485BPOS 1 d680849d485bpos.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. 47 ☑
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 File No. 811-08301
Amendment No. 260 ☑
(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, 2022
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, 2022 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, 2022.
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.
Variable life insurance policies are not insured by the Federal Deposit Insurance Corporation or any other federal government agency, and are not deposits of, guaranteed by, or insured by the depository institution where offered or any of its affiliates. The SEC has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Additional information about certain investment products, including variable life insurance policies, has been prepared by the SEC’s staff and is available at Investor.gov.
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. Upon cancellation, 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. For more information, see Right to Cancel (Examination Right).
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 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.
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Glossary
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 base policy's 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.
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.
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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.
Variable Account – Nationwide VLI Separate Account-4, a separate account that Nationwide established to hold policy owner assets allocated to variable investment options. The Variable Account is divided into Sub-Accounts, each of which invests in a separate underlying mutual fund.
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Key Information Table
Important Information You Should Consider About the Policy
FEES AND EXPENSES
Charges for Early Withdrawals Surrender Charge – For up to 9 years from the Policy Date, or effective date of any Base Policy Specified Amount increase, a surrender charge is deducted if the policy is surrendered, Lapses, or there is a requested decrease of the Base Policy Specified Amount (see Surrender Charge). This charge will vary based upon the individual characteristics of the Insured. The maximum surrender charge is $51.18 per $1,000 of Specified Amount, or 5.118% of the Specified Amount. For example, for a policy with a $100,000 Base Policy Specified Amount, a complete surrender could result in a surrender charge of $5,118.
 
Partial Surrender Fee – Deducted from the partial surrender amount requested (see Partial Surrender Fee). Currently, Nationwide waives the Partial Surrender Fee. Nationwide may elect in the future to assess a Partial Surrender Fee. The Partial Surrender Fee assessed to each surrender will not exceed the lesser of $25 or 2% of the amount surrendered.
Transaction Charges The policy owner may also be charged for other transactions as follows:
• Sales Load – Deducted upon making a Premium payment.
• Premium Taxes – Deducted upon making a Premium payment.
• Illustration Charge – Deducted upon requesting an illustration.
• Rider Charges – One time rider charges for certain benefits, deducted upon invoking the rider.
See Standard Policy Charges and Policy Riders and Rider Charges.
Ongoing Fees and Expenses (periodic charges) In addition to surrender charges and transaction charges, an investment in the policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the policy and the cost of optional benefits available under the policy, and such fees and expenses are set based on characteristics of the Insured (e.g., age, sex, and rating classification), see Standard Policy Charges and Policy Riders and Rider Charges. Please refer to the Policy Specification Pages of your policy for rates applicable to the policy.
A policy owner will also bear expenses associated with the underlying mutual funds under the policy, as shown in the following table:
Annual Fee Minimum Maximum
Investment options (underlying mutual fund fees and expenses) 0.11% 1 2.07% 1
  1 As a percentage of underlying mutual fund assets.
    
RISKS
Risk of Loss Policy owners of variable life insurance can lose money by investing in the policy, including loss of principal (see Principal Risks).
Not a Short-Term Investment The policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash (see Principal Risks).
 
A surrender charge may apply (see Surrender Charge). In addition, taking policy loans may increase the risk of Lapse and may result in adverse tax consequences (see Policy Loans).
Risks Associated with Investment Options • Investment in this policy is subject to the risk of poor investment performance of the investment options chosen by the policy owner.
• Each investment option and the Fixed Account will have its own unique risks.
• Review the prospectuses and disclosures for the investment options before making an investment decision.
See Principal Risks.
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RISKS
Insurance Company Risks Investment in the policy is subject to the risks associated with Nationwide, including that any obligations (including under the Fixed Account), guarantees, or benefits are subject to the claims-paying ability of Nationwide. More information about Nationwide, including its financial strength ratings, is available by contacting the Service Center (see Principal Risks).
Policy Lapse The policy is at risk of Lapsing when the Cash Surrender Value is insufficient to cover the monthly policy charges, including Rider charges. Cash Surrender Value can be reduced by unfavorable Investment Experience, policy loans, partial surrenders and the deduction of policy charges. Payment of insufficient Premium may cause the policy to Lapse. There is no separate additional charge associated with reinstating a Lapsed policy. The Death Benefit will not be paid if the policy has Lapsed.
 
