351        2,816,297  

VVMCI

      3,937,921        5,641,100  

VVREI

      1,121,370        571,797  

VVSCG

      1,873,235        2,122,634  

VVSTC

      24,704        1,533  

VVTISI

      5,827,228        3,878,963  

VRVDRI

      3,292,295        1,745,776  

SVDF

      6,355,642        4,269,416  

SVOF

      981,268        1,129,898  

WFVSCG

      2,627,236        2,685,956  
  

 

 

     

 

 

  
   $ 2,003,778,648      $ 1,863,359,859  
  

 

 

     

 

 

  

 

  *

Represents abbreviation of investment name. For full investment name and related abbreviation, see note 1(b).

(8) Financial Highlights

The following tabular presentation is a summary of units, unit fair values, contract owners’ equity outstanding and contract expense rates for variable life insurance policies as of December 31, 2020, and the investment income ratio and total return for each of the periods in the five-year period ended December 31, 2020. Total return and investment income ratio for periods with no ending contract owners’ equity were considered to be irrelevant, and therefore are not presented.

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A (ALVDAA)

 

2020     0.00%           1,451       $15.93         $ 23,119       1.74%       5.02%      
2019     0.00%           1,774       15.17           26,914       2.15%       15.51%      
2018     0.00%           1,666       13.13           21,881       1.80%       -7.07%      
2017     0.00%           1,959       14.13           27,685       1.97%       14.67%      
2016     0.00%           2,379       12.32           29,320       0.53%       3.59%      

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A (ALVGIA)

 

2020     0.00%       to       0.25%       577,227       46.41       to       44.34       25,991,257       1.57%       2.72%       to       2.46%  
2019     0.00%       to       0.25%       670,740       45.18       to       43.27       29,343,082       1.24%       23.91%       to       23.60%  
2018     0.00%       to       0.25%       613,461       36.46       to       35.01       21,706,547       1.01%       -5.61%       to       -5.84%  
2017     0.00%       to       0.25%       618,577       38.63       to       37.18       23,253,399       1.31%       18.92%       to       18.63%  
2016     0.00%       to       0.25%       781,559       32.48       to       31.34       24,692,434       1.00%       11.30%       to       11.02%  

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class A (ALVIVA)

 

2020     0.00%       to       0.25%       393,562       10.02       to       9.66       3,894,256       1.98%       2.47%       to       2.21%  
2019     0.00%       to       0.25%       383,564       9.78       to       9.45       3,705,958       0.76%       17.14%       to       16.84%  
2018     0.00%       to       0.25%       598,205       8.35       to       8.09       4,909,849       1.41%       -22.79%       to       -22.98%  
2017     0.00%       to       0.25%       761,593       10.81       to       10.50       8,084,125       2.20%       25.42%       to       25.11%  
2016     0.00%       to       0.25%       1,068,396       8.62       to       8.39       9,032,273       1.39%       -0.50%       to       -0.75%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B (ALVIVB)

 

2019     0.00%           2,377       12.10           28,766       1.17%       16.79%      
2018     0.00%           1,247       10.36           12,922       1.48%       -22.98%      

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A (ALVSVA)

 

2020     0.00%       to       0.25%       260,144       55.35       to       52.96       14,255,486       1.06%       3.37%       to       3.11%  
2019     0.00%       to       0.25%       256,880       53.55       to       51.36       13,645,470       0.52%       20.10%       to       19.80%  
2018     0.00%       to       0.25%       386,451       44.59       to       42.87       17,041,808       0.48%       -15.03%       to       -15.24%  
2017     0.00%       to       0.25%       410,273       52.47       to       50.58       21,278,969       0.45%       13.15%       to       12.87%  
2016     0.00%       to       0.25%       460,947       46.38       to       44.82       21,145,299       0.59%       25.09%       to       24.78%  

American Century Variable Portfolios, Inc. - American Century VP Capital Appreciation Fund: Class I (ACVCA)

 

2020     0.00%       to       0.25%       34,278       26.01       to       25.58       878,528       0.00%       42.46%       to       42.10%  
2019     0.00%       to       0.25%       48,363       18.26       to       18.00       871,142       0.00%       35.56%       to       35.23%  
2018     0.00%       to       0.25%       47,564       13.47       to       13.31       633,316       0.00%       -5.20%       to       -5.43%  
2017     0.00%       to       0.25%       50,552       14.21       to       14.08       711,879       0.00%       21.79%       to       21.49%  
2016     0.00%       to       0.25%       55,448       11.67       to       11.59       642,966       0.00%       3.23%       to       2.97%  

American Century Variable Portfolios, Inc. - American Century VP International Fund: Class I (ACVI)

 

2020     0.00%       to       0.20%       77,571       38.58       to       24.05       2,289,880       0.54%       25.88%       to       25.63%  
2019     0.00%       to       0.25%       97,122       30.65       to       18.96       2,270,641       0.90%       28.42%       to       28.10%  
2018     0.00%       to       0.25%       123,291       23.86       to       14.80       1,840,381       1.16%       -15.22%       to       -15.43%  
2017     0.00%       to       0.25%       72,406       28.15       to       17.50       1,277,260       0.86%       31.21%       to       30.88%  
2016     0.00%       to       0.25%       267,024       21.45       to       13.37       3,579,842       0.99%       -5.50%       to       -5.73%  

American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG)

 

2020     0.00%       to       0.25%       482,447       46.99       to       33.82       21,566,529       1.93%       11.81%       to       11.53%  
2019     0.00%       to       0.25%       571,931       42.02       to       30.32       22,293,548       2.09%       23.95%       to       23.64%  
2018     0.00%       to       0.25%       596,221       33.90       to       24.52       18,762,900       1.93%       -6.87%       to       -7.10%  
2017     0.00%       to       0.25%       607,215       36.40       to       26.40       20,764,699       2.36%       20.49%       to       20.19%  
2016     0.00%       to       0.25%       671,446       30.21       to       21.97       19,116,463       2.36%       13.48%       to       13.20%  

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class I (ACVIP1)

 

2020     0.00%       to       0.25%       2,375,089       12.34       to       11.59       27,669,630       1.63%       9.81%       to       9.53%  
2019     0.00%       to       0.25%       2,341,496       11.23       to       10.58       24,880,391       2.56%       9.16%       to       8.88%  
2018     0.00%       to       0.25%       2,146,672       10.29       to       9.72       20,910,804       3.06%       -2.57%       to       -2.82%  
2017     0.00%       to       0.25%       2,131,092       10.56       to       10.00       21,353,805       2.85%       3.92%       to       3.67%  
2016     0.00%       to       0.25%       1,956,661       10.16       to       9.65       18,906,113       2.18%       4.71%       to       4.44%  

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II (ACVIP2)

 

2020     0.00%           387,824       19.53           7,576,124       1.32%       9.55%      
2019     0.00%           431,303       17.83           7,690,717       2.31%       8.90%      
2018     0.00%           455,259       16.37           7,454,284       2.80%       -2.82%      
2017     0.00%           540,339       16.85           9,103,962       2.60%       3.67%      
2016     0.00%           573,519       16.25           9,320,785       1.82%       4.39%      

American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I (ACVMV1)

 

2020     0.00%       to       0.25%       244,358       42.07       to       40.45       10,195,136       1.80%       1.21%       to       0.96%  
2019     0.00%       to       0.25%       301,093       41.57       to       40.07       12,371,588       2.04%       29.15%       to       28.83%  
2018     0.00%       to       0.25%       353,741       32.18       to       31.10       11,262,539       1.40%       -12.84%       to       -13.05%  
2017     0.00%       to       0.25%       403,277       36.92       to       35.77       14,745,572       1.49%       11.69%       to       11.42%  
2016     0.00%       to       0.25%       573,834       33.06       to       32.11       18,828,526       1.70%       22.85%       to       22.55%  

American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class I (ACVU1)

 

2017     0.25%           10,496       29.74           312,162       0.29%       31.90%      
2016     0.25%           25,536       22.55           575,807       0.36%       4.19%      

American Century Variable Portfolios, Inc. - American Century VP Value Fund: Class I (ACVV)

 

2020     0.00%       to       0.25%       297,613       53.14       to       43.51       13,921,528       2.21%       0.98%       to       0.73%  
2019     0.00%       to       0.25%       522,839       52.62       to       43.20       24,525,906       2.13%       27.03%       to       26.72%  
2018     0.00%       to       0.25%       656,692       41.42       to       34.09       22,965,394       1.69%       -9.15%       to       -9.38%  
2017     0.00%       to       0.25%       668,081       45.60       to       37.62       25,745,004       1.66%       8.75%       to       8.48%  
2016     0.00%       to       0.25%       721,213       41.93       to       34.68       25,652,949       1.81%       20.48%       to       20.18%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

American Funds Insurance Series(R) - Asset Allocation Fund: Class 2 (AMVAA2)

 

2020     0.00%       to       0.25%       573,430       24.48       to       23.69       13,753,760       1.63%       12.46%       to       12.18%  
2019     0.00%       to       0.25%       662,559       21.77       to       21.12       14,089,699       2.03%       21.23%       to       20.93%  
2018     0.00%       to       0.25%       597,801       17.96       to       17.46       10,499,057       1.61%       -4.60%       to       -4.84%  
2017     0.00%       to       0.25%       657,734       18.83       to       18.35       12,132,971       1.71%       16.23%       to       15.94%  
2016     0.00%       to       0.25%       511,756       16.20       to       15.83       8,143,235       1.78%       9.41%       to       9.14%  

American Funds Insurance Series(R) - Bond Fund: Class 2 (AMVBD2)

 

2020     0.10%       to       0.25%       3,852,883       15.83       to       15.51       60,963,144       2.05%       9.62%       to       9.46%  
2019     0.00%       to       0.25%       4,889,291       14.61       to       14.17       70,574,452       2.57%       9.36%       to       9.08%  
2018     0.00%       to       0.25%       5,492,418       13.36       to       12.99       72,571,100       2.45%       -0.71%       to       -0.96%  
2017     0.00%       to       0.20%       5,515,445       13.46       to       13.19       73,478,481       1.93%       3.66%       to       3.46%  
2016     0.00%       to       0.20%       5,580,079       12.98       to       12.75       71,783,173       1.68%       2.94%       to       2.74%  

American Funds Insurance Series(R) - Capital World Bond Fund: Class 2 (AMVGB2)

 

2020     0.00%       to       0.25%       255,848       11.57       to       11.52       2,951,907       2.41%       9.90%       to       9.62% **** 

American Funds Insurance Series(R) - Growth-Income Fund: Class 2 (AMVGI2)

 

2020     0.00%       to       0.25%       93,725       12.48       to       12.43       1,169,808       2.16%       13.55%       to       13.26%  
2019     0.25%           609       10.97           6,683       1.01%       9.75%         **** 

American Funds Insurance Series(R) - Growth Fund: Class 2 (AMVGR2)

 

2020     0.00%       to       0.25%       1,151,502       44.22       to       42.81       49,555,520       0.32%       52.08%       to       51.70%  
2019     0.00%       to       0.25%       1,167,629       29.08       to       28.22       33,043,364       0.76%       30.77%       to       30.45%  
2018     0.00%       to       0.25%       1,167,950       22.24       to       21.63       25,332,833       0.45%       -0.25%       to       -0.50%  
2017     0.00%       to       0.25%       1,212,032       22.29       to       21.74       26,407,760       0.54%       28.29%       to       27.97%  
2016     0.00%       to       0.25%       1,038,111       17.38       to       16.99       17,654,348       0.78%       9.49%       to       9.21%  

American Funds Insurance Series(R) - Global Small Capitalization Fund: Class 2 (AMVGS2)

 

2020     0.00%       to       0.25%       117,032       24.54       to       23.76       2,794,726       0.18%       29.72%       to       29.40%  
2019     0.00%       to       0.25%       144,805       18.92       to       18.36       2,666,654       0.17%       31.52%       to       31.19%  
2018     0.00%       to       0.25%       116,395       14.39       to       14.00       1,634,484       0.09%       -10.55%       to       -10.77%  
2017     0.00%       to       0.25%       93,070       16.08       to       15.69       1,465,090       0.41%       25.89%       to       25.58%  
2016     0.00%       to       0.25%       103,367       12.77       to       12.49       1,294,587       0.25%       2.10%       to       1.84%  

American Funds Insurance Series(R) - International Fund: Class 2 (AMVI2)

 

2020     0.00%       to       0.25%       1,744,578       17.42       to       17.01       29,888,214       0.67%       13.97%       to       13.69%  
2019     0.00%       to       0.25%       1,839,312       15.29       to       14.96       27,674,405       1.51%       22.88%       to       22.58%  
2018     0.00%       to       0.25%       1,818,914       12.44       to       12.20       22,293,777       2.55%       -13.13%       to       -13.35%  
2017     0.00%       to       0.25%       834,512       14.32       to       14.08       11,778,016       1.41%       32.14%       to       31.82%  
2016     0.00%       to       0.25%       574,103       10.84       to       10.68       6,141,890       1.46%       3.53%       to       3.27%  

American Funds Insurance Series(R) - New World Fund: Class 2 (AMVNW2)

 

2020     0.00%       to       0.25%       2,379,885       18.48       to       18.26       43,742,283       0.06%       23.58%       to       23.27%  
2019     0.00%       to       0.25%       268,304       14.95       to       14.81       3,981,479       1.22%       29.14%       to       28.82%  
2018     0.00%       to       0.25%       133,700       11.58       to       11.50       1,539,523       1.01%       -14.04%       to       -14.25%  
2017     0.00%       to       0.25%       69,651       13.47       to       13.41       934,502       0.93%       29.44%       to       29.12%  
2016     0.00%       to       0.25%       36,783       10.40       to       10.39       382,165       1.16%       4.03%       to       3.86% **** 

Pioneer Variable Contracts Trust - Pioneer High Yield VCT Portfolio: Class I (PIHYB1)

 

2020     0.00%       to       0.25%       112,418       36.43       to       34.80       3,991,717       5.39%       2.48%       to       2.23%  
2019     0.00%       to       0.25%       98,275       35.55       to       34.04       3,388,420       4.91%       14.45%       to       14.16%  
2018     0.00%       to       0.25%       129,139       31.06       to       29.82       3,873,351       4.71%       -3.33%       to       -3.57%  
2017     0.00%       to       0.25%       123,896       32.13       to       30.92       3,868,606       4.49%       7.26%       to       6.99%  
2016     0.00%       to       0.25%       162,466       29.96       to       28.90       4,732,309       4.91%       14.25%       to       13.96%  

BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I (BRVHYI)

 

2020     0.00%       to       0.25%       1,529,228       13.68       to       13.47       20,708,453       5.28%       7.27%       to       7.00%  
2019     0.00%       to       0.25%       1,556,089       12.76       to       12.59       19,672,675       5.46%       15.29%       to       15.00%  
2018     0.00%       to       0.25%       1,008,812       11.07       to       10.95       11,078,325       5.52%       -2.66%       to       -2.90%  
2017     0.00%       to       0.25%       674,468       11.37       to       11.27       7,624,278       5.15%       7.34%       to       7.07%  
2016     0.00%       to       0.25%       468,168       10.59       to       10.53       4,940,997       5.47%       12.92%       to       12.64%  

BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II (MLVGA2)

 

2020     0.00%       to       0.25%       480,157       25.61       to       14.02       11,095,739       1.17%       20.80%       to       20.50%  
2019     0.00%       to       0.25%       509,702       21.20       to       11.64       9,771,507       1.16%       17.83%       to       17.54%  
2018     0.00%       to       0.25%       548,347       17.99       to       9.90       9,091,664       0.77%       -7.52%       to       -7.75%  
2017     0.00%       to       0.25%       553,607       19.45       to       10.73       10,403,504       1.21%       13.74%       to       7.31% **** 
2016     0.00%           530,848       17.10           9,079,551       1.09%       3.96%      

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

BlackRock Variable Series Funds, Inc. - BlackRock Advantage Large Cap Core V.I. Fund: Class II (MLVLC2)

 

2020     0.00%       to       0.20%       24,912       39.75       to       38.53       962,124       0.80%       19.66%       to       19.42%  
2019     0.00%       to       0.25%       54,258       33.22       to       32.03       1,756,475       1.29%       28.67%       to       28.34%  
2018     0.00%       to       0.25%       53,409       25.82       to       24.95       1,335,626       1.39%       -5.37%       to       -5.60%  
2017     0.00%       to       0.25%       50,795       27.28       to       26.43       1,344,649       1.11%       22.08%       to       21.77%  
2016     0.00%       to       0.25%       76,545       22.35       to       21.71       1,663,555       0.99%       10.41%       to       10.13%  

BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares (DCAP)

 

2020     0.00%       to       0.25%       436,455       59.52       to       39.26       24,714,500       0.78%       23.69%       to       23.38%  
2019     0.00%       to       0.25%       482,959       48.12       to       31.82       22,238,731       1.17%       36.10%       to       35.76%  
2018     0.00%       to       0.25%       527,909       35.36       to       23.44       17,817,986       1.26%       -6.85%       to       -7.09%  
2017     0.00%       to       0.25%       624,328       37.96       to       25.23       22,335,911       1.34%       27.33%       to       27.01%  
2016     0.00%       to       0.25%       680,407       29.81       to       19.86       18,964,648       1.63%       7.90%       to       7.63%  

BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares (DSC)

 

2020     0.00%           33,924       38.23           1,296,751       0.62%       19.89%      
2019     0.00%           37,209       31.88           1,186,335       0.00%       21.78%      
2018     0.00%           39,841       26.18           1,043,086       0.00%       -19.08%      
2017     0.00%           44,940       32.35           1,453,941       0.00%       24.68%      
2016     0.00%           40,468       25.95           1,050,101       0.00%       17.07%      

BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)

 

2020     0.00%       to       0.25%       18,895,784       56.41       to       38.43       811,042,302       1.60%       18.01%       to       17.71%  
2019     0.00%       to       0.25%       18,394,093       47.80       to       32.65       669,548,652       1.70%       31.18%       to       30.86%  
2018     0.00%       to       0.25%       21,793,980       36.44       to       24.95       601,853,775       1.67%       -4.63%       to       -4.87%  
2017     0.00%       to       0.25%       21,680,304       38.21       to       26.23       633,309,526       1.75%       21.54%       to       21.24%  
2016     0.00%       to       0.25%       19,688,978       31.44       to       21.64       478,455,050       2.03%       11.71%       to       11.43%  

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)

 

2020     0.00%       to       0.10%       346,524       45.81       to       32.68       15,685,517       1.08%       24.14%       to       24.02%  
2019     0.00%       to       0.25%       366,776       36.90       to       23.53       13,371,760       1.46%       34.36%       to       34.02%  
2018     0.00%       to       0.25%       386,790       27.47       to       17.56       10,470,618       1.76%       -4.40%       to       -4.64%  
2017     0.00%       to       0.25%       411,484       28.73       to       18.41       11,685,824       1.15%       15.33%       to       15.05%  
2016     0.00%       to       0.25%       461,676       24.91       to       16.00       11,294,775       1.28%       10.37%       to       10.10%  

BNY Mellon Investment Portfolios - MidCap Stock Portfolio: Initial Shares (DVMCS)

 

2020     0.00%       to       0.25%       59,486       47.91       to       45.76       2,744,403       0.89%       8.11%       to       7.84%  
2019     0.00%       to       0.25%       75,349       44.32       to       42.44       3,214,822       0.66%       20.18%       to       19.88%  
2018     0.00%       to       0.25%       74,955       36.87       to       35.40       2,666,623       0.57%       -15.49%       to       -15.70%  
2017     0.00%       to       0.25%       79,253       43.63       to       41.99       3,337,867       1.05%       15.38%       to       15.09%  
2016     0.00%       to       0.25%       70,707       37.82       to       36.49       2,583,205       1.08%       15.47%       to       15.18%  

BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)

 

2020     0.00%       to       0.25%       3,052,369       49.94       to       47.66       148,133,011       1.06%       10.64%       to       10.36%  
2019     0.00%       to       0.25%       2,550,810       45.14       to       43.19       111,650,145       0.87%       22.21%       to       21.91%  
2018     0.00%       to       0.25%       2,735,357       36.93       to       35.43       97,970,697       0.80%       -8.97%       to       -9.20%  
2017     0.00%       to       0.25%       2,723,622       40.57       to       39.02       107,428,413       0.67%       12.40%       to       12.12%  
2016     0.00%       to       0.25%       3,029,148       36.10       to       34.80       106,432,931       0.90%       25.73%       to       25.41%  

Calvert VP S&P 500 Index Portfolio (CVSPIP)

 

2020     0.10%       to       0.25%       32,256       22.17       to       21.95       708,700       1.07%       17.98%       to       17.81%  
2019     0.10%       to       0.25%       94,734       18.79       to       18.64       1,770,644       1.88%       31.02%       to       30.82%  
2018     0.25%           87,276       14.24           1,243,205       2.20%       -4.97%      
2017     0.25%           60,975       14.99           914,006       1.50%       21.16%      
2016     0.25%           57,324       12.37           709,205       1.43%       11.30%      

Schwab Annuity Portfolios - Schwab(R) S&P 500 Index Portfolio (SASP5I)

 

2020     0.00%       to       0.25%       7,486,477       13.02       to       11.72       87,825,581       1.14%       18.28%       to       17.22% **** 

Davis Variable Account Fund, Inc. - Davis Value Portfolio (DAVVL)

 

2020     0.00%       to       0.25%       204,804       23.42       to       22.65       4,710,531       0.72%       11.72%       to       11.44%  
2019     0.00%       to       0.25%       229,390       20.96       to       20.33       4,720,052       1.71%       31.17%       to       30.84%  
2018     0.00%       to       0.25%       218,345       15.98       to       15.54       3,435,976       0.87%       -13.60%       to       -13.82%  
2017     0.00%       to       0.25%       214,201       18.50       to       18.03       3,912,966       0.72%       22.63%       to       22.32%  
2016     0.00%       to       0.25%       243,210       15.08       to       14.74       3,623,452       1.51%       11.88%       to       11.60%  

Delaware Variable Insurance Product Trust - Delaware VIP Emerging Markets Series: Service Class (DWVEMS)

 

2020     0.00%       to       0.25%       380,523       18.20       to       17.81       6,805,948       0.48%       24.69%       to       24.38%  
2019     0.00%       to       0.25%       401,894       14.59       to       14.32       5,773,615       0.39%       22.25%       to       21.95%  
2018     0.00%       to       0.25%       358,976       11.94       to       11.74       4,225,470       3.05%       -16.03%       to       -16.24%  
2017     0.00%       to       0.25%       337,421       14.22       to       14.02       4,744,381       0.36%       40.23%       to       39.88%  
2016     0.00%       to       0.25%       308,163       10.14       to       10.02       3,089,001       0.73%       13.68%       to       13.40%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS)

 

2020     0.00%       to       0.25%       896,753       20.48       to       19.99       18,037,109       1.06%       -2.18%       to       -2.42%  
2019     0.00%       to       0.25%       933,346       20.93       to       20.48       19,215,008       0.78%       27.72%       to       27.40%  
2018     0.00%       to       0.25%       911,599       16.39       to       16.08       14,709,180       0.60%       -16.94%       to       -17.15%  
2017     0.00%       to       0.25%       1,154,411       19.73       to       19.41       22,460,622       0.65%       11.76%       to       11.48%  
2016     0.00%       to       0.25%       1,068,310       17.66       to       17.41       18,632,616       0.71%       31.08%       to       30.76%  

DFA Investment Dimensions Group Inc. - DFA VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)

 

2020     0.00%           14,568       13.36           194,578       1.52%       11.29%      
2019     0.00%           9,936       12.00           119,248       1.28%       18.12%      
2018     0.00%           15,702       10.16           159,534       2.20%       -6.90%      
2017     0.00%           14,405       10.91           157,198       2.07%       9.13%         **** 

DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)

 

2020     0.00%       to       0.25%       626,952       12.32       to       12.02       7,573,340       1.31%       11.72%       to       11.44%  
2019     0.00%       to       0.25%       376,703       11.03       to       10.79       4,073,497       1.60%       8.46%       to       8.19%  
2018     0.00%       to       0.25%       434,932       10.17       to       9.97       4,344,883       2.14%       -1.33%       to       -1.58%  
2017     0.00%       to       0.25%       397,385       10.31       to       10.13       4,031,136       2.32%       3.27%       to       3.01%  
2016     0.00%       to       0.25%       520,430       9.98       to       9.84       5,121,644       2.57%       -0.19%       to       -1.63% **** 

DFA Investment Dimensions Group Inc. - VA International Small Portfolio (DFVIS)

 

2020     0.00%           1,696       14.50           24,587       3.61%       9.41%      
2017     0.20%       to       0.25%       101,477       13.26       to       13.24       1,345,228       2.68%       29.69%       to       29.62%  
2016     0.20%       to       0.25%       85,815       10.22           877,242       2.28%       6.02%       to       5.97%  

DFA Investment Dimensions Group Inc. - VA International Value Portfolio (DFVIV)

 

2020     0.00%           4,766       10.31           49,129       4.53%       -1.76%         **** 

DFA Investment Dimensions Group Inc. - VA U.S. Large Value Portfolio (DFVULV)

 

2020     0.00%       to       0.25%       1,002,523       10.77       to       10.76       10,792,572       2.20%       -1.37%       to       -1.62%  
2019     0.20%       to       0.25%       1,081,191       10.94           11,826,151       2.13%       9.38%       to       9.36% **** 

DFA Investment Dimensions Group Inc. - VA U.S. Targeted Value Portfolio (DFVUTV)

 

2020     0.00%       to       0.25%       164,361       13.74       to       13.55       2,233,405       1.82%       3.98%       to       3.72%  
2019     0.20%       to       0.25%       197,182       13.10       to       13.06       2,581,343       1.48%       22.31%       to       22.25%  
2018     0.20%       to       0.25%       191,812       10.71       to       10.69       2,053,122       0.92%       -16.04%       to       -16.08%  
2017     0.20%       to       0.25%       196,060       12.75       to       12.73       2,499,660       0.92%       9.55%       to       9.49%  
2016     0.20%       to       0.25%       239,703       11.64       to       11.63       2,789,935       1.09%       27.24%       to       27.17%  

Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A (DSGIBA)

 

2020     0.00%           13,532       14.57           197,181       3.12%       8.28%      
2019     0.00%           11,797       13.46           158,758       3.80%       20.16%      
2018     0.00%           11,090       11.20           124,199       3.31%       -7.66%      
2017     0.00%           6,616       12.13           80,243       2.16%       16.54%      
2016     0.00%           2,350       10.41           24,457       0.00%       4.07%         **** 

Deutsche DWS Variable Series II - DWS CROCI(R) U.S. VIP: Class B (SVSLVB)

 

2020     0.10%       to       0.25%       1,592       16.22       to       15.99       25,620       1.74%       -12.50%       to       -12.63%  
2019     0.20%       to       0.25%       1,665       18.38       to       18.30       30,585       1.51%       32.22%       to       32.15%  
2018     0.20%       to       0.25%       1,875       13.90       to       13.85       26,042       2.04%       -10.89%       to       -10.93%  
2017     0.20%       to       0.25%       1,517       15.60       to       15.55       23,643       0.85%       22.21%       to       22.15%  
2016     0.20%       to       0.25%       6,208       12.77       to       12.73       79,090       0.72%       -4.81%       to       -4.86%  

Deutsche DWS Variable Series II - DWS Small Mid Cap Value VIP: Class B (SVSSVB)

 

2020     0.00%       to       0.20%       6,299       18.89       to       18.39       117,330       1.22%       -1.11%       to       -1.30%  
2019     0.00%       to       0.25%       10,664       19.10       to       18.52       198,502       0.35%       20.99%       to       20.69%  
2018     0.00%       to       0.25%       11,981       15.79       to       15.35       184,615       0.97%       -16.32%       to       -16.54%  
2017     0.00%       to       0.25%       11,693       18.87       to       18.39       215,626       0.36%       10.13%       to       9.86%  
2016     0.00%       to       0.25%       13,045       17.13       to       16.74       219,472       0.22%       16.47%       to       16.18%  

Eaton Vance Variable Trust - Eaton Vance VT Floating-Rate Income Fund: Initial Class (ETVFR)

 

2020     0.00%       to       0.25%       1,903,987       13.61       to       13.29       25,367,931       3.30%       2.00%       to       1.74%  
2019     0.00%       to       0.25%       1,943,147       13.35       to       13.06       25,429,132       3.95%       7.08%       to       6.81%  
2018     0.00%       to       0.25%       5,289,996       12.46       to       12.23       65,197,485       3.77%       -0.09%       to       -0.34%  
2017     0.00%       to       0.25%       5,871,380       12.47       to       12.27       72,550,538       3.26%       3.44%       to       3.18%  
2016     0.00%       to       0.25%       5,996,803       12.06       to       11.89       71,736,301       3.48%       8.95%       to       8.67%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB)

 

2020     0.00%       to       0.25%       812,330       28.04       to       26.56       22,440,577       2.78%       8.12%       to       7.85%  
2019     0.00%       to       0.25%       870,739       25.93       to       24.63       22,123,687       2.94%       9.44%       to       9.17%  
2018     0.00%       to       0.25%       911,169       23.69       to       22.56       21,184,771       3.12%       -0.59%       to       -0.84%  
2017     0.00%       to       0.25%       1,006,559       23.84       to       22.75       23,572,442       3.30%       4.04%       to       3.78%  
2016     0.00%       to       0.25%       1,087,537       22.91       to       21.92       24,488,403       3.57%       3.82%       to       3.57%  

Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2)

 

2020     0.00%           68,791       11.05           760,314       2.64%       0.93%      
2019     0.00%           65,636       10.95           718,748       1.97%       20.23%      
2018     0.00%           57,964       9.11           527,945       0.00%       -8.92%         **** 

Federated Hermes Insurance Series - Federated Hermes Fund for U.S. Government Securities II (FVUS2)

 

2020     0.00%       to       0.25%       164,271       11.41       to       11.34       1,872,927       0.34%       5.21%       to       4.95%  
2019     0.20%       to       0.25%       5,444       10.81       to       10.80       58,799       2.02%       5.69%       to       5.63% **** 

Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class (FCS)

 

2020     0.00%       to       0.25%       673,767       86.90       to       56.77       40,265,968       0.14%       30.43%       to       30.10%  
2019     0.00%       to       0.25%       713,280       66.62       to       43.63       32,254,258       0.34%       31.45%       to       31.12%  
2018     0.00%       to       0.25%       911,259       50.68       to       33.28       31,122,707       0.61%       -6.49%       to       -6.72%  
2017     0.00%       to       0.25%       945,591       54.20       to       35.67       34,366,401       0.86%       21.76%       to       21.46%  
2016     0.00%       to       0.25%       1,007,437       44.51       to       29.37       30,100,223       0.69%       7.91%       to       7.64%  

Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class (FEIS)

 

2020     0.00%       to       0.25%       1,516,795       42.20       to       32.60       61,255,632       1.74%       6.55%       to       6.28%  
2019     0.00%       to       0.25%       1,602,889       39.61       to       30.68       60,842,692       1.89%       27.32%       to       27.01%  
2018     0.00%       to       0.25%       1,839,288       31.11       to       24.15       54,078,889       2.12%       -8.40%       to       -8.63%  
2017     0.00%       to       0.25%       2,048,261       33.96       to       26.43       65,333,485       1.63%       12.80%       to       12.52%  
2016     0.00%       to       0.25%       2,126,322       30.11       to       23.49       60,289,878       2.21%       17.90%       to       17.61%  

Fidelity Variable Insurance Products - Emerging Markets Portfolio - Service Class (FEMS)

 

2020     0.00%       to       0.25%       1,016,041       14.13       to       14.03       14,285,086       0.87%       31.17%       to       30.85%  
2019     0.00%       to       0.25%       841,122       10.77       to       10.73       9,029,597       1.94%       29.30%       to       28.98%  
2018     0.00%       to       0.25%       435,283       8.33       to       8.32       3,620,730       1.85%       -16.70%       to       -16.84% **** 

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2005 Portfolio: Service Class (FF05S)

 

2020     0.20%       to       0.25%       88,272       17.79       to       17.70       1,568,930       1.37%       10.85%       to       10.80%  
2019     0.20%       to       0.25%       81,637       16.05       to       15.97       1,309,056       2.03%       13.48%       to       13.42%  
2018     0.20%       to       0.25%       80,945       14.14       to       14.08       1,143,881       1.82%       -3.21%       to       -3.26%  
2017     0.20%       to       0.25%       39,100       14.61       to       14.56       570,897       1.55%       10.68%       to       10.62%  
2016     0.20%       to       0.25%       25,154       13.20       to       13.16       331,860       1.68%       4.68%       to       4.63%  

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class (FF10S)

 

2020     0.00%       to       0.25%       132,543       26.41       to       25.39       3,487,832       1.58%       12.39%       to       12.11%  
2019     0.00%       to       0.25%       92,267       23.49       to       22.65       2,159,450       2.02%       16.00%       to       15.71%  
2018     0.00%       to       0.25%       97,923       20.25       to       19.57       1,975,771       1.48%       -4.10%       to       -4.34%  
2017     0.00%       to       0.25%       112,612       21.12       to       20.46       2,371,326       1.46%       12.99%       to       12.71%  
2016     0.00%       to       0.25%       123,827       18.69       to       18.16       2,307,272       1.47%       5.28%       to       5.02%  

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2015 Portfolio: Service Class (FF15S)

 

2020     0.00%       to       0.25%       386,635       21.65       to       20.97       8,216,246       1.19%       13.62%       to       13.33%  
2019     0.00%       to       0.25%       402,085       19.05       to       18.51       7,529,801       2.19%       18.21%       to       17.92%  
2018     0.00%       to       0.25%       384,349       16.12       to       15.69       6,076,691       1.18%       -5.11%       to       -5.35%  
2017     0.00%       to       0.25%       620,101       16.99       to       16.58       10,323,285       1.45%       14.93%       to       14.65%  
2016     0.00%       to       0.25%       559,667       14.78       to       14.46       8,116,942       1.35%       5.81%       to       5.55%  

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class (FF20S)

 

2020     0.00%       to       0.25%       1,053,955       29.45       to       28.32       30,428,501       1.12%       14.92%       to       14.63%  
2019     0.00%       to       0.25%       1,214,585       25.63       to       24.71       30,549,618       2.07%       20.01%       to       19.71%  
2018     0.00%       to       0.25%       1,161,074       21.36       to       20.64       24,346,102       1.24%       -5.98%       to       -6.21%  
2017     0.00%       to       0.25%       1,599,123       22.72       to       22.01       35,613,470       1.51%       16.47%       to       16.18%  
2016     0.00%       to       0.25%       1,731,090       19.50       to       18.94       33,032,291       1.57%       6.04%       to       5.78%  

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2025 Portfolio: Service Class (FF25S)

 

2020     0.00%       to       0.25%       1,529,307       23.63       to       22.90       35,296,273       1.16%       15.83%       to       15.54%  
2019     0.00%       to       0.25%       1,583,389       20.40       to       19.82       31,582,966       1.84%       21.70%       to       21.39%  
2018     0.00%       to       0.25%       1,597,869       16.77       to       16.32       26,224,218       1.45%       -6.61%       to       -6.85%  
2017     0.00%       to       0.25%       1,324,262       17.95       to       17.52       23,303,561       1.49%       17.84%       to       17.54%  
2016     0.00%       to       0.25%       1,193,459       15.24       to       14.91       17,836,355       1.59%       6.11%       to       5.85%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class (FF30S)

 

2020     0.00%       to       0.25%       1,582,394       33.05       to       31.78       51,141,507       1.22%       16.76%       to       16.47%  
2019     0.00%       to       0.25%       1,438,640       28.31       to       27.29       39,834,941       2.03%       24.37%       to       24.06%  
2018     0.00%       to       0.25%       1,217,467       22.76       to       22.00       27,148,345       1.36%       -7.88%       to       -8.12%  
2017     0.00%       to       0.25%       1,041,787       24.71       to       23.94       25,261,893       1.58%       20.82%       to       20.52%  
2016     0.00%       to       0.25%       788,851       20.45       to       19.86       15,880,362       1.52%       6.52%       to       6.25%  

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2035 Portfolio: Service Class (FF35S)

 

2020     0.00%       to       0.25%       500,779       13.77       to       13.67       6,855,239       1.22%       18.15%       to       17.85%  
2019     0.00%       to       0.25%       320,893       11.65       to       11.60       3,724,080       2.87%       27.33%       to       27.01%  
2018     0.20%       to       0.25%       116,705       9.14           1,066,113       1.64%       -8.62%       to       -8.65% **** 

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2040 Portfolio: Service Class (FF40S)

 

2020     0.00%       to       0.25%       901,286       28.75       to       28.00       25,365,065       0.96%       19.16%       to       18.86%  
2019     0.00%       to       0.25%       849,519       24.13       to       23.55       20,086,136       1.81%       28.39%       to       28.07%  
2018     0.00%       to       0.25%       820,514       18.79       to       18.39       15,150,295       1.14%       -9.94%       to       -10.17%  
2017     0.00%       to       0.25%       694,673       20.87       to       20.47       14,265,216       1.36%       23.42%       to       23.11%  
2016     0.00%       to       0.25%       507,853       16.91       to       16.63       8,463,559       1.31%       6.75%       to       6.48%  

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2045 Portfolio: Service Class (FF45S)

 

2020     0.00%       to       0.25%       55,372       13.90       to       13.81       765,132       1.12%       19.18%       to       18.88%  
2019     0.00%       to       0.25%       27,896       11.67       to       11.62       329,628       2.87%       28.40%       to       28.08% **** 

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2050 Portfolio: Service Class (FF50S)

 

2020     0.00%       to       0.25%       144,326       15.50       to       15.36       2,219,797       1.21%       19.17%       to       18.88%  
2019     0.00%       to       0.25%       81,668       13.01       to       12.92       1,056,286       1.72%       28.39%       to       28.07%  
2018     0.00%       to       0.25%       80,264       10.13       to       10.09       809,970       1.27%       -10.03%       to       -10.26%  
2017     0.25%           1,422       11.24           15,987       0.00%       12.42%         **** 

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2055 Portfolio: Service Class (FF55S)

 

2020     0.00%       to       0.25%       1,635       13.14       to       13.09       21,393       1.02%       19.11%       to       18.81%  
2019     0.25%           111       11.02           1,223       1.70%       10.16%         **** 

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2060 Portfolio: Service Class (FF60S)

 

2020     0.00%       to       0.25%       26,316       13.16       to       13.10       345,063       2.95%       19.22%       to       18.92%  
2019     0.25%           111       11.02           1,223       1.72%       10.18%         **** 

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Income Fund Portfolio: Service Class (FFINS)

 

2020     0.20%       to       0.25%       121,417       15.93       to       15.85       1,932,596       1.29%       10.16%       to       10.11%  
2019     0.20%       to       0.25%       120,811       14.46       to       14.39       1,745,720       2.49%       11.65%       to       11.59%  
2018     0.20%       to       0.25%       83,843       12.95       to       12.90       1,085,229       1.63%       -2.31%       to       -2.36%  
2017     0.20%       to       0.25%       96,302       13.26       to       13.21       1,276,144       1.91%       8.28%       to       8.22%  
2016     0.20%       to       0.25%       78,879       12.24       to       12.21       965,432       1.37%       4.11%       to       4.06%  

Fidelity Variable Insurance Products Fund - VIP Growth Opportunities Portfolio: Service Class (FGOS)

 

2020     0.00%       to       0.10%       16,041       81.21       to       64.67       1,129,216       0.01%       68.49%       to       68.33%  
2019     0.00%       to       0.25%       15,533       48.20       to       43.11       677,151       0.05%       40.70%       to       40.35%  
2018     0.00%       to       0.25%       15,899       34.26       to       30.72       508,052       0.10%       12.35%       to       12.06%  
2017     0.00%       to       0.25%       15,375       30.49       to       27.41       438,543       0.19%       34.40%       to       34.06%  
2016     0.00%       to       0.25%       16,574       22.69       to       20.45       351,314       0.21%       0.25%       to       0.00%  

Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class (FGS)

 

2020     0.00%       to       0.25%       2,625,642       78.23       to       43.82       164,646,718       0.06%       43.75%       to       43.39%  
2019     0.00%       to       0.25%       2,682,726       54.42       to       30.56       117,329,092       0.16%       34.18%       to       33.85%  
2018     0.00%       to       0.25%       3,346,655       40.56       to       22.83       104,307,754       0.15%       -0.27%       to       -0.53%  
2017     0.00%       to       0.25%       3,385,354       40.67       to       22.95       107,147,743       0.12%       35.00%       to       34.67%  
2016     0.00%       to       0.25%       3,646,974       30.12       to       17.04       86,005,841       0.00%       0.71%       to       0.46%  

Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Service Class (FHIS)

 

2020     0.00%       to       0.25%       402,005       24.77       to       30.09       10,751,416       4.82%       2.65%       to       2.39%  
2019     0.00%       to       0.25%       480,498       24.13       to       29.39       12,669,205       5.21%       14.92%       to       14.63%  
2018     0.00%       to       0.25%       467,620       20.99       to       25.64       10,733,570       5.51%       -3.60%       to       -3.84%  
2017     0.00%       to       0.25%       518,507       21.78       to       26.66       12,325,334       5.01%       7.07%       to       6.80%  
2016     0.00%       to       0.25%       607,022       20.34       to       24.96       13,483,822       5.26%       14.37%       to       14.09%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class (FIGBS)

 

2020     0.00%       to       0.25%       8,359,975       21.56       to       20.63       175,571,019       2.15%       9.25%       to       8.98%  
2019     0.00%       to       0.25%       8,807,134       19.74       to       18.93       169,500,548       2.61%       9.58%       to       9.31%  
2018     0.00%       to       0.25%       9,699,249       18.01       to       17.32       170,350,032       2.39%       -0.63%       to       -0.88%  
2017     0.00%       to       0.25%       10,397,837       18.13       to       17.47       183,915,056       2.30%       4.16%       to       3.90%  
2016     0.00%       to       0.25%       10,948,211       17.40       to       16.82       186,155,320       2.38%       4.63%       to       4.37%  

Fidelity Variable Insurance Products Fund - VIP Index 500 Portfolio: Initial Class (FIP)

 

2020     0.00%           40,491       33.83           1,369,972       2.05%       18.24%      
2019     0.20%       to       0.25%       2,881,385       27.94       to       27.77       80,428,299       1.95%       31.09%       to       31.02%  
2018     0.20%       to       0.25%       3,169,190       21.31       to       21.19       67,489,203       1.89%       -4.68%       to       -4.73%  
2017     0.20%       to       0.25%       2,545,030       22.36       to       22.25       56,866,293       1.76%       21.47%       to       21.41%  
2016     0.20%       to       0.25%       2,755,616       18.41       to       18.32       50,693,063       1.45%       11.64%       to       11.58%  

Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class (FMCS)

 

2020     0.00%       to       0.25%       501,684       72.21       to       69.09       35,899,841       0.56%       18.04%       to       17.74%  
2019     0.00%       to       0.25%       609,632       61.18       to       58.68       36,834,267       0.77%       23.35%       to       23.04%  
2018     0.00%       to       0.25%       702,092       49.60       to       47.69       34,390,784       0.55%       -14.64%       to       -14.85%  
2017     0.00%       to       0.25%       765,171       58.10       to       56.01       43,909,359       0.62%       20.70%       to       20.40%  
2016     0.00%       to       0.25%       843,557       48.14       to       46.52       40,121,821       0.40%       12.11%       to       11.83%  

Fidelity Variable Insurance Products Fund - VIP Government Money Market Portfolio: Initial Class (FMMP)

 

2020     0.20%       to       0.25%       715,310       10.39       to       10.37       7,431,845       0.31%       0.12%       to       0.07%  
2019     0.20%       to       0.25%       1,268,832       10.38       to       10.36       13,167,512       1.89%       1.82%       to       1.77%  
2018     0.20%       to       0.25%       843,109       10.19       to       10.18       8,593,800       1.61%       1.44%       to       1.39%  
2017     0.20%       to       0.25%       564,836       10.05       to       10.04       5,675,977       0.61%       0.48%       to       0.43%  
2016     0.20%       to       0.25%       935,135       10.00           9,352,900       0.06%       0.02%       to       0.00% **** 

Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)

 

2020     0.00%           271,837       11.29           3,068,839       2.53%       -32.88%      
2019     0.00%           281,564       16.82           4,735,763       1.79%       9.82%      
2018     0.00%           307,387       15.32           4,707,648       0.68%       -24.77%      
2017     0.00%           322,002       20.36           6,554,925       1.34%       -2.78%      
2016     0.00%           389,722       20.94           8,159,951       0.51%       33.51%      

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class (FOS)

 

2020     0.00%       to       0.25%       614,677       33.41       to       24.55       20,204,014       0.35%       15.49%       to       15.21%  
2019     0.00%       to       0.25%       654,246       28.93       to       21.31       18,485,488       1.63%       27.67%       to       27.35%  
2018     0.00%       to       0.25%       740,247       22.66       to       16.73       16,017,861       1.51%       -14.88%       to       -15.10%  
2017     0.00%       to       0.25%       730,959       26.62       to       19.71       18,847,240       1.34%       30.10%       to       29.78%  
2016     0.00%       to       0.25%       778,504       20.46       to       15.19       15,330,538       1.31%       -5.12%       to       -5.36%  

Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class (FRESS)

 

2020     0.00%       to       0.25%       312,440       11.09       to       11.25       3,507,328       2.29%       -6.61%       to       -6.84%  
2019     0.00%       to       0.25%       252,550       11.88       to       12.08       3,044,368       1.84%       23.09%       to       22.78%  
2018     0.00%       to       0.25%       196,032       9.65       to       9.84       1,925,790       8.21%       -6.31%       to       -1.63%  
2017     0.00%           1,061       10.30           10,926       1.93%       2.98%         **** 

Fidelity Variable Insurance Products Fund - VIP Total Market Index Portfolio: Service Class (FVMIS)

 

2020     0.00%           16,383       13.16           215,642       1.48%       20.20%         **** 

Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class (FVSS)

 

2020     0.00%           78,676       40.47           3,183,854       1.13%       8.18%      
2019     0.00%       to       0.10%       114,054       37.41       to       36.75       4,265,220       1.74%       34.29%       to       34.16%  
2018     0.00%       to       0.25%       101,371       27.86       to       26.72       2,821,079       0.86%       -17.33%       to       -17.54%  
2017     0.00%       to       0.25%       110,394       33.70       to       32.40       3,716,625       1.39%       19.21%       to       18.91%  
2016     0.00%       to       0.25%       121,726       28.27       to       27.25       3,438,169       1.04%       9.48%       to       9.21%  

Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2 (FTVDM2)

 

2020     0.00%           232,202       15.63           3,628,886       4.04%       17.18%      
2019     0.00%           259,597       13.34           3,462,071       0.98%       26.70%      
2018     0.00%           271,977       10.53           2,862,884       0.84%       -15.79%      
2017     0.00%           315,423       12.50           3,942,967       0.98%       40.41%      
2016     0.00%           271,041       8.90           2,413,106       0.80%       17.44%      

Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)

 

2020     0.00%           30,172       19.87           599,638       1.46%       11.74%      
2019     0.00%           34,651       17.79           616,284       3.51%       19.86%      
2018     0.00%           36,186       14.84           536,952       2.82%       -9.65%      
2017     0.00%           44,376       16.42           728,797       2.69%       11.98%      
2016     0.00%           44,251       14.67           649,006       3.82%       13.18%      

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)

 

2020     0.00%       to       0.25%       1,366,885       11.27       to       9.97       13,745,297       8.75%       -5.07%       to       -5.31%  
2019     0.00%       to       0.25%       1,733,956       11.88       to       10.52       18,372,589       6.96%       2.26%       to       2.00%  
2018     0.00%       to       0.25%       1,622,403       11.61       to       10.32       16,855,643       0.00%       2.21%       to       1.96%  
2017     0.00%       to       0.25%       1,575,152       11.36       to       10.12       16,147,835       0.00%       2.15%       to       1.90%  
2016     0.00%       to       0.25%       1,451,430       11.12       to       9.93       14,597,838       0.00%       3.21%       to       2.95%  

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)

 

2020     0.00%       to       0.20%       319,287       17.16       to       16.71       5,477,691       8.61%       -5.28%       to       -5.47%  
2019     0.00%       to       0.25%       329,117       18.12       to       17.57       5,960,041       6.93%       2.01%       to       1.76%  
2018     0.00%       to       0.25%       384,666       17.76       to       17.27       6,819,854       0.00%       1.94%       to       1.68%  
2017     0.00%       to       0.25%       391,878       17.42       to       16.98       6,816,520       0.00%       1.93%       to       1.67%  
2016     0.00%       to       0.25%       457,762       17.09       to       16.70       7,800,411       0.00%       2.94%       to       2.68%  

Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)

 

2020     0.00%           237,678       22.35           5,312,353       5.95%       0.69%      
2019     0.00%           286,791       22.20           6,365,907       5.32%       16.06%      
2018     0.00%           291,083       19.13           5,567,176       4.84%       -4.30%      
2017     0.00%           312,146       19.99           6,238,515       4.00%       9.67%      
2016     0.00%           369,466       18.22           6,732,869       5.10%       14.02%      

Franklin Templeton Variable Insurance Products Trust - Franklin Mutual Global Discovery VIP Fund: Class 2 (FTVMD2)

 

2020     0.00%       to       0.25%       36,927       18.21       to       17.63       656,398       2.33%       -4.46%       to       -4.70%  
2019     0.00%       to       0.25%       60,561       19.06       to       18.50       1,126,573       1.58%       24.37%       to       24.06%  
2018     0.00%       to       0.25%       77,118       15.33       to       14.91       1,160,875       2.26%       -11.22%       to       -11.44%  
2017     0.00%       to       0.25%       117,265       17.26       to       16.84       2,001,639       1.52%       8.60%       to       8.33%  
2016     0.00%       to       0.25%       136,852       15.90       to       15.54       2,163,040       1.69%       12.18%       to       11.90%  

Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1 (FTVRDI)

 

2020     0.00%           334,358       55.63           18,600,777       1.49%       16.23%      
2019     0.00%           372,542       47.86           17,831,352       1.48%       29.58%      
2018     0.00%           431,290       36.94           15,930,312       1.51%       -4.84%      
2017     0.00%           468,247       38.82           18,175,344       1.73%       20.85%      
2016     0.00%           517,880       32.12           16,634,002       1.58%       16.33%      

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 2 (FTVSV2)

 

2020     0.00%       to       0.25%       248,661       34.74       to       33.40       8,381,662       1.55%       5.19%       to       4.93%  
2019     0.00%       to       0.25%       293,223       33.02       to       31.84       9,391,133       1.15%       26.35%       to       26.03%  
2018     0.00%       to       0.25%       347,426       26.14       to       25.26       8,812,766       0.88%       -12.88%       to       -13.09%  
2017     0.00%       to       0.25%       376,155       30.00       to       29.07       10,963,630       0.52%       10.65%       to       10.38%  
2016     0.00%       to       0.25%       416,003       27.11       to       26.33       10,975,714       0.81%       30.19%       to       29.86%  

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1 (FTVSVI)

 

2020     0.00%           169,810       57.30           9,730,008       1.72%       5.41%      
2019     0.00%           184,863       54.36           10,049,137       1.27%       26.72%      
2018     0.00%           195,223       42.90           8,374,304       1.12%       -12.69%      
2017     0.00%           219,865       49.13           10,801,676       0.73%       10.92%      
2016     0.00%           245,509       44.29           10,874,493       1.03%       30.54%      

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1 (TIF)

 

2020     0.00%           26,975       28.53           769,644       3.60%       -0.92%      
2019     0.00%           28,545       28.80           821,964       2.00%       12.84%      
2018     0.00%           32,259       25.52           823,231       2.91%       -15.27%      
2017     0.00%           36,093       30.12           1,087,047       2.78%       17.02%      
2016     0.00%           38,500       25.74           990,896       2.16%       7.49%      

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)

 

2020     0.00%       to       0.25%       454,905       25.83       to       24.68       11,483,105       3.33%       -1.16%       to       -1.40%  
2019     0.00%       to       0.25%       538,139       26.14       to       25.03       13,722,522       1.76%       12.53%       to       12.25%  
2018     0.00%       to       0.25%       638,100       23.23       to       22.30       14,431,388       2.90%       -15.44%       to       -15.65%  
2017     0.00%       to       0.25%       909,729       27.47       to       26.44       24,380,084       2.61%       16.69%       to       16.40%  
2016     0.00%       to       0.25%       1,063,433       23.54       to       22.71       24,424,763       1.95%       7.18%       to       6.91%  

Goldman Sachs Variable Insurance Trust - Goldman Sachs Small Cap Equity Insights Fund: Institutional Shares (GVCSE)

 

2020     0.00%       to       0.25%       70,551       22.24       to       21.82       1,552,442       0.24%       8.58%       to       8.31%  
2019     0.00%       to       0.25%       67,651       20.48       to       20.14       1,369,606       0.46%       24.84%       to       24.53%  
2018     0.00%       to       0.25%       75,898       16.41       to       16.18       1,236,798       0.65%       -8.62%       to       -8.85%  
2017     0.00%       to       0.25%       32,500       17.95       to       17.75       581,670       0.47%       11.57%       to       11.29%  
2016     0.00%       to       0.25%       35,339       16.09       to       15.95       567,983       0.78%       23.20%       to       22.89%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Goldman Sachs Variable Insurance Trust - Goldman Sachs Global Trends Allocation Fund: Service Shares (GVGMNS)

 

2020     0.00%           1,513       15.09           22,824       0.16%       4.11%      
2019     0.00%           3,776       14.49           54,713       1.15%       11.94%      
2018     0.00%           9,791       12.94           126,739       1.63%       -4.34%      
2017     0.00%           2,321       13.53           31,406       0.37%       13.11%      
2016     0.00%           1,580       11.96           18,901       0.21%       4.34%      

Goldman Sachs Variable Insurance Trust - Goldman Sachs Growth Opportunities Fund: Service Shares (GVGOPS)

 

2020     0.20%           35,712       34.25           1,223,147       0.00%       44.02%      
2019     0.20%       to       0.25%       32,955       23.78       to       23.68       783,175       0.00%       33.80%       to       33.73%  
2018     0.20%       to       0.25%       33,790       17.77       to       17.71       600,157       0.00%       -4.53%       to       -4.58%  
2017     0.00%       to       0.25%       102,495       18.87       to       18.56       1,906,588       0.00%       26.92%       to       26.60%  
2016     0.00%       to       0.25%       85,501       14.87       to       14.66       1,254,544       0.00%       1.42%       to       1.17%  

Goldman Sachs Variable Insurance Trust - Goldman Sachs Mid Cap Value Fund: Institutional Shares (GVMCE)

 

2020     0.10%       to       0.25%       185,335       54.40       to       52.92       9,860,309       0.61%       8.29%       to       8.13%  
2019     0.10%       to       0.25%       223,376       50.23       to       48.94       10,968,798       0.75%       31.40%       to       31.20%  
2018     0.20%       to       0.25%       274,092       37.61       to       37.30       10,233,403       1.20%       -10.64%       to       -10.68%  
2017     0.20%       to       0.25%       332,513       42.09       to       41.77       13,897,514       0.56%       10.85%       to       10.79%  
2016     0.20%       to       0.25%       646,194       37.97       to       37.70       24,384,347       0.95%       13.30%       to       13.25%  

Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares (GVMSAS)

 

2020     0.00%           900       11.02           9,917       2.37%       6.72%      
2019     0.00%           406       10.33           4,192       3.36%       8.82%         **** 

Guggenheim Variable Fund - Multi-Hedge Strategies (RVARS)

 

2020     0.00%           52,824       11.77           621,617       1.42%       7.39%      
2019     0.00%           37,683       10.96           412,933       2.25%       5.01%      
2018     0.00%           38,194       10.43           398,553       0.00%       -5.07%      
2017     0.00%           20,603       10.99           226,485       0.00%       3.67%      
2016     0.00%           50,046       10.60           530,647       0.11%       -0.48%      

Invesco - Invesco V.I. American Franchise Fund: Series I Shares (ACEG)

 

2020     0.00%           75,118       38.01           2,855,589       0.07%       42.35%      
2019     0.00%           54,996       26.70           1,468,639       0.00%       36.76%      
2018     0.00%           61,953       19.53           1,209,767       0.00%       -3.62%      
2017     0.00%           65,426       20.26           1,325,620       0.08%       27.34%      
2016     0.00%           69,572       15.91           1,106,971       0.00%       2.27%      

Invesco - Invesco V.I. Growth and Income Fund: Series I Shares (ACGI)

 

2020     0.00%       to       0.25%       230,665       25.20       to       24.54       5,718,508       2.20%       2.09%       to       1.84%  
2019     0.10%       to       0.25%       222,627       24.44       to       24.09       8,260,525       1.86%       25.07%       to       24.88%  
2018     0.20%       to       0.25%       367,294       19.38       to       19.29       7,099,347       1.88%       -13.56%       to       -13.60%  
2017     0.20%       to       0.25%       318,551       22.42       to       22.33       7,122,459       1.56%       14.09%       to       14.03%  
2016     0.00%       to       0.25%       298,376       19.91       to       19.58       5,846,925       1.13%       19.69%       to       19.40%  

Invesco - Invesco V.I. Value Opportunities Fund: Series I Shares (AVBVI)

 

2020     0.10%           -           30.16           -           0.01%       5.35%      
2019     0.10%           1,339       28.63           38,310       0.22%       30.48%      
2018     0.25%           1,704       21.41           36,487       0.31%       -19.38%      
2017     0.25%           1,935       26.56           51,393       0.01%       17.14%      
2016     0.25%           21       22.67           476       0.09%       18.04%      

Invesco - Invesco V.I. High Yield Fund: Series I Shares (AVHY1)

 

2020     0.00%       to       0.25%       68,273       17.75       to       17.29       1,187,481       4.28%       3.32%       to       3.06%  
2019     0.00%       to       0.25%       91,988       17.18       to       16.77       1,552,073       2.47%       13.51%       to       13.22%  
2018     0.00%       to       0.25%       397,389       15.14       to       14.81       5,910,249       3.25%       -3.35%       to       -3.59%  
2017     0.00%       to       0.25%       960,467       15.66       to       15.37       14,806,926       3.97%       6.30%       to       6.03%  
2016     0.00%       to       0.25%       985,388       14.73       to       14.49       14,318,218       4.22%       11.21%       to       10.94%  

Invesco - Invesco V.I. International Growth Fund: Series I Shares (AVIE)

 

2020     0.00%       to       0.25%       1,050,203       36.14       to       34.66       36,676,103       2.39%       14.00%       to       13.71%  
2019     0.00%       to       0.25%       1,085,856       31.70       to       30.48       33,318,795       1.52%       28.57%       to       28.25%  
2018     0.00%       to       0.25%       1,205,012       24.65       to       23.77       28,797,374       1.93%       -14.98%       to       -15.19%  
2017     0.00%       to       0.25%       1,799,609       29.00       to       28.02       50,704,064       1.47%       23.00%       to       22.70%  
2016     0.00%       to       0.25%       1,875,898       23.57       to       22.84       43,042,681       1.41%       -0.45%       to       -0.70%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Invesco - Invesco V.I. Mid Cap Core Equity Fund: Series I Shares (AVMCCI)

 

2020     0.00%       to       0.20%       8,546       30.63       to       29.69       260,436       0.65%       9.25%       to       9.03%  
2019     0.00%       to       0.20%       10,468       28.03       to       27.23       290,163       0.51%       25.28%       to       25.03%  
2018     0.00%       to       0.20%       10,244       22.38       to       21.78       226,768       0.50%       -11.35%       to       -11.53%  
2017     0.00%       to       0.25%       14,053       25.24       to       24.51       349,319       0.54%       14.92%       to       14.63%  
2016     0.00%       to       0.25%       15,984       21.97       to       21.38       345,514       0.09%       13.43%       to       13.15%  

Invesco - Invesco V.I. Small Cap Equity Fund: Series I Shares (AVSCE)

 

2020     0.25%           8,323       17.30           144,020       0.35%       26.93%      
2019     0.25%           11,678       13.63           159,206       0.00%       26.28%      
2018     0.25%           20,724       10.80           223,728       0.00%       -15.29%      
2017     0.25%           23,971       12.74           305,502       0.00%       13.77%      
2016     0.20%       to       0.25%       23,157       11.22       to       11.20       259,411       0.00%       11.84%       to       11.79%  

Invesco Variable Insurance Funds - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)

 

2020     0.00%           117,013       14.45           1,690,768       7.96%       10.22%      
2019     0.00%           136,958       13.11           1,795,386       0.00%       15.21%      
2018     0.00%           110,056       11.38           1,252,304       1.50%       -6.46%      
2017     0.00%           122,601       12.16           1,491,397       3.90%       10.16%      
2016     0.00%           134,610       11.04           1,486,483       0.47%       11.64%      

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)

 

2020     0.00%       to       0.25%       860,217       63.41       to       33.81       49,039,303       0.04%       48.27%       to       40.34%  
2019     0.00%       to       0.25%       807,590       45.07       to       24.09       32,594,706       0.00%       39.36%       to       39.01%  
2018     0.00%       to       0.25%       890,299       32.34       to       17.33       25,324,233       0.00%       -6.08%       to       -6.32%  
2017     0.00%       to       0.25%       969,936       34.44       to       18.50       29,027,594       0.03%       28.79%       to       28.47%  
2016     0.00%       to       0.25%       1,041,368       26.74       to       14.40       24,141,291       0.00%       2.33%       to       2.08%  

Invesco Oppenheimer V.I. Main Street Fund: Series I (OVGI)

 

2020     0.00%       to       0.25%       959,868       43.72       to       36.54       40,345,310       1.51%       13.94%       to       13.66%  
2019     0.00%       to       0.25%       1,029,257       38.37       to       32.15       38,038,196       1.06%       32.08%       to       31.75%  
2018     0.00%       to       0.25%       1,096,146       29.05       to       24.40       30,729,296       1.15%       -7.89%       to       -8.12%  
2017     0.00%       to       0.25%       1,214,032       31.54       to       26.56       37,021,362       1.26%       16.91%       to       16.62%  
2016     0.00%       to       0.25%       1,255,013       26.98       to       22.78       32,835,661       1.10%       11.62%       to       11.34%  

Invesco Oppenheimer V.I. Capital Appreciation Fund: Series I (OVGR)

 

2020     0.00%       to       0.25%       332,659       66.60       to       37.32       12,974,325       0.00%       36.59%       to       36.25%  
2019     0.00%       to       0.25%       340,202       48.76       to       27.39       9,571,947       0.06%       36.20%       to       35.86%  
2018     0.00%       to       0.25%       477,720       35.80       to       20.16       9,662,970       0.32%       -5.73%       to       -5.97%  
2017     0.00%       to       0.25%       512,531       37.98       to       21.44       11,032,892       0.23%       26.83%       to       26.52%  
2016     0.00%       to       0.25%       604,021       29.94       to       16.95       10,273,193       0.42%       -2.20%       to       -2.45%  

Invesco Oppenheimer V.I. Global Fund: Series I (OVGS)

 

2020     0.00%       to       0.25%       2,117,816       46.72       to       44.36       96,810,105       0.70%       27.64%       to       27.32%  
2019     0.00%       to       0.25%       2,419,546       36.60       to       34.84       86,447,242       0.89%       31.79%       to       31.46%  
2018     0.00%       to       0.25%       2,649,183       27.77       to       26.51       71,823,770       0.99%       -13.18%       to       -13.40%  
2017     0.00%       to       0.25%       2,846,007       31.99       to       30.61       88,981,251       0.94%       36.66%       to       36.32%  
2016     0.00%       to       0.25%       3,013,243       23.41       to       22.45       69,044,951       1.05%       0.08%       to       -0.17%  

Invesco Oppenheimer V.I. International Growth Fund: Series I (OVIG)

 

2020     0.00%       to       0.25%       1,303,519       17.30       to       16.97       22,248,163       0.96%       21.50%       to       21.20%  
2019     0.00%       to       0.25%       1,248,270       14.24       to       14.00       17,557,908       0.99%       28.60%       to       28.28%  
2018     0.00%       to       0.25%       1,421,451       11.07       to       10.91       15,573,441       0.89%       -19.42%       to       -19.62%  
2017     0.00%       to       0.25%       1,611,171       13.74       to       13.58       21,945,501       1.45%       26.29%       to       25.98%  
2016     0.00%       to       0.25%       1,248,548       10.88       to       10.78       13,484,747       1.14%       -2.12%       to       -2.36%  

Invesco Oppenheimer V.I. Global Strategic Income Fund: Series I (OVSB)

 

2020     0.00%           1,127,112       16.59           18,694,534       5.68%       3.40%      
2019     0.00%           1,229,876       16.04           19,728,063       3.76%       10.80%      
2018     0.00%           1,262,443       14.48           18,276,030       4.98%       -4.40%      
2017     0.00%           1,257,556       15.14           19,042,650       2.28%       6.27%      
2016     0.00%           1,230,121       14.25           17,527,847       4.88%       6.53%      

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Invesco Oppenheimer V.I. Main Street Small Cap Fund: Series I (OVSC)

 

2020     0.00%       to       0.25%       117,121       68.39       to       65.44       7,984,207       0.64%       19.93%       to       19.63%  
2019     0.00%       to       0.25%       125,648       57.03       to       54.70       7,156,183       0.19%       26.47%       to       26.15%  
2018     0.00%       to       0.25%       140,428       45.09       to       43.36       6,331,950       0.33%       -10.32%       to       -10.55%  
2017     0.00%       to       0.25%       148,226       50.28       to       48.47       7,452,901       0.86%       14.16%       to       13.87%  
2016     0.00%           160,970       44.05           7,090,228       0.52%       18.05%      

Ivy Variable Insurance Portfolios - Asset Strategy: Class II (WRASP)

 

2020     0.00%       to       0.25%       337,483       20.74       to       20.06       6,983,459       2.05%       13.88%       to       13.59%  
2019     0.00%       to       0.25%       359,396       18.21       to       17.66       6,529,086       2.08%       21.78%       to       21.47%  
2018     0.00%       to       0.25%       392,480       14.95       to       14.54       5,852,085       1.77%       -5.44%       to       -5.68%  
2017     0.00%       to       0.25%       476,572       15.81       to       15.41       7,507,042       1.53%       18.27%       to       17.98%  
2016     0.00%       to       0.25%       572,683       13.37       to       13.07       7,622,325       0.56%       -2.57%       to       -2.81%  

Ivy Variable Insurance Portfolios - Growth: Class II (WRGP)

 

2020     0.00%       to       0.25%       77,822       63.55       to       61.11       4,866,442       0.00%       30.55%       to       30.22%  
2019     0.00%       to       0.25%       87,159       48.68       to       46.93       4,180,839       0.00%       36.59%       to       36.24%  
2018     0.00%       to       0.25%       73,043       35.64       to       34.44       2,564,432       0.05%       2.28%       to       2.03%  
2017     0.00%       to       0.25%       465,216       34.85       to       33.76       15,991,759       0.24%       29.34%       to       29.02%  
2016     0.00%       to       0.25%       615,761       26.94       to       26.17       16,376,320       0.03%       1.22%       to       0.97%  

Ivy Variable Insurance Portfolios - High Income: Class II (WRHIP)

 

2020     0.00%       to       0.25%       900,221       16.43       to       16.08       14,536,361       7.41%       6.03%       to       5.76%  
2019     0.00%       to       0.25%       1,104,637       15.49       to       15.20       16,856,499       6.24%       11.19%       to       10.91%  
2018     0.00%       to       0.25%       985,689       13.94       to       13.70       13,556,304       9.55%       -2.11%       to       -2.36%  
2017     0.00%       to       0.25%       2,901,171       14.24       to       14.04       40,979,338       5.48%       6.68%       to       6.41%  
2016     0.00%       to       0.25%       2,885,082       13.34       to       13.19       38,252,688       7.49%       16.19%       to       15.90%  

Ivy Variable Insurance Portfolios - Mid Cap Growth: Class II (WRMCG)

 

2020     0.00%       to       0.25%       172,147       37.10       to       36.30       6,307,315       0.00%       49.00%       to       48.63%  
2019     0.00%       to       0.25%       209,954       24.90       to       24.43       5,160,978       0.00%       37.94%       to       37.60%  
2018     0.00%       to       0.25%       214,776       18.05       to       17.75       3,832,763       0.00%       -0.06%       to       -0.31%  
2017     0.00%       to       0.25%       237,680       18.06       to       17.81       4,246,448       0.00%       26.89%       to       26.58%  
2016     0.00%       to       0.25%       297,974       14.23       to       14.07       4,199,956       0.00%       6.12%       to       5.85%  

Ivy Variable Insurance Portfolios - Securian Real Estate Securities: Class II (WRRESP)

 

2020     0.00%       to       0.25%       217,442       27.23       to       26.18       5,811,124       1.68%       -3.13%       to       -3.37%  
2019     0.00%       to       0.25%       258,676       28.10       to       27.09       7,127,575       1.59%       24.43%       to       24.12%  
2018     0.00%       to       0.25%       284,575       22.59       to       21.83       6,297,398       1.69%       -5.57%       to       -5.81%  
2017     0.00%       to       0.25%       315,454       23.92       to       23.17       7,430,087       1.29%       5.39%       to       5.12%  
2016     0.00%       to       0.25%       390,460       22.70       to       22.04       8,724,567       1.05%       4.26%       to       4.01%  

Ivy Variable Insurance Portfolios - Science and Technology: Class II (WRSTP)

 

2020     0.00%       to       0.25%       184,422       52.94       to       51.22       9,705,505       0.00%       35.36%       to       35.02%  
2019     0.00%       to       0.25%       229,430       39.11       to       37.93       8,891,601       0.00%       49.48%       to       49.11%  
2018     0.00%       to       0.25%       220,024       26.16       to       25.44       5,707,888       0.00%       -5.23%       to       -5.47%  
2017     0.00%       to       0.25%       581,218       27.61       to       26.91       15,816,783       0.00%       32.12%       to       31.79%  
2016     0.00%       to       0.25%       651,961       20.90       to       20.42       13,447,888       0.00%       1.54%       to       1.29%  

JPMorgan Insurance Trust - JPMorgan Insurance Trust Mid Cap Value Portfolio: Class 1 (JPMMV1)

 

2020     0.00%       to       0.25%       1,118,044       41.85       to       40.15       45,332,340       1.50%       0.37%       to       0.12%  
2019     0.00%       to       0.25%       1,104,013       41.70       to       40.10       44,615,791       1.58%       26.76%       to       26.44%  
2018     0.00%       to       0.25%       1,180,431       32.90       to       31.71       37,660,658       0.98%       -11.84%       to       -12.06%  
2017     0.00%       to       0.25%       1,224,199       37.31       to       36.06       44,377,807       0.81%       13.76%       to       13.48%  
2016     0.00%       to       0.25%       1,056,953       32.80       to       31.78       33,768,491       0.66%       14.69%       to       14.41%  

JPMorgan Insurance Trust - JPMorgan Insurance Trust Small Cap Core Portfolio 1 (JPSCE1)

 

2020     0.00%       to       0.25%       33,534       16.03       to       15.80       531,195       1.01%       13.69%       to       13.40%  
2019     0.00%       to       0.25%       42,359       14.10       to       13.93       592,986       0.38%       24.58%       to       24.27%  
2018     0.00%       to       0.25%       37,754       11.32       to       11.21       425,088       0.39%       -11.93%       to       -12.15%  
2017     0.00%       to       0.25%       20,047       12.85       to       12.76       255,955       0.30%       15.23%       to       14.94%  
2016     0.25%           9,466       11.10           105,109       0.47%       19.91%      

Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS)

 

2020     0.00%       to       0.25%       940,674       47.74       to       45.60       43,662,093       1.53%       14.03%       to       13.74%  
2019     0.00%       to       0.25%       943,328       41.86       to       40.09       38,433,046       1.67%       22.27%       to       21.97%  
2018     0.00%       to       0.25%       903,670       34.24       to       32.87       30,123,577       1.77%       0.43%       to       0.18%  
2017     0.00%       to       0.25%       983,001       34.09       to       32.81       32,650,861       1.40%       18.13%       to       17.84%  
2016     0.00%       to       0.25%       1,000,252       28.86       to       27.84       28,132,139       1.98%       4.32%       to       4.06%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares (JACAS)

 

2020     0.00%       to       0.25%       1,268,443       52.41       to       49.73       65,981,390       0.16%       39.03%       to       38.69%  
2019     0.00%       to       0.25%       1,418,018       37.69       to       35.86       52,988,344       0.02%       36.85%       to       36.51%  
2018     0.00%       to       0.25%       1,660,305       27.54       to       26.27       45,182,808       1.23%       1.72%       to       1.46%  
2017     0.00%       to       0.25%       1,807,599       27.08       to       25.89       48,354,785       0.00%       29.99%       to       29.67%  
2016     0.00%       to       0.25%       1,996,099       20.83       to       19.97       41,096,683       0.88%       1.94%       to       1.69%  

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)

 

2020     0.00%           132,469       18.73           2,481,780       0.07%       19.47%      
2019     0.00%           154,605       15.68           2,424,377       0.21%       35.49%      
2018     0.00%           118,018       11.57           1,365,946       0.28%       -0.41%      
2017     0.00%           59,840       11.62           695,474       0.03%       16.22%         **** 

Janus Aspen Series - Janus Henderson Flexible Bond Portfolio: Service Shares (JAFBS)

 

2020     0.00%       to       0.25%       587,623       12.68       to       12.48       7,388,807       2.44%       10.25%       to       9.98%  
2019     0.00%       to       0.25%       628,541       11.50       to       11.35       7,178,288       2.94%       9.28%       to       9.00%  
2018     0.00%       to       0.25%       658,022       10.53       to       10.41       6,885,159       2.84%       -1.29%       to       -1.53%  
2017     0.00%       to       0.25%       590,048       10.66       to       10.58       6,253,498       2.47%       3.35%       to       3.10%  
2016     0.00%       to       0.25%       1,347,630       10.32       to       10.26       13,834,191       2.43%       2.22%       to       1.97%  

Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS)

 

2020     0.00%       to       0.25%       1,262,083       35.21       to       33.42       44,019,614       0.00%       50.73%       to       50.35%  
2019     0.00%       to       0.25%       1,245,624       23.36       to       22.23       28,876,527       0.43%       44.82%       to       44.46%  
2018     0.00%       to       0.25%       1,466,235       16.13       to       15.39       23,412,937       1.05%       0.91%       to       0.66%  
2017     0.00%       to       0.25%       1,474,567       15.99       to       15.29       23,375,459       0.44%       44.91%       to       44.55%  
2016     0.00%       to       0.25%       1,367,724       11.03       to       10.57       14,991,999       0.09%       13.85%       to       13.57%  

Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS)

 

2020     0.00%       to       0.25%       1,133,790       21.25       to       20.16       23,867,458       1.22%       16.02%       to       15.73%  
2019     0.00%       to       0.25%       1,200,849       18.31       to       17.42       21,781,509       1.84%       26.71%       to       26.39%  
2018     0.00%       to       0.25%       1,298,483       14.45       to       13.78       18,565,042       1.66%       -15.14%       to       -15.35%  
2017     0.00%       to       0.25%       1,399,934       17.03       to       16.28       23,603,457       1.58%       30.80%       to       30.48%  
2016     0.00%       to       0.25%       1,506,768       13.02       to       12.48       19,431,410       5.11%       -6.71%       to       -6.94%  

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Service Shares (JAMGS)

 

2020     0.00%       to       0.25%       1,928,138       21.94       to       21.69       41,970,299       0.00%       19.18%       to       18.89%  
2019     0.00%       to       0.25%       1,803,875       18.41       to       18.24       33,015,545       0.05%       35.16%       to       34.82%  
2018     0.00%       to       0.25%       1,614,203       13.62       to       13.53       21,901,072       0.13%       -0.66%       to       -0.91%  
2017     0.00%       to       0.25%       1,484,183       13.71       to       13.66       20,303,080       0.74%       27.09%       to       26.77%  
2016     0.00%       to       0.25%       457,212       10.79       to       10.77       4,926,666       0.40%       7.90%       to       7.72% **** 

Janus Aspen Series - Janus Henderson Mid Cap Value Portfolio: Service Shares (JAMVS)

 

2020     0.20%       to       0.25%       38,491       21.68       to       21.56       834,228       1.06%       -1.41%       to       -1.46%  
2019     0.20%       to       0.25%       40,695       21.99       to       21.88       894,638       1.46%       29.79%       to       29.72%  
2018     0.20%       to       0.25%       53,472       16.94       to       16.87       905,705       0.83%       -13.99%       to       -14.04%  
2017     0.20%       to       0.25%       80,340       19.70       to       19.62       1,582,383       0.65%       13.40%       to       13.35%  
2016     0.00%       to       0.25%       82,367       17.60       to       17.31       1,432,096       0.82%       18.76%       to       18.47%  

Lazard Retirement Series, Inc. - Lazard Retirement Emerging Markets Equity Portfolio: Service Shares (LZREMS)

 

2020     0.00%       to       0.25%       1,040,798       12.60       to       12.27       12,882,704       2.51%       -1.27%       to       -1.52%  
2019     0.00%       to       0.25%       1,217,379       12.76       to       12.46       15,279,275       0.79%       18.14%       to       17.85%  
2018     0.00%       to       0.25%       2,023,340       10.80       to       10.57       21,507,124       1.42%       -18.56%       to       -18.76%  
2017     0.00%       to       0.25%       3,009,423       13.27       to       13.01       39,329,049       1.77%       27.82%       to       27.51%  
2016     0.00%       to       0.25%       3,028,245       10.38       to       10.21       31,006,169       1.04%       20.78%       to       20.48%  

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Small Cap Growth Portfolio: Class I (SBVSG)

 

2020     0.00%       to       0.25%       625,712       45.95       to       44.45       28,098,311       0.00%       43.26%       to       42.90%  
2019     0.00%       to       0.25%       652,734       32.07       to       31.10       20,470,815       0.00%       26.87%       to       26.56%  
2018     0.00%       to       0.25%       717,325       25.28       to       24.58       17,759,007       0.00%       3.44%       to       3.18%  
2017     0.00%       to       0.25%       602,145       24.44       to       23.82       14,408,860       0.00%       24.26%       to       23.96%  
2016     0.00%       to       0.25%       634,718       19.67       to       19.22       12,235,290       0.00%       5.80%       to       5.54%  

Lincoln Variable Insurance Products Trust - Baron Growth Opportunities Fund: Service Class (BNCAI)

 

2020     0.10%       to       0.25%       82,684       83.04       to       80.79       6,747,501       0.00%       33.95%       to       33.75%  
2019     0.10%       to       0.25%       103,709       61.99       to       60.40       6,323,881       0.00%       36.25%       to       36.04%  
2018     0.20%       to       0.25%       138,622       44.76       to       44.40       6,172,909       0.00%       -4.13%       to       -4.17%  
2017     0.00%       to       0.25%       148,839       48.14       to       46.33       6,920,191       0.00%       27.24%       to       26.92%  
2016     0.00%       to       0.25%       151,250       37.84       to       36.51       5,538,114       0.42%       5.57%       to       5.31%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Lord Abbett Series Fund, Inc. - Bond Debenture Portfolio: Class VC (LOVBD)

 

2020     0.00%       to       0.25%       302,161       14.24       to       14.00       4,246,211       3.85%       7.30%       to       7.04%  
2019     0.00%       to       0.25%       313,730       13.27       to       13.08       4,106,436       4.58%       13.35%       to       13.07%  
2018     0.00%       to       0.25%       260,383       11.71       to       11.57       3,013,495       4.66%       -4.02%       to       -4.26%  
2017     0.00%       to       0.25%       248,802       12.20       to       12.09       3,007,551       4.42%       9.21%       to       8.94%  
2016     0.20%       to       0.25%       226,991       11.11       to       11.09       2,518,441       5.09%       11.91%       to       11.85%  

Lord Abbett Series Fund, Inc. - Mid Cap Stock Portfolio: Class VC (LOVMCV)

 

2020     0.10%           43       24.67           1,061       0.17%       2.39%      
2019     0.00%       to       0.25%       491       24.45       to       23.57       11,919       0.97%       22.64%       to       22.34%  
2018     0.00%       to       0.25%       467       19.94       to       19.27       9,231       0.67%       -15.04%       to       -15.25%  
2017     0.00%       to       0.25%       497       23.46       to       22.73       11,571       0.25%       6.83%       to       6.56%  
2016     0.00%       to       0.25%       5,533       21.96       to       21.33       118,289       0.51%       16.39%       to       16.10%  

Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio: Class VC (LOVSDC)

 