For more information, see Principal Risks and Lapse.
RESTRICTIONS
Investments • Nationwide may restrict the form in which Sub-Account transfer requests will be accepted (see Sub-Account Transfers).
• Nationwide may limit the frequency and dollar amount of transfers involving the Fixed Account (see Fixed Account Transfers).
• Nationwide reserves the right to add, remove, and substitute investment options available under the policy (see Addition, Deletion, or Substitution of Mutual Funds).
Optional Benefits • Certain optional benefits may be subject to availability, eligibility, and/or invocation requirements. Availability of certain optional benefits may be subject to Nationwide’s underwriting approval for the optional benefit.
• Policy loans are not permitted while benefits are being paid under certain optional benefits.
• Nationwide reserves the right to discontinue offering any optional benefit. Such a discontinuance will only apply to new policies and will not impact any policies already In Force.
For more information, see Policy Riders and Rider Charges.
TAXES
Tax Implications • Consult with a tax professional to determine the tax implications of an investment in and payments received under this policy.
• Earnings on the policy are generally not taxable to the policy owner, unless withdrawn from the policy. Partial and full surrenders from the policy will be subject to ordinary income tax and may be subject to a tax penalty.
For more information, see Taxes.
CONFLICTS OF INTEREST
Investment Professional Compensation Some financial professionals receive compensation for selling the policy. Compensation can take the form of commission and other indirect compensation in that Nationwide may share the revenue it earns on this policy with the financial professional’s firm. This conflict of interest may influence a financial professional, as these financial professionals may have a financial incentive to offer or recommend this policy over another investment (see A Note on Charges).
Exchanges Some financial professionals may have a financial incentive to offer an investor a new policy in place of the one he/she already owns. An investor should only exchange his/her policy if he/she determines, after comparing the features, fees, and risks of both policies, that it is preferable for him/her to purchase the new policy, rather than to continue to own the existing one (see Exchanging the Policy for Another Life Insurance Policy).
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Overview of the Policy
Purpose
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.
Prospective purchasers should consult with a financial professional to determine whether this policy is appropriate for them, taking into consideration his/her particular needs, including investment objectives, risk tolerance, investment time horizon, marital status, tax situation, and other personal characteristics. Generally speaking, this policy is intended as a long-term investment, it is not a short-term investment and is not appropriate for an investor who needs ready access to cash, see Principal Risks.
Premiums
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 Sub-Account Investment Experience .
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.
Additional information about the underlying mutual funds is available in Appendix A: Underlying Mutual Funds Available Under the Policy.
Payment of insufficient Premium may cause the policy to Lapse.
Policy Features
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.
For additional information, see Standard Death Benefit Options.
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;
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• 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.
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 the 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.
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 Nationwide will refund the amount prescribed by state law, 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
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• Policy Guard Rider
• For additional information, see Policy Riders and Rider Charges.
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Fee Table
The following tables describe the fees and expenses that a policy owner will pay when buying, owning, and surrendering or taking partial surrenders from the policy. Please refer to the Policy Data Pages of your policy for information about the specific fees you will pay based on the options you have elected.
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 or takes partial surrenders from the policy, or transfers Cash Value between investment options.
Transaction Fees
Charge When Charge is Deducted Amount Deducted
Sales Load Upon making a Premium payment Maximum:
$25 from each $1,000 of Premium 		Currently:
$5 from each $1,000 of Premium
Premium Taxes Upon making a Premium payment Maximum:
$35 from each $1,000 of Premium 		Currently:
$35 from each $1,000 of Premium
Illustration Charge1 Upon requesting an illustration Maximum:
$25 		Currently:
$0
Partial Surrender Fee Upon a partial surrender Maximum:
lesser of $25 or 2% of the amount surrendered from the policy's Cash Value 		Currently:
$0
Surrender Charge† Upon surrender, policy Lapse, and Base Policy Specified Amount decreases Maximum:
$25,590 from the policy’s available Cash Value 		Minimum:
$2,337 from the policy’s available Cash Value
Representative: an Issue Age 35 male non-tobacco preferred with a Base Policy Specified Amount and Total Specified Amount of $500,000, Death Benefit Option 1, and a complete surrender of the policy in the first year. Upon surrender, policy Lapse, and Base Policy Specified Amount decreases $3,408 from the policy’s available Cash Value
Policy Guard Rider Charge† Upon invoking the Rider Maximum:
$46.00 per $1,000 of Cash Value 		Minimum:
$6.50 per $1,000 of Cash Value
Representative: Attained Age 85 with a Cash Value of $500,000 and Indebtedness of $480,000 Upon invoking the Rider $37.00 per $1,000 of 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 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.
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 Other than Annual Underlying Mutual Fund Expenses
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Base Contract Charges
Charge When Charge is Deducted Amount Deducted
Cost of Insurance Charge† Monthly Maximum:
$83.33 per $1,000 of Net Amount At Risk 		Minimum:
$0.04 per $1,000 of Net Amount At Risk
Representative: an Issue Age 35, in the first policy year, male; non-tobacco preferred; Base Policy Specified Amount and Total Specified Amount of $500,000; and Death Benefit Option 1 Monthly $0.14 per $1,000 of Net Amount At Risk
Flat Extra Charge1 Monthly Maximum:
$2.08 per $1,000 of Net Amount At Risk for each Flat Extra assessed
Mortality and Expense Risk Charge2 Monthly Maximum:
a monthly rate of $0.50 per $1,000 of Cash
Value allocated to the Sub-Accounts
Administrative Charge Monthly Maximum:
$10.00 per policy 		Currently:
$10.00 per policy
Policy Loan Interest Charge Annually
and at the time of certain events and transactions 		Maximum:
$39 per $1,000
of Indebtedness 		Currently:
$39 per $1,000
of Indebtedness
Optional Benefit Charges
Charge When Charge is Deducted Amount Deducted
Adjusted Sales Load Life Insurance Rider Charge Monthly Maximum for each 1% of
Premium Load replaced:
$0.14 for each $1,000 of aggregate Premiums 		Currently for each 1% of
Premium Load replaced:
$0.14 for each $1,000 of
aggregate Premiums
Children's Term Insurance Rider Charge Monthly Maximum:
$0.43 per $1,000 of Children’s Term Insurance Rider Specified Amount 		Currently:
$0.43 per $1,000 of Children’s Term Insurance Rider Specified Amount
Long-Term Care Rider Charge† Monthly Maximum:
$28.65 per $1,000 of Long-Term Care Rider Net Amount At Risk 		Minimum:
$0.02 per $1,000 of Long-Term Care Rider Net Amount At Risk
Representative: an Attained Age 35 male non-tobacco preferred with a Long-Term Care Specified Amount of $500,000 and Death Benefit Option 1 Monthly $0.02 per $1,000 of Long-Term Care Rider Net Amount At Risk
Spouse Life Insurance Rider Charge† Monthly Maximum:
$10.23 per $1,000 of Spouse Life Insurance Rider Specified Amount 		Minimum:
$0.10 per $1,000 of Spouse Life Insurance Rider Specified Amount
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Optional Benefit Charges
Representative Spouse: an
Attained Age 35 female non-
tobacco with a Spouse Life
Insurance Rider Specified
Amount of $100,000 		Monthly $0.11 per $1,000 of Spouse Life Insurance Rider Specified
Amount
Accidental Death Benefit Rider Charge† Monthly Maximum:
$0.75 per $1,000 of Accidental Death Benefit 		Minimum:
$0.05 per $1,000 of Accidental Death Benefit
Representative: an Attained
Age 35 male non-tobacco
preferred with an Accidental
Death Benefit of $100,000 		Monthly $0.06 per $1,000 of Accidental Death Benefit
Premium Waiver Rider Charge† Monthly Maximum:
$315 per $1,000 of Premium Waiver Benefit 		Minimum:
$42 per $1,000 of Premium Waiver Benefit
Representative: an Attained
Age 35 male non-tobacco
preferred 		Monthly $42 per $1,000 of Premium Waiver Benefit
Additional (Insurance) Protection Rider Charge† Monthly Maximum:
$83.33 per $1,000 of
Rider Death Benefit 		Minimum:
$0.01 per $1,000 of
Rider Death Benefit
Representative: an Issue Age
35, in the first policy year, male, non-tobacco preferred with a Rider Specified Amount of
$250,000 		Monthly $0.04 per $1,000 of Rider Death Benefit
Deduction (of Fees and Expenses) Waiver Rider Charge† Monthly Maximum:
$860 per $1,000 of
Waiver of Monthly
Deduction Benefit 		Minimum:
$90 per $1,000 of Waiver
of Monthly Deduction
Benefit
Representative: an Attained
Age 35 male non-tobacco
preferred with a Base Policy
Specified Amount of $500,000
and Death Benefit Option 1 		Monthly $90 per $1,000 of Waiver of Monthly Deduction Benefit
† 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 Flat Extra Charge is only applicable if certain factors result in an Insured having a Substandard Rating, see Cost of Insurance Charge. An Insured with more than one Substandard Rating may be assessed more than one Flat Extra Charge.
2 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.
3 After the first policy year, the monthly maximum amount is $7.50, and the monthly current amount is $5.00.
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The next table shows the minimum and maximum total operating expenses charged by the underlying mutual funds that a policy owner may periodically pay while the policy is In Force. A complete list of the underlying mutual funds available under the policy, including their annual expenses, may be found at the back of this document in Appendix A: Underlying Mutual Funds Available Under the Policy.
Annual Underlying Mutual Fund Expenses  
    Minimum   Maximum  
(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.)   0.11%   2.07%  
Principal 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 the investment options offered by Nationwide in the policy and selected by the policy owner 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. If Nationwide experiences financial distress, it may not be able to meet its obligations.
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. 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.
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.
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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 Fee Table and Standard Policy Charges.
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. Partial surrenders will reduce the Base Policy Specified Amount as well as other policy benefits, and policy loans may increase the risk of Lapse.
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.
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.
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
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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.
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. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict (such as Russia’s invasion of Ukraine and the resulting response by the United States and other countries). 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.
Business Continuity Risks
Nationwide is exposed to risks related to natural and man-made disasters, such as storms, fires, earthquakes, public health crises, geopolitical disputes, military actions, 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.
COVID-19 Risk
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, the COVID-19 pandemic has at times resulted in negative economic conditions, changes in consumer behavior, economic shutdowns, state and federal legislation intended to ease the impact of the COVID-19 pandemic on consumers and
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voluntary hardship assistance that Nationwide provides to its customers. These factors, 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 cannot be fully known. 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.
Nationwide Life Insurance Company
The policy is issued by Nationwide, with its home office at One Nationwide Plaza, Columbus, Ohio 43215.
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 or other policies supported by the Variable Account. 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 outstanding policies supported by 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.
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%.
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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.
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.
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Information about each underlying mutual fund, including its name, type, adviser and subadviser (if applicable), current expenses, and performance, is available in Appendix A: Underlying Mutual Funds Available Under the Policy. Each underlying mutual fund issues its own prospectus that contains more detailed information about the underlying mutual fund. 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.
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.
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 Information on Underlying Mutual Fund Service Fee Payments. 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 (or on the dates that such holidays are observed by the New York Stock Exchange):
• New Year's Day
• Martin Luther King, Jr. Day
• Presidents' Day
• Good Friday
• Memorial Day
• Juneteenth National Independence 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.
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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.
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.
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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.
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.
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,
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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:
(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
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• 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.
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.
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.
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. 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.
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.
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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 Sub-Account 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 Sub-Account 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 must 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.
Other Benefits Available Under the Policy
In addition to the standard death benefit options available under the policy, other standard or optional benefits may also be available to you. The following table summarizes information about these other benefits. For additional information on the policy’s Riders, see Policy Riders and Rider Charges. Additional information on the fees associated with each benefit is in the Fee Table.
Name of Benefit Purpose Is Benefit Standard or Optional Brief Description of Restrictions/Limitations
Guaranteed Policy Continuation During the Guaranteed Policy Continuation Period, the policy will not Lapse if premium requirements are satisfied Standard • The Policy Continuation Premium can change due to action by the policy owner
• When the Guaranteed Policy Continuation Period ends, the policy may be at risk of Lapse
See Guaranteed Policy Continuation Provision
Dollar Cost Averaging Long-term transfer program involving automatic transfer of assets Standard • Transfers are only permitted from the Fixed Account and a limited number of Sub-Accounts
• Transfers may not be directed to the Fixed Account
• 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 may modify, suspend, or discontinue these programs at any time
• Transfers are only made monthly
See Policy Owner Services
Enhanced Dollar Cost Averaging Long-term transfer program involving automatic transfer of Fixed Account allocations with higher interest crediting rate Standard • Only available at the time of application, and only initial Premium is eligible for the program
• Transfers are only permitted from the Fixed Account
• Transfers are only made monthly and only for the first policy year
See Policy Owner Services
Asset Rebalancing Automatic reallocation of assets on a predetermined percentage basis Standard • Assets in the Fixed Account are excluded from the program
• Rebalances only permitted on a three, six, or 12 month schedule
See Policy Owner Services
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Name of Benefit Purpose Is Benefit Standard or Optional Brief Description of Restrictions/Limitations
Automated Income Monitor Systematic partial surrender and/or policy loan program to take an income stream of scheduled payments from the Cash Value Standard • Only available to policies that are not modified endowment contracts
• Policy owners are responsible for monitoring the policy to prevent Lapse
• Program will terminate upon the occurrence of specified events
• Nationwide may modify, suspend, or discontinue the program at any time
See Policy Owner Services
Adjusted Sales Load Life Insurance Rider Replacement of all or a portion of Premium Load with a monthly Rider charge Optional • Only available at the time of application
• A Premium Load is assessed on any amount that is not replaced by the Rider
• The aggregate monthly Rider charges will be greater than the amount Nationwide would have deducted as Premium Load
• If the policy terminates within the first 10 policy years, Nationwide will deduct an amount from the Cash Surrender Value to compensate for the Premium Load replaced, but not recovered, as a Rider charge
Children’s Term Insurance Rider Provides term life insurance on the Insured’s children Optional • Insurance coverage for each insured child continues until the earlier: (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
• Provides a conversion right, subject to limitations
Long-Term Care Rider Accelerates a portion of the Total Specified Amount for qualified long-term care services Optional • Underwriting requirements for the Rider are separate and distinct from the policy, and the Rider does not provide benefits for certain conditions or events
• If purchased six months or more after the Policy Date, new evidence of insurability is required
• Long-Term Care Specified Amount must be at least 10% of the Total Specified Amount and no more than 100% of the Total Specified Amount
• Subject to maximum monthly benefit
• Subject to eligibility requirements to invoke the Rider
• Subject to an elimination period before benefits are paid
• Written notice of claim is required
• Benefit associated with the Rider may not cover all long-term care costs incurred
• While benefit is being paid no loans or partial surrenders may be taken from the policy
Spouse Life Insurance Rider Death benefit payable upon death of the Insured Spouse Optional • Insured must be between Attained Age 21 and 59 when the Rider is elected
• Insured Spouse must be between Attained Age 18 and 69 when the Rider is elected
• Provides a conversion right, subject to limitations
Accidental Death Benefit Rider Payment of a benefit in addition to the Death Benefit upon the Insured’s accidental death Optional • Subject to eligibility requirements for accidental death
• Coverage continues until Insured reaches Attained Age 70
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Name of Benefit Purpose Is Benefit Standard or Optional Brief Description of Restrictions/Limitations
Premium Waiver Rider Provides a monthly credit to the policy upon the Insured’s total disability Optional • Monthly credit applied may not be sufficient to keep the policy from Lapsing
• Cannot be elected if the Deduction (of Fees and Expenses) Waiver Rider is elected
• If the Insured is younger than age 63 at the time of the total disability, coverage continues until age 65
• If the Insured is age 63 or older at the time of the total disability, coverage may continue for two years
Change of Insured Rider Allows policy owner to change the Insured Optional • Policy owner must be an employer and the Insured an owner or employee
• At the time of the change, the new Insured must have the same business relationship to the policy owner as did the previous Insured
• The new Insured must have been at least 18 on the Policy Date
• The new Insured must satisfy Nationwide’s underwriting requirements and may be required to submit satisfactory evidence of insurability
• 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")
• New two-year suicide and contestability periods will apply to the policy
Additional (Insurance) Protection Rider Provides term life insurance on the Insured, in addition to that under the base policy Optional • Available for post-issue election until the Insured reaches Attained Age 85
• If purchase after the Policy Date, evidence of insurability is required
Deduction (of Fees and Expenses) Waiver Rider Waiver of the policy’s monthly deductions if the Insured becomes totally disabled Optional • Available for post-issue election 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
• The policy’s monthly deductions will not be waived until the Insured has been disabled for six consecutive months
• No benefit is available if disability results from a risk not assumed
• Benefit alone may not be sufficient to keep the policy from Lapsing
• Cannot be elected if the Premium Waiver Rider is elected
• If disability began before Attained Age 60, the benefit may continue for as long as the disability
• If disability began between Attained Age 60 and 63, the benefit may continue until Attained Age 65
• If the Insured’s total disability begins after Attained Age 63, the benefit may continue for two years
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Name of Benefit Purpose Is Benefit Standard or Optional Brief Description of Restrictions/Limitations
Policy Guard Rider Prevent the policy from Lapsing due to Indebtedness Optional • Only available for policies for which the guideline premium/cash value corridor life insurance qualification test is elected
• Subject to eligibility requirements to invoke the Rider
• Election to invoke is irrevocable
• Once invoked, all other Riders terminate
• Cash Value will be transferred to the Fixed Account and may not be transferred out
• No further loans or partial surrenders may be taken from the policy
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 Fee Table.
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.
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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.
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.
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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 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 Cost of Insurance Charge shown in the Fee Table.
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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.
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 deducts 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.
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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 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.
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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.
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). If consistent with applicable law, 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, 2021, 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
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connection with certain administrative, marketing, and support services, as described above; or whether affiliates of the underlying mutual fund can provide marketing and distribution support for sales of the policies. 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.
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 will result in lower policy 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. Some Riders assess a one-time charge upon invoking the Rider.
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.
Example:
Assume 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%
    
Example:
Assume 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.
Example:
Assume the Children’s Term Insurance Rider Specified Amount is $15,000 and the Insured has two children that meet the definition of Insured Child and the Rider is In Force. If one of the children dies, $15,000 will be paid to the named beneficiary. The rider would continue to remain in effect as long the second child meets the definition of Insured Child. Upon the death of the second Insured Child, an additional $15,000 would be paid to the named beneficiary as long as coverage under the Rider has not otherwise terminated.
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.
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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 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.
Example:
Assume the Long-Term Care Specified Amount is $500,000. If the invocation requirements below are satisfied and the 90-day elimination period has been satisfied, the Owner can choose a monthly benefit up to 2% of the Long-Term Care Specified Amount ($10,000). If there is no Indebtedness, this monthly benefit will be paid until either the Insured no longer meets the eligibility requirements or the entire $500,000 has been paid. If there is Indebtedness, monthly benefits will end when the accumulated benefits become greater than or equal to the Long-Term Care Specified Amount minus Indebtedness.
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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.
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.
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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.
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.
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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.
Example:
Assume wife (the Insured) purchased a policy and elected the Spouse Life Insurance Rider with a Spouse Life Insurance Rider Specified Amount of $50,000 and named husband as the Insured Spouse. Both the Insured and Insured Spouse met the age requirements for the Rider at the time of election. If Insured Spouse dies prior to reaching Attained Age 70 and the Rider has not otherwise terminated, a death benefit in the amount of $50,000 is payable to the designated beneficiary.
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 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.
Example:
Assume the policy is issued with a Base Policy Specified Amount of $500,000, an Accidental Death Benefit Rider Specified Amount of $100,000, and Death Benefit Option 1. If the Insured dies by accident as defined above prior to reaching Attained Age 70, the total death benefit paid to the beneficiary would be $600,000, as long as the Rider has not otherwise terminated.
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.
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Premium Waiver Rider
Subject to Nationwide’s underwriting approval, the policy owner may purchase this Rider at any time. A policy owner may not purchase both this Rider and the Waiver of Monthly Deductions Rider. Nationwide will not approve issuance of the Rider for an Insured who is disabled at the time of application for the Rider.
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 age 63 at the time of the total disability, the Rider coverage continues until the Insured turns age 65. If the Insured is 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.
Example:
Assume the policy is currently In Force, the Rider is not otherwise terminated, and the following:
• The Insured has been totally disabled for six consecutive months;
• At the time of disability, the policy was in its 8th policy year and the Insured’s Attained Age was 59;
• The Premium Waiver Rider Specified Premium is $700; and
• The Premiums paid over the 36 months prior to disability totaled $24,120.
Since the average monthly Premium paid over the 36 months prior to the disability was $670 ($24,120 divided by 36), $670 will be credited to the policy’s Cash Value on each Policy Monthaversary only until the Insured reaches Attained Age 65, or until the Insured is no longer disabled, if earlier.
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.
Example:
Assume the following:
• The policy owner is Company X;
• The Insured at the time of policy issue was an executive officer of Company X;
• The Insured retires while the policy is In Force and not in a Grace Period;
• Company X applies to change the Insured to its new executive officer;
• The new executive officer meets Nationwide’s insurability and underwriting requirements; and
• Benefits under the Extended Death Benefit Guarantee Rider have not begun.
Coverage of the new Insured shall become effective on the date the Insured is changed, and the policy charges will reflect the new Insured’s Attained Age, rate type and rate classification. The Death Benefit Proceeds will be paid out after the death of the new Insured.
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.
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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 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.
Example:
Assume the Base Policy Specified Amount is $500,000, Death Benefit Option 2, the Cash Value is $40,000 and the Additional (Insurance) Protection Rider Specified Amount is $300,000. Upon the death of the Insured, if there is no Indebtedness and no Long-Term Care benefits have been paid, the Death Benefit Proceeds under the base policy will be $540,000 and the Additional (insurance) Protection Death Benefit Proceeds will be $300,000, for a total of $840,000.
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.
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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. Nationwide will not approve issuance of the Rider for an Insured who is disabled at the time of application for the Rider.
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.
Example:
Assume the following:
• The Deduction (of Fees and Expenses) Waiver Rider is elected;
• The Insured becomes totally disabled after the first three years from the Policy Date and has been totally disabled for six consecutive months; and
• At the time of disability, the Insured’s Attained Age was 57
 