2020     0.00%       to       0.25%       2,143,345       11.37       to       11.24       24,171,910       2.93%       3.13%       to       2.87%  
2019     0.00%       to       0.25%       1,956,169       11.03       to       10.93       21,417,644       3.53%       5.06%       to       4.79%  
2018     0.00%       to       0.25%       1,808,605       10.50       to       10.43       18,872,525       3.81%       1.15%       to       0.90%  
2017     0.20%       to       0.25%       1,393,388       10.35       to       10.34       14,405,924       3.55%       1.99%       to       1.93%  
2016     0.20%       to       0.25%       1,181,419       10.14           11,980,773       4.09%       1.44%       to       1.40% **** 

Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)

 

2020     0.00%       to       0.25%       3,073,147       12.26       to       12.09       37,251,155       2.53%       7.43%       to       7.16%  
2019     0.00%       to       0.25%       2,753,771       11.41       to       11.28       31,140,927       2.97%       8.41%       to       8.14%  
2018     0.00%       to       0.25%       2,164,849       10.53       to       10.43       22,624,297       3.23%       -1.03%       to       -1.27%  
2017     0.00%       to       0.25%       1,886,225       10.64       to       10.57       19,954,760       3.01%       3.86%       to       3.61%  
2016     0.00%       to       0.25%       1,122,526       10.24       to       10.20       11,458,058       3.23%       4.26%       to       4.00%  

MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Service Class (MNVFRS)

 

2020     0.20%           3,986       11.15           44,443       0.38%       11.50%         **** 

MFS(R) Variable Insurance Trust - MFS Mid Cap Growth Series: Service Class (MMCGSC)

 

2020     0.00%       to       0.25%       81,625       18.10       to       17.98       1,471,978       0.00%       36.12%       to       35.78%  
2019     0.00%       to       0.25%       18,803       13.29       to       13.24       249,236       0.00%       38.28%       to       37.93%  
2018     0.00%       to       0.25%       17,017       9.61       to       9.60       163,437       0.00%       -3.86%       to       -4.02% **** 

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Initial Class (MNDIC)

 

2020     0.00%           63,827       37.44           2,389,820       0.00%       45.89%      
2019     0.00%           56,254       25.67           1,443,769       0.00%       41.70%      
2018     0.00%           48,699       18.11           882,052       0.00%       -1.48%      
2017     0.00%           28,555       18.38           524,942       0.00%       26.65%      
2016     0.00%           23,315       14.51           338,410       0.00%       9.05%      

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Service Class (MNDSC)

 

2020     0.00%       to       0.25%       97,110       36.64       to       35.86       3,526,600       0.00%       45.58%       to       45.22%  
2019     0.00%       to       0.25%       32,582       25.17       to       24.69       816,382       0.00%       41.27%       to       40.92%  
2018     0.00%       to       0.25%       29,829       17.82       to       17.52       530,286       0.00%       -1.72%       to       -1.96%  
2017     0.00%       to       0.25%       32,546       18.13       to       17.87       588,335       0.00%       26.33%       to       26.02%  
2016     0.20%       to       0.25%       5,578       14.22       to       14.18       79,121       0.00%       8.58%       to       8.53%  

MFS(R) Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class (MV2IGI)

 

2020     0.00%           206,954       23.22           4,805,134       0.46%       22.53%      
2019     0.00%           230,941       18.95           4,376,288       0.60%       39.95%      
2018     0.00%           229,541       13.54           3,108,024       0.58%       0.81%      
2017     0.00%           251,410       13.43           3,376,803       0.65%       28.42%      
2016     0.00%           271,340       10.46           2,837,846       0.60%       6.08%      

MFS(R) Variable Insurance Trust II - MFS Research International Portfolio: Service Class (MV2RIS)

 

2020     0.00%       to       0.25%       2,635,490       14.33       to       14.12       37,528,717       0.21%       12.71%       to       12.43%  
2019     0.00%       to       0.25%       2,182,472       12.71       to       12.56       27,601,876       0.24%       27.67%       to       27.35%  
2018     0.00%       to       0.25%       87,513       9.96       to       9.86       865,005       1.28%       -14.32%       to       -14.53%  
2017     0.00%       to       0.25%       140,953       11.62       to       11.54       1,628,346       1.07%       27.90%       to       27.58%  
2016     0.20%       to       0.25%       287,386       9.05           2,599,441       1.34%       -1.11%       to       -1.16%  

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)

 

2020     0.00%           1,076       13.78           14,823       0.41%       37.76%         **** 

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Service Class (MV3MVS)

 

2020     0.00%       to       0.25%       120,414       11.41       to       11.36       1,369,174       1.33%       3.67%       to       3.41%  
2019     0.20%       to       0.25%       902       10.99           9,912       0.00%       9.90%       to       9.86% **** 

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

MFS(R) Variable Insurance Trust II - MFS Blended Research(R) Core Equity Portfolio: Service Class (MVBRES)

 

2020     0.00%       to       0.25%       88,920       19.79       to       19.46       1,738,664       1.11%       15.06%       to       14.77%  
2019     0.00%       to       0.25%       144,468       17.20       to       16.96       2,454,672       1.32%       28.87%       to       28.55%  
2018     0.20%       to       0.25%       173,610       13.22       to       13.19       2,291,750       1.32%       -8.17%       to       -8.22%  
2017     0.20%       to       0.25%       69,728       14.40       to       14.37       1,002,295       1.31%       20.23%       to       20.17%  
2016     0.20%       to       0.25%       56,347       11.98       to       11.96       673,978       1.20%       7.96%       to       7.91%  

MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)

 

2020     0.00%           209,472       51.20           10,724,980       1.59%       3.48%      
2019     0.00%           230,589       49.48           11,409,669       2.10%       29.80%      
2018     0.00%           262,410       38.12           10,003,144       1.49%       -10.09%      
2017     0.00%           318,782       42.40           13,515,237       1.92%       17.65%      
2016     0.00%           332,771       36.04           11,991,713       2.16%       14.09%      

MFS(R) Variable Insurance Trust - MFS Value Series: Service Class (MVFSC)

 

2020     0.00%       to       0.25%       4,050,767       24.60       to       23.80       97,058,379       1.31%       3.22%       to       2.96%  
2019     0.00%       to       0.25%       3,683,177       23.83       to       23.11       85,548,086       1.87%       29.51%       to       29.18%  
2018     0.00%       to       0.25%       4,057,097       18.40       to       17.89       72,846,194       1.32%       -10.36%       to       -10.58%  
2017     0.00%       to       0.25%       4,097,326       20.53       to       20.01       82,242,780       1.81%       17.35%       to       17.06%  
2016     0.00%       to       0.25%       3,786,227       17.49       to       17.09       64,920,421       2.00%       13.78%       to       13.49%  

MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)

 

2020     0.00%           23,851       12.70           302,884       1.73%       15.84%      
2019     0.00%           11,023       10.96           120,843       0.40%       9.63%         **** 

MFS(R) Variable Insurance Trust II - MFS International Intrinsic Value Portfolio: Service Class (MVIVSC)

 

2020     0.00%       to       0.25%       2,828,148       40.23       to       39.08       111,199,442       0.78%       20.21%       to       19.91%  
2019     0.00%       to       0.25%       3,016,906       33.47       to       32.59       98,737,788       1.50%       25.65%       to       25.34%  
2018     0.00%       to       0.25%       3,148,318       26.64       to       26.00       82,138,111       0.86%       -9.72%       to       -9.95%  
2017     0.00%       to       0.25%       3,580,987       29.51       to       28.87       103,804,494       1.35%       26.82%       to       26.50%  
2016     0.00%       to       0.25%       3,598,366       23.27       to       22.83       82,415,948       1.15%       3.84%       to       3.58%  

MFS(R) Variable Insurance Trust - MFS Total Return Bond Series: Service Class (MVRBSS)

 

2020     0.00%       to       0.25%       298,146       12.03       to       11.92       3,561,325       2.76%       8.17%       to       7.90%  
2019     0.25%           109,591       11.04           1,210,363       1.84%       9.65%      
2018     0.25%           23,116       10.07           232,843       2.90%       -1.58%      
2017     0.25%           9,484       10.23           97,060       0.00%       2.34%         **** 

Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I (MSEM)

 

2020     0.00%       to       0.25%       174,553       44.88       to       42.72       7,877,711       4.42%       5.55%       to       5.28%  
2019     0.00%       to       0.25%       192,075       42.52       to       40.58       8,154,321       5.29%       14.25%       to       13.97%  
2018     0.00%       to       0.25%       207,015       37.22       to       35.61       7,571,021       7.47%       -6.94%       to       -7.18%  
2017     0.00%       to       0.25%       524,587       39.99       to       38.36       24,398,279       5.49%       9.71%       to       9.44%  
2016     0.00%       to       0.25%       507,033       36.45       to       35.05       21,693,860       6.88%       10.55%       to       10.28%  

Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio: Class I (MSVEG)

 

2020     0.00%       to       0.25%       129,598       88.53       to       85.65       11,234,029       0.00%       117.31%       to       116.77%  
2019     0.00%       to       0.25%       105,709       40.74       to       39.51       4,212,977       0.00%       31.81%       to       31.48%  
2018     0.00%       to       0.25%       70,519       30.91       to       30.05       2,142,311       0.00%       7.54%       to       7.27%  
2017     0.00%       to       0.25%       91,342       28.74       to       28.02       2,577,089       0.00%       43.15%       to       42.79%  
2016     0.00%       to       0.25%       81,298       20.08       to       19.62       1,601,538       0.00%       -1.64%       to       -1.88%  

Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I (MSVFI)

 

2020     0.00%           123,213       21.24           2,616,433       2.90%       7.80%      
2019     0.00%           115,319       19.70           2,271,641       4.03%       10.88%      
2018     0.00%           117,770       17.77           2,092,287       2.53%       -0.65%      
2017     0.00%           133,523       17.88           2,387,701       3.17%       6.24%      
2016     0.00%           118,983       16.83           2,002,670       2.08%       6.11%      

Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio: Class I (MSVMG)

 

2020     0.00%       to       0.25%       59,566       84.11       to       79.87       4,810,306       0.00%       152.30%       to       151.67%  
2019     0.00%       to       0.25%       73,374       33.34       to       31.74       2,355,735       0.00%       40.11%       to       39.76%  
2018     0.00%       to       0.25%       168,880       23.79       to       22.71       3,847,166       0.00%       10.65%       to       10.37%  
2017     0.00%       to       0.25%       229,681       21.50       to       20.58       4,737,853       0.00%       38.76%       to       38.42%  
2016     0.00%       to       0.25%       372,666       15.50       to       14.86       5,557,051       0.00%       -8.78%       to       -9.01%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Morgan Stanley Variable Insurance Fund, Inc. - U.S. Real Estate Portfolio: Class I (MSVRE)

 

2020     0.00%       to       0.25%       95,339       51.76       to       47.71       5,211,568       2.41%       -16.85%       to       -17.06%  
2019     0.00%       to       0.25%       160,729       62.25       to       57.53       10,593,341       1.85%       18.94%       to       18.64%  
2018     0.10%       to       0.25%       174,180       52.34       to       48.49       9,200,872       2.83%       -7.71%       to       -7.95%  
2017     0.10%       to       0.25%       288,035       66.09       to       52.67       16,012,798       1.53%       3.01%       to       2.85%  
2016     0.10%       to       0.25%       338,494       64.16       to       51.21       18,264,129       1.38%       6.71%       to       6.55%  

Morgan Stanley Variable Insurance Fund, Inc. - Global Real Estate Portfolio: Class II (VKVGR2)

 

2020     0.00%       to       0.25%       394,939       11.90       to       11.52       4,579,745       4.58%       -14.85%       to       -15.06%  
2019     0.00%       to       0.25%       421,903       13.98       to       13.56       5,747,394       2.42%       18.06%       to       17.76%  
2018     0.00%       to       0.25%       449,700       11.84       to       11.51       5,193,412       3.12%       -8.20%       to       -8.43%  
2017     0.00%       to       0.25%       395,703       12.90       to       12.57       4,985,540       2.33%       9.71%       to       9.43%  
2016     0.00%       to       0.25%       422,599       11.76       to       11.49       4,870,267       1.40%       3.12%       to       2.86%  

Nationwide Variable Insurance Trust - DoubleLine NVIT Total Return Tactical Fund: Class II (DTRTFB)

 

2020     0.00%           13,280       11.26           149,535       2.25%       3.74%      
2019     0.00%           12,047       10.85           130,758       5.61%       6.59%      
2018     0.00%           252       10.18           2,566       2.69%       1.83%         **** 

Nationwide Variable Insurance Trust - BlackRock NVIT Equity Dividend Fund: Class I (EIF)

 

2020     0.00%       to       0.10%       407,494       37.49       to       30.98       14,694,030       1.79%       3.63%       to       3.53%  
2019     0.00%       to       0.10%       419,411       36.18       to       29.93       14,598,789       1.84%       27.31%       to       27.18%  
2018     0.00%       to       0.25%       432,609       28.41       to       22.80       11,875,575       1.82%       -7.26%       to       -7.49%  
2017     0.00%       to       0.25%       422,158       30.64       to       24.65       12,592,208       3.11%       18.00%       to       17.70%  
2016     0.00%       to       0.25%       449,740       25.97       to       20.94       11,423,040       2.70%       17.89%       to       17.59%  

Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I (GBF)

 

2020     0.00%       to       0.25%       5,067,964       25.53       to       20.67       115,933,592       2.07%       6.08%       to       5.82%  
2019     0.00%       to       0.25%       6,370,399       24.07       to       19.53       137,541,891       2.47%       6.27%       to       6.00%  
2018     0.00%       to       0.25%       3,491,610       22.65       to       18.43       70,324,102       2.63%       -0.05%       to       -0.30%  
2017     0.00%       to       0.25%       2,620,662       22.66       to       18.48       52,579,295       2.14%       2.08%       to       1.83%  
2016     0.00%       to       0.25%       2,681,148       22.20       to       18.15       53,132,962       1.93%       0.74%       to       0.49%  

Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I (GEM)

 

2020     0.00%       to       0.25%       390,436       37.72       to       35.86       14,598,254       1.91%       13.30%       to       13.02%  
2019     0.00%       to       0.25%       459,444       33.29       to       31.73       15,137,344       2.40%       22.95%       to       22.64%  
2018     0.00%       to       0.25%       532,915       27.08       to       25.87       14,229,176       0.68%       -17.42%       to       -17.62%  
2017     0.00%       to       0.25%       564,747       32.79       to       31.40       18,301,969       1.42%       41.50%       to       41.15%  
2016     0.00%       to       0.25%       533,999       23.17       to       22.25       12,233,957       0.82%       7.72%       to       7.45%  

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG)

 

2020     0.00%       to       0.25%       742,550       22.69       to       21.57       16,641,951       1.15%       7.95%       to       7.68%  
2019     0.00%       to       0.25%       882,785       21.02       to       20.03       18,303,355       2.57%       19.12%       to       18.82%  
2018     0.00%       to       0.25%       959,672       17.65       to       16.86       16,670,300       2.05%       -14.53%       to       -14.75%  
2017     0.00%       to       0.25%       945,696       20.65       to       19.78       19,235,070       1.80%       27.45%       to       27.13%  
2016     0.00%       to       0.25%       1,036,347       16.20       to       15.55       16,611,416       2.14%       0.87%       to       0.62%  

Nationwide Variable Insurance Trust - American Funds NVIT Asset Allocation Fund: Class II (GVAAA2)

 

2020     0.00%           464,253       26.94           12,507,621       1.56%       12.00%      
2019     0.00%           562,207       24.06           13,524,090       1.66%       20.78%      
2018     0.00%           565,512       19.92           11,262,919       1.19%       -4.98%      
2017     0.00%           597,989       20.96           12,533,765       1.14%       15.79%      
2016     0.00%           511,729       18.10           9,262,950       1.92%       9.00%      

Nationwide Variable Insurance Trust - American Funds NVIT Bond Fund: Class II (GVABD2)

 

2020     0.00%           121,550       16.42           1,996,303       2.44%       9.21%      
2019     0.00%           117,649       15.04           1,769,359       1.93%       8.98%      
2018     0.00%           109,099       13.80           1,505,534       2.41%       -1.07%      
2017     0.00%           93,773       13.95           1,308,080       1.22%       3.21%      
2016     0.00%           101,604       13.52           1,373,217       2.37%       2.65%      

Nationwide Variable Insurance Trust - American Funds NVIT Global Growth Fund: Class II (GVAGG2)

 

2020     0.00%           286,326       38.57           11,043,235       0.65%       29.93%      
2019     0.00%           315,449       29.68           9,363,899       0.65%       34.78%      
2018     0.00%           360,690       22.02           7,944,061       0.23%       -9.42%      
2017     0.00%           374,171       24.32           9,098,183       0.70%       30.97%      
2016     0.00%           393,395       18.57           7,303,931       1.45%       0.19%      

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Nationwide Variable Insurance Trust - American Funds NVIT Growth-Income Fund: Class II (GVAGI2)

 

2020     0.00%           174,770       28.37           4,957,599       1.61%       13.08%      
2019     0.00%           192,818       25.09           4,836,973       1.34%       25.67%      
2018     0.00%           192,213       19.96           3,836,977       1.02%       -2.18%      
2017     0.00%           187,941       20.41           3,835,490       1.40%       21.93%      
2016     0.00%           195,828       16.74           3,277,768       1.12%       11.09%      

Nationwide Variable Insurance Trust - American Funds NVIT Growth Fund: Class II (GVAGR2)

 

2020     0.00%           401,826       48.38           19,440,206       0.69%       51.49%      
2019     0.00%           400,269       31.93           12,782,566       0.34%       30.29%      
2018     0.00%           456,682       24.51           11,193,967       0.31%       -0.66%      
2017     0.00%           481,969       24.67           11,891,807       0.31%       27.80%      
2016     0.00%           505,916       19.31           9,767,654       0.22%       9.06%      

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II (GVDMA)

 

2020     0.00%       to       0.25%       3,367,702       35.08       to       33.46       116,794,221       0.22%       12.33%       to       12.05%  
2019     0.00%       to       0.25%       3,434,675       31.23       to       29.86       106,181,074       2.12%       21.83%       to       21.52%  
2018     0.00%       to       0.25%       3,530,534       25.64       to       24.57       89,703,320       1.62%       -7.73%       to       -7.96%  
2017     0.00%       to       0.25%       3,649,477       27.78       to       26.70       100,601,959       1.65%       16.68%       to       16.39%  
2016     0.00%       to       0.25%       3,657,818       23.81       to       22.94       86,550,055       1.78%       8.48%       to       8.21%  

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II (GVDMC)

 

2020     0.00%       to       0.25%       908,828       25.99       to       24.79       23,247,069       0.14%       8.55%       to       8.28%  
2019     0.00%       to       0.25%       920,683       23.94       to       22.89       21,791,562       2.50%       13.48%       to       13.20%  
2018     0.00%       to       0.25%       780,720       21.10       to       20.22       16,309,541       1.94%       -3.73%       to       -3.97%  
2017     0.00%       to       0.25%       807,105       21.91       to       21.06       17,560,149       1.86%       9.21%       to       8.94%  
2016     0.00%       to       0.25%       847,141       20.07       to       19.33       16,894,695       2.02%       5.70%       to       5.44%  

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)

 

2020     0.00%           399,563       27.24           10,882,142       2.17%       34.11%      
2019     0.00%           324,557       23.04           7,478,746       2.18%       31.16%      
2018     0.00%           346,411       17.57           6,086,140       1.78%       -4.62%      
2017     0.00%           349,606       18.42           6,439,645       1.82%       21.53%      
2016     0.00%           333,583       15.16           5,056,016       2.31%       11.66%      

Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II (GVIDA)

 

2020     0.00%       to       0.25%       1,229,338       37.45       to       35.72       45,170,734       0.22%       12.82%       to       12.53%  
2019     0.00%       to       0.25%       1,302,019       33.20       to       31.74       42,423,465       2.07%       23.73%       to       23.42%  
2018     0.00%       to       0.25%       1,291,051       26.83       to       25.72       34,020,063       1.51%       -8.85%       to       -9.08%  
2017     0.00%       to       0.25%       1,324,607       29.44       to       28.29       38,390,868       1.77%       18.43%       to       18.13%  
2016     0.00%       to       0.25%       940,743       24.86       to       23.95       23,255,440       1.68%       9.47%       to       9.19%  

Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II (GVIDC)

 

2020     0.00%       to       0.25%       804,039       21.29       to       20.31       16,784,610       0.10%       6.71%       to       6.45%  
2019     0.00%       to       0.25%       728,384       19.95       to       19.08       14,277,476       2.19%       9.53%       to       9.26%  
2018     0.00%       to       0.25%       714,180       18.21       to       17.46       12,796,172       1.98%       -1.80%       to       -2.05%  
2017     0.00%       to       0.25%       734,293       18.55       to       17.82       13,438,074       2.07%       5.68%       to       5.42%  
2016     0.00%       to       0.25%       799,851       17.55       to       16.91       13,812,389       2.24%       4.26%       to       4.00%  

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)

 

2020     0.00%       to       0.25%       2,723,052       30.36       to       28.95       81,778,533       0.14%       10.34%       to       10.07%  
2019     0.00%       to       0.25%       2,741,076       27.51       to       26.30       74,720,712       2.15%       17.74%       to       17.45%  
2018     0.00%       to       0.25%       2,908,368       23.36       to       22.40       67,402,444       1.92%       -5.68%       to       -5.92%  
2017     0.00%       to       0.25%       2,859,045       24.77       to       23.80       70,381,426       1.81%       12.93%       to       12.65%  
2016     0.00%       to       0.25%       2,881,380       21.94       to       21.13       62,909,448       1.83%       7.14%       to       6.88%  

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II (GVIX2)

 

2020     0.00%           301,847       13.04           3,935,044       2.48%       7.34%      
2019     0.00%           249,031       12.15           3,024,582       3.42%       21.42%      
2018     0.00%           230,301       10.00           2,303,744       2.48%       -13.90%      
2017     0.00%           232,560       11.62           2,701,863       2.67%       24.56%      
2016     0.00%       to       0.25%       247,534       9.33       to       9.10       2,308,841       2.46%       0.75%       to       0.50%  

Nationwide Variable Insurance Trust - Federated NVIT High Income Bond Fund: Class I (HIBF)

 

2020     0.00%       to       0.25%       608,701       36.85       to       36.05       22,064,177       5.31%       6.02%       to       5.75%  
2019     0.00%       to       0.25%       689,566       34.76       to       34.09       23,640,241       5.42%       14.74%       to       14.45%  
2018     0.00%       to       0.25%       798,649       30.29       to       29.78       23,884,052       6.16%       -3.00%       to       -3.24%  
2017     0.00%       to       0.25%       760,714       31.23       to       30.78       23,508,545       5.56%       6.76%       to       6.49%  

2016

     0.00%       to       0.25%       764,369       29.25       to       28.90       22,163,019       5.76%       14.16%       to       13.87%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I (IDPG)

 

2020     0.00%           1,075       14.24           15,308       0.11%       6.59%      
2019     0.00%           1,464       13.36           19,559       1.95%       15.52%      
2018     0.00%           2,366       11.56           27,362       1.96%       -5.82%      
2017     0.00%           3,468       12.28           42,586       3.31%       17.23%      

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I (IDPGI)

 

2020     0.00%           628       13.45           8,449       0.13%       4.83%      
2019     0.00%           599       12.83           7,688       2.77%       13.37%      
2017     0.00%           7       11.96           84       1.18%       14.30%      
2016     0.00%           77       10.47           806       12.37%       5.94%      

Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I (MCIF)

 

2020     0.00%       to       0.25%       1,913,851       83.25       to       55.06       123,638,238       1.19%       13.11%       to       12.83%  
2019     0.00%       to       0.25%       2,062,940       73.60       to       48.80       117,003,328       1.37%       25.65%       to       25.34%  
2018     0.00%       to       0.25%       2,209,081       58.57       to       38.94       98,969,534       1.32%       -11.38%       to       -11.61%  
2017     0.00%       to       0.25%       2,365,493       66.10       to       44.05       120,817,110       1.08%       15.78%       to       15.49%  
2016     0.00%       to       0.25%       2,420,022       57.09       to       38.14       107,613,758       1.29%       20.29%       to       19.99%  

Nationwide Variable Insurance Trust - Amundi NVIT Multi Sector Bond Fund: Class I (MSBF)

 

2020     0.00%       to       0.25%       379,111       28.36       to       25.34       10,564,120       3.47%       4.06%       to       3.80%  
2019     0.00%       to       0.25%       416,531       27.26       to       24.41       11,150,443       4.93%       9.17%       to       8.90%  
2018     0.00%       to       0.25%       456,560       24.97       to       22.42       11,082,366       2.78%       -2.34%       to       -2.59%  
2017     0.00%       to       0.25%       481,385       25.57       to       23.01       12,023,718       4.65%       6.33%       to       6.07%  
2016     0.00%       to       0.25%       505,737       24.04       to       21.70       11,910,627       3.30%       8.65%       to       8.38%  

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I (NCPG)

 

2020     0.00%           6,632       13.99           92,776       0.94%       7.53%      
2019     0.00%           9,171       13.01           119,305       2.87%       15.59%      
2018     0.00%           7,902       11.25           88,929       2.72%       -6.79%      
2017     0.00%           4,793       12.07           57,867       1.81%       17.98%      
2016     0.00%           4,715       10.23           48,251       3.18%       6.40%      

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I (NCPGI)

 

2020     0.00%           1,449       13.27           19,227       0.62%       5.32%      
2019     0.00%           385       12.60           4,850       1.59%       14.05%      
2017     0.00%           8       11.85           95       1.12%       14.96%      
2016     0.00%           78       10.31           804       0.88%       5.74%      

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class II (NJMMA2)

 

2020     0.25%           5,403       10.18           55,000       0.45%       1.26%         **** 

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class Y (NJMMAY)

 

2020     0.00%           76,088       10.26           780,459       0.00%       7.42%         **** 

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I (NVAMV1)

 

2020     0.00%           990,802       35.92           35,592,148       1.63%       1.49%      
2019     0.00%           1,163,109       35.39           41,167,002       2.68%       26.95%      
2018     0.00%           1,267,871       27.88           35,347,777       1.42%       -9.35%      
2017     0.00%           1,357,653       30.75           41,754,065       1.69%       8.67%      
2016     0.00%           1,455,365       28.30           41,186,313       2.38%       20.44%      

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)

 

2020     0.00%       to       0.25%       1,715,353       11.86       to       11.85       20,332,539       1.38%       18.55%       to       18.46% **** 

Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I (NVBX)

 

2020     0.00%       to       0.25%       30,603,276       12.57       to       12.36       381,622,725       2.21%       7.20%       to       6.93%  
2019     0.00%       to       0.25%       22,483,412       11.72       to       11.56       302,908,062       3.06%       8.40%       to       8.13%  
2018     0.00%       to       0.25%       16,799,978       10.81       to       10.69       180,438,802       2.58%       -0.36%       to       -0.61%  
2017     0.00%       to       0.25%       16,764,981       10.85       to       10.75       181,026,501       3.00%       3.12%       to       2.86%  
2016     0.00%       to       0.25%       9,423,378       10.53       to       10.46       98,726,317       2.31%       2.26%       to       2.01%  

Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I (NVCBD1)

 

2020     0.00%           214,351       17.38           3,724,668       3.03%       7.01%      
2019     0.00%           160,810       16.24           2,611,223       3.18%       8.94%      
2018     0.00%           136,733       14.91           2,038,006       3.51%       -0.42%      
2017     0.00%           126,280       14.97           1,890,127       3.21%       4.40%      
2016     0.00%           115,114       14.34           1,650,436       3.79%       5.35%      

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I (NVCCA1)

 

2020     0.00%       to       0.25%       207,791       21.55       to       28.56       4,477,882       0.97%       11.67%       to       11.39%  
2019     0.00%       to       0.25%       209,609       19.30       to       25.64       4,056,901       2.90%       20.22%       to       19.92%  
2018     0.00%       to       0.25%       264,163       16.05       to       21.38       4,249,918       2.03%       -8.04%       to       -8.27%  
2017     0.00%       to       0.25%       352,112       17.46       to       23.31       6,176,724       1.63%       16.01%       to       15.72%  
2016     0.00%       to       0.25%       414,927       15.05       to       20.14       6,261,130       2.87%       7.32%       to       7.05%  

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I (NVCCN1)

 

2020     0.00%       to       0.25%       251,827       16.90       to       17.52       4,303,945       0.26%       7.69%       to       7.42%  
2019     0.00%       to       0.25%       189,973       15.69       to       16.31       2,997,897       3.06%       10.77%       to       10.50%  
2018     0.00%       to       0.25%       167,055       14.17       to       14.76       2,377,843       2.02%       -2.51%       to       -2.75%  
2017     0.00%       to       0.25%       259,595       14.53       to       15.17       3,788,844       2.12%       6.35%       to       6.09%  
2016     0.00%       to       0.25%       290,101       13.66       to       14.30       3,980,590       2.61%       4.81%       to       4.55%  

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I (NVCMA1)

 

2020     0.00%       to       0.25%       347,046       22.06       to       30.87       7,741,165       1.11%       12.36%       to       12.08%  
2019     0.00%       to       0.25%       360,913       19.63       to       27.54       7,167,318       2.97%       22.32%       to       22.02%  
2018     0.00%       to       0.25%       383,832       16.05       to       22.57       6,255,071       2.04%       -9.39%       to       -9.62%  
2017     0.00%       to       0.25%       445,041       17.71       to       24.97       8,032,341       1.63%       18.16%       to       17.86%  
2016     0.00%       to       0.25%       448,324       14.99       to       21.19       6,816,853       2.72%       7.69%       to       7.42%  

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I (NVCMC1)

 

2020     0.00%       to       0.25%       151,817       18.86       to       21.46       2,877,906       0.55%       9.15%       to       8.88%  
2019     0.00%       to       0.25%       133,143       17.28       to       19.71       2,325,027       2.90%       14.28%       to       13.99%  
2018     0.00%       to       0.25%       152,838       15.12       to       17.29       2,332,907       1.78%       -4.68%       to       -4.92%  
2017     0.00%       to       0.25%       266,273       15.87       to       18.19       4,259,683       1.89%       10.08%       to       9.80%  
2016     0.00%       to       0.25%       300,175       14.41       to       16.56       4,358,449       2.66%       5.99%       to       5.73%  

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I (NVCMD1)

 

2020     0.00%       to       0.25%       396,875       20.68       to       26.00       8,530,891       0.86%       10.77%       to       10.49%  
2019     0.00%       to       0.25%       388,182       18.67       to       23.53       7,459,140       2.94%       18.32%       to       18.03%  
2018     0.00%       to       0.25%       375,704       15.78       to       19.94       6,023,849       2.20%       -7.07%       to       -7.30%  
2017     0.00%       to       0.25%       380,324       16.98       to       21.51       6,483,856       1.79%       14.05%       to       13.77%  
2016     0.00%       to       0.25%       463,170       14.89       to       18.91       6,922,714       2.75%       6.82%       to       6.55%  

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I (NVCRA1)

 

2020     0.00%       to       0.25%       143,568       22.52       to       34.14       3,304,285       1.16%       12.74%       to       12.46%  
2019     0.00%       to       0.25%       149,689       19.98       to       30.36       3,045,331       2.84%       24.15%       to       23.84%  
2018     0.00%       to       0.25%       190,615       16.09       to       24.51       3,108,220       1.88%       -10.72%       to       -10.95%  
2017     0.00%       to       0.25%       256,531       18.03       to       27.53       4,685,958       1.35%       19.99%       to       19.69%  
2016     0.00%       to       0.25%       257,360       15.02       to       23.00       3,902,437       2.47%       8.33%       to       8.06%  

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I (NVCRB1)

 

2020     0.00%       to       0.25%       319,255       19.69       to       23.52       6,423,916       0.66%       9.71%       to       9.44%  
2019     0.00%       to       0.25%       362,954       17.95       to       21.50       6,599,413       2.84%       16.29%       to       16.00%  
2018     0.00%       to       0.25%       391,200       15.44       to       18.53       6,082,785       1.65%       -6.04%       to       -6.28%  
2017     0.00%       to       0.25%       1,908,299       16.43       to       19.77       36,270,215       0.60%       12.01%       to       11.73%  
2016     0.00%       to       0.25%       10,166,375       14.67       to       17.70       179,948,748       2.76%       6.28%       to       6.02%  

Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II (NVDBL2)

 

2020     0.00%           91,064       23.69           2,157,666       0.13%       9.41%      
2019     0.00%           88,203       21.66           1,910,205       2.32%       15.34%      
2018     0.00%           85,642       18.78           1,608,052       1.94%       -4.85%      
2017     0.00%           88,042       19.73           1,737,360       1.86%       11.13%      
2016     0.00%           89,591       17.76           1,590,862       1.94%       6.30%      

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)

 

2020     0.00%           27,253       29.45           802,530       0.18%       11.62%      
2019     0.00%           30,410       26.38           802,282       2.09%       19.94%      
2018     0.00%           32,130       22.00           706,736       1.74%       -6.47%      
2017     0.00%           34,138       23.52           802,848       1.66%       14.81%      
2016     0.00%           37,033       20.48           758,600       1.87%       7.74%      

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)

 

2020     0.00%           14,775       10.82           159,917       0.00%       8.24%         **** 

Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)

 

2020     0.00%           22,193       11.32           251,187       1.49%       7.12%      
2019     0.00%           11,457       10.57           121,050       1.08%       5.66%         **** 

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)

 

2020     0.00%           3,002       12.58           37,771       1.68%       15.76%      
2019     0.00%           1,703       10.87           18,510       0.58%       8.69%         **** 

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)

 

2020     0.00%           98,504       10.72           1,056,414       0.00%       7.25%         **** 

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II (NVIE6)

 

2020     0.00%           16,029       13.17           211,067       0.98%       7.69%      
2019     0.00%           16,404       12.23           200,590       2.30%       18.91%      
2018     0.00%           18,710       10.28           192,399       1.82%       -14.80%      
2017     0.00%           19,184       12.07           231,546       1.53%       27.07%      
2016     0.00%           19,769       9.50           187,771       1.93%       0.63%      

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I (NVIX)

 

2020     0.00%       to       0.25%       2,414,969       12.96       to       12.75       30,959,979       2.52%       7.53%       to       7.27%  
2019     0.00%       to       0.25%       2,374,544       12.05       to       11.88       28,315,323       3.43%       21.77%       to       21.46%  
2018     0.00%       to       0.25%       2,384,652       9.90       to       9.78       23,397,777       2.12%       -13.81%       to       -14.03%  
2017     0.00%       to       0.25%       3,314,850       11.48       to       11.38       37,811,091       3.00%       24.88%       to       24.57%  
2016     0.00%       to       0.25%       2,805,657       9.19       to       9.13       25,664,925       3.07%       0.92%       to       0.67%  

Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I (NVLCP1)

 

2020     0.00%           120,503       18.90           2,277,107       3.04%       9.31%      
2019     0.00%           117,469       17.29           2,030,781       3.22%       9.89%      
2018     0.00%           127,441       15.73           2,004,980       2.77%       -1.20%      
2017     0.00%           122,014       15.92           1,942,992       2.32%       3.94%      
2016     0.00%           145,090       15.32           2,222,841       2.98%       3.70%      

Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I (NVMIG1)

 

2020     0.00%           1,114,827       20.16           22,475,770       0.98%       51.04%      
2019     0.00%           1,200,666       13.35           16,026,199       1.23%       33.15%      
2018     0.00%           1,318,529       10.02           13,217,896       1.09%       -16.46%      
2017     0.00%           1,364,483       12.00           16,373,011       1.23%       25.77%      
2016     0.00%           1,476,548       9.54           14,087,207       1.44%       -2.12%      

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)

 

2020     0.00%           428,631       11.78           5,050,061       0.00%       17.82%         **** 

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1)

 

2020     0.00%       to       0.25%       487,140       36.33       to       35.20       17,642,372       0.00%       30.09%       to       29.77%  
2019     0.00%       to       0.25%       542,567       27.93       to       27.12       15,086,794       4.06%       30.53%       to       30.20%  
2018     0.00%       to       0.25%       606,571       21.39       to       20.83       12,927,838       0.31%       -3.08%       to       -3.32%  
2017     0.00%       to       0.25%       624,433       22.07       to       21.55       13,741,353       0.35%       30.20%       to       29.88%  
2016     0.00%       to       0.25%       702,223       16.95       to       16.59       11,876,806       0.89%       2.19%       to       1.94%  

Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I (NVMMG1)

 

2020     0.00%       to       0.25%       1,518,258       44.97       to       43.57       68,167,277       0.00%       60.90%       to       60.50%  
2019     0.00%       to       0.25%       1,543,482       27.95       to       27.14       43,080,056       0.00%       37.25%       to       36.91%  
2018     0.00%       to       0.25%       1,712,714       20.36       to       19.83       34,827,130       0.00%       -6.85%       to       -7.08%  
2017     0.00%       to       0.25%       1,786,642       21.86       to       21.34       39,018,652       0.00%       27.74%       to       27.42%  
2016     0.00%       to       0.25%       2,572,757       17.11       to       16.75       43,899,908       0.00%       6.47%       to       6.20%  

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class I (NVMMV1)

 

2020     0.00%       to       0.25%       302,109       26.78       to       25.94       8,001,705       2.18%       -1.07%       to       -1.32%  
2019     0.00%       to       0.25%       326,265       27.07       to       26.29       8,745,468       2.38%       23.97%       to       23.66%  
2018     0.00%       to       0.25%       338,667       21.83       to       21.26       7,329,003       1.30%       -13.12%       to       -13.33%  
2017     0.00%       to       0.25%       321,257       25.13       to       24.53       8,020,943       1.93%       13.95%       to       13.66%  
2016     0.00%       to       0.25%       60,062       22.05       to       21.58       1,306,453       1.61%       17.72%       to       17.43%  

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)

 

2020     0.00%           464,832       26.31           12,228,172       2.08%       -1.14%      
2019     0.00%           500,340       26.61           13,314,607       2.25%       23.85%      
2018     0.00%           539,003       21.49           11,581,733       1.06%       -13.15%      
2017     0.00%           595,604       24.74           14,736,438       1.10%       13.84%      
2016     0.00%           655,772       21.73           14,252,796       1.41%       17.59%      

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contact
Owners’ Equity		     Investment
Income
Ratio**		     Total
Return***		  

Nationwide Variable Insurance Trust - Neuberger Berman NVIT Multi Cap Opportunities Fund: Class I (NVNMO1)

 

2020     0.00%           682,660       28.22           19,262,259       0.43%       13.55%      
2019     0.00%           744,674       24.85           18,504,708       0.66%       28.07%      
2018     0.00%           777,174       19.40           15,079,331       0.54%       -4.76%      
2017     0.00%           885,441       20.37           18,039,591       0.52%       24.85%      
2016     0.00%           970,413       16.32           15,835,198       0.80%       13.60%      

Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I (NVNSR1)

 

2020     0.00%           6,143       29.15           179,085       0.72%       13.36%      
2019     0.00%           8,372       25.72           215,301       0.81%       26.01%      
2018     0.00%       to       0.25%       10,147       20.41       to       12.03       206,797       0.66%       -5.79%       to       -6.03%  
2017     0.00%           10,377       21.66           224,801       0.54%       18.62%      
2016     0.00%           13,923       18.26           254,278       0.79%       10.11%      

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I (NVOLG1)

 

2020     0.00%       to       0.20%       3,865,693       54.92       to       21.16       207,291,349       1.36%       18.90%       to       18.66%  
2019     0.00%       to       0.25%       4,099,182       46.19       to       17.80       186,532,170       1.73%       37.62%       to       37.27%  
2018     0.00%       to       0.25%       4,451,457       33.57       to       12.97       146,879,969       0.78%       -1.27%       to       -1.52%  
2017     0.00%       to       0.25%       4,775,384       34.00       to       13.17       160,027,861       0.48%       27.31%       to       26.99%  
2016     0.00%       to       0.25%       5,059,454       26.71       to       10.37       135,005,393       0.76%       3.63%       to       3.68% **** 

Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I (NVRE1)

 

2020     0.00%       to       0.25%       1,317,987       20.25       to       39.46       29,813,361       1.55%       -5.39%       to       -5.62%  
2019     0.00%       to       0.25%       1,372,936       21.40       to       41.81       32,551,143       1.72%       30.70%       to       30.38%  
2018     0.00%       to       0.25%       1,473,675       16.37       to       32.07       27,139,310       1.82%       -3.92%       to       -4.16%  
2017     0.00%       to       0.25%       1,662,999       17.04       to       33.46       32,188,831       2.18%       6.50%       to       6.23%  
2016     0.00%       to       0.25%       1,769,718       16.00       to       31.50       32,029,409       2.01%       7.35%       to       7.08%  