The policy’s charges assessed through monthly deductions will be waived and thus not deducted from the Cash Value for as long as the Insured is no longer disabled, or until the Deduction (of Fees and Expenses) Waiver Rider is terminated.
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.
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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.
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 15th anniversary of the Policy Date has been reached, regardless of any period of Lapse, and the policy is currently In Force;
• 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.
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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.
Example:
Assume a policy is currently In Force and the following:
• Insured’s Attained Age is 75
• Policy is in its 27th policy year
• Death Benefit Option 1
• Total Specified Amount: $700,000
• Indebtedness: $627,000
• Cash Value: $660,000
• Applicable age-based factor for determining rider charge: 4.60%*
* Rate is subject to change based on policy
Using the above assumptions, a decision to invoke the Rider would impact the policy as follows:
(1) The death benefit option will remain at Death Benefit Option 1.
(2) The one-time charge for invoking the Rider will be $30,360 ($660,000 x 4.60%) and will be deducted from the Cash Value, reducing the Cash Value to $629,640.
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(3) The Total Specified Amount will remain at $700,000 since it is less than the Minimum Required Death Benefit of $712,611.90.
(4) The non-loaned Cash Value $2,640 ($629,640 - $627,000) will be transferred to the Fixed Account where it will earn at least the minimum guaranteed fixed interest rate.
(5) The policy loan account ($627,000) will continue to earn interest at the policy's loan crediting rate.
(6) The Indebtedness ($627,000) will continue to grow at the policy's loan interest charged rate.
(7) After this Rider is invoked, no other changes to the policy can be made
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 Funds Available Under the Policy 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. If Nationwide suspends or discontinues a dollar cost averaging program at a time when other requested transfers from the Fixed Account are subject to restrictions, further transfers from the Fixed Account will be subject to the restrictions until or unless another dollar cost averaging program is offered and elected, see Fixed Account Restrictions.
Example:
Policy owner elects to participate in Dollar Cost Averaging and has transferred $30,000 to the Fixed Account, which will serve as the source investment option for her Dollar Cost Averaging program. She would like the Dollar Cost Averaging transfers to be allocated as follows: $1,500 to Sub-Account L and $1,000 to Sub-Account M. Each month, Nationwide will automatically transfer $2,500 from the Fixed Account and allocate $1,000 to Sub-Account M and $1,500 to Sub-Account L until the Fixed Account is depleted.
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
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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.
Example:
At the time of application, the policy owner elects to participate in Enhanced Dollar Cost Averaging and submits an initial Premium of $25,000 to be allocated to the Fixed Account, which will receive an enhanced interest crediting rate. He would like the Enhanced Dollar Cost Averaging transfers to be allocated as follows: 40% to Sub-Account L and 60% to Sub-Account M. Each month, Nationwide will automatically transfer Cash Value to the selected Sub-Accounts based on the schedule above (1/11 of the Cash Value will be transferred at the beginning of month 2; 1/10 of the Cash Value will be transferred at the beginning of month 3; etc.).
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. Premium received with or after the asset rebalancing application will continue to be initially allocated according to the Policy owner’s instructions for Net Premium, unless they elect on the asset rebalancing application to replace the allocation instructions for Net Premium with the asset rebalancing program’s Sub-Account allocations. Whether this election is made or not, all Cash Value in the Sub-Accounts will be reallocated according to the asset rebalancing program’s allocations at the frequency elected by the Policy owner. 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.
Example:
Policy owner elects to participate in Asset Rebalancing and has instructed his Cash Value be allocated as follows and rebalanced on a quarterly basis: 40% to Sub-Account A, 40% to Sub-Account B, and 20% to Sub-Account C. Each quarter, Nationwide will automatically rebalance policy owner’s Cash Value by transferring Cash Value among the three elected Sub-Accounts so that his 40%/40%/20% allocation remains intact.
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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.
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.
Example:
Assume:
• Insured’s Issue Age was 45.
• Policy owner paid Premiums totaling $490,000 during the first 25 policy years.
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• Just prior to policy year 26 (Attained Age 70) the policy’s Cash Value is just over $1,000,000 and the Investment in the Contract is $490,000.
• The policy owner completes an Automated Income Monitor election form and chooses a 5% gross rate of return, a goal of $100,000 Cash Surrender Value at Attained Age 95 and the Fixed Duration option for 25 years.
• The first AIM In Force illustration is run that solves for an annual income amount at an assumed 5% gross rate of return and a goal of at least $100,000 of Cash Surrender Value at Attained Age 95. The result of the solve is an annual income amount of $66,720.
A partial surrender of $66,720 will be processed and sent to the policy owner. Each year thereafter, if the Automated Income Monitor program has not been terminated, another illustration will be run with the same assumptions and income solve. The appropriate partial surrender amount based on each solve will be processed. This will continue until the entire $490,000 Investment in the Contract has been distributed through partial surrenders, then the income amounts will be processed as loans.
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.
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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.
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). Amounts held as collateral against a policy loan do 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 Fee Table 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. 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.
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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.
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;
• 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.
Example:
Assume the following:
• The policy’s Cash Value is $43,000 and it is allocated entirely to the Sub-Accounts.
• There is no existing Indebtedness.
• The policy owner has requested a $6,000 policy loan at the beginning of the first Policy Year.
*For reference, the maximum policy loan would be $38,700 = $43,000 x 90% - $0.00 (Indebtedness)
Once the $6,000 loan is approved, $6,000 is paid directly to the policy owner from Nationwide. $6,000 is transferred from the Sub-Accounts to the policy loan account. This serves as collateral for Nationwide. The policy’s Indebtedness on the day of the loan is $6,000.
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• At the end of the first Policy Year, assume the only loan the policy owner requested was the $6,000 loan. Assuming the policy owner has not made any loan repayments, the Indebtedness at the end of the next occurring policy anniversary is $6,120 due to $120 of accrued loan interest during the year ($6,000 + $120 = $6,120). Should a claim for the Death Benefit Proceeds be made, the Proceeds would be reduced by the $6,120 Indebtedness.
• Assuming no loan repayments are ever made, Indebtedness continues to accrue interest. All unpaid loan interest will also be treated as new policy loans and loan interest will continue to accumulate as Indebtedness
• If the policy owner submits a loan repayment, the amount of the loan repayment will be transferred from the policy loan account and credited to the Cash Value.
• If any Indebtedness exists when the Surrender Proceeds or Death Benefit Proceeds become payable, the Proceeds will be reduced by the total Indebtedness.
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 Sub-Account 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.
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.
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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.
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
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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.
The Death Benefit
Standard 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.
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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.
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.
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.
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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.
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
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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.
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.
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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.
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.
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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.
Taxes
The tax treatment of life insurance policies under the Internal Revenue Code ("Code") is complex and depends 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. It does not cover state, local, or other taxes. 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.
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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.
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.
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 statutory 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 and Investor Control
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.
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For a variable life policy to receive favorable tax treatment, the life insurance company must be considered the owner of the separate account assets supporting the investment options within the policy. If the policy owner is considered to exercise investment control over the separate account assets, the policy owner will be treated as the owner of those assets and not the insurance company. As a result, the increase in the cash value attributed to the separate account assets will be taxed currently to the policyholder as ordinary income. The IRS has issued guidance 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 variable policyowner will be considered the owner of the separate account assets. Revenue Ruling 2003-91 provided 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. Should the Treasury Secretary issue additional rules or regulations that would limit the number of underlying investment options, the transfers between underlying investment options, the exchanges of underlying investment options or the manner in which you can direct the investments in an investment option 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, we believe that the policy qualifies 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 cash distributions 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.
Section 7702A of the Code defines a modified endowment contract as a life insurance policy where the total premiums paid at any time during the first 7 contract years exceeds the seven pay premium, which is the sum of the level annual premiums that would have been paid at that time 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, may become subject to a new 7-year testing period or may be subject to retesting because of a "material change" or a "reduction in benefits" as defined by Section 7702A(c) of the Code.
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.
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.
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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 the policy 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 non-taxable Investment in the Contract as previously described. During the first 15 years after a policy is issued, a cash distribution is made because of or in anticipation of a reduction in the face amount of the death benefit, then the cash distribution may be 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.
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 gains from the sale or surrender of a life insurance policy.
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. For purposes of calculating gain on the sale of a life insurance policy, the owner’s investment in the contract is not reduced for previously imposed cost of insurance (COI) charges.
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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 of the policy 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 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.
Special tax reporting requirements 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 and to the insurance company that issued the policy. Upon receipt of 1) notice 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 life insurance policy to the IRS. A policy owner contemplating the transfer or sale of the policy 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 a 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 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, as described above.
Chronic Illness
The chronic illness rider issued with this policy is intended to qualify under Internal Revenue Code section 101(g) that allows for the tax-free acceleration of a death benefit due to the insured being certified as chronically ill. The rider is not intended to be a qualified long-term care insurance contract under Section 7702B of the Code. The amount of the benefit paid under this chronic illness rider will be tax free up to the same per diem limitation established by the Code that applies to a qualified long-term care insurance contract. Any benefit paid in excess of the per diem limitation will be included in the
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policy owner's gross income. Also, the per diem limitation may be modified where multiple policies on the same insured accelerate the death benefit on account of chronic illness through either a chronic illness rider or a qualified long-term care insurance contract. Moreover, the benefit paid may not be tax free where a policy is owned in a business context. Specifically, benefits paid will not be tax free where the policy owner who is not the insured has an insurable interest in the insured because the insured is a director, officer, or employee of the policy owner or because the insured is financially interested in any trade or business carried on by the policy owner. The payment of benefits under the chronic illness rider will be reported on a Form 1099-LTC.
This discussion 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.
Critical Illness
The critical illness rider issued with this policy will pay an accelerated death benefit if the insured is diagnosed with an illness that is covered under this rider such as a heart attack, stroke, etc. Generally, benefits paid under a critical illness rider may be taxable depending on whether the cost paid for a rider are tax deductible to the policy owner. For example, where the cost paid for the rider are nondeductible after tax contributions, then the benefits paid are generally tax free. Nationwide expects the benefits paid under the rider will generally be excludible from gross income under Internal Revenue Code section 104(a)(3). However, the benefits may not qualify for this exclusion with certain third-party ownership arrangements.
This discussion 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.
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.
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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.
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 in a Section 1035 exchange for a contract issued before that date are generally 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.
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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.
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.
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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.
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. There is no way to know whether the federal tax treatment of life insurance policies will continue. Future legislation, regulation, or interpretation may adversely impact the federal tax treatment of life insurance policies. In addition, current state law (which is not discussed herein) and future amendments to state law may affect the tax consequences of the policy. The policy owner should consult their independent legal, tax and/or financial professional.
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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.
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 condition.
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.
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 condition.
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 securities divisions. 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
Financial statements for the Variable Account and financial statements and schedules of Nationwide are located in the Statement of Additional Information. A current Statement of Additional Information may be obtained, without charge, by contacting the Service Center, or can be found online at https://nationwide.onlineprospectus.net/NW/C000025928NW/index.php?ctype=product_sai.
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Appendix A: Underlying Mutual Funds Available Under the Policy
The following is a list of underlying mutual funds available under the policy. More information about the underlying mutual funds is available in the prospectuses for the underlying mutual funds, which may be amended from time to time and can be found online at https://nationwide.onlineprospectus.net/NW/C000025928NW/index.php. This information can also be obtained at no cost by calling 1-800-848-6331 or by sending an email request to FLSS@nationwide.com. Depending on the optional benefits chosen, access to certain underlying mutual funds may be limited.
The current expenses and performance information below reflects fees and expenses of the underlying mutual funds, but do not reflect the other fees and expenses that the policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each underlying mutual fund’s past performance is not necessarily an indication of future performance.
Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Allocation AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A
This Sub-Account is only available in policies issued before May 1, 2014
Investment Advisor: AllianceBernstein L.P. 		0.83%* 9.67% 7.23% 6.31%
Equity 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. 		0.59% 28.15% 12.86% 13.67%
Equity AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B
This Sub-Account is only available in policies issued before May 1, 2020
Investment Advisor: AllianceBernstein L.P. 		1.15% 10.85% 4.97% 5.43%
Equity AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A
Investment Advisor: AllianceBernstein L.P. 		0.80% 35.94% 10.16% 13.13%
Equity Allspring Variable Trust - VT Small Cap Growth Fund: Class 2
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Allspring Funds Management, LLC
Sub-Advisor: Allspring Global Investments, LLC 		1.17% 7.64% 22.00% 16.22%
Fixed Income American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II
Investment Advisor: American Century Investment Management, Inc. 		0.71% 6.26% 5.01% 2.81%
Allocation American Century Variable Portfolios, Inc. - American Century VP Balanced Fund: Class I
This Sub-Account is only available in policies issued before May 1, 2003
Investment Advisor: American Century Investment Management, Inc. 		0.81%* 15.76% 11.33% 9.90%
Equity 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. 		0.70% 23.65% 13.96% 13.70%
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Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: American Century Investment Management, Inc. 		0.75%* 23.20% 9.41% 12.83%
Equity American Funds Insurance Series® - Washington Mutual Investors Fund: Class 4
Investment Advisor: Capital Research and Management Company 		0.77%* 27.51% 12.21% 13.55%
Fixed Income BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I
Investment Advisor: BlackRock Advisors, LLC
Investment Sub-Advisor: BlackRock Financial Management, Inc. 		0.57%* 5.36% 6.36% 6.78%
Allocation BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II
Investment Advisor: BlackRock Advisors, LLC
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.90%* 6.54% 9.79% 7.77%
Equity BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: BNY Mellon Investment Adviser, Inc. 		0.60%* 26.14% 11.77% 13.88%
Equity BNY Mellon Stock Index Fund, Inc.: Initial Shares
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: BNY Mellon Investment Adviser, Inc.
Sub-Advisor: Mellon Investments Corporation 		0.26% 28.41% 18.16% 16.25%
Equity 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 		0.67% 26.99% 18.48% 15.59%
Equity BNY Mellon Variable Investment Fund - Growth and Income Portfolio: 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 North America, LLC 		0.80%* 25.62% 18.19% 16.44%
Equity 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.
Sub-Advisor: Newton Investment Management North America, LLC 		0.82% 16.46% 11.39% 13.57%
Equity Delaware VIP Trust - Delaware VIP Small Cap Value Series: Service Class (formerly, Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class)
Investment Advisor: Delaware Management Company, Inc. 		1.05% 34.01% 9.21% 11.78%
Allocation Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A
Investment Advisor: DWS Investment Management Americas, Inc. 		0.62% 10.95% 9.20% 8.38%
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Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Allocation DFA Investment Dimensions Group Inc. - VA Global Moderate Allocation Portfolio: Institutional Class
Investment Advisor: Dimensional Fund Advisors LP 		0.28%* 14.20% 9.87%  
Fixed Income DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class
Investment Advisor: Dimensional Fund Advisors LP
Investment Sub-Advisor: Dimensional Fund Advisors LTD, DFA Australia Limited 		0.11% 5.57% 5.44%  
Allocation Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares
Investment Advisor: Federated Equity Management Company of Pennsylvania
Investment Sub-Advisor: Federated Investment Management Company, Federated Advisory Services Company, Fed Global 		0.98% 18.51% 9.22% 8.31%
Fixed Income Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares
This Sub-Account is only available in policies issued before May 1, 2018
Investment Advisor: Federated Investment Management Company 		0.74%* -1.39% 3.82% 3.69%
Equity Fidelity Variable Insurance Products - Emerging Markets Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, Fidelity Management & Research (Japan) Limited, FIL Investment Advisors, FIL Investment Advisors (UK) Limited and FIL Investments (Japan) Limited 		1.01% -2.28% 14.86% 8.33%
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.52% 5.79% 8.34% 7.56%
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.60% 9.46% 10.57% 9.14%
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.67% 12.24% 12.64% 10.97%
Allocation Fidelity Variable Insurance Products Fund - VIP Asset Manager Portfolio: Initial Class
This Sub-Account is only available in policies issued before May 1, 2003
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.59% 9.91% 10.01% 8.65%
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Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Fidelity Variable Insurance Products Fund - VIP Contrafund® Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.70% 27.70% 20.04% 16.52%
Equity Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.90% 54.82% -3.54% 0.01%
Equity Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Initial Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.51% 24.89% 11.94% 12.53%
Equity Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Initial Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.61% 23.21% 26.29% 19.70%
Fixed Income Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Initial Class
This Sub-Account is no longer available to receive transfers or new premium payments effective May 1, 2015
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.67% 4.41% 5.01% 5.61%
Fixed Income Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.49% -0.79% 4.22% 3.44%
Equity 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)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.71% 25.50% 13.49% 13.17%
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Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Initial Class
This Sub-Account is no longer available to receive transfers or new premium payments effective May 1, 2005
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, Fidelity Management & Research (Japan) Limited, FIL Investment Advisors, FIL Investment Advisors (UK) Limited and FIL Investments (Japan) Limited 		0.77% 19.69% 14.43% 10.82%
Equity Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, Fidelity Management & Research (Japan) Limited, FIL Investment Advisors, FIL Investment Advisors (UK) Limited and FIL Investments (Japan) Limited 		0.87% 19.57% 14.31% 10.71%
Equity Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.74% 38.85% 9.23% 10.30%
Equity Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class 2
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.88% 33.34% 13.66% 13.46%
Equity 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)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.73% 33.47% 13.82% 13.62%
Allocation Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Franklin Advisers, Inc. 		0.82%* 11.68% 8.63% 8.95%
Allocation Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2
This underlying mutual fund is only available in contracts for which good order applications were received before May 1, 2022
Investment Advisor: Franklin Advisers, Inc. 		0.72% 16.75% 7.44% 7.37%
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Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Franklin Mutual Advisers, LLC 		0.66% 25.66% 10.20% 12.40%
Equity 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. 		1.44% -5.73% 10.59% 4.84%
Equity 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 		0.86%* 4.43% 2.97% 4.26%
Equity 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 		1.11%* 4.15% 2.71% 4.00%
Fixed Income Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2
This Portfolio is only available in policies issued before May 1, 2019
Investment Advisor: Franklin Advisers, Inc. 		0.76%* -4.99% -0.94% 1.12%
Alternative Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares
Investment Advisor: Goldman Sachs Asset Management, L.P. 		1.25%* 4.83% 3.60%  
Allocation Goldman Sachs Variable Insurance Trust - Goldman Sachs Trend Driven Allocation Fund: Service Shares
This Sub-Account is only available in policies issued before May 1, 2014
Investment Advisor: Goldman Sachs Asset Management, L.P. 		0.94%* 16.17% 7.93%  
Equity Invesco - Invesco V.I. American Franchise Fund: Series I Shares
This Sub-Account is only available in policies issued before May 1, 2012
Investment Advisor: Invesco Advisers, Inc. 		0.86% 11.92% 21.74% 17.37%
Allocation Invesco - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares
Investment Advisor: Invesco Advisers, Inc. 		0.88%* 9.54% 7.46% 6.25%
Allocation Invesco - Invesco V.I. Conservative Balanced Fund: Series I
This Sub-Account is only available in policies issued before May 1, 2003
Investment Advisor: Invesco Advisers, Inc. 		0.67%* 10.63% 9.08% 8.47%
Fixed Income Invesco - Invesco V.I. Core Plus Bond Fund: Series I Shares
This Sub-Account is only available in policies issued before April 29, 2022
Investment Advisor: Invesco Advisers, Inc. 		0.62%* -0.65% 4.67% 4.80%
Equity Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I
This Sub-Account is only available in policies issued before April 30, 2020
Investment Advisor: Invesco Advisers, Inc. 		0.83% 19.09% 23.08% 17.83%
80

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Invesco - Invesco V.I. Global Fund: Series I
Investment Advisor: Invesco Advisers, Inc. 		0.78% 15.48% 18.17% 14.24%
Fixed Income Invesco - Invesco V.I. Global Strategic Income Fund: Series I
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Invesco Advisers, Inc. 		0.87%* -3.41% 2.37% 3.16%
Equity Invesco - Invesco V.I. Main Street Mid Cap Fund: Series I Shares
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Invesco Advisers, Inc. 		0.93% 23.24% 11.43% 10.81%
Equity Invesco - Invesco V.I. Main Street Small Cap Fund: Series I
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Invesco Advisers, Inc. 		0.84% 22.55% 13.73% 14.68%
Equity Invesco Oppenheimer V.I. International Growth Fund: Series I
Investment Advisor: Invesco Advisers, Inc. 		1.00%* 10.21% 11.87% 9.73%
Allocation Ivy Variable Insurance Portfolios - Delaware Ivy Asset Strategy: Class II
This Sub-Account is only available in policies issued before May 1, 2017
Investment Advisor: Delaware Management Company
Sub-Advisor: Macquarie Investment Management Global Limited, Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Europe Limited 		0.87%* 10.44% 11.36% 8.01%
Fixed Income Ivy Variable Insurance Portfolios - Delaware Ivy High Income: Class II
This Sub-Account is only available in policies issued before May 1, 2017
Investment Advisor: Delaware Management Company
Sub-Advisor: Macquarie Investment Management Global Limited, Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Europe Limited 		0.95% 6.06% 5.47% 6.60%
Equity Ivy Variable Insurance Portfolios - Delaware Ivy Mid Cap Growth: Class II
This Sub-Account is only available in policies issued before May 1, 2014
Investment Advisor: Delaware Management Company
Sub-Advisor: Macquarie Funds Management Hong Kong Limited and Macquarie Investment Management Global Limited 		1.10%* 16.35% 24.84% 17.04%
Allocation 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 Henderson Investors US LLC 		0.86% 16.90% 14.10% 11.53%
Equity Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares
Investment Advisor: Janus Henderson Investors US LLC 		0.71% 16.83% 19.13% 17.22%
81