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)

 

2020     0.00%       to       0.25%       67,904       23.00       to       15.76       1,557,624       1.01%       57.85%       to       57.59%  
2019     0.00%           57,737       19.28           1,113,172       0.94%       24.96%      
2018     0.00%           65,783       15.43           1,014,967       1.23%       -11.34%      
2017     0.00%           55,447       17.40           964,941       0.89%       14.18%      
2016     0.00%           60,309       15.24           919,207       1.37%       20.87%      

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class I (NVSTB1)

 

2020     0.00%       to       0.25%       2,453,534       13.33       to       12.92       32,108,328       2.50%       3.20%       to       2.95%  
2019     0.00%       to       0.25%       8,069,491       12.92       to       12.55       102,835,231       2.57%       4.33%       to       4.07%  
2018     0.00%       to       0.25%       6,606,604       12.38       to       12.06       80,692,065       3.17%       0.98%       to       0.73%  
2017     0.00%       to       0.25%       3,643,728       12.26       to       11.97       44,065,574       2.28%       1.95%       to       1.70%  
2016     0.00%       to       0.25%       2,715,651       12.03       to       11.77       32,219,057       2.63%       2.75%       to       2.49%  

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II (NVSTB2)

 

2020     0.00%           251,284       12.88           3,237,618       1.66%       2.83%      
2019     0.00%           234,739       12.53           2,941,158       2.37%       4.09%      
2018     0.00%           223,003       12.04           2,684,401       2.79%       0.82%      
2017     0.00%           135,228       11.94           1,614,564       1.87%       1.58%      
2016     0.00%           103,139       11.75           1,212,293       1.48%       2.49%      

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I (NVTIV3)

 

2020     0.00%           43,970       19.04           837,364       1.40%       5.18%      
2019     0.00%           60,476       18.11           1,094,990       2.48%       12.49%      
2018     0.00%           62,918       16.10           1,012,749       2.00%       -15.69%      
2017     0.00%           60,833       19.09           1,161,395       2.42%       22.72%      
2016     0.00%           36,585       15.56           569,167       2.03%       1.12%      

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)

 

2020     0.00%       to       0.10%       2,592,546       14.85       to       13.65       38,495,066       0.24%       0.24%       to       0.14%  
2019     0.00%       to       0.25%       2,945,259       14.81       to       12.13       43,621,222       1.77%       1.78%       to       1.53%  
2018     0.00%       to       0.25%       3,087,242       14.55       to       11.95       44,916,430       1.39%       1.39%       to       1.14%  
2017     0.00%       to       0.25%       2,720,878       14.35       to       11.81       39,022,347       0.42%       0.42%       to       0.17%  
2016     0.00%       to       0.25%       3,214,145       14.29       to       11.79       45,893,151       0.01%       0.01%       to       -0.24%  

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class V (SAM5)

 

2020     0.00%       to       0.25%       19,122,843       12.21       to       11.67       225,619,161       0.26%       0.26%       to       0.01%  
2019     0.00%       to       0.25%       18,952,580       12.18       to       11.67       223,665,269       1.83%       1.83%       to       1.58%  
2018     0.00%       to       0.25%       15,777,823       11.96       to       11.48       182,989,302       1.43%       1.44%       to       1.19%  
2017     0.00%       to       0.25%       15,049,008       11.79       to       11.35       172,496,303       0.47%       0.47%       to       0.22%  
2016     0.00%       to       0.25%       13,128,527       11.73       to       11.33       149,888,173       0.03%       0.03%       to       -0.22%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

     Contract
Expense
Rate*		     Units      Unit
Fair Value		      Contact
Owners’ Equity		      Investment
Income
Ratio**		     Total
Return***		  

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I (SCF)

 

2020      0.00 %      to        0.25 %      712,462        78.70        to        51.56        49,314,100        0.02 %      22.69 %      to        22.38 % 
2019      0.00 %      to        0.25 %      795,273        64.14        to        42.13        44,132,344        0.07 %      25.65 %      to        25.33 % 
2018      0.00 %      to        0.25 %      916,577        51.05        to        33.61        39,442,351        0.01 %      -12.63 %      to        -12.85 % 
2017      0.00 %      to        0.25 %      970,377        58.43        to        38.57        48,099,161        0.00 %      13.49 %      to        13.20 % 
2016      0.00 %      to        0.25 %      1,059,980        51.49        to        34.07        46,370,729        0.33 %      22.83 %      to        22.53 % 

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I (SCGF)

 

2020      0.00 %      to        0.25 %      530,757        65.51        to        62.06        34,251,785        0.00 %      40.89 %      to        40.54 % 
2019      0.00 %      to        0.25 %      578,711        46.50        to        44.16        26,525,233        0.00 %      35.71 %      to        35.37 % 
2018      0.00 %      to        0.25 %      622,751        34.26        to        32.62        21,042,841        0.00 %      -7.94 %      to        -8.17 % 
2017      0.00 %      to        0.25 %      634,458        37.22        to        35.52        23,303,149        0.00 %      24.92 %      to        24.61 % 
2016      0.00 %      to        0.25 %      614,860        29.79        to        28.50        18,116,126        0.00 %      8.30 %      to        8.04 % 

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)

 

2020      0.00 %      to        0.25 %      581,640        66.62        to        49.44        37,873,821        0.08 %      5.15 %      to        4.89 % 
2019      0.00 %      to        0.25 %      605,244        63.35        to        47.13        37,374,355        1.06 %      19.00 %      to        18.70 % 
2018      0.00 %      to        0.25 %      666,577        53.24        to        39.71        34,101,799        0.68 %      -16.95 %      to        -17.16 % 
2017      0.00 %      to        0.25 %      717,085        64.11        to        47.93        44,148,210        0.51 %      9.06 %      to        8.79 % 
2016      0.00 %      to        0.25 %      778,121        58.78        to        44.06        43,757,132        0.64 %      25.93 %      to        25.62 % 

Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF)

 

2020      0.00 %      to        0.25 %      1,058,400        45.43        to        35.17        48,008,857        1.08 %      10.35 %      to        10.08 % 
2019      0.00 %      to        0.25 %      2,069,600        41.17        to        31.95        77,888,080        0.77 %      29.31 %      to        28.98 % 
2018      0.00 %      to        0.25 %      4,994,776        31.84        to        24.77        136,447,001        1.08 %      0.00 %      to        -0.25 % 
2017      0.00 %      to        0.25 %      5,166,790        31.84        to        24.84        141,543,651        0.98 %      20.52 %      to        20.22 % 
2016      0.00 %      to        0.25 %      5,801,396        26.42        to        20.66        131,664,747        1.45 %      11.39 %      to        11.11 % 

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: I Class Shares (AMCG)

 

2020      0.00 %      to        0.25 %      40,347        89.81        to        45.99        1,865,369        0.00 %      39.98 %      to        39.63 % 
2019      0.00 %      to        0.25 %      58,523        64.16        to        32.94        2,027,969        0.00 %      32.75 %      to        32.42 % 
2018      0.00 %      to        0.25 %      73,877        48.33        to        24.87        1,838,116        0.00 %      -6.40 %      to        -6.64 % 
2017      0.00 %      to        0.25 %      79,235        51.64        to        26.64        2,111,578        0.00 %      25.29 %      to        24.98 % 
2016      0.00 %      to        0.25 %      88,094        41.22        to        21.32        1,878,424        0.00 %      4.40 %      to        4.14 % 

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares (AMMCGS)

 

2020      0.00 %           51,504        21.54              1,109,490        0.00 %      39.71 %      
2019      0.00 %           75,744        15.42              1,167,896        0.00 %      32.48 %      
2018      0.00 %           66,658        11.64              775,808        0.00 %      -6.56 %      
2017      0.00 %           88,306        12.46              1,099,883        0.00 %      24.56 %      
2016      0.00 %           102,493        10.00              1,024,861        0.00 %      4.16 %      

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: I Class Shares (AMRI)

 

2020      0.00 %      to        0.10 %      1,350        21.46        to        21.15        28,716        1.05 %      -2.62 %      to        -2.72 % 
2019      0.00 %      to        0.20 %      1,756        22.04        to        21.44        38,226        0.51 %      16.74 %      to        16.51 % 
2018      0.00 %      to        0.25 %      122,620        18.88        to        18.29        2,244,041        0.60 %      -15.28 %      to        -15.49 % 
2017      0.00 %      to        0.25 %      196,232        22.28        to        21.64        4,248,282        0.79 %      16.74 %      to        16.44 % 
2016      0.00 %      to        0.25 %      301,368        19.09        to        18.58        5,601,936        0.67 %      16.17 %      to        15.88 % 

Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares (AMSRS)

 

2020      0.00 %      to        0.25 %      49,461        53.80        to        51.48        2,659,925        0.56 %      19.56 %      to        19.26 % 
2019      0.00 %      to        0.25 %      73,644        45.00        to        43.16        3,295,233        0.44 %      25.88 %      to        25.57 % 
2018      0.00 %           56,641        35.75              2,024,700        0.48 %      -5.73 %      
2017      0.00 %           62,085        37.92              2,354,080        0.52 %      18.43 %      
2016      0.00 %           63,947        32.02              2,047,381        0.70 %      9.86 %      

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares (AMTB)

 

2020      0.00 %           207,597        13.71              2,846,187        2.33 %      3.46 %      
2019      0.00 %           218,350        13.25              2,893,560        2.01 %      3.69 %      
2018      0.00 %           217,249        12.78              2,776,608        1.59 %      1.02 %      
2017      0.00 %           228,876        12.65              2,895,650        1.31 %      0.89 %      
2016      0.00 %           315,280        12.54              3,953,563        1.14 %      1.22 %      

Northern Lights Variable Trust - TOPS Managed Risk Balanced ETF Portfolio: Class 3 (NOTB3)

 

2020      0.00 %           3,627        13.51              49,013        2.18 %      5.66 %      
2019      0.00 %           3,618        12.79              46,272        2.19 %      14.48 %      
2018      0.00 %           3,588        11.17              40,083        1.64 %      -6.15 %      
2017      0.00 %           3,552        11.90              42,281        1.52 %      10.58 %      
2016      0.00 %           3,491        10.76              37,578        1.34 %      6.02 %      

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

     Contract
Expense
Rate*		     Units      Unit
Fair Value		      Contact
Owners’ Equity		      Investment
Income
Ratio**		     Total
Return***		  

Northern Lights Variable Trust - TOPS Managed Risk Growth ETF Portfolio: Class 3 (NOTG3)

 

2020      0.00 %           3,591        13.93              50,011        2.07 %      5.18 %      
2019      0.00 %           3,493        13.24              46,251        1.88 %      16.93 %      
2018      0.00 %           3,413        11.32              38,647        1.54 %      -8.84 %      
2017      0.00 %           2,874        12.42              35,698        1.59 %      17.45 %      
2016      0.00 %           2,939        10.58              31,081        1.58 %      5.51 %      

Northern Lights Variable Trust - TOPS Managed Risk Moderate Growth ETF Portfolio: Class 3 (NOTMG3)

 

2020      0.00 %           10,474        14.10              147,710        1.93 %      5.90 %      
2019      0.00 %           4,296        13.32              57,210        2.09 %      16.16 %      
2018      0.00 %           4,454        11.46              51,061        1.60 %      -7.38 %      
2017      0.00 %           4,249        12.38              52,590        1.60 %      13.83 %      
2016      0.00 %           4,003        10.87              43,524        1.90 %      6.14 %      

PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)

 

2020      0.00 %      to        0.25 %      214,380        24.65        to        23.64        5,194,505        5.47 %      8.01 %      to        7.74 % 
2019      0.00 %      to        0.25 %      675,872        22.82        to        21.94        14,999,803        2.81 %      11.90 %      to        11.62 % 
2018      0.00 %      to        0.25 %      1,106,937        20.39        to        19.66        21,946,729        3.18 %      -5.41 %      to        -5.64 % 
2017      0.00 %      to        0.25 %      1,251,381        21.56        to        20.83        26,275,407        4.77 %      13.54 %      to        13.26 % 
2016      0.00 %      to        0.25 %      1,190,145        18.99        to        18.39        22,052,007        2.69 %      12.93 %      to        12.65 % 

PIMCO Variable Insurance Trust - International Bond Portfolio (unhedged): Administrative Class (PMVFBA)

 

2020      0.00 %      to        0.25 %      104,814        15.70        to        15.21        1,623,712        5.60 %      10.77 %      to        10.50 % 
2019      0.00 %      to        0.25 %      114,171        14.18        to        13.77        1,592,948        2.03 %      7.02 %      to        6.76 % 
2018      0.00 %      to        0.25 %      121,129        13.25        to        12.90        1,579,260        5.27 %      -3.98 %      to        -4.22 % 
2017      0.00 %      to        0.25 %      107,560        13.80        to        13.47        1,463,348        1.60 %      10.85 %      to        10.57 % 
2016      0.00 %      to        0.25 %      108,659        12.45        to        12.18        1,334,432        1.18 %      3.01 %      to        2.75 % 

PIMCO Variable Insurance Trust - International Bond Portfolio (U.S. Dollar-Hedged): Administrative Class (PMVFHA)

 

2020      0.00 %      to        0.25 %      32,324        11.76        to        11.65        376,994        5.79 %      5.55 %      to        5.29 % 
2019      0.00 %      to        0.25 %      36,396        11.14        to        11.06        402,715        1.75 %      7.01 %      to        6.74 % 
2018      0.20 %      to        0.25 %      37,522        10.37              388,929        1.40 %      1.91 %      to        1.86 % 
2017      0.20 %      to        0.25 %      1,364        10.18              13,882        4.07 %      1.79 %      to        1.76 %**** 

PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class (PMVGBA)

 

2020      0.10 %      to        0.25 %      53,516        11.71        to        11.64        623,388        2.49 %      10.00 %      to        9.84 % 
2019      0.20 %      to        0.25 %      45,894        10.61        to        10.60        486,599        2.48 %      5.91 %      to        5.86 % 
2018      0.20 %      to        0.25 %      29,386        10.02        to        10.01        294,330        6.77 %      -4.39 %      to        -4.44 % 
2017      0.20 %      to        0.25 %      29,861        10.48              312,923        2.87 %      4.82 %      to        4.78 %**** 

PIMCO Variable Insurance Trust - High Yield Portfolio: Administrative Class (PMVHYA)

 

2020      0.00 %      to        0.25 %      73,350        11.92        to        11.84        869,082        4.80 %      5.72 %      to        5.45 % 
2019      0.00 %      to        0.25 %      53,595        11.27        to        11.22        601,755        4.74 %      14.73 %      to        14.44 % 
2018      0.00 %      to        0.25 %      17,836        9.82        to        9.81        174,995        0.60 %      -1.76 %      to        -1.92 %**** 

PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class (PMVLDA)

 

2020      0.00 %      to        0.25 %      2,498,735        17.00        to        16.24        41,172,809        1.17 %      2.99 %      to        2.73 % 
2019      0.00 %      to        0.25 %      2,169,008        16.51        to        15.81        34,754,394        2.76 %      4.03 %      to        3.77 % 
2018      0.00 %      to        0.25 %      2,259,303        15.87        to        15.23        34,758,052        1.93 %      0.34 %      to        0.09 % 
2017      0.00 %      to        0.25 %      2,337,915        15.82        to        15.22        35,880,442        1.31 %      1.35 %      to        1.10 % 
2016      0.00 %      to        0.25 %      2,612,115        15.60        to        15.05        39,611,897        1.49 %      1.41 %      to        1.15 % 

PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio: Administrative Class (PMVLGA)

 

2020      0.00 %      to        0.25 %      870,552        21.46        to        20.89        18,624,770        1.63 %      17.38 %      to        17.09 % 
2019      0.00 %      to        0.25 %      474,406        18.28        to        17.85        8,637,893        2.07 %      13.32 %      to        13.04 % 
2018      0.00 %      to        0.25 %      1,221,413        16.13        to        15.79        19,675,839        2.28 %      -2.38 %      to        -2.63 % 
2017      0.00 %      to        0.25 %      99,714        16.53        to        16.21        1,623,866        2.17 %      8.96 %      to        8.69 % 
2016      0.00 %      to        0.25 %      87,777        15.17        to        14.92        1,312,706        2.00 %      0.68 %      to        0.43 % 

PIMCO Variable Insurance Trust - Real Return Portfolio: Administrative Class (PMVRRA)

 

2020      0.00 %      to        0.25 %      2,268,919        23.77        to        22.70        52,134,936        1.43 %      11.72 %      to        11.44 % 
2019      0.00 %      to        0.25 %      2,292,172        21.28        to        20.37        47,192,762        1.67 %      8.44 %      to        8.16 % 
2018      0.00 %      to        0.25 %      2,580,241        19.62        to        18.84        48,941,173        2.45 %      -2.21 %      to        -2.46 % 
2017      0.00 %      to        0.25 %      2,621,163        20.07        to        19.31        50,833,643        2.37 %      3.66 %      to        3.40 % 
2016      0.00 %      to        0.25 %      2,947,950        19.36        to        18.67        55,376,645        2.28 %      5.19 %      to        4.92 % 

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

     Contract
Expense
Rate*		     Units      Unit
Fair Value		      Contact
Owners’ Equity		      Investment
Income
Ratio**		     Total
Return***		  

PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)

 

2020      0.00 %           23,857        6.30              150,242        6.51 %      1.35 %      
2019      0.00 %           22,676        6.21              140,900        4.51 %      11.43 %      
2018      0.00 %           21,575        5.58              120,307        1.88 %      -14.13 %      
2017      0.00 %           24,328        6.49              157,984        11.82 %      2.15 %      
2016      0.00 %           26,588        6.36              169,022        1.17 %      15.16 %      

PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)

 

2020      0.00 %      to        0.25 %      3,331,795        25.03        to        23.90        81,214,234        2.11 %      8.64 %      to        8.37 % 
2019      0.00 %      to        0.25 %      3,204,002        23.04        to        22.06        71,823,226        3.01 %      8.35 %      to        8.08 % 
2018      0.00 %      to        0.25 %      3,238,199        21.26        to        20.41        66,878,948        2.53 %      -0.54 %      to        -0.79 % 
2017      0.00 %      to        0.25 %      3,625,131        21.37        to        20.57        75,462,939        2.03 %      4.92 %      to        4.66 % 
2016      0.00 %      to        0.25 %      3,991,985        20.37        to        19.65        79,322,917        2.08 %      2.69 %      to        2.43 % 

Putnam Variable Trust - Putnam VT Equity Income Fund: Class IB (PVEIB)

 

2020      0.00 %           118,429        14.35              1,698,982        1.72 %      5.80 %      
2019      0.00 %           110,712        13.56              1,501,164        2.06 %      30.40 %      
2018      0.00 %           124,107        10.40              1,290,445        0.55 %      -8.49 %      
2017      0.00 %           87,969        11.36              999,528        0.00 %      13.62 %         **** 

Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB (PVGOB)

 

2020      0.00 %           140,034        25.79              3,610,974        0.03 %      38.71 %      
2019      0.00 %           101,955        18.59              1,895,388        0.15 %      36.74 %      
2018      0.00 %           137,529        13.60              1,869,742        0.00 %      2.38 %      
2017      0.00 %           110,820        13.28              1,471,597        0.10 %      30.90 %      
2016      0.00 %           114,741        10.14              1,163,974        0.00 %      1.44 %         **** 

Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)

 

2020      0.00 %           40,015        30.11              1,204,943        1.60 %      12.10 %      
2019      0.00 %           45,519        26.86              1,222,782        1.37 %      25.15 %      
2018      0.00 %           46,112        21.46              989,761        1.40 %      -19.11 %      
2017      0.00 %           39,804        26.54              1,056,240        2.24 %      26.58 %      
2016      0.00 %           39,642        20.96              831,053        3.39 %      -2.45 %      

Putnam Variable Trust - Putnam VT Small Cap Value Fund: Class IB (PVTSCB)

 

2020      0.20 %      to        0.25 %      54,468        19.21        to        19.08        1,041,141        1.12 %      3.76 %      to        3.70 % 
2019      0.20 %      to        0.25 %      42,112        18.51        to        18.40        776,045        0.61 %      23.99 %      to        23.93 % 
2018      0.00 %      to        0.25 %      40,721        15.27        to        14.85        607,704        0.40 %      -19.93 %      to        -20.13 % 
2017      0.00 %      to        0.25 %      51,534        19.07        to        18.59        961,350        0.75 %      7.87 %      to        7.60 % 
2016      0.00 %      to        0.25 %      57,699        17.68        to        17.28        998,748        1.18 %      27.49 %      to        27.18 % 

Royce Capital Fund - Royce Micro-Cap Portfolio: Investment Class (ROCMC)

 

2020      0.00 %      to        0.25 %      56,567        46.05        to        43.99        2,537,248        0.00 %      23.79 %      to        23.48 % 
2019      0.00 %      to        0.25 %      114,963        37.20        to        35.62        4,163,533        0.00 %      19.55 %      to        19.25 % 
2018      0.00 %      to        0.25 %      144,169        31.12        to        29.87        4,326,771        0.00 %      -9.04 %      to        -9.27 % 
2017      0.00 %      to        0.25 %      154,935        34.21        to        32.93        5,124,746        0.61 %      5.18 %      to        4.92 % 
2016      0.00 %      to        0.25 %      199,081        32.53        to        31.38        6,274,296        0.72 %      19.71 %      to        19.41 % 

T. Rowe Price Equity Series, Inc. - T. Rowe Price Blue Chip Growth Portfolio (TRBCGP)

 

2020      0.00 %      to        0.25 %      3,107,541        42.37        to        41.52        129,855,277        0.00 %      34.28 %      to        33.94 % 
2019      0.00 %      to        0.25 %      3,244,814        31.56        to        31.00        101,115,679        0.00 %      29.89 %      to        29.56 % 
2018      0.00 %      to        0.25 %      3,549,101        24.29        to        23.92        85,324,670        0.00 %      1.92 %      to        1.66 % 
2017      0.00 %      to        0.25 %      2,734,104        23.84        to        23.53        64,558,274        0.00 %      36.17 %      to        35.83 % 
2016      0.00 %      to        0.25 %      2,741,163        17.51        to        17.32        47,617,148        0.00 %      0.78 %      to        0.53 % 

T. Rowe Price Equity Series, Inc. - T. Rowe Price Equity Income Portfolio: II (TREI2)

 

2020      0.00 %      to        0.25 %      523,995        39.74        to        37.96        20,125,400        2.06 %      0.96 %      to        0.70 % 
2019      0.00 %      to        0.25 %      632,019        39.37        to        37.70        24,039,343        2.07 %      26.04 %      to        25.73 % 
2018      0.00 %      to        0.25 %      683,732        31.23        to        29.98        20,635,692        1.77 %      -9.69 %      to        -9.92 % 
2017      0.00 %      to        0.25 %      776,338        34.58        to        33.28        25,992,814        1.47 %      15.73 %      to        15.44 % 
2016      0.00 %      to        0.25 %      959,441        29.88        to        28.83        27,774,880        1.78 %      18.85 %      to        18.56 % 

T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)

 

2020      0.00 %           244,003        66.07              16,120,573        0.00 %      29.27 %      
2019      0.00 %           239,216        51.11              12,226,008        0.00 %      28.63 %      
2018      0.00 %           283,769        39.73              11,275,030        0.00 %      0.86 %      
2017      0.00 %      to        0.25 %      592,826        39.40        to        38.42        23,105,468        0.00 %      27.31 %      to        26.99 % 
2016      0.00 %      to        0.25 %      719,025        30.95        to        30.26        22,036,233        0.00 %      -10.72 %      to        -10.94 % 

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

     Contract
Expense
Rate*		     Units      Unit
Fair Value		      Contact
Owners’ Equity		      Investment
Income
Ratio**		     Total
Return***		  

T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited-Term Bond Portfolio (TRLT1)

 

2020      0.00 %      to        0.25 %      1,117,432        11.87        to        11.58        12,996,616        1.95 %      4.70 %      to        4.44 % 
2019      0.00 %      to        0.25 %      2,482,744        11.34        to        11.09        27,582,145        2.39 %      4.35 %      to        4.09 % 
2018      0.00 %      to        0.25 %      2,121,125        10.87        to        10.65        22,607,912        2.02 %      1.18 %      to        0.92 % 
2017      0.00 %      to        0.25 %      1,699,172        10.74        to        10.55        17,941,907        1.47 %      1.06 %      to        0.81 % 
2016      0.00 %      to        0.25 %      1,472,159        10.63        to        10.47        15,419,311        1.36 %      1.37 %      to        1.11 % 

T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio: II (TRMCG2)

 

2020      0.10 %      to        0.25 %      371,947        99.72        to        97.02        36,246,339        0.00 %      23.35 %      to        23.17 % 
2019      0.10 %      to        0.25 %      407,648        80.85        to        78.77        32,234,125        0.00 %      30.85 %      to        30.65 % 
2018      0.10 %      to        0.25 %      402,726        61.79        to        60.29        24,296,604        0.00 %      -2.40 %      to        -2.54 % 
2017      0.20 %      to        0.25 %      434,376        62.34        to        61.87        26,892,004        0.00 %      24.20 %      to        24.13 % 
2016      0.20 %      to        0.25 %      458,552        50.20        to        49.84        22,859,346        0.00 %      5.82 %      to        5.77 % 

T. Rowe Price Equity Series, Inc. - T. Rowe Price New America Growth Portfolio (TRNAG1)

 

2020      0.00 %      to        0.25 %      1,053,561        75.21        to        72.14        77,132,392        0.00 %      44.37 %      to        44.01 % 
2019      0.00 %      to        0.25 %      1,133,445        52.09        to        50.09        57,464,928        0.42 %      34.93 %      to        34.59 % 
2018      0.00 %      to        0.25 %      1,173,553        38.61        to        37.22        43,978,505        0.16 %      1.16 %      to        0.90 % 
2017      0.00 %      to        0.25 %      1,280,669        38.16        to        36.88        47,540,100        0.11 %      34.43 %      to        34.09 % 
2016      0.00 %      to        0.25 %      1,270,514        28.39        to        27.51        35,110,559        0.04 %      1.31 %      to        1.06 % 

T. Rowe Price Equity Series, Inc. - T. Rowe Price Moderate Allocation Portfolio (TRPSB1)

 

2020      0.00 %      to        0.25 %      357,259        26.59        to        25.67        9,307,068        1.34 %      14.54 %      to        14.25 % 
2019      0.00 %      to        0.25 %      398,214        23.22        to        22.47        9,060,881        1.93 %      19.80 %      to        19.50 % 
2018      0.00 %      to        0.25 %      480,068        19.38        to        18.80        9,041,888        2.10 %      -5.08 %      to        -5.32 % 
2017      0.00 %      to        0.25 %      258,877        20.42        to        19.86        5,154,799        1.47 %      17.41 %      to        17.12 % 
2016      0.00 %      to        0.25 %      234,318        17.39        to        16.96        3,981,119        1.71 %      6.45 %      to        6.19 % 

VanEck VIP Trust - Emerging Markets Fund: Initial Class (VWEM)

 

2020      0.00 %      to        0.25 %      190,708        56.11        to        67.86        11,533,978        2.02 %      17.25 %      to        16.96 % 
2019      0.00 %      to        0.25 %      217,323        47.86        to        58.02        11,270,070        0.48 %      30.60 %      to        30.27 % 
2018      0.00 %      to        0.25 %      244,574        36.65        to        44.54        9,731,215        0.29 %      -23.49 %      to        -23.68 % 
2017      0.00 %      to        0.25 %      256,411        47.89        to        58.36        13,060,213        0.39 %      51.03 %      to        50.66 % 
2016      0.00 %      to        0.25 %      232,376        31.71        to        38.74        7,894,612        0.45 %      0.10 %      to        -0.15 % 

VanEck VIP Trust - Global Hard Assets Fund: Initial Class (VWHA)

 

2020      0.00 %      to        0.25 %      479,161        30.43        to        34.82        16,292,094        0.93 %      19.11 %      to        18.81 % 
2019      0.00 %      to        0.25 %      539,484        25.55        to        29.31        15,250,927        0.00 %      11.87 %      to        11.59 % 
2018      0.00 %      to        0.25 %      785,577        22.84        to        26.26        20,077,057        0.00 %      -28.28 %      to        -28.46 % 
2017      0.00 %      to        0.25 %      860,088        31.84        to        36.71        30,644,694        0.00 %      -1.70 %      to        -1.94 % 
2016      0.00 %      to        0.25 %      890,301        32.39        to        37.44        32,061,348        0.38 %      43.71 %      to        43.35 % 

Vanguard Variable Insurance Fund - Balanced Portfolio (VVB)

 

2020      0.00 %      to        0.25 %      522,971        27.22        to        26.35        13,867,162        2.63 %      10.68 %      to        10.40 % 
2019      0.20 %      to        0.25 %      496,895        24.01        to        23.87        11,921,228        2.60 %      22.24 %      to        22.18 % 
2018      0.20 %      to        0.25 %      502,080        19.64        to        19.54        9,854,999        2.31 %      -3.60 %      to        -3.65 % 
2017      0.20 %      to        0.25 %      526,651        20.38        to        20.28        10,724,851        2.25 %      14.49 %      to        14.43 % 
2016      0.20 %      to        0.25 %      525,315        17.80        to        17.72        9,344,611        2.34 %      10.79 %      to        10.74 % 

Vanguard Variable Insurance Fund - Capital Growth Portfolio (VVCG)

 

2020      0.20 %      to        0.25 %      937,936        20.61        to        20.55        19,323,339        1.45 %      17.24 %      to        17.18 % 
2019      0.20 %      to        0.25 %      1,124,585        17.58        to        17.54        19,763,411        1.10 %      26.25 %      to        26.18 % 
2018      0.20 %      to        0.25 %      1,154,543        13.93        to        13.90        16,073,057        0.79 %      -1.38 %      to        -1.43 % 
2017      0.20 %      to        0.25 %      1,112,691        14.12        to        14.10        15,707,835        1.10 %      28.58 %      to        28.51 % 
2016      0.20 %      to        0.25 %      1,075,747        10.98        to        10.97        11,812,030        1.14 %      10.62 %      to        10.57 % 

Vanguard Variable Insurance Fund - Diversified Value Portfolio (VVDV)

 

2018      0.20 %      to        0.25 %      639,958        17.15        to        17.06        10,969,558        2.56 %      -9.30 %      to        -9.34 % 
2017      0.20 %      to        0.25 %      710,009        18.91        to        18.82        13,419,424        2.87 %      12.93 %      to        12.87 % 
2016      0.20 %      to        0.25 %      823,155        16.75        to        16.67        13,777,631        2.74 %      12.74 %      to        12.68 % 

Vanguard Variable Insurance Fund - Equity Income Portfolio (VVEI)

 

2020      0.00 %           14,840        11.18              165,921        1.10 %      3.25 %         **** 

Vanguard Variable Insurance Fund - Equity Index Portfolio (VVEIX)

 

2020      0.00 %           8,031        13.00              104,429        0.00 %      18.20 %         **** 

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

     Contract
Expense
Rate*		     Units      Unit
Fair Value		      Contact
Owners’ Equity		      Investment
Income
Ratio**		     Total
Return***		  

Vanguard Variable Insurance Fund - Total Bond Market Index Portfolio (VVHGB)

 

2020      0.00 %      to        0.25 %      4,401,877        14.33        to        13.98        61,796,645        1.99 %      7.58 %      to        7.31 % 
2019      0.20 %      to        0.25 %      3,770,243        13.08        to        13.02        49,299,409        2.57 %      8.46 %      to        8.40 % 
2018      0.20 %      to        0.25 %      2,802,309        12.06        to        12.02        33,788,586        1.84 %      -0.33 %      to        -0.38 % 
2017      0.20 %      to        0.25 %      2,158,608        12.10        to        12.06        26,115,804        2.27 %      3.28 %      to        3.22 % 
2016      0.20 %      to        0.25 %      1,957,890        11.72        to        11.68        22,938,055        2.14 %      2.27 %      to        2.22 % 

Vanguard Variable Insurance Fund - International Portfolio (VVI)

 

2020      0.00 %      to        0.25 %      652,790        28.71        to        27.79        18,252,019        1.20 %      57.58 %      to        57.19 % 
2019      0.20 %      to        0.25 %      684,174        17.79        to        17.68        12,160,075        1.40 %      30.95 %      to        30.89 % 
2018      0.20 %      to        0.25 %      790,875        13.58        to        13.51        10,734,926        0.75 %      -12.79 %      to        -12.83 % 
2017      0.20 %      to        0.25 %      797,393        15.58        to        15.50        12,411,972        0.99 %      42.39 %      to        42.32 % 
2016      0.20 %      to        0.25 %      737,202        10.94        to        10.89        8,059,541        1.45 %      1.67 %      to        1.62 % 

Vanguard Variable Insurance Fund - Mid-Cap Index Portfolio (VVMCI)

 

2020      0.00 %      to        0.25 %      905,295        33.02        to        31.96        29,104,519        1.61 %      18.07 %      to        17.78 % 
2019      0.20 %      to        0.25 %      1,017,241        27.30        to        27.14        27,746,660        1.48 %      30.61 %      to        30.55 % 
2018      0.20 %      to        0.25 %      1,155,762        20.90        to        20.79        24,138,907        1.21 %      -9.51 %      to        -9.56 % 
2017      0.20 %      to        0.25 %      1,281,420        23.10        to        22.98        29,579,690        1.18 %      18.84 %      to        18.78 % 
2016      0.20 %      to        0.25 %      1,397,843        19.44        to        19.35        27,153,526        1.37 %      10.89 %      to        10.84 % 

Vanguard Variable Insurance Fund - Real Estate Index Portfolio (VVREI)

 

2020      0.00 %      to        0.25 %      127,533        23.68        to        23.09        2,959,928        2.69 %      -4.85 %      to        -5.09 % 
2019      0.20 %      to        0.25 %      100,637        24.44        to        24.33        2,457,561        2.74 %      28.55 %      to        28.48 % 
2018      0.20 %      to        0.25 %      121,963        19.01        to        18.93        2,317,105        5.01 %      -5.54 %      to        -5.59 % 
2017      0.20 %      to        0.25 %      418,417        20.12        to        20.05        8,416,439        2.48 %      4.57 %      to        4.52 % 
2016      0.20 %      to        0.25 %      479,306        19.25        to        19.19        9,220,808        2.47 %      8.14 %      to        8.09 % 

Vanguard Variable Insurance Fund - Small Company Growth Portfolio (VVSCG)

 

2020      0.00 %      to        0.25 %      248,618        34.93        to        34.19        8,532,316        0.67 %      23.18 %      to        22.88 % 
2019      0.20 %      to        0.25 %      278,570        27.93        to        27.82        7,775,653        0.53 %      27.85 %      to        27.79 % 
2018      0.20 %      to        0.25 %      294,192        21.84        to        21.77        6,423,351        0.32 %      -7.45 %      to        -7.50 % 
2017      0.20 %      to        0.25 %      233,629        23.60        to        23.54        5,512,048        0.45 %      23.22 %      to        23.16 % 
2016      0.20 %      to        0.25 %      236,916        19.15        to        19.11        4,536,674        0.33 %      14.71 %      to        14.65 % 

Vanguard Variable Insurance Fund - Short-Term Investment-Grade Portfolio (VVSTC)

 

2020      0.00 %           1,592        15.07              23,991        0.00 %      5.49 %      
2017      0.20 %      to        0.25 %      351,131        13.11        to        13.05        4,600,829        1.83 %      1.89 %      to        1.84 % 
2016      0.20 %      to        0.25 %      466,816        12.87        to        12.81        6,003,838        1.79 %      2.51 %      to        2.46 % 

Vanguard Variable Insurance Fund-Total International Stock Market Index Portfolio (VVTISI)

 

2020      0.20 %      to        0.25 %      1,568,615        12.71        to        12.70        19,935,377        2.16 %      10.96 %      to        10.90 % 
2019      0.20 %      to        0.25 %      1,386,663        11.46        to        11.45        15,883,704        1.95 %      21.31 %      to        21.25 % 
2018      0.20 %      to        0.25 %      1,102,651        9.44              10,412,288        0.00 %      -5.57 %      to        -5.58 %**** 

Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)

 

2020      0.00 %      to        0.25 %      239,764        10.76        to        10.71        2,573,424        1.46 %      -1.33 %      to        -1.58 % 
2019      0.00 %      to        0.25 %      89,155        10.90        to        10.89        970,992        2.55 %      9.04 %      to        8.86 %**** 

Wells Fargo Variable Trust - VT Discovery Fund: Class 2 (SVDF)

 

2020      0.00 %      to        0.25 %      644,734        51.13        to        49.46        32,612,947        0.00 %      62.65 %      to        62.24 % 
2019      0.00 %      to        0.25 %      647,369        31.44        to        30.49        20,125,583        0.00 %      39.02 %      to        38.67 % 
2018      0.00 %      to        0.25 %      683,178        22.61        to        21.98        15,285,492        0.00 %      -7.06 %      to        -7.30 % 
2017      0.00 %      to        0.25 %      685,998        24.33        to        23.71        16,520,847        0.00 %      29.13 %      to        28.81 % 
2016      0.00 %      to        0.25 %      748,933        18.84        to        18.41        13,994,736        0.00 %      7.65 %      to        7.38 % 

Wells Fargo Variable Trust - VT Opportunity Fund: Class 2 (SVOF)

 

2020      0.00 %      to        0.25 %      182,183        48.58        to        46.13        8,449,644        0.44 %      21.00 %      to        20.70 % 
2019      0.00 %      to        0.25 %      201,520        40.14        to        38.22        7,744,811        0.28 %      31.46 %      to        31.14 % 
2018      0.00 %      to        0.25 %      197,765        30.54        to        29.14        5,775,436        0.19 %      -7.15 %      to        -7.38 % 
2017      0.00 %      to        0.25 %      219,564        32.89        to        31.47        6,924,848        0.67 %      20.44 %      to        20.14 % 
2016      0.00 %      to        0.25 %      229,422        27.31        to        26.19        6,021,481        2.02 %      12.23 %      to        11.95 % 

Wells Fargo Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)

 

2020      0.00 %      to        0.25 %      237,092        43.48        to        42.07        10,128,757        0.00 %      57.78 %      to        57.39 % 
2019      0.00 %      to        0.25 %      251,278        27.56        to        26.73        6,799,161        0.00 %      24.83 %      to        24.52 % 
2018      0.00 %      to        0.25 %      312,243        22.08        to        21.46        6,789,362        0.00 %      1.31 %      to        1.06 % 
2017      0.00 %      to        0.25 %      270,319        21.79        to        21.24        5,797,136        0.00 %      25.86 %      to        25.54 % 
2016      0.00 %      to        0.25 %      270,148        17.32        to        16.92        4,612,821        0.00 %      7.75 %      to        7.48 % 

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

 

*

This represents the annual contract expense rate of the variable account at the period end indicated and includes only those expenses that are charged through a reduction in the unit values. Excluded are expenses of the underlying mutual funds and charges made directly to policyholder accounts through the surrender of units.

**

This represents the ratio of dividends for the period indicated, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by monthly average net assets (excluding months where net assets are zero). The investment income ratio for subaccounts initially funded during the period presented has not been annualized. The ratios exclude those expenses that result in direct reductions to the policyholder accounts through reductions in unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

***

This represents the total return for the period. The total returns do not include any expenses assessed through the surrender of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return is not annualized if the underlying mutual fund option was initially added and funded during the period presented.

****

Subaccounts denoted indicate the underlying mutual fund option was initially added and funded during the period presented.

NATIONWIDE LIFE INSURANCE COMPANY

FOR THE YEAR ENDED DECEMBER 31, 2020

TABLE OF CONTENTS

 

     Page  
  

Independent Auditors’ Report

     F-1  
  

Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus

     F-3  
  

Statutory Statements of Operations

     F-4  
  

Statutory Statements of Changes in Capital and Surplus

      F-5  
  

Statutory Statements of Cash Flow

     F-6  
  

Notes to Statutory Financial Statements

     F-7  
  

Schedule I – Consolidated Summary of Investments – Other Than Investments in Related Parties

     F-47  
  

Schedule III – Supplementary Insurance Information

     F-48  
  

Schedule IV – Reinsurance

     F-49  
  

Schedule V – Valuation and Qualifying Accounts

     F-50  

LOGO

Independent Auditors’ Report

Audit Committee of the Board of Directors Nationwide Life Insurance Company:

We have audited the accompanying financial statements of Nationwide Life Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, capital and surplus as of December 31, 2020 and 2019, and the related statutory statements of operations, changes in capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2020, and the related notes to the statutory financial statements (“statutory financial statements”).

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with statutory accounting practices prescribed or permitted by the Ohio Department of Insurance (the Department). Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 2 to the financial statements, the financial statements are prepared by the Company using statutory accounting practices prescribed or permitted by the Department, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles.

The effects on the financial statements of the variances between the statutory accounting practices described in Note 2 and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material.

 

LOGO

LOGO

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the variances between statutory accounting practices and U.S. generally accepted accounting principles discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles paragraph, the financial statements referred to above do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2020 and 2019, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2020.

Opinion on Statutory Basis of Accounting

In our opinion, the financial statements referred to above present fairly, in all material respects, the admitted assets, liabilities, capital and surplus of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2020, in accordance with statutory accounting practices prescribed or permitted by the Department described in Note 2.

Other Matter

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information included in Schedule I Consolidated Summary of Investments – Other Than Investments in Related Parties, Schedule III Supplementary Insurance Information, Schedule IV Reinsurance and Schedule V Valuation and Qualifying Accounts is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Securities and Exchange Commission’s Regulation S-X. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

 

LOGO

Columbus, Ohio

March 19, 2021

 

F-2

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus

 

      December 31,  
(in millions, except share amounts)    2020      2019  
     

Admitted assets

      

Invested assets

      

Bonds

    $ 37,207      $ 35,124  

Stocks

      2,835        2,622  

Mortgage loans, net of allowance

      7,783        7,655  

Policy loans

      888        903  

Derivative assets

      51        94  

Cash, cash equivalents and short-term investments

      461        556  

Securities lending collateral assets

      101        132  

Other invested assets

      955        958  

Total invested assets

    $ 50,281      $ 48,044  

Accrued investment income

      692        573  

Deferred federal income tax assets, net

      642        601  

Federal income tax receivable

      11        108  

Other assets

      184        152  

Separate account assets

      114,407        105,655  

Total admitted assets

    $ 166,217      $ 155,133  
     

Liabilities, capital and surplus

      

Liabilities

      

Future policy benefits and claims

    $ 41,002      $ 39,139  

Policyholders dividend accumulation

      430        452  

Short-term debt

      3        203  

Asset valuation reserve

      466        479  

Payable for securities

      177        113  

Derivative liabilities

      87        23  

Securities lending payable

      101        132  

Other liabilities

      1,929        1,682  

Accrued transfers from separate accounts

      (1,490 )       (1,567 ) 

Separate account liabilities

      114,407        105,655  

Total liabilities

    $ 157,112      $ 146,311  
     

Capital and surplus

      

Capital shares ($1 par value; authorized - 5,000,000 shares, issued and outstanding - 3,814,779 shares)

    $ 4      $ 4  

Surplus notes

      1,100        1,100  

Additional paid-in capital

      1,998        1,998  

Unassigned surplus

      6,003        5,720  

Total capital and surplus

    $ 9,105      $ 8,822  

Total liabilities, capital and surplus

    $     166,217      $     155,133  

See accompanying notes to statutory financial statements.

 

F-3

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

 

Statutory Statements of Operations

 

      Year ended December 31,  
(in millions)    2020     2019     2018  
      

Revenues

       

Premiums and annuity considerations

    $ 10,637     $ 10,168     $ 9,829  

Net investment income

      2,107       1,974       1,927  

Amortization of interest maintenance reserve

      -       (2 )      (1 ) 

Other revenues

      2,372       2,312       2,240  

Total revenues

    $ 15,116     $ 14,452     $ 13,995  
      

Benefits and expenses

       

Benefits to policyholders and beneficiaries

    $ 15,013     $ 14,782     $ 13,961  

Increase in reserves for future policy benefits and claims

      1,627       1,501       736  

Net transfers from separate accounts

      (3,544 )      (3,747 )      (2,468 ) 

Commissions

      646       674       670  

Dividends to policyholders

      36       38       40  

Reserve adjustment on reinsurance assumed

      (172 )      (246 )      (352 ) 

Other expenses

      444       417       398  

Total benefits and expenses

    $     14,050     $     13,419     $     12,985  
      

Income before federal income tax expense and net realized capital losses on investments

    $ 1,066     $ 1,033     $ 1,010  

Federal income tax expense (benefit)

      4       (73 )      64  
      

Income before net realized capital losses on investments

    $ 1,062     $ 1,106     $ 946  

Net realized capital (losses) on investments, net of federal income tax (benefit) expense of $(26), $7 and $8 in 2020, 2019 and 2018, respectively, and excluding $(4), $0 and $(1) of net realized capital (losses) transferred to the interest maintenance reserve in 2020, 2019 and 2018, respectively

      (575 )      (477 )      (235 ) 

Net income

    $ 487     $ 629     $ 711  

See accompanying notes to statutory financial statements.

 

F-4

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

 

Statutory Statements of Changes in Capital and Surplus

 

(in millions)    Capital shares     

Surplus

notes

      Additional
paid-in
capital		      Unassigned
surplus		     Capital and
surplus		  

Balance as of December 31, 2017

    $ 4      $ 700      $ 963      $ 4,282     $ 5,949  
             

Net income

      -        -        -        711       711  

Change in asset valuation reserve

      -        -        -        (12 )      (12 ) 

Change in deferred income taxes

      -        -        -        72       72  

Change in net unrealized capital gains and losses, net of tax expense of $88

      -        -        -        (304 )      (304 ) 

Change in nonadmitted assets

      -        -        -        (6 )      (6 ) 

Capital contribution from Nationwide

              

Financial Services, Inc.

      -        -        435        -       435  

Balance as of December 31, 2018

    $ 4      $ 700      $ 1,398      $ 4,743     $ 6,845  
             

Net income

      -        -        -        629       629  

Change in asset valuation reserve

      -        -        -        (107 )      (107 ) 

Change in deferred income taxes

      -        -        -        (29 )      (29 ) 

Change in net unrealized capital gains and losses, net of tax (benefit) of ($29)

      -        -        -        426       426  

Change in nonadmitted assets

      -        -        -        59       59  

Change in surplus notes

      -        400        -        -       400  

Capital contribution from Nationwide Financial Services, Inc.

      -        -        600        -       600  

Other, net

      -        -        -        (1 )      (1 ) 

Balance as of December 31, 2019

    $ 4      $ 1,100      $ 1,998      $ 5,720     $ 8,822  
             

Change in reserve on account of change in valuation basis

      -        -        -        78       78  

Cumulative effect of change in accounting principle

      -        -        -        5       5  

Balance as of January 1, 2020

    $ 4      $ 1,100      $ 1,998      $ 5,803     $ 8,905  
             

Net income

      -        -        -        487       487  

Change in asset valuation reserve

      -        -        -        13       13  

Change in deferred income taxes

      -        -        -        41       41  

Change in net unrealized capital gains and losses, net of tax (benefit) of ($3)

      -        -        -        (313 )      (313 ) 

Change in nonadmitted assets

      -        -        -        (21 )      (21 ) 

Other, net

      -        -        -        (7 )      (7 ) 

Balance as of December 31, 2020

    $ 4      $ 1,100      $ 1,998      $ 6,003     $ 9,105  

See accompanying notes to statutory financial statements.

 

F-5

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

 

Statutory Statements of Cash Flow

 

      Years ended December 31,  
(in millions)    2020     2019     2018  
      

Cash flows from operating activities:

       

Premiums collected, net of reinsurance

    $ 10,648     $ 10,184     $ 9,812  

Net investment income

      2,034       1,825       2,041  

Other revenue

      2,664       2,708       2,329  

Policy benefits and claims paid

      (14,886 )      (14,778 )      (13,947 ) 

Commissions, operating expenses and taxes, other than federal income tax paid

      (885 )      (847 )      (710 ) 

Net transfers from separate accounts

      3,620       3,805       2,606  

Policyholders’ dividends paid

      (38 )      (40 )      (45 ) 

Federal income taxes recovered

      121       87       74  

Net cash provided by operating activities

    $ 3,278     $ 2,944     $ 2,160  
      

Cash flows from investing activities:

       

Proceeds from investments sold, matured or repaid:

       

Bonds

    $ 3,404     $ 3,547     $ 3,366  

Stocks

      37       58       1  

Mortgage loans

      640       910       580  

Derivative assets

      -       4       560  

Other assets

      905       381       190  

Total investment proceeds

    $ 4,986     $ 4,900     $ 4,697  

Cost of investments acquired:

       

Bonds

    $ (5,527 )    $ (6,327 )    $ (4,499 ) 

Stocks

      (517 )      (454 )      (608 ) 

Mortgage loans

      (769 )      (800 )      (762 ) 

Derivative assets

      (580 )      (687 )      -  

Other assets

      (837 )      (340 )      (610 ) 

Total investments acquired

    $ (8,230 )    $ (8,608 )    $ (6,479 ) 

Net decrease in policy loans

      15       2       36  

Net cash used in investing activities

    $ (3,229 )    $ (3,706 )    $ (1,746 ) 
      

Cash flows from financing activities and miscellaneous sources:

       

Surplus notes

    $ -     $ 400     $ -  

Capital contribution from Nationwide Financial Services, Inc.

      -       600       435  

Net change in deposits on deposit-type contract funds and other insurance liabilities

      160       (714 )      228  

Net change in short-term debt

      (200 )      (162 )      365  

Derivative liabilities

      65       2       (135 ) 

Other cash (used) provided

      (169 )      93       (172 ) 

Net cash (used in) provided by financing activities and miscellaneous

    $ (144 )    $ 219     $ 721  
      

Net (decrease) increase in cash, cash equivalents and short-term investments

    $ (95 )    $ (543 )    $ 1,135  

Cash, cash equivalents and short-term investments at beginning of year

      556       1,099       (36 ) 

Cash, cash equivalents and short-term investments at end of year

    $ 461     $ 556     $ 1,099  

Supplemental disclosure of non-cash activities:

       

Exchange of bond investments

    $ 799     $ 592     $ 573  

Intercompany transfer of securities

    $ -     $ 6     $ 108  

Intercompany transfer of mortgages

    $ -     $ -     $ 155  

See accompanying notes to statutory financial statements.

 

F-6

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

(1)

Nature of Operations

Nationwide Life Insurance Company (“NLIC” or “the Company”) was incorporated in 1929 and is an Ohio domiciled stock life insurance company. The Company is a member of the Nationwide group of companies (“Nationwide”), which is comprised of Nationwide Mutual Insurance Company (“NMIC”) and all of its subsidiaries and affiliates.

All of the outstanding shares of NLIC’s common stock are owned by Nationwide Financial Services, Inc. (“NFS”), a holding company formed by Nationwide Corporation, a majority-owned subsidiary of NMIC.

The Company is a leading provider of long-term savings and retirement products in the United States of America (“U.S.”). The Company develops and sells a wide range of products and services, which include fixed and variable individual annuities, private and public sector group retirement plans, life insurance, investment advisory services and other investment products. The Company is licensed to conduct business in all fifty states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands.

The Company sells its products through a diverse distribution network. Unaffiliated entities that sell the Company’s products to their own customer bases include independent broker-dealers, financial institutions, wirehouses and regional firms, pension plan administrators, life insurance agencies, life insurance specialists and registered investment advisors. Representatives of affiliates who market products directly to a customer base include Nationwide Retirement Solutions, Inc. and Nationwide Financial Network producers, which includes the agency distribution force of the Company’s ultimate parent company, NMIC. NMIC completed the transition away from utilizing the exclusive agent model in 2020. The Company believes its broad range of competitive products, strong distributor relationships and diverse distribution network position it to compete effectively under various economic conditions.

Wholly-owned subsidiaries of NLIC as of December 31, 2020 include Nationwide Life and Annuity Insurance Company (“NLAIC”) and its wholly-owned subsidiaries, Olentangy Reinsurance, LLC (“Olentangy”) and Nationwide SBL, LLC (“NWSBL”), Jefferson National Financial Corporation (“JNF”) and its wholly-owned subsidiaries, Jefferson National Securities Corporation (“JNSC”) and Jefferson National Life Insurance Company (“JNLIC”), and its wholly-owned subsidiary, Jefferson National Life Insurance Company of New York (“JNLNY”), Eagle Captive Reinsurance, LLC (“Eagle”), Nationwide Investment Services Corporation (“NISC”) and Nationwide Investment Advisor, LLC (“NIA”). NLAIC primarily offers fixed indexed annuity contracts and individual annuity contracts, universal life insurance, variable universal life insurance, term life insurance and corporate-owned life insurance on a non-participating basis. Olentangy is a Vermont domiciled special purpose financial captive insurance company. NWSBL offers a securities-based lending product and is an Ohio limited liability company and nonadmitted subsidiary. JNF is a distributor of tax-advantaged investing solutions for registered investment advisors, fee-based advisors and the clients they serve. JNSC is a registered broker-dealer. JNLIC and JNLNY are licensed to underwrite both fixed and variable annuity products. Eagle is an Ohio domiciled special purpose financial captive insurance company. NISC is a registered broker-dealer. NIA is a registered investment advisor.

The Company is subject to regulation by the insurance departments of states in which it is domiciled and/or transacts business and undergoes periodic examinations by those departments.

As of December 31, 2020 and 2019, the Company did not have a significant concentration of financial instruments in a single investee, industry or geographic region. Also, the Company did not have a concentration of business transactions with a particular customer, lender, distribution source, market or geographic region in which a single event could cause a severe impact on the Company’s financial position after considering insurance risk that has been transferred to external reinsurers.

 

(2)

Summary of Significant Accounting Policies

Use of Estimates

The preparation of the statutory financial statements requires the Company to make estimates and assumptions that affect the amounts reported in the statutory financial statements and accompanying notes. Significant estimates include legal and regulatory reserves, certain investment and derivative valuations, future policy benefits and claims, provision for income taxes and valuation of deferred tax assets. Actual results could differ significantly from those estimates.

Basis of Presentation

The statutory financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the Ohio Department of Insurance (“the Department”). Prescribed statutory accounting practices are those practices incorporated directly or by reference in state laws, regulations and general administrative rules applicable to all insurance enterprises domiciled in a particular state. Permitted statutory accounting practices include practices not prescribed by the domiciliary state, but allowed by the domiciliary state regulatory authority.

 

 

F-7

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The Company’s subsidiary, Eagle, applies a prescribed practice which values assumed guaranteed minimum death benefits (“GMDB”) and guaranteed lifetime withdrawal benefits (“GLWB”) risks on variable annuity contracts from NLIC and GLWB risks on fixed indexed annuity contracts from NLAIC using separate alternative reserving bases from the Statutory Accounting Principles detailed within the National Association of Insurance Commissioners (“NAIC”) Accounting Practices and Procedures manual (“NAIC SAP”) pursuant to Ohio Revised Code Chapter 3964 and approved by the Department. The prescribed practice related to NLIC guaranteed risks decreased the Company’s subsidiary valuation of Eagle, included in other invested assets on the statutory statements of admitted assets, liabilities, capital and surplus, by $711 million and $411 million as of December 31, 2020 and 2019, respectively. The prescribed practice related to NLAIC guaranteed risks, increased the Company’s subsidiary valuation of Eagle, included in other invested assets on the statutory statements of admitted assets, liabilities, capital and surplus, by $523 million and $226 million as of December 31, 2020 and 2019, respectively.

Olentangy was granted a permitted practice from the State of Vermont allowing Olentangy to carry the assets placed into a trust account by Union Hamilton Reinsurance Ltd. (“UHRL”) on its statutory statements of admitted assets, liabilities, capital and surplus at net admitted asset value. This permitted practice increased NLAIC’s valuation of this subsidiary, included in stocks on the statutory statements of admitted assets, liabilities, capital and surplus, by $67 million as of December 31, 2020 and 2019.

There was no difference in the Company’s net income as a result of prescribed or permitted practices. If the prescribed or permitted practices were not applied, the Company’s risk-based capital would continue to be above regulatory action levels. A reconciliation of the Company’s capital and surplus between NAIC SAP and prescribed and permitted practices is shown below:

 

   

(in millions)

     
 SSAP
#		  
 		     F/S Page       
 State of
domicile		  
 		     

 As of
December

31, 2020

  
 

 

     

 As of
December

31, 2019

  
 

 

   
             

Capital and Surplus

              

Statutory Capital and Surplus

           OH      $ 9,105      $ 8,822  

State Prescribed Practice:

              

Subsidiary valuation - Eagle: NLIC risks ceded

      52       3        OH        711        411  

Subsidiary valuation - Eagle: NLAIC risks ceded

      52       3        OH        (523 )       (226 ) 

State Permitted Practice:

              

Subsidiary valuation - Olentangy

      20       3        VT        (67 )       (67 ) 

Statutory Capital and Surplus, NAIC SAP

            $ 9,226      $ 8,940  
   

Statutory accounting practices vary in some respects from U.S. generally accepted accounting principles (“GAAP”), including the following practices:

Financial Statements

 

  ●  

Statutory financial statements are prepared using language and groupings substantially the same as the annual statements of the Company filed with the NAIC and state regulatory authorities;

 

  ●  

assets must be included in the statutory statements of admitted assets, liabilities, capital and surplus at net admitted asset value and nonadmitted assets are excluded through a charge to capital and surplus;

 

  ●  

an asset valuation reserve (“AVR”) is established in accordance with the NAIC Annual Statement Instructions for Life and Accident and Health Insurance Companies and is reported as a liability, and changes in the AVR are reported directly in capital and surplus;

 

  ●  

an interest maintenance reserve (“IMR”) is established in accordance with the NAIC Annual Statement Instructions for Life and Accident and Health Insurance Companies and is reported as a liability, and the amortization of the IMR is reported as revenue;

 

  ●  

the expense allowance associated with statutory reserving practices for investment contracts held in the separate accounts is reported in the general account as a negative liability;

 

  ●  

accounting for contingencies requires recording a liability at the midpoint of a range of estimated possible outcomes when no better estimate in the range exists;

 

  ●  

surplus notes are accounted for as a component of capital and surplus;

 

  ●  

costs related to successful policy acquisitions are charged to operations in the year incurred;

 

  ●  

negative cash balances are reported as negative assets;

 

F-8

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

  ●  

certain income and expense items are charged or credited directly to capital and surplus;

 

  ●  

amounts on deposit in internal qualified cash pools are reported as cash equivalents;

 

  ●  

the statutory statements of cash flows are presented on the basis prescribed by the NAIC; and

 

  ●  

the statutory financial statements do not include accumulated other comprehensive income.

Future Policy Benefits and Claims

 

  ●  

Deposits to universal life contracts, investment contracts and limited payment contracts are included in revenue; and

 

  ●  

future policy benefit reserves are based on statutory requirements.

Reinsurance Ceded

 

  ●  

Certain assets and liabilities are reported net of ceded reinsurance balances; and

 

  ●  

provision is made for amounts receivable and outstanding for more than 90 days through a charge to capital and surplus.

Investments

 

  ●  

Investments in bonds are generally stated at amortized cost, except those with an NAIC designation of “6”, which are stated at the lower of amortized cost or fair value;

 

  ●  

investments in preferred stocks are generally stated at amortized cost, except those with an NAIC designation of “4” through “6”, which are stated at the lower of amortized cost or fair value;

 

  ●  

other-than-temporary impairments on bonds, excluding loan-backed and structured securities, are measured based on fair value and are not reversible;

 

  ●  

the proportional amortized cost method is utilized to determine the liquidation value of Low-Income Housing Tax Credit Funds (“Tax Credit Funds”);

 

  ●  

admitted subsidiary, controlled and affiliated entities are not consolidated; rather, those investments are generally carried at audited statutory capital and surplus or GAAP equity, as appropriate, and are recorded as an equity investment in stocks or other invested assets;

 

  ●  

equity in earnings of subsidiary companies is recognized directly in capital and surplus as net unrealized capital gains or losses, while dividends from unconsolidated companies are recorded in operations as net investment income;

 

  ●  

undistributed earnings and valuation adjustments from investments in joint ventures, partnerships and limited liability companies are recognized directly in capital and surplus as net unrealized capital gains or losses;

 

  ●  

changes in non-specific mortgage loan reserves are measured under an incurred loss model and are recorded directly in capital and surplus as net unrealized capital gains or losses; and

 

  ●  

gains on sales of investments between affiliated companies representing economic transactions are deferred at the parent level until the related assets are paid down or an external sale occurs.

Separate Accounts

 

  ●  

Assets and liabilities of guaranteed separate accounts are reported as separate account assets and separate account liabilities, respectively.

Derivative Instruments

 

  ●  

Derivatives used in effective hedging transactions are valued in a manner consistent with the hedged asset or liability;

 

  ●  

unrealized gains and losses on derivatives that are not considered to be effective hedges are charged to capital and surplus;

 

  ●  

interest earned on derivatives is charged to net investment income; and

 

  ●  

embedded derivatives are not separated from the host contract and accounted for separately as a derivative instrument.

 

F-9

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

Goodwill

 

  ●  

Goodwill is limited to 10% of the prior reporting period’s adjusted statutory surplus, with any goodwill in excess of this limitation nonadmitted through a charge to surplus; and

 

  ●  

goodwill is amortized and charged to surplus.

Federal Income Taxes

 

  ●  

Changes in deferred federal income taxes are recognized directly in capital and surplus with limitations on the amount of deferred tax assets that can be reflected as an admitted asset (15% of surplus); and

 

  ●  

uncertain tax positions are subject to a “more likely than not” standard for federal and foreign income tax loss contingencies only.

Nonadmitted Assets

 

  ●  

In addition to the nonadmitted assets described above, certain other assets are nonadmitted and charged directly to capital and surplus. These include prepaid assets, certain software, disallowed IMR and other receivables outstanding for more than 90 days.

The financial information included herein is prepared and presented in accordance with SAP prescribed or permitted by the Department. Certain differences exist between SAP and GAAP, which are presumed to be material.

Revenues and Benefits

Life insurance premiums are recognized as revenue over the premium paying period of the related policies when due. Annuity considerations are recognized as revenue when received. Health insurance premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Policy benefits and claims that are expensed include interest credited to policy account balances, benefits and claims incurred in the period in excess of related policy reserves and other changes in future policy benefits.

Future Policy Benefits and Claims

Future policy benefits for traditional products are based on statutory mortality and interest requirements without consideration of withdrawals. The principal statutory mortality tables and interest assumptions used on policies in force are the 1958 Commissioner’s Standard Ordinary (“CSO”) table at interest rates of 2.5%, 3.0%, 3.5%, 4.0% and 4.5%, the 1941 CSO table at an interest rate of 2.5%, the 1980 CSO table at interest rates of 4.0%, 4.5%, 5.0% and 5.5%, the 2001 CSO table at an interest rate of 4.0% and 3.5% and the 2017 CSO table at an interest rate of 3.5% and 4.5%. Beginning January 1, 2020, the Company has applied principles-based reserving to all new individual life business. For business subject to principles-based reserving, additional reserves may be held where the deterministic and/or stochastic reserves are in excess of net premium reserves, as defined by Valuation Manual 20, Requirements for Principle-Based Reserves for Life Products (“VM-20”).

Future policy benefits for universal life and variable universal life contracts have been calculated based on participants’ contributions plus interest credited on any funds in the fixed account less applicable contract charges. These policies have been adjusted for possible future surrender charges in accordance with the Commissioner’s Reserve Valuation Method (“CRVM”). For business subject to principles-based reserving, the Company has calculated reserves under VM-20.

Future policy benefits for annuity products have been established based on contract term, interest rates and various contract provisions. Individual deferred annuity contracts issued in 1990 and after have been adjusted for possible future surrender charges in accordance with the Commissioner’s Annuity Reserve Valuation Method (“CARVM”).

As of 2019, the Company calculated its reserves for variable annuity products with guaranteed minimum death, accumulation and withdrawal benefits and other contracts involving guaranteed benefits similar to those offered with variable annuities under the standard scenario of Actuarial Guideline XLIII “CARVM for Variable Annuities”, which exceeded the stochastic 70th percentile Conditional Tail Expectations scenario. Effective January 1, 2020, the Company changed its reserve valuation basis for variable annuities due to changes to Valuation Manual 21, Requirements for Principle-Based Reserves for Variable Annuities (“VM-21”) and as a result, the Company calculated its reserves using a stochastic reserve, which is floored at the cash surrender value.

The aggregate reserves for individual accident and health policies consist of active life reserves, disabled life reserves and unearned premium reserves. The active life reserves for disability income are reserved for on the net level basis, at a 3.0% interest rate, using either the 1964 Commissioner’s Disability Table (for policies issued prior to 1982) or the 1985 Commissioner’s Individual Disability Table A (for policies issued after 1981). The active life reserves for major medical insurance (both scheduled and unscheduled benefits) are based on the benefit ratio method for policies issued after 1981.

 

F-10

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The active life reserves for accident and health policies are reserved for on the net level basis, at a 3.0% interest rate, using either the 1956 Inter-Company Hospital-Surgical tables, the 1974 Medical Expense tables or the 1959 Accidental Death Benefits table.

The disabled life reserves for accident and health policies are calculated using the 1985 Commissioner’s Individual Disability Table A at a 3.0% interest rate. Unearned premium reserves are based on the actual gross premiums and actual days.

The aggregate reserves for group accident and health and franchise accident and health policies consist of disabled life reserves and unearned premium reserves. Reserves for benefits payable on disabled life claims are based on the 2012 Group Long-Term Disability (GLTD) Valuation Table, at varying interest rates of 2.75% - 6.0%, for group policies and the 1987 Commissioner’s Group Disability Table, at varying interest rates of 2.75% - 10.25%, for franchise policies.

Future policy benefits and claims for group long-term disability policies are the present value (discounted between 2.75% and 6.00%) of amounts not yet due on reported claims and an estimate of amounts to be paid on incurred but unreported claims. Future policy benefits and claims on other group health policies are not discounted.

The Company issues fixed and floating rate funding agreements to the Federal Home Loan Bank of Cincinnati (“FHLB”). The liabilities for such funding agreements are treated as annuities under Ohio law for life insurance companies and recorded in future policy benefits and claims. Refer to Note 9 for additional details.

Separate Accounts

Separate account assets represent contractholders’ funds that have been legally segregated into accounts with specific investment objectives. Separate account assets are primarily recorded at fair value, with the value of separate account liabilities set to equal the fair value of separate account assets. Separate account assets are primarily comprised of public, privately-registered and non-registered mutual funds, whose fair value is primarily based on the funds’ net asset value. Other separate account assets are recorded at fair value based on the methodology that is applicable to the underlying assets. In limited circumstances, other separate account assets are recorded at book value when the policyholder does not participate in the underlying portfolio experience.

Separate account liabilities, in conjunction with accrued transfers from separate accounts, represent contractholders’ funds adjusted for possible future surrender charges in accordance with the CARVM and the CRVM, respectively. The difference between full account value and CARVM/CRVM is reflected in accrued transfers to separate accounts, as prescribed by the NAIC, in the statutory statements of admitted assets, liabilities, capital and surplus. The annual change in the difference between full account value and CARVM/CRVM and its applicable federal income tax is reflected in the statutory statements of operations as part of the net transfers to separate accounts and federal income tax, respectively.

Retained Assets

The Company does not retain beneficiary assets. During a death benefit claim, the death benefit settlement method is payment to the beneficiary in the form of a check or electronic funds transfer.

Investments

Bonds and stocks of unaffiliated companies. Bonds are generally stated at amortized cost, except those with an NAIC designation of “6”, which are stated at the lower of amortized cost or fair value. Preferred stocks are generally stated at amortized cost, except those with an NAIC designation of “4” through “6”, which are stated at the lower of amortized cost or fair value. Common stocks are stated at fair value. Changes in the fair value of bonds and stocks stated at fair value are charged to capital and surplus.

Loan-backed and structured securities, which are included in bonds in the statutory financial statements, are stated in a manner consistent with the bond guidelines, but with additional consideration given to the special valuation rules implemented by the NAIC applicable to residential mortgage-backed securities that are not backed by U.S. government agencies, commercial mortgage-backed securities and certain other structured securities. Under these guidelines, an initial and adjusted NAIC designation is determined for each security. The initial NAIC designation, which takes into consideration the security’s amortized cost relative to an NAIC-prescribed valuation matrix, is used to determine the reporting basis (i.e., amortized cost or lower of amortized cost or fair value).

Interest income is recognized when earned, while dividends are recognized when declared. The Company nonadmits investment income due and accrued when amounts are over 90 days past due.

 

F-11

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

For investments in loan-backed and structured securities, the Company recognizes income and amortizes discounts and premiums using the effective-yield method based on prepayment assumptions, generally obtained using a model provided by a third-party vendor, and the estimated economic life of the securities. When actual prepayments differ significantly from estimated prepayments, the effective-yield is recalculated to reflect actual payments to date and anticipated future payments. Any resulting adjustment is included in net investment income in the period the estimates are revised. All other investment income is recorded using the effective-yield method without anticipating the impact of prepayments.

Purchases and sales of bonds and stocks are recorded on the trade date, with the exception of private placement bonds, which are recorded on the funding date. Realized gains and losses are determined on a specific identification method on the trade date.

Independent pricing services are most often utilized, and compared to pricing from additional sources, to determine the fair value of bonds and stocks for which market quotations or quotations on comparable securities are available. For these bonds and stocks, the Company obtains the pricing services’ methodologies and classifies the investments accordingly in the fair value hierarchy.

A corporate pricing matrix is used in valuing certain corporate bonds. The corporate pricing matrix was developed using publicly available spreads for privately-placed corporate bonds with varying weighted average lives and credit quality ratings. The weighted average life and credit quality rating of a particular bond to be priced using the corporate pricing matrix are important inputs into the model and are used to determine a corresponding spread that is added to the appropriate U.S. Treasury yield to create an estimated market yield for that bond. The estimated market yield and other relevant factors are then used to estimate the fair value of the particular bond.

Non-binding broker quotes are also utilized to determine the fair value of certain bonds when deemed appropriate or when valuations are not available from independent pricing services or a corporate pricing matrix. These bonds are classified with the lowest priority in the fair value hierarchy as only one broker quote is ordinarily obtained, the investment is not traded on an exchange, the pricing is not available to other entities and/or the transaction volume in the same or similar investments has decreased. Inputs used in the development of prices are not provided to the Company by the brokers as the brokers often do not provide the necessary transparency into their quotes and methodologies. At least annually, the Company performs reviews and tests to ensure that quotes are a reasonable estimate of the investments’ fair value. Price movements of broker quotes are subject to validation and require approval from the Company’s management. Management uses its knowledge of the investment and current market conditions to determine if the price is indicative of the investment’s fair value.

For all bonds, the Company considers its ability and intent to hold the security for a period of time sufficient to allow for the anticipated recovery in value, the expected recovery of principal and interest and the extent to which the fair value has been less than amortized cost. If the decline in fair value to below amortized cost is determined to be other-than-temporary, a realized loss is recorded equal to the difference between the amortized cost of the investment and its fair value.

The Company periodically reviews loan-backed and structured securities in an unrealized loss position by comparing the present value of cash flows, including estimated prepayments, expected to be collected from the security to the amortized cost basis of the security. If the present value of cash flows expected to be collected, discounted at the security’s effective interest rate, is less than the amortized cost basis of the security, the impairment is considered other-than-temporary and a realized loss is recorded.

All other bonds in an unrealized loss position are periodically reviewed to determine if a decline in fair value to below amortized cost is other-than-temporary. Factors considered during this review include timing and amount of expected cash flows, ability of the issuer to meet its obligations, financial condition and future prospects of the issuer, amount and quality of any underlying collateral and current economic and industry conditions that may impact an issuer.

Stocks may experience other-than-temporary impairment based on the prospects for full recovery in value in a reasonable period of time and the Company’s ability and intent to hold the stock to recovery. If a stock is determined to be other-than-temporarily impaired, a realized loss is recorded equal to the difference between the cost basis of the investment and its fair value.

 

F-12

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

Investments in subsidiaries. The investment in the Company’s wholly-owned insurance subsidiaries, NLAIC and Eagle, are carried using the equity method of accounting applicable to U.S. insurance subsidiary, controlled and affiliated (“SCA”) entities. This requires the investment to be recorded based on the value of its underlying audited statutory surplus. Furthermore, the equity method of accounting would be discontinued if the investment is reduced to zero, unless the Company has guaranteed obligations of the subsidiary or otherwise committed to provide further financial support. In accordance with the “look through” provisions of Statements of Statutory Accounting Principles (“SSAP”) No. 97, Investments in Subsidiary, Controlled and Affiliated Entities, the valuation of JNF, an unaudited downstream noninsurance holding company, is based on the individual audited SCA entities owned by the holding company. Additionally, all non-affiliated liabilities, commitments, contingencies, guarantees or obligations of the holding company are reflected in the determination of the carrying value of the investments. The Company’s investment in NISC and NIA, wholly-owned non-insurance subsidiaries, are carried using the equity method of accounting applicable to U.S. non-insurance subsidiary, controlled and affiliated entities. This requires the investment to be recorded based on its underlying audited GAAP equity. Investments in NLAIC, JNF and NISC are included in stocks, and the investment in Eagle is included in other invested assets on the statutory statements of admitted assets, liabilities, capital and surplus.

Mortgage loans, net of allowance. The Company holds commercial mortgage loans that are collateralized by properties throughout the U.S. Mortgage loans are held at unpaid principal balance adjusted for premiums and discounts, less a valuation allowance. The Company also holds commercial mortgage loans of these property types that are under development. Mortgage loans under development are collateralized by the borrower’s common stock.

As part of the underwriting process, specific guidelines are followed to ensure the initial quality of a new mortgage loan. Third-party appraisals are obtained to support loaned amounts as the loans are collateral dependent or guaranteed.

The collectability and value of a mortgage loan is based on the ability of the borrower to repay and/or the value of the underlying collateral. Many of the Company’s mortgage loans are structured with balloon payment maturities, exposing the Company to risks associated with the borrowers’ ability to make the balloon payment or refinance the property. Loans are considered delinquent when contractual payments are 90 days past due.

Mortgage loans require a loan-specific reserve when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. When management determines that a loan requires a loan-specific reserve, a provision for loss is established equal to the difference between the carrying value and the fair value of the collateral less costs to sell. Loan-specific reserve charges are recorded in net realized capital gains and losses. In the event a loan-specific reserve charge is reversed, the recovery is also recorded in net realized capital gains and losses.

In addition to the loan-specific reserves, the Company maintains a non-specific reserve based primarily on loan surveillance categories and property type classes, which reflects management’s best estimates of probable credit losses inherent in the portfolio of loans without specific reserves as of the date of the statutory statements of admitted assets, liabilities, capital and surplus. Management’s periodic evaluation of the adequacy of the non-specific reserve is based on past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect a group of borrowers’ ability to repay, the estimated value of the underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. Non-specific reserve changes are recorded directly in capital and surplus as net unrealized capital gains and losses.

Management evaluates the credit quality of individual mortgage loans and the portfolio as a whole through a number of loan quality measurements, including, but not limited to, loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios. The LTV ratio is calculated as a ratio of the amortized cost of a loan to the estimated value of the underlying collateral. DSC is the amount of cash flow generated by the underlying collateral of the mortgage loan available to meet periodic interest and principal payments of the loan. These loan quality measurements contribute to management’s assessment of relative credit risk in the mortgage loan portfolio. Based on underwriting criteria and ongoing assessment of the properties’ performance, management believes the amounts, net of valuation allowance, are collectible. This process identifies the risk profile and potential for loss individually and in the aggregate for the commercial mortgage loan portfolios. These factors are updated and evaluated at least annually. Due to the nature of the collateral underlying mortgage loans under development, these loans are not evaluated using the LTV and DSC ratios described above.

Interest income on performing mortgage loans is recognized in net investment income over the life of the loan using the effective-yield method. Loans in default or in the process of foreclosure are placed on non-accrual status. Interest received on non-accrual status mortgage loans is included in net investment income in the period received. Loans are restored to accrual status when the principal and interest is current and it is determined the future principal and interest payments are probable or the loan is modified.

Policy loans. Policy loans, which are collateralized by the related insurance policy, are held at the outstanding principal balance and do not exceed the net cash surrender value of the policy. As such, no valuation allowance for policy loans is required.

 

F-13

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

Cash and cash equivalents. Cash and cash equivalents include highly liquid investments with original maturities of less than three months and, effective December 31, 2020, amounts on deposit in internal qualified cash pools. The Company and various affiliates maintain agreements with Nationwide Cash Management Company (“NCMC”), an affiliate, under which NCMC acts as a common agent in handling the purchase and sale of short-term securities for the respective accounts of the participants in the internal qualified cash pool.

Short-term investments. Short-term investments consist primarily of government agency discount notes with maturities of twelve months or less at acquisition. Short-term investments also include outstanding promissory notes with initial maturity dates of one-year or less with certain affiliates. The Company carries short-term investments at amortized cost, which approximates fair value. As of December 31, 2019, short-term investments also included amounts on deposit with NCMC.

Other invested assets. Other invested assets consist primarily of alternative investments in private equity funds, private debt funds, tax credit funds, real estate partnerships and the investment in Eagle. Except for investments in certain tax credit funds, these investments are recorded using the equity method of accounting. Changes in carrying value as a result of the equity method are reflected as net unrealized capital gains and losses as a direct adjustment to capital and surplus. Gains and losses are generally recognized through income at the time of disposal or when operating distributions are received. Partnership interests in tax credit funds are held at amortized cost with amortization charged to net investment income over the period in which the tax benefits, primarily credits, are earned. Tax credits are recorded as an offset to tax expense in the period utilized.

The Company has sold $2.3 billion, $2.2 billion and $2.0 billion in Tax Credit Funds to unrelated third parties with outstanding guarantees as of December 31, 2020, 2019 and 2018, respectively. The Company has guaranteed after-tax benefits to the third-party investors through periods ending in 2037. These guarantees are in effect for periods of approximately 15 years each. The Tax Credit Funds provide a stream of tax benefits to the investors that will generate a yield and return of capital. If the tax benefits are not sufficient to provide these cumulative after-tax yields, the Company must fund any shortfall. The maximum amount of undiscounted future payments that the Company could be required to pay the investors under the terms of the guarantees is $1.4 billion, but the Company does not anticipate making any material payments related to the guarantees. The Company’s risks are mitigated in the following ways: (1) the Company has the right to buyout the equity related to the guarantee under certain circumstances, (2) the Company may replace underperforming properties to mitigate exposure to guarantee payments, (3) the Company oversees the asset management of the deals and (4) changes in tax laws are explicitly excluded from the Company’s guarantees of after-tax benefits.

Securities Lending. The Company has entered into securities lending agreements with a custodial bank whereby eligible securities are loaned to third parties, primarily major brokerage firms. These transactions are used to generate additional income in the securities portfolio. The Company is entitled to receive from the borrower any payments of interest and dividends received on loaned securities during the loan term. The agreements require a minimum of 102% of the fair value of the loaned securities to be held as collateral. Cash collateral is invested by the custodial bank in investment-grade securities, which are included in the total invested assets of the Company. Periodically, the Company may receive non-cash collateral, which would be recorded off-balance sheet. The Company recognizes loaned securities in bonds. A securities lending payable is recorded in other liabilities for the amount of cash collateral received. If the fair value of the collateral received (cash and/or securities) is less than the fair value of the securities loaned, the shortfall is nonadmitted. Net income received from securities lending activities is included in net investment income. Because the borrower or the Company may terminate a securities lending transaction at any time, if loans are terminated in advance of the reinvested collateral asset maturities, the Company would repay its securities lending obligations from operating cash flows or the proceeds of sales from its investment portfolio, which includes significant liquid securities.

Derivative Instruments

The Company uses derivative instruments to manage exposures and mitigate risks primarily associated with interest rates, equity markets and foreign currency. These derivative instruments primarily include interest rate swaps, cross-currency swaps, futures and options.

Derivative instruments used in hedging transactions considered to be effective hedges are reported in a manner consistent with the hedged items. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are accounted for at fair value with changes in fair value recorded in capital and surplus as unrealized gains or losses.

The fair value of derivative instruments is determined using various valuation techniques relying predominantly on observable market inputs. These inputs include interest rate swap curves, credit spreads, interest rates, counterparty credit risk, equity volatility and equity index levels.