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Janus Henderson Investors US LLC 		1.02% 22.60% 25.26% 19.99%
Equity Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares
Investment Advisor: Janus Henderson Investors US LLC 		0.97% 17.74% 30.31% 22.95%
Equity Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Janus Henderson Investors US LLC 		1.12% 13.28% 13.07% 5.98%
Fixed Income Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC
Investment Advisor: Lord, Abbett & Co. LLC 		0.71% -0.23% 3.61% 3.32%
Equity MFS® Variable Insurance Trust - MFS New Discovery Series: Initial Class
Investment Advisor: Massachusetts Financial Services Company 		0.87%* 1.80% 21.29% 16.15%
Equity MFS® Variable Insurance Trust - MFS Value Series: Initial Class
Investment Advisor: Massachusetts Financial Services Company 		0.70%* 25.45% 12.25% 13.42%
Equity MFS® Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class
Investment Advisor: Massachusetts Financial Services Company 		0.88%* 9.26% 14.22% 10.00%
Equity 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 		0.77%* 25.97% 22.83% 17.58%
Equity MFS® Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class
Investment Advisor: Massachusetts Financial Services Company 		0.79%* 30.98% 12.42% 13.59%
Fixed Income 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. 		0.67%* -0.32% 4.68% 4.54%
Fixed Income 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.
Sub-Advisor: Morgan Stanley Investment Management Limited 		1.10%* -2.02% 3.82% 3.86%
Equity Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Allianz Global Investors U.S. LLC 		0.97%* -1.08% 15.88% 10.98%
82