 

F-14

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The Company’s derivative transaction counterparties are generally financial institutions. To reduce the credit risk associated with open contracts, the Company enters into master netting agreements which permit the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. In addition, the Company attempts to reduce credit risk by obtaining collateral from counterparties. The determination of the need for and the levels of collateral vary based on an assessment of the credit risk of the counterparty. The Company accepts collateral in the forms of cash and marketable securities. Non-cash collateral received is recorded off-balance sheet.

Cash flows and payment accruals on derivatives are recorded in net investment income.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources while unobservable inputs reflect the Company’s view of market assumptions in the absence of observable market information. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. In determining fair value, the Company uses various methods, including market, income and cost approaches.

The Company categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety.

The Company categorizes assets and liabilities held at fair value in the statutory statements of admitted assets, liabilities, capital and surplus as follows:

Level 1. Unadjusted quoted prices accessible in active markets for identical assets or liabilities at the measurement date and mutual funds where the value per share (unit) is determined and published daily and is the basis for current transactions.

Level 2. Unadjusted quoted prices for similar assets or liabilities in active markets or inputs (other than quoted prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means. Primary inputs to this valuation technique may include comparative trades, bid/asks, interest rate movements, U.S. Treasury rates, London Interbank Offered Rate (“LIBOR”), prime rates, cash flows, maturity dates, call ability, estimated prepayments and/or underlying collateral values.

Level 3. Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimates of the assumptions market participants would use at the measurement date in pricing the asset or liability. Consideration is given to the risk inherent in both the method of valuation and the valuation inputs. Primary inputs to this valuation technique include broker quotes and comparative trades.

The Company reviews its fair value hierarchy classifications for assets and liabilities quarterly. Changes in observability of significant valuation inputs identified during these reviews may trigger reclassifications. Reclassifications are reported as transfers at the beginning of the period in which the change occurs.

Asset Valuation Reserve

The Company maintains an AVR as prescribed by the NAIC for the purpose of offsetting potential credit related investment losses on each invested asset category, excluding cash, policy loans and income receivable. The AVR contains a separate component for each category of invested assets. The change in AVR is charged or credited directly to capital and surplus.

 

F-15

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

Interest Maintenance Reserve

The Company records an IMR as prescribed by the NAIC, which represents the net deferral for interest-related gains or losses arising from the sale of certain investments, such as bonds, mortgage loans and loan-backed and structured securities sold. The IMR is applied as follows:

 

  •  

for bonds, the designation from the NAIC Capital Markets and Investments Analysis Office must not have changed more than one designation between the beginning of the holding period and the date of sale;

 

  •  

the bond must never have been classified as a default security;

 

  •  

for mortgage loans, during the prior two years, they must not have had interest more than 90 days past due, been in the process of foreclosure or in the course of voluntary conveyance, nor had restructured terms; and

 

  •  

for loan-backed and structured securities, all interest-related other-than-temporary impairments and interest-related realized gains or losses on sales of the securities.

The realized gains or losses, net of related federal income tax, from the applicable bonds and mortgage loans sold, have been removed from the net realized gain or loss amounts and established as a net liability. This liability is amortized into income such that the amount of each capital gain or loss amortized in a given year is based on the excess of the amount of income which would have been reported that year, if the asset had not been disposed of over the amount of income which would have been reported had the asset been repurchased at its sale price. In the event the unamortized IMR liability balance is negative, the balance is reclassified as an asset and fully nonadmitted. The Company utilizes the grouped method for amortization. Under the grouped method, the liability is amortized into income over the remaining period to expected maturity based on the groupings of the individual securities into five-year bands.

Goodwill

For companies whose operations are primarily insurance related, goodwill is the excess of the cost to acquire a company over the Company’s share of the statutory book value of the acquired entity. Goodwill is recorded in stocks in the statutory statements of admitted assets, liabilities and surplus. Goodwill is amortized on a straight-line basis over the period of economic benefit, not to exceed ten years, with a corresponding charge to surplus.

Unamortized goodwill totaled $100 million and $116 million as of December 31, 2020 and 2019, respectively. All unamortized goodwill as of December 31, 2020 and 2019, is related to the acquisition of JNF, which represents 55% and 69%, respectively, of JNF’s gross SCA value. All goodwill was admitted as of December 31, 2020 and 2019. Amortization of goodwill totaled $16 million for the years ended December 31, 2020, 2019 and 2018. No goodwill was impaired during these periods.

Federal Income Taxes

The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets, net of any nonadmitted portion and statutory valuation allowance, and deferred tax liabilities, are recognized for the expected future tax consequences attributable to differences between the statutory financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income or loss in the years in which those temporary differences are expected to be recovered or settled. The change in deferred taxes, excluding the impact of taxes on unrealized capital gains or losses and nonadmitted deferred taxes, is charged directly to surplus.

The Company provides for federal income taxes based on amounts the Company believes it ultimately will owe. Inherent in the provision for federal income taxes are estimates regarding the deductibility of certain items and the realization of certain tax credits. In the event the ultimate deductibility of certain items or the realization of certain tax credits differs from estimates, the Company may be required to change the provision for federal income taxes recorded in the statutory financial statements, which could be significant.

Tax reserves are reviewed regularly and are adjusted as events occur that the Company believes impact its liability for additional taxes, such as lapsing of applicable statutes of limitations, conclusion of tax audits or substantial agreement with taxing authorities on the deductibility/nondeductibility of uncertain items, additional exposure based on current calculations, identification of new issues, release of administrative guidance or rendering of a court decision affecting a particular tax issue. The Company believes its tax reserves reasonably provide for potential assessments that may result from Internal Revenue Service (“IRS”) examinations and other tax-related matters for all open tax years.

The Company is included in the NMIC consolidated federal income tax return.

 

F-16

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

Reinsurance Ceded

The Company cedes insurance to other companies in order to limit potential losses and to diversify its exposures. Such agreements do not relieve the Company of its primary obligation to the policyholder in the event the reinsurer is unable to meet the obligations it has assumed. Reinsurance premiums ceded and reinsurance recoveries on benefits and claims incurred are deducted from the respective income and expense accounts. Assets and liabilities related to reinsurance ceded are reported in the statutory statements of admitted assets, liabilities, capital and surplus on a net basis within the related future policy benefits and claims of the Company.

Participating Business

Participating business, which refers to policies that participate in profits through policyholder dividends, represented approximately 4% of the Company’s life insurance in force in 2020 and 2019, and 50% of the number of life insurance policies in force in 2020 and 2019. The provision for policyholder dividends was based on the respective year’s dividend scales, as approved by the Board of Directors. Policyholder dividends are recognized when declared. No additional income was allocated to participating policyholders during 2020 and 2019.

Accounting Changes and Corrections of Errors

During 2020, the Company identified and corrected an error in the variable annuity ceded premium calculation under the intercompany 100% coinsurance agreement with Eagle. The error resulted in an understatement of ceded premiums for the years ended December 31, 2019 and 2018. In accordance with SSAP No. 3, Accounting Changes and Corrections of Errors, the total prior period correction of $9 million was reported in 2020 as a negative adjustment to unassigned funds (surplus) and consisted of $11 million of ceded premiums, offset by $2 million of taxes.

Effective January 1, 2020, the Company changed its reserve valuation basis for variable annuities due to changes to VM-21. As a result of this change, the Company records stochastic reserves, floored at the cash surrender value, instead of reserves using the standard scenario previously required under Actuarial Guideline XLIII “CARVM for Variable Annuities”. The impacts of the valuation basis change were recognized as of January 1, 2020, resulting in an increase to statutory capital and surplus of $78 million. In addition, the Company changed its reserve valuation basis for stable value wraps covering certain group life insurance policies from Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts, to VM-21. There was no impact to statutory capital and surplus as a result of this change.

During 2020, the Company modified its approach used to schedule the reversals of its deferred tax assets for policyholder reserves under SSAP No. 101, Income Taxes (“SSAP No. 101”). Prior to 2020 the Company scheduled the reversals of its deferred tax assets for policyholder reserves by estimating the reserve reversal using the aggregate policyholder reserve. As of January 1, 2020, the Company is now taking a disaggregate approach and calculates reversal of the deferred tax assets for policyholder reserves on a product-by-product basis. The new method is more precise and better reflects how the deferred tax assets for policyholder reserves moves with the underlying reserve liability. SSAP No. 101 permits a company to modify its scheduling method so long as the modification is treated as change in accounting principle. The impact of the change increases the Company’s net admitted deferred tax asset $6 million and $5 million as of December 31, 2020 and January 1, 2020, respectively, with a commensurate increase in capital and surplus. There was no impact on net income.

Recently Adopted Accounting Standard

In December 2020, the Company adopted revisions to SSAP No. 2R, Cash, Cash Equivalents, Drafts and Short-Term Investments (“SSAP No. 2R”). The adopted revisions require internal cash pooling arrangements to meet certain criteria to be considered qualified cash pools, with investments in qualifying pools reported as cash equivalents on the statutory statements of admitted assets, liabilities, capital and surplus. The Company’s cash pool meets the criteria to be considered a qualified cash pool under SSAP No. 2R. The internal cash pooling arrangement with NCMC was historically classified as short-term investments, resulting in a change in classification to cash equivalents.

COVID-19

On March 11, 2020, the World Health Organization declared the novel coronavirus (“COVID-19”) a pandemic. The COVID-19 pandemic conditions create financial market volatility and uncertainty regarding whether and when certain customer behaviors will return to historical patterns, including sales of new and retention of existing policies, life insurance mortality and credit allowance exposure. Although impacting certain sales and revenues, none of the aforementioned items have had a material impact on the overall financial condition of the Company. The extent to which the COVID-19 pandemic may impact the Company’s ongoing operations and financial condition will depend on future developments that are evolving and uncertain.

 

F-17

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

Subsequent Events

The Company evaluated subsequent events through March 19, 2021, the date the statutory financial statements were issued.

The Department is in the process of implementing Ohio Administrative Code 3901-1-67, Alternative Derivative and Reserve Accounting Practices (“the Rule”). Once adopted and implemented, the Rule will constitute a prescribed practice as contemplated by the NAIC SAP. The prescribed practice is to allow Ohio-domiciled insurance companies to utilize certain alternative derivative and reserve accounting practices for eligible derivative instruments and indexed products, respectively, in order to better align the measurement of indexed product reserves and the derivatives that hedge them. Effective March 15, 2021, the Department allows Ohio-domiciled insurance companies the option to immediately utilize the alternative derivative and reserve accounting practices contemplated by the Rule. The Company plans to adopt the prescribed practice allowed under the Rule effective January 1, 2021. The Company continues to evaluate the impact of the adoption.

On March 9, 2021, the Company’s Board of Directors declared an ordinary dividend of up to $550 million payable to NFS on or around March 24, 2021.

 

F-18

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

(3)

Analysis of Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics

The following table summarizes the analysis of individual annuities actuarial reserves by withdrawal characteristics, as of the dates indicated:

 

                                                                                                                            
(in millions)    General
account		     Separate
account with
guarantees		      Separate
account non-
guaranteed		      Total     % of
Total		  

December 31, 2020

             

Subject to discretionary withdrawal:

             

With market value adjustment

    $ 190     $ 162      $ -      $ 352       0 % 

At book value less current surrender charge of 5% or more

      219       -        -        219       0 % 

At fair value

      -       -        65,990        65,990       92 % 

Total with market value adjustment or at fair value

    $ 409     $ 162      $ 65,990      $ 66,561       92 % 

At book value without adjustment (minimal or no charge or adjustment)

      3,480       -        8        3,488       5 % 

Not subject to discretionary withdrawal

      1,755       -        62        1,817       3 % 

Total, gross

    $ 5,644     $ 162      $ 66,060      $ 71,866       100 % 

Less: Reinsurance ceded

      (112 )      -        -        (112 )         

Total, net

    $ 5,532     $ 162      $ 66,060      $ 71,754          
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’    $ 67     $ -      $ -      $ 67          
            

December 31, 2019

                                           

Subject to discretionary withdrawal:

             

With market value adjustment

    $ 19     $ 181      $ 29      $ 229       0 % 

At book value less current surrender charge of 5% or more

      270       -        -        270       1 % 

At fair value

      -       -        61,535        61,535       91 % 

Total with market value adjustment or at fair value

    $ 289     $ 181      $ 61,564      $ 62,034       92 % 

At book value without adjustment (minimal or no charge or adjustment)

      3,587       -        11        3,598       5 % 

Not subject to discretionary withdrawal

      1,761       -        56        1,817       3 % 

Total, gross

    $ 5,637     $ 181      $ 61,631      $ 67,449       100 % 

Less: Reinsurance ceded

      (104 )      -        -        (104 )         

Total, net

    $ 5,533     $ 181      $ 61,631      $ 67,345          
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’    $ 128     $ -      $ -      $ 128          

 

F-19

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The following table summarizes the analysis of group annuities actuarial reserves by withdrawal characteristics, as of the dates indicated:

 

                                                                                                                            
(in millions)    General
account		     Separate
account with
guarantees		      Separate
account non-
guaranteed		      Total     % of
Total		  

December 31, 2020

             

Subject to discretionary withdrawal:

             

With market value adjustment

    $ 17,393     $ 2,483      $ -      $ 19,876       43 % 

At book value less current surrender charge of 5% or more

      3       -        -        3       0 % 

At fair value

      -       -        19,670        19,670       43 % 

Total with market value adjustment or at fair value

    $ 17,396     $ 2,483      $ 19,670      $ 39,549       86 % 

At book value without adjustment (minimal or no charge or adjustment)

      6,000       -        -        6,000       13 % 

Not subject to discretionary withdrawal

      591       -        3        594       1 % 

Total, gross

    $ 23,987     $ 2,483      $ 19,673      $ 46,143       100 % 

Less: Reinsurance ceded

      (58 )      -        -        (58 )         

Total, net

    $ 23,929     $ 2,483      $ 19,673      $ 46,085          
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’    $ 3     $ -      $ -      $ 3          
                                            

December 31, 2019

             

Subject to discretionary withdrawal:

             

With market value adjustment

    $ 16,485     $ 2,166      $ -      $ 18,651       44 % 

At book value less current surrender charge of 5% or more

      1       -        -        1       0 % 

At fair value

      -       -        18,284        18,284       43 % 

Total with market value adjustment or at fair value

    $ 16,486     $ 2,166      $ 18,284      $ 36,936       87 % 

At book value without adjustment (minimal or no charge or adjustment)

      5,354       -        -        5,354       12 % 

Not subject to discretionary withdrawal

      584       2        -        586       1 % 

Total, gross

    $ 22,424     $ 2,168      $ 18,284      $ 42,876       100 % 

Less: Reinsurance ceded

      (60 )      -        -        (60 )         

Total, net

    $ 22,364     $ 2,168      $ 18,284      $ 42,816          
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’    $ 1     $ -      $ -      $ 1          

 

F-20

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The following table summarizes the analysis of deposit-type contracts and other liabilities without life or disability contingencies by withdrawal characteristics, as of the dates indicated:

 

                                                                                                   
(in millions)    General
account		      Separate
account non-
guaranteed		      Total      % of
Total		  

December 31, 2020

            

Subject to discretionary withdrawal:

            

With market value adjustment

    $ 2      $ -      $ 2        0 % 

At fair value

      12        -        12        0 % 

Total with market value adjustment or at fair value

    $ 14      $ -      $ 14        0 % 

At book value without adjustment (minimal or no charge or adjustment)

      728        3        731        22 % 

Not subject to discretionary withdrawal

      2,540        13        2,553        78 % 

Total, gross

    $ 3,282      $ 16      $ 3,298        100 % 

Less: Reinsurance ceded

      -        -        -           

Total, net

    $ 3,282      $ 16      $ 3,298           
                                     

December 31, 2019

            
Subject to discretionary withdrawal:            

With market value adjustment

    $ 3      $ -      $ 3        0 % 

At fair value

      13        -        13        0 % 

Total with market value adjustment or at fair value

    $ 16      $ -      $ 16        0 % 

At book value without adjustment (minimal or no charge or adjustment)

      775        4        779        25 % 

Not subject to discretionary withdrawal

      2,331        12        2,343        75 % 

Total, gross

    $ 3,122      $ 16      $ 3,138        100 % 

Less: Reinsurance ceded

      -        -        -     

Total, net

    $ 3,122      $ 16      $ 3,138           

The following table is a reconciliation of total annuity actuarial reserves and deposit fund liabilities, as of the dates indicated:

 

                                                 
      December 31,  
(in millions)    2020      2019  

Life, accident and health annual statement:

      

Annuities, net (excluding supplemental contracts with life contingencies)

    $ 29,445      $ 27,880  

Supplemental contracts with life contingencies, net

      16        17  

Deposit-type contracts

      3,282        3,122  

Subtotal

    $ 32,743      $ 31,019  

Separate accounts annual statement:

      

Annuities, net (excluding supplemental contracts with life contingencies)

    $ 88,378      $ 82,264  

Other contract deposit funds

      16        16  

Subtotal

    $ 88,394      $ 82,280  

Total annuity actuarial reserves and deposit fund liabilities, net

    $ 121,137      $ 113,299  

 

F-21

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The following table summarizes the analysis of life actuarial reserves by withdrawal characteristics, as of the dates indicated:

 

                                                                                                                 
      General account     Separate account - nonguaranteed1  
(in millions)    Account
value		     Cash
value		     Reserve     Account
value		      Cash
value		      Reserve  

December 31, 2020

               

Subject to discretionary withdrawal, surrender values or policy loans:

               

Term policies with cash value

    $ -     $ 11     $ 11     $ -      $ -      $ -  

Universal life

      2,585       2,600       2,764       -        -        -  

Universal life with secondary guarantees

      360       288       720       -        -        -  

Indexed universal life with secondary guarantees

      179       130       191       -        -        -  

Other permanent cash value life insurance

      -       1,300       2,607       -        -        -  

Variable life

      1,887       1,965       2,060       24,591        24,581        24,582  

Miscellaneous reserves

      -       -       -       -        -        9  

Subtotal

    $ 5,011     $ 6,294     $ 8,353     $ 24,591      $ 24,581      $ 24,591  

Not subject to discretionary withdrawal or no cash value:

               

Term policies without cash value

      -       -       275       -        -        -  

Accidental death benefits

      -       -       1       -        -        -  

Disability - active lives

      -       -       13       -        -        -  

Disability - disabled lives

      -       -       58       -        -        -  

Miscellaneous reserves

      -       -       30       -        -        -  

Total, gross

    $ 5,011     $ 6,294     $ 8,730     $ 24,591      $ 24,581      $ 24,591  

Less: reinsurance ceded

      (10 )      (10 )      (240 )      -        -        -  

Total, net

    $ 5,001     $ 6,284     $ 8,490     $ 24,591      $ 24,581      $ 24,591  
  1

In 2020, the classification of certain group life insurance policies was changed from separate accounts with guarantees to separate accounts nonguaranteed as a result of a change in the reserve valuation basis, as described in Note 2.

 

F-22

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

                                                                                                                 
      General account     Separate account -  nonguaranteed  
(in millions)    Account
value		     Cash
value		     Reserve     Account
value		      Cash
value		      Reserve  

December 31, 2019

               

Subject to discretionary withdrawal, surrender values or policy loans:

               

Term policies with cash value

    $ -     $ 11     $ 11     $ -      $ -      $ -  

Universal life

      2,549       2,561       2,728       -        -        -  

Universal life with secondary guarantees

      335       265       613       -        -        -  

Indexed universal life with secondary guarantees

      140       99       146       -        -        -  

Other permanent cash value life insurance

      -       1,328       2,676       -        -        -  

Variable life

      1,903       1,992       2,080       21,853        21,840        19,596  

Subtotal

    $ 4,927     $ 6,256     $ 8,254     $ 21,853      $ 21,840      $ 19,596  

Not subject to discretionary withdrawal or no cash value:

               

Term policies without cash value

      -       -       299       -        -        -  

Accidental death benefits

      -       -       1       -        -        -  

Disability - active lives

      -       -       12       -        -        -  

Disability - disabled lives

      -       -       57       -        -        -  

Miscellaneous reserves

      -       -       36       -        -        -  

Total, gross

    $ 4,927     $ 6,256     $ 8,659     $ 21,853      $ 21,840      $ 19,596  

Less: reinsurance ceded

      (10 )      (10 )      (272 )      -        -        -  

Total, net

    $ 4,917     $ 6,246     $ 8,387     $ 21,853      $ 21,840      $ 19,596  

The following table is a reconciliation of life actuarial reserves, as of the dates indicated:

 

                                                                   
      December 31,  
(in millions)    2020      2019  

Life, accident and health annual statement:

      

Life Insurance, net

    $ 8,400      $ 8,292  

Accidental death benefits, net

      1        1  

Disability - active lives, net

      12        10  

Disability - disabled lives, net

      51        52  

Miscellaneous reserves, net

      26        32  

Subtotal

    $ 8,490      $ 8,387  

Separate accounts annual statement:

      

Life insurance1

    $ 24,884      $ 22,138  

Miscellaneous reserves

      9        5  

Subtotal

    $ 24,893      $ 22,143  

Total life actuarial reserves, net

    $ 33,383      $ 30,530  
  1

In 2020, life insurance account value, cash value and reserve includes separate accounts with guarantees of $302 million for universal life. In 2019, life insurance account value, cash value and reserve includes separate accounts with guarantees of $297 million and $2.2 billion for universal life and variable life, respectively.

 

F-23

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

Direct Premium Written by Managing General Agents and Third Party Administrators

The following table summarizes direct premium written by managing general agents and third party administrators as of December 31, 2020:

 

(in millions)                                  
Managing general agent/ third party reserve    FEIN number      Exclusive
contract		   

Types of
business

written

   

Types of

authority

granted1

    Total Direct
Premium		  

Meridian Management Group, LLC

      22-3713596      Not Exclusive    Accident & health    U / P / B    $ 42  

RMTS - Manufacturers & Traders Trust Co.

      20-1049240      Not Exclusive    Accident & health    C / CA / B / P / U      26  

Fringe Insurance Benefits, Inc.

      74-2616364      Not Exclusive    Accident & health    B / P / U      41  

Star Line Group

      04-3499188      Not Exclusive    Accident & health    C / CA / B / P / U      7  

AccuRisk Solutions, LLC

      31-1777676      Not Exclusive    Accident & health    C / CA / B / P /U      90  

Merchants Benefit Administration, Inc.

      86-0875918      Exclusive    Accident & health    B / C / CA / P      14  

Roundstone Management, Ltd.

      27-0371422      Not Exclusive    Accident & health    C / CA / B / P / U      75  

Gilsbar, Inc.

      72-0519951      Not Exclusive    Accident & health    B / P / U      75  

Matrix

      01-0544915      Not Exclusive    Accident & health    C / CA / B / P / U      19  

IRC

      74-2824053      Not Exclusive    Accident & health    C / CA / B / P / U      28  

TMS RE Inc

      65-0644164      Not Exclusive    Accident & health    C / CA / B / P / U      70  

United Group Programs Inc.

      59-1896277      Not Exclusive    Accident & health    C / CA / B / P / U      9  

USMGU

      46-4619917      Not Exclusive    Accident & health    C / CA / B / P / U      1  

Total Direct Premiums Written and Produced

         $ 497  
  1

Authority code key includes: C– claims payment, CA– claims adjustment, B- binding authority, P-premium collection, U- underwriting.

 

F-24

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

(4)

Separate Accounts

The Company’s separate account statement includes assets legally insulated from the general account as of the dates indicated, attributed to the following product lines:

 

                                                                   
      December 31, 2020      December 31, 2019  
(in millions)   

Separate
account

assets
legally
insulated

     

Separate
account

assets

(not legally
insulated)

     

Separate
account

assets
legally
insulated

     

Separate
account

assets

(not legally
insulated)

  

Product / Transaction:

            

Individual annuities

    $ 71,875      $ -      $ 67,222      $ -  

Group annuities

      17,550        -        16,187        -  

Life insurance

      24,982        -        22,246        -  

Total

    $ 114,407      $ -      $ 105,655      $ -  

The following table summarizes amounts paid towards separate account guarantees by the general account and related risk charges paid by the separate account for the years ended:

 

(in millions)    Total paid toward
separate account
guarantees		     

Risk charges paid

to

general account

  
2020    $ 26      $ 631  
2019    $ 58      $ 612  
2018    $ 18      $ 594  
2017    $ 13      $ 559  
2016    $ 36      $ 507  

The Company does not engage in securities lending transactions within its separate accounts.

Most separate accounts held by the Company relate to individual and group variable annuity and variable universal life insurance contracts of a non-guaranteed return nature. The net investment experience of the separate accounts is credited directly to the contract holder and can be positive or negative. The individual variable annuity contracts generally provide an incidental death benefit of the greater of account value or premium paid (net of prior withdrawals). However, many individual variable annuity contracts also provide death benefits equal to (i) the most recent fifth-year anniversary account value, (ii) the highest account value on any previous anniversary, (iii) premiums paid increased 5% or certain combinations of these, all adjusted for prior withdrawals. The death benefit and cash value under the variable universal life policies may vary with the investment performance of the underlying investments in the separate accounts. The assets and liabilities of these separate accounts are carried at fair value and are non-guaranteed.

Certain other separate accounts offered by the Company contain groups of variable universal life policies wherein the assets supporting account values on the underlying policies reside in Private Placement Separate Accounts. They provide a quarterly interest rate based on a crediting formula that reflects the market value to book value ratio of the investments, investment portfolio yield and a specified duration.

Certain other separate accounts relate to a guaranteed term option, which provides a guaranteed interest rate that is paid over certain maturity durations ranging from three to ten years, so long as certain conditions are met. If amounts allocated to the guaranteed term option are distributed prior to the maturity period, a market value adjustment can be assessed. The assets and liabilities of these separate accounts are carried at fair value.

Another separate account offered by the Company contains a group of universal life policies wherein the assets supporting the account values on the underlying policies reside in a Private Placement Separate Account. It provides an annual interest rate guarantee, subject to a minimum guarantee of 3%. The interest rate declared each year reflects the anticipated investment experience of the account. The business has been included as a nonindexed guarantee less than or equal to 4%.

 

F-25

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The following tables summarize the separate account reserves of the Company, as of the dates indicated:

 

                                                                                                                            
(in millions)    Indexed      Nonindexed
guarantee
less than or
equal to 4%		      Nonindexed
guarantee
more than
4%		      Nonguaranteed
separate
accounts		      Total  

December 31, 2020

               

Premiums, considerations or deposits

    $ -      $ 417      $ -      $ 5,392      $ 5,809  

Reserves

               

For accounts with assets at:

               

Fair value

    $ -      $ 2,480      $ 166      $ 110,340      $ 112,986  

Amortized cost

      -        302        -        -        302  

Total reserves

    $ -      $ 2,782      $ 166      $ 110,340      $ 113,288  

By withdrawal characteristics:

               

With market value adjustment

    $ -      $ 2,480      $ 166      $ -      $ 2,646  

At book value without market value adjustment and with current surrender charge of 5% or more

      -        -        -        -        -  

At fair value

      -        -        -        110,252        110,252  

At book value without market value adjustment and with current surrender charge less than 5%

      -        302        -        11        313  

Subtotal

    $ -      $ 2,782      $ 166      $ 110,263      $ 113,211  

Not subject to discretionary withdrawal

      -        -        -        77        77  

Total reserves1

    $ -      $ 2,782      $ 166      $ 110,340      $ 113,288  
  1

The total reserves balance does not equal the liabilities related to separate accounts of $114.4 billion in the statutory statements of admitted assets, liabilities, capital and surplus by $1.1 billion, due to an adjustment for CARVM/CRVM reserves and other liabilities that have not been allocated to the categories outlined above.

 

F-26

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

              Nonindexed      Nonindexed                  
            guarantee      guarantee      Nonguaranteed         
            less than or      more than      separate         
(in millions)    Indexed      equal to 4%      4%      accounts      Total  

December 31, 2019

               

Premiums, considerations or deposits

    $ -      $ 135      $ -      $ 6,007      $ 6,142    

Reserves

               

For accounts with assets at:

               

Fair value

    $ -      $ 2,202      $ 146      $ 99,612      $ 101,960    

Amortized cost

      -        2,463        -        -        2,463    

Total reserves

    $ -      $ 4,665      $ 146      $ 99,612      $ 104,423    

By withdrawal characteristics:

               

With market value adjustment

    $ -      $ 2,202      $ 146      $ 29      $ 2,377    

At book value without market value adjustment and with current surrender charge of 5% or more

      -        -        -        -        -    

At fair value

      -        -        -        99,499        99,499    

At book value without market value adjustment and with current surrender charge less than 5%

      -        2,463        -        13        2,476    

Subtotal

    $ -      $ 4,665      $ 146      $ 99,541      $ 104,352    

Not subject to discretionary withdrawal

      -        -        -        71        71    

Total reserves1

    $ -      $ 4,665      $ 146      $ 99,612      $ 104,423    

 

1

The total reserves balance does not equal the liabilities related to separate accounts of $105.7 billion in the statutory statements of admitted assets, liabilities, capital and surplus by $1.2 billion, due to an adjustment for CARVM/CRVM reserves and other liabilities that have not been allocated to the categories outlined above.

The following table is a reconciliation of net transfers to (from) separate accounts, as of the dates indicated:

 

                                                                          
              December 31,          
(in millions)    2020      2019      2018  

Transfers as reported in the statutory statements of operations of the separate accounts:

         

Transfers to separate accounts

    $ 5,809      $ 6,142      $ 6,392  

Transfers from separate accounts

      (8,921)        (9,470)        (8,461)  

Net transfers from separate accounts

    $ (3,112)      $ (3,328)      $ (2,069)  

Reconciling adjustments:

         

Exchange accounts offsetting in the general account

      (337)        (321)        (303)  

Fees not included in general account transfers

      (67)        (68)        (58)  

Other miscellaneous adjustments not included in the general account balance

      (28)        (30)        (38)  

Transfers as reported in the statutory statements of operations

    $ (3,544)      $ (3,747)      $ (2,468)  

 

F-27

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

(5)

Investments

Bonds and Stocks

The following table summarizes the carrying value, the excess of fair value over carrying value, the excess of carrying value over fair value and the fair value of bonds and stocks, as of the dates indicated:

 

                                                                                                   
(in millions)    Carrying
value		      Fair value in
excess of
carrying
value		      Carrying
value in
excess of fair
value		      Fair value  

December 31, 2020

            

Bonds:

            

U.S. Government

    $ 7      $ -      $ -      $ 7    

States, territories and possessions

      370        59        -        429    

Political subdivisions

      343        71        -        414    

Special revenues

      2,763        564        -        3,327    

Industrial and miscellaneous

      26,583        3,656        46        30,193    

Loan-backed and structured securities

      7,141        336        37        7,440    

Total bonds

    $ 37,207      $ 4,686      $ 83      $ 41,810    

Common stocks unaffiliated

    $ 142      $ -      $ -      $ 142    

Preferred stocks unaffiliated

      97        12        -        109    

Total unaffiliated stocks1

    $ 239      $ 12      $ -      $ 251    

Total bonds and unaffiliated stocks1

    $ 37,446      $ 4,698      $ 83      $ 42,061    
           

December 31, 2019

                                    

Bonds:

            

U.S. Government

    $ 7      $ -      $ -      $ 7    

States, territories and possessions

      398        42        1        439    

Political subdivisions

      344        52        1        395    

Special revenues

      2,702        370        5        3,067    

Industrial and miscellaneous

      26,240        2,012        65        28,187    

Loan-backed and structured securities

      5,433        238        31        5,640    

Total bonds

    $ 35,124      $ 2,714      $ 103      $ 37,735    

Common stocks unaffiliated

    $ 181      $ -      $ -      $ 181    

Preferred stocks unaffiliated

      55        4        -        59    

Total unaffiliated stocks1

    $ 236      $ 4      $ -      $ 240    

Total bonds and unaffiliated stocks1

    $ 35,360      $ 2,718      $ 103      $ 37,975    

 

1

Excludes affiliated common stocks with a carrying value of $2.6 billion and $2.4 billion as of December 31, 2020 and 2019, respectively. Affiliated common stocks includes investment in NLAIC and JNF of $2.4 billion and $180 million as of December 31, 2020, respectively, and $2.2 billion and $169 million as of December 31, 2019, respectively.

The carrying value of bonds on deposit with various states as required by law or special escrow agreement was $3 million as of December 31, 2020 and 2019.

 

F-28

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The following table summarizes the carrying value and fair value of bonds, by contractual maturity, as of December 31, 2020. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without early redemption penalties:

 

(in millions)    Carrying value      Fair value  

Bonds:

      

Due in one year or less

    $ 1,314      $ 1,331  

Due after one year through five years

      7,925        8,441  

Due after five years through ten years

      9,450        10,557  

Due after ten years

      11,377        14,041  

Total bonds excluding loan-backed and structured securities

    $ 30,066      $ 34,370  

Loan-backed and structured securities

      7,141        7,440  

Total bonds

    $ 37,207      $ 41,810  

The following table summarizes the fair value and unrealized losses on bonds and stocks (amount by which cost or amortized cost exceeds fair value), for which other-than-temporary declines in value have not been recognized, based on the amount of time each type of bond or stock has been in an unrealized loss position, as of the dates indicated:

 

      Less than or equal to
one year		      More than one year      Total  
(in millions)   

Fair

value

     

Unrealized

losses

     

Fair

value

     

Unrealized

losses

     

Fair

value

     

Unrealized

losses

  

December 31, 2020

                  

Bonds:

                  

States, territories and possessions

    $ 1      $ -      $ -      $ -      $ 1      $ -    

Special revenues

      14        -        -        -        14        -    

Industrial and miscellaneous

      636        27        408        38        1,044        65    

Loan-backed and structured securities

      1,454        15        870        23        2,324        38    

Total bonds

    $ 2,105      $ 42      $ 1,278      $ 61      $ 3,383      $ 103    

Common stocks unaffiliated

      21        4        -        -        21        4    

Preferred stocks unaffiliated

      9        -        -        -        9        -    

Total bonds and stocks

    $ 2,135      $ 46      $ 1,278      $ 61      $ 3,413      $ 107    
                 

December 31, 2019

                                                      

Bonds:

                  

States, territories and possessions

    $ 23      $ 1      $ -      $ -      $ 23      $ 1    

Political subdivisions

      65        1        -        -        65        1    

Special revenues

      397        5        -        -        397        5    

Industrial and miscellaneous

      852        9        911        103        1,763        112    

Loan-backed and structured securities

      704        6        1,124        28        1,828        34    

Total bonds

    $ 2,041      $ 22      $ 2,035      $ 131      $ 4,076      $ 153    

Common stocks unaffiliated

      32        -        16        1        48        1    

Preferred stocks unaffiliated

      1        -        -        -        1        -    

Total bonds and stocks

    $ 2,074      $ 22      $ 2,051      $ 132      $ 4,125      $ 154    

As of December 31, 2020, management evaluated securities in an unrealized loss position and all non-marketable securities for impairment. As of the reporting date, the Company has the intent and ability to hold these securities until the fair value recovers, which may be maturity, and therefore, does not consider the securities to be other-than-temporarily impaired.

There was no intent to sell other-than-temporary impairments on loan-backed and structured securities for the years ended December 31, 2020 and 2019.

 

F-29

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

Mortgage Loans, Net of Allowance

The following table summarizes the amortized cost of mortgage loans by method of evaluation for credit loss, and the related valuation allowances by type of credit loss, as of the dates indicated:

 

                                                 
      December 31,  
(in millions)    2020      2019  

Amortized cost:

      

Loans with non-specific reserves

    $ 7,819      $ 7,675  

Loans with specific reserves

      12        14  

Total amortized cost

    $ 7,831      $ 7,689  

Valuation allowance:

      

Non-specific reserves

    $ 45      $ 31  

Specific reserves

      3        3  

Total valuation allowance1

    $ 48      $ 34  

Mortgage loans, net of allowance

    $ 7,783      $ 7,655  

 

  1

Changes in the valuation allowance are due to current period provisions. These changes in the valuation allowance for the years ended December 31, 2020, 2019, and 2018 were immaterial.

As of December 31, 2020 and 2019, the Company’s mortgage loans classified as delinquent and/or in non-accrual status were immaterial in relation to the total mortgage loan portfolio.

The following table summarizes the LTV ratio and DSC ratio of the mortgage loan portfolio as of the dates indicated:

 

      LTV ratio         DSC ratio
(in millions)    Less than
90%		   90% or
greater		   Total         Greater
than 1.00		   Less than or
equal to 1.00		   Total

December 31, 2020

                               

Apartment

      $     2,988     $ 25     $     3,013        $     2,993     $ 20     $     3,013   

Industrial

        1,026       -       1,026          1,005       21       1,026   

Office

        1,307       -       1,307          1,304       3       1,307   

Retail

        2,155       27       2,182          2,169       13       2,182   

Other

        218       -       218            218       -       218   

Total1

      $ 7,694     $ 52     $ 7,746          $ 7,689     $ 57     $ 7,746   

Weighted average DSC ratio

        2.21       1.52       2.20          2.21       0.91       2.20   

Weighted average LTV ratio

        57 %       98 %       57 %            57 %       65 %       57%  
                                                                   

December 31, 2019

                            

Apartment

      $ 2,906     $ 124     $ 3,030        $ 3,018     $ 12     $ 3,030   

Industrial

        906       -       906          905       1       906   

Office

        1,306       -       1,306          1,291       15       1,306   

Retail

        2,162       9       2,171          2,151       20       2,171   

Other

        205       -       205            205       -       205   

Total1

      $ 7,485     $ 133     $ 7,618          $ 7,570     $ 48     $ 7,618   

Weighted average DSC ratio

        2.13       1.19       2.11          2.12       0.90       2.11   

Weighted average LTV ratio

        54 %       95 %       54 %            54 %       72 %       54%  

 

  1

Excludes $85 million and $71 million of commercial mortgage loans that were under development as of December 31, 2020 and 2019, respectively.

As of December 31, 2020 and 2019, the Company has a diversified mortgage loan portfolio with no more than 24% and 23%, respectively, in a geographic region in the U.S. and no more than 1% with any one borrower. The maximum and minimum lending rates for mortgage loans originated or acquired during 2020 were 4.3% and 1.9%, respectively, and for those originated or acquired during 2019 were 12.0% and 3.1%, respectively. As of December 31, 2020 and 2019, the maximum LTV ratio of any one loan at the time of loan origination was 80% and 82%, respectively. As of December 31, 2020 and 2019, the Company did not hold mortgage loans with interest 90 days or more past due. Additionally, there were no taxes, assessments or any amounts advanced and not included in the mortgage loan portfolio.

 

F-30

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

Securities Lending

The fair value of loaned securities was $244 million and $306 million as of December 31, 2020 and 2019, respectively. The Company held $101 million and $132 million of cash collateral on securities lending as of December 31, 2020 and 2019, respectively. As of December 31, 2020, the carrying value and fair value of reinvested collateral assets was $101 million. As of December 31, 2019, the carrying value and fair value of reinvested collateral assets was $133 million. The fair value of bonds acquired with reinvested collateral assets was $103 million and $134 million as of December 31, 2020 and 2019, respectively. There are no securities lending transactions that extend beyond one year as of the reporting date. The Company received $148 million and $180 million of non-cash collateral on securities lending as of December 31, 2020 and 2019, respectively.

Net Investment Income

The following table summarizes net investment income by investment type, for the years ended:

 

      December 31,  
(in millions)    2020      2019      2018  

Bonds

    $ 1,419       $ 1,408       $ 1,378   

Mortgage loans

      339         353         335   

Other invested assets

      384         225         228   

Policy loans

              43                 45                 54   

Other

      41         51         41   

Gross investment income

    $ 2,226       $ 2,082       $ 2,036   

Investment expenses

      (119)        (108)        (109)  

Net investment income

    $ 2,107      $ 1,974       $ 1,927   

There was no investment income due and accrued that was nonadmitted as of December 31, 2020 and 2019.

Net Realized Capital Gains and Losses

The following table summarizes net realized capital gains and losses for the years ended:

 

      December 31,  
(in millions)    2020      2019      2018  

Gross gains on sales

    $         36       $ 71       $ 22   

Gross losses on sales

      (42)        (21)        (16)  

Net realized (losses) gains on sales

    $ (6)      $         50       $ 6   

Net realized derivative losses

      (521)        (515)        (226)  

Other-than-temporary impairments

      (78)        (5)        (8)  

Total net realized losses on sales

    $ (605)      $ (470)      $ (228)  

Tax (benefit) expense on net losses

      (26)        7                   8   

Net realized capital losses, net of tax

    $ (579)      $ (477)      $ (236)  

Less: Realized losses transferred to the IMR

      (4)        -         (1)  

Net realized capital losses, net of tax and transfers to the IMR

    $ (575)      $ (477)      $ (235)  

For the year ended December 31, 2020, gross realized gains and gross realized losses on sales of bonds were $26 million and $38 million, respectively. For the year ended December 31, 2019, gross realized gains and gross realized losses on sales of bonds were $56 million and $19 million, respectively. For the year ended December 31, 2018, gross realized gains and gross realized losses on sales of bonds were $15 million and $13 million, respectively.