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Allspring Global Investments, LLC 		0.82%* -4.70% 20.15% 16.02%
Allocation Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors 		0.94%* 14.70% 11.29% 10.90%
Fixed Income Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors 		0.85%* -0.71% 3.82% 2.86%
Equity Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors 		1.21%* 16.00% 19.23% 15.19%
Equity Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II
This Sub-Account is only available in policies issued before May 1, 2014
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors 		1.00%* 21.53% 24.94% 19.24%
Equity Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors 		0.94%* 23.64% 15.94% 14.97%
Fixed Income Nationwide Variable Insurance Trust - NVIT Amundi Multi Sector Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Amundi Asset Management, US 		0.83% 5.23% 4.41% 4.20%
Equity Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: AQR Capital Management, LLC 		0.79% 21.88% 15.95% 14.74%
Equity Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.80%* 20.29% 11.67% 12.90%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		1.03%* 20.18% 12.50% 11.70%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		0.87%* 11.12% 8.33% 7.65%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		0.92%* 15.75% 10.63% 9.78%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		0.78%* 4.48% 5.26% 4.63%
83

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.83%* 10.23% 7.24%  
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.83%* 15.72% 9.60%  
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.89%* 13.63% 9.56% 8.77%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		0.97%* 18.11% 11.68% 10.65%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		0.85%* 9.22% 7.40% 6.73%
Fixed Income Nationwide Variable Insurance Trust - NVIT BNY Mellon Core Plus Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Insight North America LLC 		0.63%* -0.72% 4.13% 3.44%
Equity Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Core Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Newton Investment Management Limited 		0.61%* 30.24% 21.78% 17.80%
Equity Nationwide Variable Insurance Trust - NVIT BNY 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: Newton Investment Management Limited 		0.90% 34.52% 11.29% 12.91%
Equity Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Newton Investment Management Limited 		0.77% 34.70% 11.33% 12.92%
Equity Nationwide Variable Insurance Trust - NVIT BNY Mellon Sustainable U.S. Equity Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Newton Investment Management Limited 		0.85%* 26.80% 15.14% 14.28%
Fixed Income Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.38% -2.07% 3.17% 2.55%
84

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity 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 		1.03%* 10.39% 6.20% 5.64%
Equity Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Columbia Management Investment Advisers, LLC 		0.89%* 10.57% 6.24% 5.66%
Fixed Income Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.59% -1.02% 3.70% 3.37%
Fixed Income Nationwide Variable Insurance Trust - NVIT DoubleLine Total Return Tactical Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: DoubleLine Capital LP 		0.85%* -0.44%    
Equity Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: NS Partners Ltd and Loomis, Sayles & Company L.P. 		1.10%* -7.27% 8.58% 4.30%
Fixed Income Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Federated Investment Management Company 		0.92%* 4.96% 5.74% 6.33%
Fixed Income Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.71%* -2.08% 2.40% 1.59%
Money Market Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Federated Investment Management Company 		0.49% 0.00% 0.76% 0.38%
Equity Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I
This Sub-Account is only available in policies issued before April 26, 2014
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Lazard Asset Management LLC 		1.13%* 12.65% 9.55% 7.66%
Equity Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.43% 10.84% 9.33% 7.85%
Equity Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II
This Sub-Account is only available in policies issued before April 26, 2014
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: BlackRock Investment Management, LLC 		0.65% 10.52% 9.08% 7.55%
85

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II
Investment Advisor: Nationwide Fund Advisors 		0.91% 15.50% 11.71% 11.31%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II
Investment Advisor: Nationwide Fund Advisors 		0.84% 8.24% 7.63% 7.11%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II
This Sub-Account is no longer available to receive transfers or new premium payments effective October 23, 2020
Investment Advisor: Nationwide Fund Advisors 		0.86% 12.16% 10.02% 9.32%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P
Investment Advisor: Nationwide Fund Advisors 		0.71% 12.37% 10.19% 9.48%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II
Investment Advisor: Nationwide Fund Advisors 		0.83% 2.75% 4.50% 4.08%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.57%* 7.72% 6.72%  
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.63% 12.33% 8.83%  
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II
This Sub-Account is no longer available to receive transfers or new premium payments effective October 23, 2020
Investment Advisor: Nationwide Fund Advisors 		0.86% 10.31% 8.82% 8.28%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P
Investment Advisor: Nationwide Fund Advisors 		0.71% 10.43% 8.99% 8.43%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II
Investment Advisor: Nationwide Fund Advisors 		0.87% 13.62% 10.85% 10.17%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II
Investment Advisor: Nationwide Fund Advisors 		0.84% 6.70% 6.68% 6.20%
Fixed Income Nationwide Variable Insurance Trust - NVIT iShares® Fixed Income ETF Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.73%* -2.05%    
Equity Nationwide Variable Insurance Trust - NVIT iShares® Global Equity ETF Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.75%* 21.86%    
Alternative Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic℠ Multi-Asset Fund: Class Y
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: J.P. Morgan Investment Management Inc. 		0.43%* 7.62%    
86

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Jacobs Levy Equity Management, Inc. 		0.81%* 40.44% 24.65% 18.60%
Equity Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.40% 24.25% 12.62% 13.76%
Equity Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: American Century Investment Management, Inc., Thompson, Siegel & Walmsley LLC and Victory Capital Management Inc. 		1.02%* 24.01% 8.46% 12.21%
Equity Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Invesco Advisers, Inc. and Wellington Management Company, LLP 		1.09%* 10.30% 19.38% 16.11%
Equity Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Jacobs Levy Equity Management, Inc. and WCM Investment Management, LLC 		1.06%* 32.04% 8.39% 12.35%
Equity Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Jacobs Levy Equity Management, Inc. and Invesco Advisers, Inc. 		1.06%* 30.83% 14.86% 14.76%
Equity Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Neuberger Berman Investment Advisers LLC 		0.94% 26.57% 16.95% 15.99%
Equity Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Wellington Management Company LLP 		0.93%* 46.74% 13.17% 11.23%
Equity Nationwide Variable Insurance Trust - NVIT S&P 500® Index Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.24%* 28.36% 18.19% 16.27%
Fixed Income Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.79% -0.58% 1.73% 1.48%
Equity Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.60%* 14.20% 11.50% 12.78%
87