The Company did not enter into any material repurchase transactions that would be considered wash sales during the years ended December 31, 2020 and 2019.

Investment Commitments

The Company had unfunded commitments related to its investment in limited partnerships and limited liability companies totaling $483 million and $496 million as of December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, there were $21 million and $45 million of commitments to purchase private placement bonds and $114 million and $147 million of outstanding commitments to fund mortgage loans, respectively.

 

F-31

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

(6)

Derivative Instruments

The Company is exposed to certain risks related to its ongoing business operations which are managed using derivative instruments.

Interest rate risk management. In the normal course of business, the Company enters into transactions that expose it to interest rate risk arising from mismatches between assets and liabilities. The Company may use interest rate swaps and futures to reduce or alter interest rate exposure.

Interest rate contracts are used by the Company in association with fixed and variable rate investments to achieve cash flow streams that support certain financial obligations of the Company and to produce desired investment returns. As such, interest rate contracts are generally used to convert fixed rate cash flow streams to variable rate cash flow streams or vice versa.

Equity market risk management. The Company issues a variety of insurance products that expose it to equity risks. To mitigate these risks, the Company enters into a variety of derivatives including equity index futures and options.

Other risk management. As part of its regular investing activities, the Company may purchase foreign currency denominated investments. These investments and the associated income expose the Company to volatility associated with movements in foreign exchange rates. As foreign exchange rates change, the increase or decrease in the cash flows of the derivative instrument are intended to mitigate the changes in the functional-currency equivalent cash flows of the hedged item. To mitigate this risk, the Company uses cross-currency swaps.

Credit risk associated with derivatives transactions. The Company periodically evaluates the risks within the derivative portfolios due to credit exposure. When evaluating this risk, the Company considers several factors which include, but are not limited to, the counterparty credit risk associated with derivative receivables, the Company’s own credit as it relates to derivative payables, the collateral thresholds associated with each counterparty and changes in relevant market data in order to gain insight into the probability of default by the counterparty. The Company also considers the impact credit exposure could have on the effectiveness of the Company’s hedging relationships. As of December 31, 2020 and 2019, the impact of the exposure to credit risk on the fair value measurement of derivatives and the effectiveness of the Company’s hedging relationships was immaterial.

The following table summarizes the fair value, carrying value and related notional amounts of derivative instruments, as of the dates indicated:

 

(in millions)    Notional
amount		      Net Carrying
Value		      Fair value
asset		      Fair value
liability		      Average fair
value		  

December 31, 2020

               

Interest rate swaps

    $ 7      $ (1)      $ -      $ (1)      $ (1)  

Options

      -        -        -        -         -   

Cross currency swaps

      1,524        (36)        75        (49)        -   

Futures

      3,342        -        -                -                 -   

Total

    $     4,873      $ (37)      $ 75      $ (50)      $ (1)  
                                              

December 31, 2019

               

Interest rate swaps

    $ 7      $ (1)      $ -      $ (1)      $ -   

Options

      202        6        6        -         1   

Cross currency swaps

      1,537              66        99        (19)        1   

Futures

      3,153        -        -        -         -   

Total

    $ 4,899      $ 71      $     105      $ (20)      $ 2   

Of the $75 million and $105 million of fair value of derivative assets as of December 31, 2020 and 2019, $24 million and $14 million were subject to master netting agreements as of December 31, 2020 and 2019, the Company received $35 million and $68 million of cash collateral and $22 million and $45 million in pledged securities, respectively, resulting in an immaterial uncollateralized position as of December 31, 2020 and 2019. Of the $50 million and $20 million of fair value of derivative liabilities as of December 31, 2020 and 2019, $24 million and $14 million were subject to master netting agreements as of December 31, 2020 and 2019, the Company posted $28 million and $3 million of cash collateral, respectively, resulting in an immaterial uncollateralized position as of December 31, 2020 and 2019. Securities received as collateral are recorded off-balance sheet and exclude initial margin posted on derivatives of $280 million and $128 million as of December 31, 2020 and 2019, respectively.

 

F-32

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The following table summarizes net gains and losses on derivatives programs by type of derivative instrument, as of the dates indicated:

 

      Net realized (losses) gains recorded in
operations		      Unrealized (losses) gains recorded in capital
and surplus		  
     December 31,      December 31,  
(in millions)    2020      2019      2018      2020      2019      2018  

Interest rate swaps

    $ -       $ -       $ (5)      $ -       $ -       $ 35    

Options

      -         3         (313)        (1)        4         244    

Cross currency swaps

      4         (1)        -         (102)        (13)        65    

Futures

      (525)        (517)        92         1         (169)        132    

Total

    $ (521)      $ (515)      $ (226)      $ (102)      $ (178)      $ 476    

 

(7)

Fair Value Measurements

The following table summarizes assets and liabilities held at fair value as of December 31, 2020:

 

                                                                                                                            
(in millions)    Level 1      Level 2      Level 3      Net Asset
Value (NAV)		      Total  

Assets

               

Bonds

    $ -      $ 4      $ 1      $ -      $ 5    

Common stocks unaffiliated

      53        88        1        -        142    

Separate account assets

      109,265        2,047        58        2,720        114,090    

Assets at fair value

    $ 109,318      $ 2,139      $   60      $ 2,720      $ 114,237    

Liabilities

               

Derivative liabilities

    $ -      $ 1      $ -      $ -      $ 1    

Liabilities at fair value

    $ -      $ 1      $ -      $ -      $ 1    

The following table presents the rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2020:

 

                                                                                                                            
(in millions)    Bonds     

Common

stocks
unaffiliated

      Derivative
assets1		      Separate
account
assets		     

Assets

at fair
value

  

Balance as of December 31, 2019

    $ 6       $ 1       $ 6       $ 87       $ 100   

Net gains (losses):

               

In operations

      (2)        -         -         -         (2)  

In surplus

          5         -         (1)        (17)        (13)  

Purchases

      2         -         -         -         2   

Sales

      (9)        -         (5)        (12)        (26)  

Transfers into Level 3

      1         -         -         -         1   

Transfers out of Level 3

      (2)        -         -         -         (2)  

Balance as of December 31, 2020

    $ 1       $ 1       $ -       $ 58       $ 60   
  1

Non-binding broker quotes are utilized to determine fair value of all Level 3 derivative assets.

Bonds transfers into and/or out of Level 3 during the year ended December 31, 2020 are due to the changes in observability of pricing inputs and changes resulting from application of the lower of amortized cost or fair value rules based on the security’s NAIC designation.

 

F-33

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The following table summarizes assets and liabilities held at fair value as of December 31, 2019:

 

                                                                                                                            
(in millions)    Level 1      Level 2      Level 3      Net Asset
Value (NAV)		      Total  

Assets

               

Bonds

    $ -      $ 3      $ 6      $ -      $ 9    

Common stocks unaffiliated

      68        112        1        -        181    

Derivative assets

      -        -        6        -        6    

Separate account assets

      101,312        1,857        87        2,091        105,347    

Assets at fair value

    $ 101,380      $ 1,972      $ 100      $ 2,091      $ 105,543    

Liabilities

               

Derivative liabilities

    $ -      $ 1      $ -      $ -      $ 1    

Liabilities at fair value

    $ -      $ 1      $ -      $ -      $ 1    

The following table presents the rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2019:

 

(in millions)          Bonds           

Common

stocks
    unaffiliated    

          Derivative    
assets1		          Separate    
account
assets		     

Assets

    at fair value    

  

Balance as of December 31, 2018

    $ 8       $ 1      $ 2       $ 80       $ 91   

Net gains (losses):

               

In operations

      -         -        3         -         3   

In surplus

      (4)        -        4         7         7   

Purchases

      3         -        6         -         9   

Sales

      (5)        -        (9)        -         (14)  

Transfers into Level 3

      24         -        -         -         24   

Transfers out of Level 3

      (20)        -        -         -         (20)  

Balance as of December 31, 2019

    $ 6       $ 1      $ 6       $ 87         100   

 

  1

Non-binding broker quotes are utilized to determine fair value of all Level 3 derivative assets.

Bond transfers into and/or out of Level 3 during the year ended December 31, 2019 are due to the changes in observability of pricing inputs and changes resulting from application of the lower of amortized cost or fair value rules based on the security’s NAIC designation.

 

F-34

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The following table summarizes the carrying value and fair value of the Company’s assets and liabilities not held at fair value as of the dates indicated. The valuation techniques used to estimate these fair values are described below or in Note 2.

 

                                                                                                                            
      Fair Value          
(in millions)    Level 1      Level 2      Level 3      Total fair
value		      Carrying
value		  

December 31, 2020

               

Assets:

               

Bonds1

    $ 1,366      $ 39,072      $ 1,367      $ 41,805      $ 37,202    

Preferred stocks unaffiliated

      -        104        5        109        97    

Mortgage loans, net of allowance

      -        -        7,952        7,952        7,783    

Policy loans

      -        -        888        888        888    

Derivative assets

      -        75        -        75        51    

Cash, cash equivalents and short-term investments

      (90 )       551        -        461        461    

Securities lending collateral assets

      101        -        -        101        101    

Separate account assets

      7        368        -        375        317    

Total assets

    $ 1,384      $ 40,170      $ 10,212      $ 51,766      $ 46,900    

Liabilities:

                      

Investment contracts

    $ -      $ -      $ 1,249      $ 1,249      $ 2,076    

Derivative liabilities

      -        48        -        48        86    

Total liabilities

    $ -      $ 48      $ 1,249      $ 1,297      $ 2,162    
                                               

December 31, 2019

               

Assets:

               

Bonds1

    $ 1,494      $ 35,302      $ 930      $ 37,726      $ 35,115    

Preferred stocks unaffiliated

      -        59        -        59        55    

Mortgage loans, net of allowance

      -        -        7,856        7,856        7,655    

Policy loans

      -        -        903        903        903    

Derivative assets

      -        99        -        99        88    

Short-term investments

      7        615        -        622        622    

Securities lending collateral assets

      132        -        -        132        132    

Separate account assets

      3        334        -        337        308    

Total assets

    $ 1,636      $ 36,409      $ 9,689      $ 47,734      $ 44,878    

Liabilities:

               

Investment contracts²

    $ -      $ -      $ 953      $ 953      $ 1,801    

Derivative liabilities

      -        19        -        19        22    

Total liabilities

    $ -      $ 19      $ 953      $ 972      $ 1,823    

 

  1

Level 3 is primarily composed of industrial and miscellaneous bonds.

  2

Prior period balances updated to conform to current period presentation.

Mortgage loans, net of allowance. The fair values of mortgage loans are estimated using discounted cash flow analyses based on interest rates currently being offered for similar loans to borrowers with similar credit ratings.

Policy loans. The carrying amount reported in the statutory statements of admitted assets, liabilities, capital and surplus approximates fair value as policy loans are fully collateralized by the cash surrender value of underlying insurance policies.

Securities lending collateral assets. These assets are comprised of bonds and short-term investments and the respective fair values are estimated based on the fair value methods described in Note 2.

 

F-35

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

Investment contracts. For investment contracts without defined maturities, fair value is the amount payable on demand, net of surrender charges. For investment contracts with known or determined maturities, fair value is estimated using discounted cash flow analysis. Interest rates used in this analysis are similar to currently offered contracts with maturities consistent with those remaining for the contracts being valued. The fair value of adjustable rate contracts approximates their carrying value.

 

(8)

Federal Income Taxes

The following tables summarize the net admitted deferred tax assets, as of the dates indicated:

 

                                                                          
      December 31, 2020  
(in millions)    Ordinary      Capital      Total  

Total gross deferred tax assets

    $ 770      $ 16      $ 786   

Statutory valuation allowance adjustment

      -        -        -   

Adjusted gross deferred tax assets

    $ 770      $ 16      $ 786   

Less: Deferred tax assets nonadmitted

      (41 )       -        (41)  

Net admitted deferred tax assets

    $ 729      $ 16      $ 745   

Less: Deferred tax liabilities

      (94 )       (9 )       (103)  

Net admitted deferred tax assets

    $ 635      $ 7      $ 642   
                            
     December 31, 2019  
(in millions)    Ordinary      Capital      Total  

Total gross deferred tax assets

    $ 730      $ 44      $ 774   

Statutory valuation allowance adjustment

      -        -        -   

Adjusted gross deferred tax assets

    $ 730      $ 44      $ 774   

Less: Deferred tax assets nonadmitted

      (13 )       (24 )       (37)  

Net admitted deferred tax assets

    $ 717      $ 20      $ 737   

Less: Deferred tax liabilities

      (134 )       (2 )       (136)  

Net admitted deferred tax assets

    $ 583      $ 18      $ 601   

The following table summarizes components of the change in deferred income taxes reported in capital and surplus before consideration of nonadmitted assets and changes from the prior year, as of the dates indicated:

 

                                                                          
      December 31,          
(in millions)    2020      2019      Change  

Adjusted gross deferred tax assets

    $ 786      $ 774      $ 12   

Total deferred tax liabilities

      (103 )       (136 )       33   

Net deferred tax assets

    $ 683      $ 638      $ 45   

Less: Tax effect of unrealized gains

                        3   

Change in deferred income tax

                      $ 42   

 

F-36

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The following tables summarize components of the admitted deferred tax assets calculation, as of the dates indicated:

 

      December 31, 2020  
(in millions)    Ordinary      Capital      Total  

Federal income taxes recoverable through loss carryback

    $ -      $ 7      $ 7  

Adjusted gross deferred tax assets expected to be realized1

      633        2        635  

Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities

      96        7        103  

Admitted deferred tax assets

    $ 729      $ 16      $       745  

 

      December 31, 2019  
(in millions)    Ordinary      Capital      Total  

Federal income taxes recoverable through loss carryback

    $ -      $ 6      $ 6  

Adjusted gross deferred tax assets expected to be realized1

      583        12        595  

Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities

      134        2        136  

Admitted deferred tax assets

    $ 717      $ 20      $       737  
  1

Note that this amount is calculated as the lesser of the adjusted gross deferred tax assets expected to be realized following the balance sheet due date or the adjusted gross deferred tax assets allowed per the limitation threshold. For the years ended December 31, 2020 and 2019, the threshold limitation for adjusted capital and surplus was $1.3 billion and $1.2 billion, respectively.

The adjusted capital and surplus used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was $8.4 billion and $8.1 billion as of December 31, 2020 and 2019, respectively. The ratio percentage used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was 1,176% and 1,296% as of December 31, 2020 and 2019, respectively.

The following tables summarize the impact of tax planning strategies, as of the dates indicated:

 

      December 31, 2020  
      Ordinary     Capital     Total  

Adjusted gross deferred tax assets

      0.00 %      0.00 %      0.00 % 

Net admitted adjusted gross deferred tax assets

      32.64 %      0.00 %      32.64 % 

 

      December 31, 2019  
      Ordinary     Capital     Total  

Adjusted gross deferred tax assets

      0.00 %      0.00 %      0.00 % 

Net admitted adjusted gross deferred tax assets

      35.23 %      0.00 %      35.23 % 

The Company’s tax planning strategies included the use of affiliated reinsurance for the years ended December 31, 2020 and 2019.

There are no temporary differences for which deferred tax liabilities are not recognized for the years ended December 31, 2020 and 2019.

 

F-37

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The following table summarizes the tax effects of temporary differences and the change from the prior year, for the years ended:

 

      December 31,          
(in millions)    2020      2019      Change  

Deferred tax assets

         

Ordinary:

         

Future policy benefits and claims

    $ 108      $ 108      $ -  

Investments

      116        88        28  

Deferred acquisition costs

      202        201        1  

Policyholders’ dividends accumulation

      5        5        -  

Compensation and benefits accrual

      10        10        -  

Tax credit carry-forward

      316        303        13  

Other

      13        15        (2 ) 

Subtotal

    $ 770      $ 730      $ 40  

Nonadmitted

      (41 )       (13 )       (28 ) 

Admitted ordinary deferred tax assets

    $ 729      $ 717      $ 12  

Capital:

         

Investments

      16        44        (28 ) 

Subtotal

    $ 16      $ 44      $ (28 ) 

Nonadmitted

      -        (24 )       24  

Admitted capital deferred tax assets

    $ 16      $ 20      $ (4 ) 

Admitted deferred tax assets

    $ 745      $ 737      $ 8  
        

Deferred tax liabilities

         

Ordinary:

         

Investments

    $ (2 )     $ (26 )     $ 24  

Deferred and uncollected premium

      (6 )       (6 )       -  

Future policy benefits and claims

      (57 )       (58 )       1  

Deferred acquisition costs

      (28 )       (43 )       15  

Other

      (1 )       (1 )       -  

Subtotal

    $ (94 )     $ (134 )     $ 40  

Capital:

         

Investments

      (9 )       (2 )       (7 ) 

Subtotal

    $ (9 )     $ (2 )     $ (7 ) 

Deferred tax liabilities

    $ (103 )     $ (136 )     $ 33  

Net deferred tax assets

    $         642      $         601      $           41  

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion of the total deferred tax assets will not be realized. Valuation allowances are established when necessary to reduce the deferred tax assets to amounts expected to be realized. Based on the Company’s analysis, it is more likely than not that the results of future operations and the implementation of tax planning strategies will generate sufficient taxable income to enable the Company to realize all deferred tax assets. Therefore, no valuation allowances have been established as of December 31, 2020 and 2019.

 

F-38

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The following table summarizes the Company’s income tax incurred and change in deferred income tax. The total income tax and change in deferred income tax differs from the amount obtained by applying the federal statutory rate to income (loss) before tax as follows, for the years ended:

 

      December 31,  
(in millions)    2020     2019     2018  

Current income tax (benefit) expense

    $ (22 )    $ (66 )    $ 73  

Change in deferred income tax (without tax on unrealized gains and losses)

      (41 )      29       (72 ) 

Total income tax (benefit) expense reported

    $ (63 )    $ (37 )    $ 1  
                          

Income before income and capital gains taxes

    $ 465     $ 563     $ 783  

Federal statutory tax rate

      21 %      21 %      21 % 

Expected income tax expense at statutory tax rate

    $ 98     $ 118     $ 164  

Decrease in actual tax reported resulting from:

       

Dividends received deduction

      (117 )      (101 )      (99 ) 

Change in tax reserves

      16       -       16  

Tax credits

      (48 )      (53 )      (51 ) 

Tax (benefit) expense related to the Tax Cuts and Jobs Act1

      -       -       (26 ) 

Loss carryback rate differential

      (10 )      -       -  

Other

      (2 )      (1 )      (3 ) 

Total income tax (benefit) expense reported

    $           (63 )    $           (37 )    $             1  
  1

Prior year amount represents the remeasurement of deferred tax assets revised after return filing as a result of the Tax Cuts and Jobs Act.

The Company incurred $6 million in federal income tax expense in 2019 which is available for recoupment in the event of future net losses.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law and includes certain income tax provisions relevant to businesses. The Company is required to recognize the effect on the financial statements in the period the law was enacted. For year ended December 31, 2020, the CARES Act did not have a material impact on the Company’s financial statements.

The CARES Act amended the Tax Cuts and Jobs Act, to accelerate the ability of companies to fully recover AMT credits in 2020 versus 2021. The Company had $159 million of an income tax receivable that was previously AMT credit carryforwards as of December 31, 2019. In 2020, the Company received a refund of $158 million of its AMT credits.

The following table summarizes operating loss or tax credit carry-forwards available as of December 31, 2020:

 

(in millions)    Amount      Origination      Expiration  

Business credits

    $ 5        2011        2031  

Business credits

    $ 9        2012        2032  

Business credits

    $ 6        2013        2033  

Business credits

    $ 39        2014        2034  

Business credits

    $ 47        2015        2035  

Business credits

    $ 62        2016        2036  

Business credits

    $ 62        2017        2037  

Business credits

    $ 30        2018        2038  

Business credits

    $ 27        2019        2039  

Business credits

    $             29        2020        2040  

 

F-39

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The Company is included in the NMIC consolidated federal income tax return which includes the following entities:

 

Nationwide Mutual Insurance Company

AGMC Reinsurance, Ltd

Allied Group, Inc.

Allied Holding (Delaware), Inc.

Allied Insurance Company of America

Allied Property & Casualty Insurance Company

Allied Texas Agency, Inc.

AMCO Insurance Company

American Marine Underwriters

Crestbrook Insurance Company

Depositors Insurance Company

DVM Insurance Agency, Inc.

Eagle Captive Reinsurance, LLC

Freedom Specialty Insurance Company

Harleysville Group Inc.

Harleysville Insurance Co. of New York

Harleysville Insurance Company

Harleysville Insurance Company of New Jersey

Harleysville Lake States Insurance Company

Harleysville Life Insurance Company

Harleysville Preferred Insurance Company

Harleysville Worcester Insurance Company

Jefferson National Financial Corporation

Jefferson National Securities Corporation

Lone Star General Agency, Inc.

National Casualty Company

Nationwide Advantage Mortgage Company

Nationwide Affinity Insurance Company of America

Nationwide Agent Risk Purchasing Group. Inc.

Nationwide Agribusiness Insurance Company

Nationwide Assurance Company

Nationwide Cash Management Company

   

Nationwide Corporation

Nationwide Financial Assignment Company

Nationwide Financial General Agency, Inc.

Nationwide Financial Services, Inc.

Nationwide General Insurance Company

Nationwide Global Holdings, Inc.

Nationwide Indemnity Company

Nationwide Insurance Company of America

Nationwide Insurance Company of Florida

Nationwide Investment Services Corporation

Nationwide Life and Annuity Ins. Company

Nationwide Life Insurance Company

Nationwide Lloyds

Nationwide Property & Casualty Ins. Company

Nationwide Retirement Solutions, Inc.

Nationwide Sales Solutions, Inc.

Nationwide Trust Company, FSB

NBS Insurance Agency, Inc.

NFS Distributors, Inc.

NWD Investment Management, Inc.

Registered Investment Advisors Services, Inc.

Scottsdale Indemnity Company

Scottsdale Insurance Company

Scottsdale Surplus Lines Insurance Company

THI Holdings (Delaware), Inc.

Titan Insurance Company

Titan Insurance Services, Inc.

Veterinary Pet Insurance Company

Victoria Fire & Casualty Company

Victoria National Insurance Company

Victoria Select Insurance Company

VPI Services, Inc.

The method of allocation among the companies is based upon separate return calculations with current benefit for tax losses and credits utilized in the consolidated return.

The Company did not have any protective tax deposits under Section 6603 of the Internal Revenue Code as of December 31, 2020 and 2019.

The Company does not have any tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

 

F-40

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

(9)

Short-Term Debt and Federal Home Loan Bank Funding Agreement

Short-Term Debt

The following table summarizes the carrying value of short-term debt and weighted average annual interest rates, as of the dates indicated:

 

      December 31,  
(in millions)    2020      2019  

$750 million commercial paper program (0.00%)

    $ -      $ 200  

Accrued interest payable

      3        3  

Total short-term debt

    $             3      $         203  

The Company participates in a commercial paper program with a limit of $750 million. The rating agency guidelines recommend that the Company maintain minimum liquidity backup, which includes cash and liquid assets, as well as committed bank lines, equal to 50% of any amounts outstanding under the commercial paper program. The commercial paper will not be redeemed prior to maturity or be subject to voluntary prepayment. Proceeds from the sale of the commercial paper will be used to meet working capital requirements and for general corporate purposes, including the funding of acquisitions.

As of December 31, 2019, the Company had access to borrow up to $300 million from the FHLB to provide financing for operations that expired on March 22, 2020. In March 2020, the Company renewed the agreement with the FHLB until March 19, 2021. The Company had $4.3 billion and $4.0 billion in eligible collateral and no amounts outstanding under the agreement as of December 31, 2020 and 2019, respectively. In February 2021, the Company terminated this agreement and entered into a new agreement with the FHLB, which expires February 4, 2022, that allows the Company and NLAIC access to collectively borrow up to $1.1 billion in the aggregate, which would be collateralized by pledged securities.

The Company has entered into an agreement with its custodial bank to borrow against the cash collateral that is posted in connection with its securities lending program. The maximum amount available under the agreement is $350 million. The borrowing rate on this program is equal to one-month U.S. LIBOR. The Company had no amounts outstanding under this agreement as of December 31, 2020 and 2019.

The terms of certain debt instruments contain various restrictive covenants, including, but not limited to, minimum statutory surplus defined in the agreements. The Company was in compliance with all covenants as of December 31, 2020 and 2019.

The amount of interest paid on short-term debt was immaterial in 2020, 2019 and 2018.

Federal Home Loan Bank Funding Agreements

The Company is a member of the FHLB. Through its membership, the FHLB established the Company’s capacity for short-term borrowings and cash advances under the funding agreement program at up to 50% of total admitted assets.

The Company’s Board of Directors has authorized the issuance of funding agreements up to $4.0 billion to the FHLB, shared between the Company and NLAIC, in exchange for cash advances, which are collateralized by pledged securities. The Company uses these funds in an investment spread strategy, consistent with its other investment spread operations. As such, the Company applies SSAP No. 52, Deposit-Type Contracts, accounting treatment to these funds, consistent with its other deposit-type contracts. It is not part of the Company’s strategy to utilize these funds for operations, and any funds obtained from the FHLB for use in general operations would be accounted for consistent with SSAP No. 15, Debt and Holding Company Obligations, as borrowed money. Membership requires the Company to purchase and hold a minimum amount of FHLB capital stock plus additional stock based on outstanding advances. The Company has $30 million in membership stock as of December 31, 2020 and 2019. As part of the agreement, the Company purchased and held an additional $58 million and $53 million in activity stock as of December 31, 2020 and 2019, respectively, which is included in the general account in stocks on the statutory statements of admitted assets, liabilities, capital and surplus. The Company’s liability for advances from the FHLB was $2.1 billion and $1.8 billion as of December 31, 2020 and 2019, respectively, which is included in future policy benefits and claims on the statutory statements of admitted assets, liabilities, capital and surplus. The advances were collateralized by bonds and mortgage loans with carrying values of $2.4 billion (1.5% of total admitted assets) as of December 31, 2020 and $2.2 billion (1.4% of total admitted assets) as of December 31, 2019, which are included in the general account in bonds and mortgage loans on the statutory statements of admitted assets, liabilities, capital and surplus.

 

F-41

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

(10)

Surplus Notes

The following table summarizes the carrying value of surplus notes issued by the Company to NFS, as of the dates indicated:

 

(in millions)                                                       
Date issued    Interest
rate		     Par value      Carrying
value		      Interest and/
or principal
paid in
current year		      Total interest
and/ or
principal paid		      Unapproved
interest and/
or principal		      Date of
maturity		  

December 31, 2020

                    

12/19/2001

      7.50 %    $ 300      $ 300      $ 22      $ 428      $ -        12/31/2031  

6/27/2002

      8.15 %      300        300        25        448        -        6/27/2032  

12/23/2003

      6.75 %      100        100        7        112        -        12/23/2033  

12/20/2019

      4.21 %      400        400        17        17        -        12/19/2059  

Total

            $ 1,100      $ 1,100      $ 71      $ 1,005      $ -           
                                                               

December 31, 2019

                    

12/19/2001

      7.50 %    $ 300      $ 300      $ 23      $ 406      $ -        12/31/2031  

6/27/2002

      8.15 %      300        300        24        423        -        6/27/2032  

12/23/2003

      6.75 %      100        100        7        105        -        12/23/2033  

12/20/2019

      4.21 %      400        400        -        -        -        12/19/2059  

Total

            $         1,100      $         1,100      $             54      $           934      $                 -           

The surplus notes were issued in accordance with Section 3901.72 of the Ohio Revised Code. The principal and interest on these surplus notes shall not be a liability or claim against NLIC, or any of its assets, except as provided in Section 3901.72 of the Ohio Revised Code. The Department must approve interest and principal payments before they are paid.

 

(11)

Reinsurance

The Company has a 100% coinsurance agreement with funds withheld with Eagle to cede specified GMDB and GLWB obligations provided under substantially all of the variable annuity contracts issued and to be issued by NLIC. While the GMDB and GLWB contract riders are ceded by NLIC to Eagle, the base annuity contracts and any non-reinsured risks will be retained by NLIC.

Amounts ceded to Eagle during 2020, 2019 and 2018 included premiums of $627 million, $529 million and $506 million, respectively, benefits and claims, net of third party reinsurance recoveries of $23 million, $17 million, and $14 million respectively, net investment earnings on funds withheld assets of $49 million, $33 million and $20 million, respectively, and an expense allowance for third party reinsurance premiums of $1 million, $1 million and $1 million, respectively. As of December 31, 2020 and 2019, the carrying value of the funds withheld assets was $965 million and $795 million, respectively, which consists of bonds and short-term investments that had a carrying value of $856 million and $722 million, respectively, and mortgage loans that had a carrying value of $108 million and $73 million, respectively. As of December 31, 2020 and 2019, the Company’s reserve credit for guaranteed benefits ceded under the reinsurance agreement was $65 million and $275 million, respectively. Amounts payable to Eagle related to the reinsurance agreement were $402 million and $248 million as of as of December 31, 2020 and December 31, 2019, respectively.

The Company has a reinsurance agreement with NMIC whereby nearly all of the Company’s accident and health business not ceded to unaffiliated reinsurers is ceded to NMIC on a modified coinsurance basis. Either party may terminate the agreement on January 1 of any year with prior notice. Under a modified coinsurance agreement, the ceding company retains invested assets, and investment earnings are paid to the reinsurer. Under the terms of the Company’s agreement, the investment risk associated with changes in interest rates is borne by the reinsurer. Risk of asset default is retained by the Company, although a fee is paid to the Company for the retention of such risk. The ceding of risk does not discharge the Company, as the original insurer, from its primary obligation to the policyholder. Amounts ceded to NMIC include revenues of $281 million, $279 million and $257 million for the years ended December 31, 2020, 2019 and 2018, respectively, while benefits, claims and expenses ceded were $260 million, $273 million and $237 million, respectively.

 

F-42

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The Company has an intercompany reinsurance agreement with NLAIC whereby certain inforce and subsequently issued fixed individual deferred annuity contracts are assumed on a modified coinsurance basis. Under modified coinsurance agreements, the ceding company retains invested assets and investment earnings are paid to the reinsurer. Under terms of the agreement, the Company bears the investment risk associated with changes in interest rates. Risk of asset default remains with NLAIC, and the Company pays a fee to NLAIC for the retention of such risk. The agreement will remain inforce until all contract obligations are settled. The ceding of risk does not discharge the original insurer from its primary obligation to the contractholder. Amounts assumed from NLAIC are included in the Company’s statutory statement of operations for 2020, 2019 and 2018 and include premiums of $12 million, $14 million and $14 million, respectively, net investment income of $46 million, $49 million and $58 million, respectively, and benefits, change in reserves and other expenses of $171 million, $251 million and $358 million, respectively. The reserve adjustment for 2020, 2019 and 2018 of $(172) million, $(246) million and $(352) million, respectively, represents changes in reserves related to this fixed block of business, offset by investment earnings on the underlying assets. Policy reserves assumed under this agreement totaled $1.1 billion and $1.2 billion as of December 31, 2020 and 2019, respectively, and amounts payable related to this agreement were $8 million and $0.4 million, respectively.

The Company has an intercompany reinsurance agreement with NLAIC whereby certain variable universal life insurance, whole life insurance and universal life insurance policies are assumed on a modified coinsurance basis. Total policy reserves under this treaty were $37 million and $39 million as of December 31, 2020 and 2019, respectively. Total premiums assumed under this treaty were $8 million, $11 million and $8 million during 2020, 2019 and 2018, respectively.

The Company has an intercompany reinsurance agreement with NLAIC whereby a certain life insurance contract is assumed on a 100% coinsurance basis. Policy reserves assumed under this agreement totaled $158 million and $157 million as of December 31, 2020 and 2019, respectively.

The Company has entered into reinsurance contracts to cede a portion of its individual annuity and life insurance business to unrelated reinsurers. Total reserve credits taken as of December 31, 2020 and 2019 were $420 million and $438 million, respectively. The three largest contracts are with Security Benefit Life Insurance Company (“SBL”), SCOR Global Life Americas Reinsurance (“SGLAR”), and Security Life of Denver Insurance Company (“SLD”) as of December 31, 2020. Total reserve credits taken on these contracts as of December 31, 2020 and 2019 totaled $100 million and $90 million for each year, from SBL, $44 million and $0, respectively, from SGLAR and $36 million and $41 million, respectively, from SLD. The ceding of risk does not relieve the Company, as the original insurer, from its primary obligation to the policyholder. Under the terms of the contracts, SBL has established a trust as collateral for the recoveries, whereby the trust assets are invested in investment grade securities, the fair value of which must at all times be greater or equal to 100% of the reinsured reserves.

 

F-43

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

(12)

Transactions with Affiliates

The Company has entered into significant, recurring transactions and agreements with NMIC, other affiliates and subsidiaries as a part of its ongoing operations. These include annuity and life insurance contracts, office space cost sharing arrangements, and agreements related to reinsurance, cost sharing, tax sharing, administrative services, marketing, intercompany loans, intercompany repurchases, cash management services and software licensing. In addition, several benefit plans sponsored by NMIC are available to Nationwide employees, for which the Company has no legal obligations. Measures used to determine the allocation among companies includes individual employee estimates of time spent, special cost studies, the number of full-time employees and other methods agreed to by the participating companies.

In addition, Nationwide Services Company, LLC (“NSC”), a subsidiary of NMIC, provides data processing, systems development, hardware and software support, telephone, mail and other services to the Company, based on specified rates for units of service consumed pursuant to the Enterprise Cost Sharing Agreement. For the years ended December 31, 2020, 2019 and 2018, the Company was allocated costs from NMIC and NSC totaling $281 million, $220 million and $235 million, respectively.

The Company has issued group annuity and life insurance contracts and performs administrative services for various employee benefit plans sponsored by NMIC or its affiliates. Total account values of these contracts were $3.7 billion, $3.5 billion and $3.4 billion as of December 31, 2020, 2019 and 2018, respectively. Total revenues from these contracts were $122 million, $120 million and $119 million for the years ended December 31, 2020, 2019 and 2018, respectively, and include policy charges, net investment income from investments backing the contracts and administrative fees. Total interest credited to the account balances were $115 million, $112 million and $107 million for the years ended December 31, 2020, 2019 and 2018, respectively.

The Company may underwrite insurance policies for its officers, directors, and/or other personnel providing services to the Company. The Company may offer discounts on certain products that are subject to applicable state insurance laws and approvals.

Under the Enterprise Cost Sharing Agreement, the Company has a cost sharing arrangement with NMIC to occupy office space. For the years ended December 31, 2020, 2019 and 2018, the Company was allocated costs from NMIC of $13 million, $11 million and $10 million, respectively.

The Company receives an annual fee payable from the Tax Credit Funds, for which it is a guarantor and Managing Member, for its services in connection with the oversight of the performance of the Investee Partnerships and the compliance by their managing members and managing agents thereof with the provisions of the various operating level agreements and applicable laws. The Company earned $2 million for the years ended December 31, 2020, 2019 and 2018.

Funds of Nationwide Funds Group (“NFG”), a group of Nationwide businesses that develops, sells and services mutual funds, are offered to the Company’s customers as investment options in certain of the Company’s products. As of December 31, 2020, 2019 and 2018, customer allocations to NFG funds totaled $69.2 billion, $66.8 billion and $60.7 billion, respectively. For the years ended December 31, 2020, 2019 and 2018, NFG paid the Company $229 million, $227 million and $227 million, respectively, for the distribution and servicing of these funds.

Amounts on deposit with NCMC for the benefit of the Company were $551 million and $616 million as of December 31, 2020 and 2019, respectively. As of December 31, 2020, amounts on deposit with NCMC were comprised of $547 million of cash equivalents, with remaining amounts in short-term investments.

Certain annuity products are sold through affiliated companies, which are also subsidiaries of NFS. Total commissions and fees paid to these affiliates for the years ended December 31, 2020, 2019 and 2018 was $69 million, $71 million and $72 million, respectively.

The Company provides financing to Nationwide Realty Investors, LTD, a subsidiary of NMIC with interest rates ranging from 3.3% to 5.0% and maturity dates ranging from January 2022 to June 2041. As of December 31, 2020 and 2019, the Company had mortgage loans outstanding of $414 million and $348 million, respectively.

The Company also participates in intercompany repurchase agreements with affiliates whereby the seller transfers securities to the buyer at a stated value. Upon demand or after a stated period, the seller repurchases the securities from the buyer at the original sales price plus interest. As of December 31, 2020 and 2019, the Company had no outstanding borrowings from affiliated entities under such agreements. During 2020 and 2019, there was no outstanding borrowings from affiliated entities at any given time. The amount the Company incurred for interest expense on intercompany repurchase agreements during 2020, 2019 and 2018 were immaterial.

During 2020, 2019 and 2018, the Company received capital contributions of $0, $600 million and $435 million, respectively, from NFS.

 

F-44

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

During 2020, the Company sold securities of $59 million to Nationwide Mutual Fire Insurance Company for cash, which resulted in a realized loss of $2 million.

During 2020, 2019 and 2018, the Company paid capital contributions of $500 million, $400 million and $565 million, respectively, to NLAIC.

On February 11, 2020, the Company entered into an unsecured promissory note and revolving line of credit with JNLNY whereby JNLNY can borrow up to $5 million. As of December 31, 2020, no amounts were drawn on the note.

On November 21, 2019, NFS and the Company entered into a promissory note, where the Company borrowed $386 million from NFS at 1-month LIBOR plus 0.785%. This note was fully repaid on December 20, 2019.

During 2018, NLAIC borrowed $340 million from the Company at interest rates ranging from 3-month LIBOR plus 0.785% to 3.57% with maturity dates ranging from January 16, 2019 to March 21, 2019. During 2019, NLAIC made payments of principal and interest and, as of March 21, 2019, the promissory notes were repaid in full.

Pursuant to financial support agreements, the Company has agreed to provide NLAIC and JNLIC with the minimum capital and surplus required by each state in which NLAIC and JNLIC does business. These agreements do not constitute the Company as guarantor of any obligation or indebtedness of NLAIC or JNLIC or provide any creditor of NLAIC or JNLIC with recourse to or against any of the assets of the Company.

Eagle’s surplus position is evaluated quarterly to determine if an additional surplus contribution is required from the Company or if a distribution to the Company can be declared as of each quarter end.

During 2020 and 2019, the Company made surplus contributions to Eagle. On March 31, 2020 and April 17, 2020, the Company made surplus contributions to Eagle of $555 million and $50 million, respectively. On October 17, 2019, the Company made a surplus contribution to Eagle of $9 million.

During 2020 and 2019 Eagle declared distributions to the Company based on their earned surplus position. On February 10, 2021, the Company received a dividend distribution of $292 million from Eagle that was declared on December 31, 2020. The dividend receivable was recorded in accrued investment income on the December 31, 2020 statutory statement of admitted assets, liabilities, capital and surplus. On November 10, 2020 the Company received a total distribution of $267 million from Eagle that was declared on September 30, 2020 and consisted of a return of contributed surplus of $184 million and a dividend of $83 million. On August 10, 2020 the Company received a return of contributed surplus distribution of $421 million from Eagle that was declared on June 30, 2020. On February 10, 2020, the Company received a total distribution of $180 million from Eagle that was declared on December 31, 2019 and consisted of a return of contributed surplus of $9 million and a dividend of $171 million. The return of contributed surplus was recorded in other assets and the dividend receivable was recorded in accrued investment income on the December 31, 2019 statutory statement of admitted assets, liabilities, capital and surplus. On August 9, 2019, the Company received a dividend distribution of $41 million from Eagle that was declared on June 28, 2019. On May 10, 2019, the Company received a total distribution of $212 million from Eagle that was declared on March 26, 2019 and consisted of a return of contributed surplus of $190 million and a dividend of $22 million.

The Company utilizes the look-through approach in valuing its investment in Nationwide Real Estate Investors (NLIC), LLC (“NW REI (NLIC)”), a subsidiary of NMIC, at $90 million and $69 million as of December 31, 2020 and 2019, respectively. NW REI (NLIC)’s financial statements are not audited and the Company has limited the value of its investment in NW REI (NLIC) to the value contained in the audited statutory financial statements of the underlying investments. All liabilities, commitments, contingencies, guarantees or obligations of the NW REI (NLIC), which are required under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in NW REI (NLIC), if not already recorded in the financial statements of NW REI (NLIC).

(13) Contingencies

Legal and Regulatory Matters

The Company is subject to legal and regulatory proceedings in the ordinary course of its business. These include proceedings specific to the Company and proceedings generally applicable to business practices in the industries in which the Company operates. The outcomes of these proceedings cannot be predicted due to their complexity, scope, and many uncertainties. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory proceedings is not likely to have a material adverse effect on the Company’s financial condition.

 

F-45

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

 

 

 

The various businesses conducted by the Company are subject to oversight by numerous federal and state regulatory entities, including but not limited to the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Department of Labor, the IRS, the Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or its affiliates, the Company is cooperating with regulators.

Guarantees

In accordance with SSAP No. 5R, Liabilities, Contingencies and Impairments of Assets, for all guarantees made to or on behalf of wholly-owned subsidiaries, no initial liability recognition has been made and there is no net financial statement impact related to these guarantees.

The contractual obligations under NLAIC’s single premium deferred annuity (“SPDA”) contracts in force and issued before September 1, 1988 are guaranteed by the Company. Total SPDA contracts affected by this guarantee in force as of December 31, 2020 and 2019 were approximately $8 million and $9 million, respectively.

The Company has guaranteed the obligations and liabilities of NISC, including, without limitation, the full and prompt payment of all accounts payable to any party now or in the future. If for any reason NISC fails to satisfy any of its obligations, the Company will cause such obligation, loss or liability to be fully satisfied.

Indemnifications

In the normal course of business, the Company provides standard indemnifications to contractual counterparties. The types of indemnifications typically provided include breaches of representations and warranties, taxes and certain other liabilities, such as third-party lawsuits. The indemnification clauses are often standard contractual terms and are entered into in the normal course of business based on an assessment that the risk of loss would be remote. The terms of the indemnifications vary in duration and nature. In many cases, the maximum obligation is not explicitly stated, and the contingencies triggering the obligation to indemnify have not occurred and are not expected to occur. Consequently, the amount of the obligation under such indemnifications is not determinable. Historically, the Company has not made any material payments pursuant to these obligations.

 

(14)

Regulatory Risk-Based Capital, Dividend Restrictions and Unassigned Surplus

The NAIC Risk-Based Capital (“RBC”) model law requires every insurer to calculate its total adjusted capital and RBC requirement to ensure insurer solvency. Regulatory guidelines provide for an insurance commissioner to intervene if the insurer experiences financial difficulty, as evidenced by a company’s total adjusted capital falling below established relationships to required RBC. The model includes components for asset risk, liability risk, interest rate exposure and other factors. The State of Ohio, where the Company is domiciled, imposes minimum RBC requirements that are developed by the NAIC. The formulas in the model for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of total adjusted capital to authorized control level RBC, as defined by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, all of which require specified corrective action. The Company exceeded the minimum RBC requirements for all periods presented.

The State of Ohio insurance laws require insurers to seek prior regulatory approval to pay a dividend or distribution of cash or other property if the fair market value thereof, together with that of other dividends or distributions made in the preceding twelve months, exceeds the greater of (i) 10% of statutory-basis capital and surplus as of the prior December 31 or (ii) the statutory-basis net income of the insurer for the prior year. During the years ended December 31, 2020, 2019 and 2018, the Company did not pay any dividends to NFS. The Company’s statutory capital and surplus as of December 31, 2020, was $9.1 billion and statutory net income for 2020 was $487 million. As of January 1, 2021, the Company has the ability to pay dividends to NFS totaling $911 million without obtaining prior approval.

The State of Ohio insurance laws also require insurers to seek prior regulatory approval for any dividend paid from other than earned capital and surplus. Earned capital and surplus is defined under the State of Ohio insurance laws as the amount equal to the Company’s unassigned funds as set forth in its most recent statutory financial statements, including net unrealized capital gains and losses or revaluation of assets. Additionally, following any dividend, an insurer’s policyholder capital and surplus must be reasonable in relation to the insurer’s outstanding liabilities and adequate for its financial needs. The payment of dividends by the Company may also be subject to restrictions set forth in the insurance laws of the State of New York that limit the amount of statutory profits on the Company’s participating policies (measured before dividends to policyholders) available for the benefit of the Company and its stockholders.

The Company currently does not expect such regulatory requirements to impair the ability to pay operating expenses and dividends in the future.

 

F-46

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

 

 

 

Schedule I     Summary of Investments – Other Than Investments in Related Parties

As of December 31, 2020:

 

(in millions)    Column A    Column B      Column C      Column D  
      Type of investment    Cost      Fair value     

Amount at which

is

shown in the
statutory
statements of
admitted

assets, liabilities,

capital

and surplus

  

Bonds:

         

U.S. Treasury securities and obligations of U.S. government corporations

    $ 2      $ 2      $ 2  

U.S. government and agencies

      120        150        120  

Obligations of states and political subdivisions

      3,323        3,988        3,323  

Foreign governments

      63        71        63  

Public utilities

      3,784        4,280        3,790  

All other corporate, mortgage-backed and asset-backed securities

      29,876        33,319        29,909  

Total fixed maturity securities

    $ 37,168      $             41,810      $ 37,207  

Equity securities:

         

Common Stocks:

         

Banks, trust and insurance companies

      30        33        33  

Industrial, miscellaneous and all other

      113        109        109  

Nonredeemable preferred stocks

      97        109        97  

Total equity securities1

    $ 240      $ 251      $ 239  

Mortgage loans2

      7,831           7,783  

Short-term investments

      461           461  

Policy loans

      888           888  

Other long-term investments3

      950                 950  

Total invested assets

    $             47,538               $ 47,528  
1

Amount does not agree to the statutory statements of admitted assets, liabilities, capital and surplus as investments in related parties of $2.6 billion are excluded.

2

Difference from Column B is attributable to valuation allowances on mortgage loans (see Note 5 to the audited statutory financial statements).

3

Includes derivatives, securities lending reinvested collateral assets and other invested assets. Amount does not agree to the statutory statements of admitted assets, liabilities, capital and surplus as investments in related parties of $157 million are excluded.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

 

F-47

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

 

 

 

Schedule III    Supplementary Insurance Information

As of December 31, 2020, 2019 and 2018 and for each of the years then ended (in millions):

 

Column A    Column B      Column C      Column D      Column E      Column F  
Year: Segment    Deferred policy
acquisition
costs1		     

Future

policy

benefits,
losses,
claims and

loss
expenses

      Unearned
premiums2		     

Other policy
claims

and benefits
payable2

      Premium
revenue		  

2020

               

Life Insurance

       $ 5,204            $ 394  

Annuities

         7,837              3,443  

Retirement Solutions

         22,362              5,939  

Corporate Solutions and Other

         5,599              861  

 

      

 

 

           

 

 

  

Total

         $41,002              $10,637  

2019

               

Life Insurance

       $ 5,125            $ 413  

Annuities

         7,955              4,202  

Retirement Solutions

         20,781              4,324  

Corporate Solutions and Other

         5,278              1,229  

 

      

 

 

           

 

 

  

Total

       $ 39,139            $ 10,168  

 

      

 

 

           

 

 

  

2018

               

Life Insurance

       $ 5,087            $ 410  

Annuities

         7,934              3,868  

Retirement Solutions

         19,646              4,095  

Corporate Solutions and Other

         5,670              1,456  

 

      

 

 

           

 

 

  

Total

       $ 38,337            $ 9,829  

 

      

 

 

           

 

 

  

 

Column A    Column G      Column H      Column I      Column J      Column K  
Year: Segment    Net
investment
income3		      Benefits,
claims,
losses and
settlement
expenses4		      Amortization of
deferred policy
acquisition costs1		      Other
operating
expenses		      Premiums
written		  

2020

               

Life Insurance

    $ 247      $ 772         $ 123     

Annuities

      338        7,539           55     

Retirement Solutions

      843        8,258           131     

Corporate Solutions and Other

      679        717           135     

 

        

 

 

     

Total

    $ 2,107      $ 17,286         $ 444     

 

        

 

 

     

2019

               

Life Insurance

    $ 262      $ 807         $ 133     

Annuities

      319        8,460           57     

Retirement Solutions

      824        6,539           122     

Corporate Solutions and Other

      569        1,151           105     

 

        

 

 

     

Total

    $ 1,974      $ 16,957         $ 417     

 

        

 

 

     

2018

               

Life Insurance

    $ 270      $ 744         $ 154     

Annuities

      319        8,203           48     

Retirement Solutions

      798        5,656           132     

Corporate Solutions and Other

      540        764           64     

 

        

 

 

     

Total

    $ 1,927      $ 15,367         $ 398     

 

        

 

 

     
1

Deferred policy acquisition costs and amortization of deferred policy acquisition costs are not applicable for statutory basis of accounting.

2

Unearned premiums and other policy claims and benefits payable are included in Column C amounts.

3

Allocations of net investment income and certain operating expenses are based on numerous assumptions and estimates and reported segment operating results would change if different methods were applied.

4

Benefits to policyholders and beneficiaries, reserves for future policy benefits and claims and commissions are included in Column H amounts.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

 

F-48

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

 

 

 

Schedule IV     Reinsurance

As of December 31, 2020, 2019 and 2018 and each of the years then ended:

 

(in millions)                               
Column A    Column B      Column C     Column D      Column E  
            Ceded to     Assumed         
     Gross      other     from other      Net  
      amount      companies     companies      amount  

2020

           

Life insurance in force

    $ 146,855      $ (31,055 )    $ 686      $ 116,486  

Premiums:

           

Life Insurance1

    $ 1,378      $ (133 )    $ 8      $ 1,253  

Accident and health insurance

      441        (440 )      -        1  

Total

    $ 1,819      $ (573 )    $ 8      $ 1,254  
                                    

2019

           

Life insurance in force

    $ 146,044      $ (31,691 )    $ 728      $ 115,081  

Premiums:

           

Life Insurance1

    $ 1,761      $ (661 )    $ 10      $ 1,110  

Accident and health insurance

      444        (445 )      2        1  

Total

    $ 2,205      $ (1,106 )    $ 12      $ 1,111  
                                    

2018

           

Life insurance in force

    $ 141,650      $ (32,380 )    $ 788      $ 110,058  

Premiums:

           

Life Insurance1

    $ 1,985      $ (130 )    $ 8      $ 1,863  

Accident and health insurance

      289        (373 )      85        1  

Total

    $ 2,274      $ (503 )    $ 93      $ 1,864  
1

Primarily represents premiums from traditional life insurance and life-contingent immediate annuities and excludes deposits on investment and universal life insurance products.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

 

F-49

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

 

 

 

Schedule V     Valuation and Qualifying Accounts

Years ended December 31, 2020, 2019 and 2018:

 

(in millions)                                
Column A    Column B      Column C      Column D      Column E  
     Balance at      Charged to             Balance at  
     beginning      costs and             end of  
Description    of period      expenses      Deductions1      period  

2020

            

Valuation allowances - mortgage loans

    $ 34      $ 14      $ -      $ 48  
                                     

2019

            

Valuation allowances - mortgage loans

    $ 25      $ 9      $ -      $ 34  
                                     

2018

                                    

Valuation allowances - mortgage loans

    $ 23      $ 2      $ -      $ 25  
1

Amounts generally represent recoveries, payoffs and sales.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

 

F-50

PART C. OTHER INFORMATION
Item 26. Exhibits
g) Reinsurance Contracts -Not applicable.
h) Form of Participation Agreements –
The following fund participation agreements were previously filed and are hereby incorporated by reference.
1) Fund Participation Agreement with AIM Variable Insurance Funds, AIM Advisors, Inc., and AIM Distributors dated January 6, 2003 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document aimfpa99h1.htm
2) Fund Participation Agreement (Amended and Restated) with Alliance Capital Management L.P. and Alliance-Bernstein Investment Research and Management, Inc. dated June 1, 2003 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document alliancebernsteinfpa.htm
3) Amended and Restated Fund Participation and Shareholder Services Agreement with American Century Investment Services, Inc., as amended, dated September 15, 2004 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document amcentfpa99h2.htm
4) Fund Participation Agreement with American Funds Insurance Series and Capital Research and Management Company. dated July 20, 2005 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document americanfundsfpa.htm
5) Fund Participation Agreement with BlackRock (formerly FAM Distributors, Inc. and FAM Variable Series Funds, Inc.), as amended, dated April 13, 2004 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document blackrockfpa.htm
6) Participation Agreement with Calvert Asset Management Company Inc., and Calvert Distributor, Inc. dated September 5, 2002 with the registration statement under 333-104339, post-effective amendment number 6 filed on April 24, 2008 as document calvertfpa.htm
7) Fund Participation Agreement with Davis Variable Account Fund and Davis Distributors, LLC. dated August 7, 2007 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document davisfpa.htm

 

8) Fund Participation Agreement with Delaware Management Company and Delaware Distributors, L.P., as amended, dated February 5, 2008 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document delawarefpa.htm
9) Fund Participation Agreement with DFA Investment Dimensions Group Inc.; Dimensional Fund Advisors LP; and DFA Securities LLC. dated February 8, 2012 with the registration statement under 333-149213, post-effective amendment number 7 filed on April 11, 2012 as document dfafpa.htm
10) Restated and Amended Fund Participation Agreement with The Dreyfus Corporation, as amended, dated January 27, 2000 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document dreyfusfpa99h3.htm
11) Fund Participation Agreement with BT Insurance Funds Trust and Bankers Trust Company dated January 1, 1999 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document dwsfpa.htm
12) Fund Participation Agreement with DWS Variable Series I and DWS Variable Series II (formerly Scudder Variable Series I, Scudder Variable Series II), Deutsche Investment Management Americas, Inc. and DWS Investments Distributors, Inc. (formerly DWS Scudder Distributors, Inc.) dated July 1, 2004 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document dwsfpa.htm
13) Fund Participation Agreement with Eaton Vance Variable Trust and Eaton Vance Distributors, Inc. dated March 24, 2011 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document eatonvancefpa.htm
14) Fund Participation Agreement with Federated Insurance Series and Federated Securities Corp., as amended, dated April 1, 2006 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fedfpa99h4.htm
15) Fund Participation Agreement with Fidelity Variable Insurance Products Fund, as amended, including Fidelity Variable Insurance Products Fund IV and Fidelity Variable Insurance Products Fund V. dated May 1, 1988 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fidifpa99h5.htm
16) Fund Participation Agreement with Fidelity Variable Insurance Products Fund II dated, as amended, including Fidelity Variable Insurance Products Fund IV and Fidelity Variable Insurance Products Fund V. dated July 15, 1989 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fidiifpa99h6.htm
17) Fund Participation Agreement with Fidelity Variable Insurance Products Fund III dated, as amended, including Fidelity Variable Insurance Products Fund IV and Fidelity Variable Insurance Products Fund V. dated November 22, 1994 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fidiiifpa99h7.htm
18) Amended and Restated Fund Participation Agreement with Franklin Templeton Variable Insurance Products Trust and Franklin/Templeton Distributors, Inc., as amended, dated May 1, 2003 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document frankfpa99h8.htm
19) Fund Participation Agreement with Goldman Sachs Variable Insurance Trust, and Goldman Sachs & Co. dated December 22, 1998 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document goldmansachsfpa.htm
20) Fund Participation Agreement with J.P. Morgan Series Trust II dated February 18, 2003 with the registration statement under 333-59517, post-effective amendment number 42 filed on April 30, 2008 as document jpmorganfpa.htm
21) Fund Participation Agreement, Service and Institutional Shares, with Janus Aspen Series dated December 31, 1999 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document janusfpa99h9a.htm
22) Fund Participation Agreement with Lazard Retirement Series, Inc., and Lazard Asset Management Securities LLC dated April 13, 2009 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document lazardfpa.htm

 

23) Fund Participation Agreement with Legg Mason Investor Services, LLC (formerly, Salomon Brothers Variable Series Funds Inc., Salomon Brothers Asset Management Inc.), as amended, dated September, 1999 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document leggmasonfpa.htm
24) Fund Participation Agreement with Lincoln Variable Insurance Products Trust, Lincoln Financial Distributors, Inc., and Lincoln Investment Advisors Corporation. dated June 5, 2007 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document lincolnfpa.htm
25) Fund Participation Agreement with Lord Abbett Series Fund, Inc. and Lord Abbett Distributor LLC, as amended, dated December 31, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document lordabbettfpa.htm
26) Participation Agreement Among MFS Variable Insurance Trust, MFS Variable Insurance Trust II, Nationwide Financial Services, Inc., and MFS Fund Distributors, Inc., dated May 2, 2011 with the registration statement under 333-227783, post-effective amendment number 3 filed on September 9, 2019 as document d737458dex9924b24.htm
27) Fund Participation Agreement with Nationwide Variable Insurance Trust (formerly, Gartmore Variable Insurance Trust), American Funds Insurance Series, and Capital Research and Management Company dated May 1, 2007 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document nwfpa99h12b.htm
28) Fund Participation Agreement with Neuberger Berman Management Inc. dated January 1, 2006 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document neuberfpa99h13.htm
29) Fund Participation Agreement with Northern Lights Variable Trust and Northern Lights Distributors, LLC. dated February 8, 2012 with the registration statement under 333-62692, post-effective amendment number 28 filed on June 11, 2012 as document northernlightsfpa.htm
30) Fund Participation Agreement with Oppenheimer Variable Account Funds and Oppenheimer Funds, Inc. dated April 13, 2007 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document oppenfpa99h14.htm
31) Fund Participation Agreement with PIMCO Variable Insurance Trust and PIMCO Funds Distributors, LLC, as amended, dated March 28, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document pimcofpa.htm
32) Fund Participation Agreement with Pioneer Variable Contracts Trust, Pioneer Investment Management, Inc. and Pioneer Funds Distributor, Inc., as amended, dated September 27, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document pioneerfpa.htm
33) Fund Participation Agreement with Putnam Variable Trust and Putnam Retail Management, L.P. dated February 1, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document putnamfpa.htm
34) Fund Participation Agreement with Royce & Associates, Inc., as amended, dated February 14, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document roycefpa.htm
35) Fund Participation Agreement with Rydex Variable Trust & Rydex Distributors, Inc. dated September 10, 2001 with the registration statement under 333-62692, post-effective amendment number 20 filed on April 18, 2008 as document rydexfundpartagreement.htm
36) Fund Participation Agreement with T. Rowe Price Equity Series, Inc., T. Rowe Price International Series, Inc., T. Rowe Price Fixed Income Series, Inc., and T. Rowe Price Investment Services, Inc., as amended, dated October 1, 2002 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document trowefpa99h15.htm
37) Fund Participation Agreement with The Universal Institutional Funds, Inc., Morgan Stanley & Co. Incorporated, and Morgan Stanley Investment Management, Inc., as amended, dated February 1, 2002 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document univfpa99h16.htm

 

38) Fund Participation Agreement with Van Eck Investment Trust, Van Eck Associates Corporation, and Van Eck Securities Corporation, as amended, dated September 1, 1989 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document vaneckfpa.htm
39) Fund Participation Agreement with Vanguard Variable Insurance Fund, The Vanguard Group, Inc., Vanguard Marketing Corporation. dated February 28, 2008 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document vanguardfpa.htm
40) Fund Participation Agreement with Waddell & Reed Services Company and Waddell & Reed, Inc, as amended, dated December 1, 2000 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document waddellreedfpa.htm
41) Fund Participation Agreement with Wells Fargo Management, LLC, and Stephens, Inc., as amended, dated November 15, 2004 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document wellsfargofpa.htm
42) Fund Participation Agreement with Nationwide Variable Insurance Trust (formerly Gartmore Variable Insurance Trust, as amended. dated May 2, 2005 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document nwfpa99h12a.htm
43) Fund Participation Agreement with Virtus Variable Insurance Trust and VP Distributors, LLC, dated October 1, 2018 with the registration statement under 333-215169, post-effective amendment number 5 filed on April 18, 2019 as document d674921dex9926h32.htm
44) Fund Participation Agreement with Schwab Annuities Portfolio and Charles Schwab & Co., Inc. dated January 1, 2019 with the registration statement under 333-229640, pre-effective amendment number 1 filed on August 20, 2019 as document d771746dex9926h44.htm
i) Form of Administrative Contracts –
The following administrative contracts were previously filed and are hereby incorporated by reference.
1) Administrative Services Agreement with AIM Advisors, Inc. dated July 1, 2005 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document aimasa99i1a.htm
2) Financial Support Agreement with AIM Distributors, Inc. dated July 1, 2005 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document aimasa99i1b.htm
3) Administrative Services Agreement with Alliance Fund Distributors, Inc. dated June 3, 2003 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document alliancebersteinasa.htm
4) Amended and Restated Fund Participation and Shareholder Services Agreement with American Century Investment Services, Inc., as amended, dated September 15, 2004 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document amcentasa99i2.htm
5) Business Agreement with American Funds Distributors, Inc. and Capital Research and Management Company. dated July 20, 2005 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document americanfundsasa.htm
6) Administrative Services Agreement with BlackRock (formerly FAM Distributors, Inc., and Merrill Lynch Variable Series Funds, Inc.), as amended, dated April 13, 2004 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document blackrockasa.htm
7) Administrative Services Agreement with Calvert Asset Management Company, Inc., and Calvert Distributors, Inc. dated September 5, 2002 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document calvertvariableasa.htm
8) Administrative Service Agreement with Davis Distributors, LLC. dated August 7, 2007 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document davisasa.htm
9) Administrative Services Agreement with Delaware Distributors, L.P., as amended, dated February 5, 2008 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document delawareasa.htm

 

10) Fund Participation Agreement with DFA Investment Dimensions Group Inc.; Dimensional Fund Advisors LP; and DFA Securities LLC. dated February 8, 2012 with the registration statement under 333-149213, post-effective amendment number 7 filed on April 11, 2012 as document dfafpa.htm
11) Restated Administrative Services Agreement with The Dreyfus Corporation, as amended, and 12b-1 letter agreement dated, as amended, dated June 1, 2003 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document dreyfusasa99i3.htm
12) Administrative Services Agreement with Bankers Trust Company dated January 1, 1999 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document dwsasa.htm
13) Fund Participation Agreement with DWS Variable Series I and DWS Variable Series II (formerly Scudder Variable Series I, Scudder Variable Series II), Deutsche Investment Management Americas, Inc. and DWS Investments Distributors, Inc. (formerly DWS Scudder Distributors, Inc.) dated July 1, 2004 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document dwsfpa.htm
14) Fund Participation Agreement with Eaton Vance Variable Trust dated March 24, 2011 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document eatonvanceasa.htm
15) Dealer Agreement with Federated Securities Corp. dated October 26, 2006 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fedasa99i4a.htm
16) Fund Participation Agreement with Federated Insurance Series and Federated Securities Corp., as amended dated April 1, 2006 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fedasa99i4b.htm
17) Administrative Service Agreement with Fidelity Investments Institutional Operations Company, Inc., as amended dated April 1, 2002 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fidiiiasa99i5a.htm
18) Service Contract, with Fidelity Distributors Corporation, as amended dated April 1, 2002 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fidiiiasa99i5b.htm
19) Administrative Services Agreement with Franklin Templeton Services, LLC, as amended dated May 1, 2003 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document frankasa99i6.htm
20) Agreement with Goldman, Sachs & Co. dated January 6, 1999 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document goldmansachsasa.htm
21) Distribution and Shareholder Services Agreement with Janus Distributors, Inc. dated December 31, 1999 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document janusasa99i7.htm
22) Administrative Services Agreement with Lazard Retirement Series, Inc. dated April 13, 2009 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document lazardasa.htm
23) Administrative Services Agreement with Legg Mason Partners Variable Portfolios I, Inc. (formerly Salomon Brothers Asset Management Inc.), as amended, dated September, 1999 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document leggmasonasa.htm
24) Administrative Services Agreement with Lincoln Investment Advisors Corporation. dated June 5, 2007 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document lincolnasaa.htm
25) Distribution Services Agreement between Nationwide Investment Services Corporation (general distributor) and Lincoln Financial Distributors, Inc. dated June 5, 2007 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document linconasab.htm

 

26) Administrative Services Agreement with Lord Abbett Series Fund, Inc., as amended dated December 31, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document lordabbettasa.htm
27) Letter Agreement between MFS Fund Distributors, Inc. ("MFD") and Nationwide Financial Services, Inc. dated January 30, 2013 with the registration statement under 333-227783, post-effective amendment number 3 filed on September 9, 2019 as document d737458dex9924b39.htm
28) Fund Participation Agreement with Nationwide Variable Insurance Trust (formerly, Gartmore Variable Insurance Trust), as amended dated May 2, 2005 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document nwasa99i10.htm
29) Fund Participation Agreement with Nationwide Variable Insurance Trust (formerly, Gartmore Variable Insurance Trust), American Funds Insurance Series, and Capital Research and Management Company dated May 1, 2007 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document nwfpa99h12b.htm
30) Fund Participation Agreement with Neuberger Berman Management Inc. dated January 1, 2006 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document neuberfpa99h13.htm
31) Service Agreement with Northern Lights Variable Trust. dated February 8, 2012 with the registration statement under 333-155153, post-effective amendment number 6 filed on April 19, 2013 as document d470080dex99i24.htm
32) Revenue Sharing Agreement with Oppenheimer Funds, Inc. dated April 17, 2007 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document oppenasa99i12.htm
33) Administrative Services Agreement with Pacific Investment Management Company LLC, as amended dated March 28, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document pimcoasaa.htm
34) Administrative Services Agreement with PIMCO Variable Insurance Trust, as amended dated March 28, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document pimcoasab.htm
35) Fund Participation Agreement with Pioneer Variable Contracts Trust, Pioneer Investment Management, Inc. and Pioneer Fund Distributor, Inc., as amended dated September 27, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document pioneerfpa.htm
36) Administrative Services Agreement with Putnam Retail Management Limited Partnership, as amended dated August 1, 2006 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document putnamasa.htm
37) Fund Participation Agreement with Royce & Associates, as amended dated February 14, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document roycefpa.htm
38) Fund Participation Agreement with Rydex Variable Trust & Rydex Distributors, Inc. dated September 10, 2001 with the registration statement under 333-62692, post-effective amendment number 20 filed on April 18, 2008 as document rydexfundpartagreement.htm
39) Administrative Services Letter Agreement with T. Rowe Price Associates, Inc. and T. Rowe Price International, Inc., as amended dated October 1, 2002 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document troweasa99i13.htm
40) Administrative Services Agreement with Morgan Stanley Distribution, Inc. (The Universal Institutional Funds, Inc.), as amended dated May 5, 2005 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document univasa99i14.htm
41) Administrative Services Agreement with Van Eck Securities Corporation, as amended dated November 3, 1997 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document vaneckasa.htm

 

42) Fund Participation Agreement with Vanguard Variable Insurance Fund, The Vanguard Group, Inc., Vanguard Marketing Corporation. dated February 28, 2008 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document vanguardfpa.htm
43) Administrative Services Agreement with Waddell & Reed, Inc., as amended dated December 1, 2000 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document waddellreedasa.htm
44) Administrative Services Agreement with Wells Fargo Funds Management, LLC and Stephens, Inc., as amended dated November 15, 2004 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document wellsfargoasa.htm
45) Fund Participation Agreement with J.P. Morgan Series Trust II dated February 18, 2003 with the registration statement under 333-59517, post-effective amendment number 42 filed on April 30, 2008 as document jpmorganfpa.htm
46) Administrative Services Agreement with Virtus Variable Insurance Trust and VP Distributors, LLC, dated October 1, 2018 with the registration statement under 333-215169, post-effective amendment number 5 filed on April 18, 2019 as document d674921dex9926i36.htm
47) Administrative Service Agreement with Charles Schwab & Co., Inc. dated January 1, 2019 with the registration statement under 333-229640, pre-effective amendment number 1 filed on August 20, 2019 as document d771746dex9926i47.htm
Item 27. Directors and Officers of the Depositor
The business address of the Directors and Officers of the Depositor is:
One Nationwide Plaza, Columbus, Ohio 43215
President and Chief Operating Officer and Director John L. Carter
Executive Vice President and Director Mark R. Thresher
Executive Vice President - Chief Administrative Officer Gale V. King
Executive Vice President - Chief Information Officer James R. Fowler
Senior Vice President - Chief Financial Officer and Director Timothy G. Frommeyer
Senior Vice President - Chief Financial Officer, Nationwide Financial and Director Steven A. Ginnan
Senior Vice President - Individual Products & Solutions, Nationwide Annuity and Director Eric S. Henderson
Senior Vice President - Investment Management Group - NF Strategic Customer Solutions Tina S. Ambrozy
Senior Vice President - Marketing - Financial Services Ann S. Bair
Senior Vice President - Head of Taxation Pamela A. Biesecker
Senior Vice President - Chief Investment Officer Joel L. Coleman
Senior Vice President - Nationwide Financial Services Legal Rae Ann Dankovic
Senior Vice President - External Affairs Steven M. English
Senior Vice President - Human Resources Mia S. Hairston
Senior Vice President - Annuity Distribution Craig A. Hawley

 

Senior Vice President and Treasurer David LaPaul
Senior Vice President - IT Chief Financial Officer, Procurement & BTO Kevin G. O'Brien
Senior Vice President - Corporate Solutions Juan J. Perez
Senior Vice President - Retirement Plan Sales Scott Ramey
Senior Vice President Sandra L. Rich
Senior Vice President - Chief Technology Officer - Nationwide Financial Michael A. Richardson
Senior Vice President - Nationwide Retirement Institute Kristi L. Rodriguez
Senior Vice President - Chief Counsel - Emerging Businesses, Governance & Corporate Secretary Denise L. Skingle
Senior Vice President - Nationwide Life Holly R. Snyder
Senior Vice President - Investment Management Group Michael S. Spangler
Senior Vice President - Retirement Plan Sales Eric Stevenson
Director Kirt A. Walker
Item 28. Persons Controlled by or Under Common Control with the Depositor or Registrant.
Following is a list of entities directly or indirectly controlled by or under common control with the depositor or registrant. Ownership is indicated through indentation. Unless otherwise indicated, each subsidiary is either wholly-owned or majority-owned by the parent company immediately preceding it. (For example, Nationwide Fund Distributors, LLC is either wholly-owned or majority owned by NFS Distributors, Inc.) Separate accounts that have been established pursuant to board resolution but are not, and have never been, active are omitted.
Company Jurisdiction
of Domicile 		Brief Description of Business
Nationwide Financial Services, Inc. Delaware The company acts primarily as a holding company for companies within the Nationwide organization that offer or distribute life insurance, long-term savings and retirement products.
NFS Distributors, Inc. Delaware The company acts primarily as a holding company for Nationwide Financial Services, Inc. companies.
Nationwide Financial General Agency, Inc. Pennsylvania The company is a multi-state licensed insurance agency.
Nationwide Fund Distributors, LLC Delaware The company is a limited purpose broker-dealer.
Nationwide Fund Management, LLC Delaware The company provides administration, transfer and dividend disbursing agent services to various mutual fund entities.
Nationwide Retirement Solutions, Inc. Delaware The company markets and administers deferred compensation plans for public employees.
Nationwide Securities, LLC Delaware The company is a general purpose broker-dealer and investment adviser registered with the Securities and Exchange Commission.
Nationwide Trust Company, FSB Federal This is a federal savings bank chartered by the Office of Thrift Supervision in the United States Department of Treasury to exercise deposit, lending, agency, custody and fiduciary powers and to engage in activities permissible for federal savings banks under the Home Owners’ Loan Act of 1933.
Nationwide Financial Services Capital Trust Delaware The trust’s sole purpose is to issue and sell certain securities representing individual beneficial interests in the assets of the trust
Nationwide Life Insurance Company 2 Ohio The corporation provides individual life insurance, group and health insurance, fixed and variable annuity products and other life insurance products.
Jefferson National Financial Corporation3 Delaware A stock corporation. The corporation is the holding company of Jefferson National Life Insurance Company, Jefferson National Life Insurance Company of New York, Jefferson National Securities Corporation, and JNF Advisors, Inc., offering annuity products and services.
Jefferson National Life Insurance Company2,3 Texas The company provides life, health and annuity products.
Jefferson National Life Annuity Company C2,3   A separate account issuing variable annuity products.
Jefferson National Life Annuity Account E2,3   A separate account issuing variable annuity products.
Jefferson National Life Annuity Account F2,3   A separate account issuing variable annuity products.

 

Company Jurisdiction
of Domicile 		Brief Description of Business
Jefferson National Life Annuity Account G2,3   A separate account issuing variable annuity products.
Jefferson National Life Insurance Company of New York2,3 New York The company provides variable annuity products.
Jefferson National Life of New York Annuity Account 12,3   A separate account issuing variable annuity products.
Jefferson National Securities Corporation3 Delaware The company is a limited purpose broker-dealer and distributor of variable annuities for Jefferson National Life Insurance Company and Jefferson National Life Insurance Company of New York.
MFS Variable Account2,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Multi-Flex Variable Account2,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Variable Account2,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Variable Account-II2,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Variable Account-32,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Variable Account-42,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Variable Account-52,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Variable Account-62,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Variable Account-72,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Variable Account-82,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Variable Account-92,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Variable Account-102,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Variable Account-112,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Variable Account-122,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Variable Account-132,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Variable Account-142,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Variable Account-152,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Provident VA Separate Account 12,3 Pennsylvania A separate account issuing variable annuity contracts.
Nationwide VLI Separate Account2,3 Ohio A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-22,3 Ohio A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-32,3 Ohio A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-42,3 Ohio A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-52,3 Ohio A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-62,3 Ohio A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-72,3 Ohio A separate account issuing variable life insurance policies.
Nationwide Provident VLI Separate Account 12,3 Pennsylvania A separate account issuing variable life insurance policies.
Nationwide Investment Services Corporation3 Oklahoma This is a limited purpose broker-dealer and distributor of variable annuities and variable life products for Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company. The company also provides educational services to retirement plan sponsors and its participants.
Nationwide Financial Assignment Company3 Ohio The company is an administrator of structured settlements.
Nationwide Investment Advisors, LLC3 Ohio The company provides investment advisory services.
Eagle Captive Reinsurance, LLC3 Ohio The company is engaged in the business of insurance
Nationwide Life and Annuity Insurance Company2,3 Ohio The company engages in underwriting life insurance and granting, purchasing and disposing of annuities.
Nationwide VA Separate Account-A2,3 Ohio A separate account issuing variable annuity contracts.
Nationwide VA Separate Account-B2,3 Ohio A separate account issuing variable annuity contracts.
Nationwide VA Separate Account-C2,3 Ohio A separate account issuing variable annuity contracts.

 

Company Jurisdiction
of Domicile 		Brief Description of Business
Nationwide VA Separate Account-D2,3 Ohio A separate account issuing variable annuity contracts.
Nationwide Provident VA Separate Account A2,3 Delaware A separate account issuing variable annuity contracts.
Nationwide VL Separate Account-C2,3 Ohio A separate account issuing variable life insurance policies.
Nationwide VL Separate Account-D2,3 Ohio A separate account issuing variable life insurance policies.
Nationwide VL Separate Account-G2,3 Ohio A separate account issuing variable life insurance policies.
Nationwide Provident VLI Separate Account A2,3 Delaware A separate account issuing variable life insurance policies.
Olentangy Reinsurance, LLC3 Vermont The company is a captive life reinsurance company.
Nationwide SBL, LLC Ohio The company is a lender offering securities-back lines of credit.
Registered Investment Advisors Services, Inc. Texas The company is a technology company that facilitates third-party money management services for registered investment advisors
Nationwide Fund Advisors4 Delaware The trust acts as a registered investment advisor.
1 This subsidiary/entity is controlled by its immediate parent through contractual association.
2 This subsidiary/entity files separate financial statements.
3 Information for this subsidiary/entity is included in the consolidated financial statements of its immediate parent.
4 This subsidiary/entity is a business trust.
Item 29. Indemnification
Provision is made in Nationwide’s Amended and Restated Code of Regulations and expressly authorized by the General Corporation Law of the State of Ohio, for indemnification by Nationwide of any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that such person is or was a director, officer or employee of Nationwide, against expenses, including attorneys fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, to the extent and under the circumstances permitted by the General Corporation Law of the State of Ohio.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 ("Act") may be permitted to directors, officers or persons controlling Nationwide pursuant to the foregoing provisions, Nationwide has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
Item 30. Principal Underwriter
Nationwide Investment Services Corporation ("NISC")
a) NISC serves as principal underwriter and general distributor for the following separate investment accounts of Nationwide or its affiliates:
   
MFS Variable Account Nationwide VA Separate Account-C
Multi-Flex Variable Account Nationwide VA Separate Account-D
Nationwide Variable Account Nationwide VLI Separate Account
Nationwide Variable Account-II Nationwide VLI Separate Account-2
Nationwide Variable Account-3 Nationwide VLI Separate Account-3
Nationwide Variable Account-4 Nationwide VLI Separate Account-4
Nationwide Variable Account-5 Nationwide VLI Separate Account-5
Nationwide Variable Account-6 Nationwide VLI Separate Account-6

 

Nationwide Variable Account-7 Nationwide VLI Separate Account-7
Nationwide Variable Account-8 Nationwide VL Separate Account-C
Nationwide Variable Account-9 Nationwide VL Separate Account-D
Nationwide Variable Account-10 Nationwide VL Separate Account-G
Nationwide Variable Account-11 Nationwide Provident VA Separate Account 1
Nationwide Variable Account-12 Nationwide Provident VA Separate Account A
Nationwide Variable Account-13 Nationwide Provident VLI Separate Account 1
Nationwide Variable Account-14 Nationwide Provident VLI Separate Account A
Nationwide Variable Account-15  
Nationwide VA Separate Account-A  
Nationwide VA Separate Account-B  
b) Directors and Officers of NISC:
   
President and Director Tina S. Ambrozy
Senior Vice President - Head of Taxation Pamela A. Biesecker
Vice President - Chief Compliance Officer James J. Rabenstine
Vice President - Tax Daniel P. Eppley
Vice President - Performance Management and Accounting and Financial Operations Peter J. Rothermel
Associate Vice President and Treasurer Ewan T. Roswell
Associate Vice President and Assistant Secretary Mark E. Hartman
Associate Vice President and Assistant Treasurer David A. Conner
Associate Vice President and Assistant Treasurer Hope C. Hacker
Associate Vice President and Assistant Treasurer John A. Reese
Assistant Secretary Heidi Bowman
Director Eric Stevenson
Director Eric S. Henderson
The business address of the Directors and Officers of NISC is:
One Nationwide Plaza, Columbus, Ohio 43215.
c)
Name of Principal Underwriter   Net Underwriting
Discounts and
Commissions 		  Compensation on
Redemption or
Annuitization 		  Brokerage
Commissions 		  Compensation
Nationwide Investment Services Corporation
   N/A   N/A   N/A   N/A
Item 31. Location of Accounts and Records
Steven A. Ginnan
Nationwide Life Insurance Company
One Nationwide Plaza
Columbus, OH 43215
Item 32. Management Services
Not Applicable
Item 33. Fee Representation
Nationwide Life Insurance Company represents that the fees and charges deducted under the contract in the aggregate are reasonable in relation to the services rendered, the expenses expected to be incurred and risks assumed by Nationwide Life Insurance Company.

 

SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets the requirements of Rule 485(b) under the Securities Act of 1933 for effectiveness of the Registration Statement and has caused this Registration Statement to be signed by the undersigned, duly authorized, in the City of Columbus, and State of Ohio, on April 20, 2021.
Nationwide VLI Separate Account-4
(Registrant)
Nationwide Life Insurance Company
(Depositor)
By: /s/ Jamie Ruff Casto
Jamie Ruff Casto
Attorney-in-Fact
As required by the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated, on April 20, 2021.
JOHN L. CARTER  
John L. Carter, President and Chief Operating Officer, and Director  
MARK R. THRESHER  
Mark R. Thresher, Executive Vice President and Director  
TIMOTHY G. FROMMEYER  
Timothy G. Frommeyer, Senior Vice President-Chief Financial Officer and Director  
ERIC S. HENDERSON  
Eric S. Henderson, Senior Vice President-Nationwide Annuity and Director  
STEVEN A. GINNAN  
Steven A. Ginnan, Senior Vice President-Chief Financial Officer-Nationwide Financial and Director  
KIRT A. WALKER  
Director  
  By /s/ Jamie Ruff Casto
  Jamie Ruff Casto
Attorney-in-Fact