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares
This underlying mutual fund is only available in contracts for which good order applications were received before November 6, 2015
Investment Advisor: Neuberger Berman Investment Advisers LLC 		1.10%* 12.72% 19.41% 15.05%
Fixed Income Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares
This Sub-Account is only available in policies issued before May 1, 2012
Investment Advisor: Neuberger Berman Investment Advisers LLC 		0.83% 0.74% 1.95% 1.69%
Equity 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 		0.89% 23.47% 15.71% 14.35%
Allocation Northern Lights Variable Trust - TOPS® Managed Risk Balanced ETF Portfolio: Class 3
This Sub-Account is only available in policies issued before May 1, 2018
Investment Advisor: ValMark Advisers, Inc.
Sub-Advisor: Milliman Financial Risk Management, LLC 		0.85% 8.50% 6.37% 5.26%
Allocation Northern Lights Variable Trust - TOPS® Managed Risk Growth ETF Portfolio: Class 3
This Portfolio is only available in policies issued before May 1, 2018
Investment Advisor: ValMark Advisers, Inc.
Sub-Advisor: Milliman Financial Risk Management, LLC 		0.84% 12.43% 8.16% 6.05%
Allocation Northern Lights Variable Trust - TOPS® Managed Risk Moderate Growth ETF Portfolio: Class 3
This Sub-Account is only available in policies issued before May 1, 2018
Investment Advisor: ValMark Advisers, Inc.
Sub-Advisor: Milliman Financial Risk Management, LLC 		0.84% 10.98% 7.55% 6.03%
Allocation PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class
Investment Advisor: PIMCO
Investment Sub-Advisor: Research Affiliates, LLC 		1.23%* 16.23% 8.57% 6.02%
Commodities PIMCO Variable Insurance Trust - CommodityRealReturn® Strategy Portfolio: Administrative Class
Investment Advisor: PIMCO 		0.93%* 33.34% 5.72% -1.86%
Fixed Income PIMCO Variable Insurance Trust - International Bond Portfolio (Unhedged): Administrative Class
Investment Advisor: PIMCO 		0.91% -7.51% 3.13% 1.01%
Fixed Income PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class
Investment Advisor: PIMCO 		0.65% -0.92% 1.54% 1.58%
Fixed Income PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class
Investment Advisor: PIMCO 		0.60% -0.05% 1.77% 1.64%
88

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity 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 		0.89% 22.65% 25.53% 19.85%
Equity 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: Putnam Investments Limited 		1.08% 8.82% 9.34% 8.31%
Equity Putnam Variable Trust - Putnam VT Large Cap Value 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 		0.81% 27.30% 13.80% 14.11%
Alternative Rydex Variable Trust - Multi-Hedge Strategies Fund (formerly, Guggenheim Variable Fund - Multi-Hedge Strategies)
This Sub-Account is only available in policies issued before May 1, 2019
Investment Advisor: Guggenheim Investments 		2.02%* 8.10% 3.70% 2.83%
Equity T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II
Investment Advisor: T. Rowe Price Associates, Inc. 		1.19%* 12.82% 19.22% 20.12%
Fixed Income VanEck VIP Trust - VanEck VIP Emerging Markets Bond Fund: Initial Class (formerly, VanEck VIP Trust - Emerging Markets Bond Fund: Initial Class)
This Sub-Account is only available in policies issued before May 1, 2002
Investment Advisor: Van Eck Associates Corporation 		1.10%* -4.05% 4.40% 1.17%
Equity VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Initial Class (formerly, 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 		1.16% -11.86% 9.28% 6.87%
Equity VanEck VIP Trust - VanEck VIP Global Resources Fund: Initial Class (formerly, VanEck VIP Trust - Global Resources Fund: Initial Class)
Investment Advisor: Van Eck Associates Corporation 		1.09% 18.91% 2.24% -0.12%
Equity Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I
Investment Advisor: Virtus Investment Advisers, Inc.
Investment Sub-Advisor: Duff & Phelps Investment Management Co. 		0.85%* 45.95% 12.85% 12.11%
* This underlying mutual fund’s current expenses reflect a temporary fee reduction.
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Appendix B: State Variations
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.
State State Law Variations
Alaska • Additional (Insurance) Protection Rider is not available.
• Change of Insured Rider is not available.
California • Senior Right to Examine Policy – Ages 60+
 
You may return this Policy to us within (1) 30 days after you get it, or (2) 45 days after you sign the application, or (3) 30 days after we mail or deliver the notice of withdrawal right, whichever is latest. The Policy, with a written request for cancellation, must be mailed or delivered to our Home Office or to the Agent who sold it to you. The returned Policy will be treated as if we never issued it and we will refund any premiums paid.
 
After that time, cancellation may result in a substantial penalty, known as a Surrender Charge. Please see your Policy pages for Surrender Period and Charges.
 
• Long-Term Care Rider is titled Accelerated Benefit Rider.
Colorado • Suicide provision is one year.
Delaware • Extends spousal rights to any party to a civil union.
Florida • There are no contractual restrictions on assignments.
• Maturity Date Extension Endorsement is not available.
• Adjusted Sales Load Rider is not available.
• Accelerated Death Benefit Rider is not available.
Illinois • Extends spousal rights to any party to a civil union.
Indiana • We will provide written notification to juvenile Insureds that when they reach the age when non-smoker rates are first available, he or she can then qualify for non-smoker classification. The notification will be provided 60 days in advance of the date when the juvenile first qualifies.
 
Upon receipt of requested information from the juvenile Insured informing us they wish to change their classification, we will provide the policyowner with new specification pages disclosing the non-smoker premium class, the non-smoker rates, and the non-smoker cash values, if appropriate.
Maryland • Long-Term Care Rider is titled Accelerated Death Benefit for Long-Term Care Rider.
• Adjusted Sales Load Rider is not available.
Massachusetts • Long-Term Care Rider is titled Accelerated Death Benefit for Chronic Illness Rider.
• Accelerated Death Benefit Rider is not available.
• Maturity Date Extension Endorsement is not available.
Minnesota • Long-Term Care Rider is not available.
Missouri • SUICIDE – Suicide is no defense to payment of life insurance benefits nor is suicide while insane a defense to payment of accidental death benefits, if any, under this Policy where the Policy is issued to a Missouri citizen, unless the insurer can show that the Insured intended suicide when he applied for the Policy, regardless of any language to the contrary in the Policy.
• Suicide provision in Change of Insured Rider is one year.
• Suicide provision in Additional (Insurance) Protection Rider is one year.
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State State Law Variations
Montana • Policy and Rider charges are required to be on a unisex basis. This is accomplished by treating all Insured's as male for purposes of charges that otherwise would vary by sex. Therefore, none of the charges described in the prospectus as varying by sex, or by characteristics of the Insured, will vary by sex for policies issued in Montana.
• Accidental Death Benefit Rider is not available.
• Children’s Term Insurance Rider is not available.
• Spouse Life Insurance Rider is not available.
• Change of Insured Rider is not available.
• Long-Term Care Rider is not available.
• Premium Waiver Rider is not available.
New Hampshire • Accelerated Death Benefit Rider is not available.
New Jersey • Extends spousal rights to any party to a civil union.
• Change of Insured Rider is not available.
North Dakota • Suicide provision in the policy and rider forms is one year.
Pennsylvania • Adjusted Sales Load Rider is not available.
• Accelerated Benefit Rider is not available.
Puerto Rico • Accelerated Benefit Rider is not available.
• Waiver of Monthly Deductions Rider is not available.
• Accidental Death Benefit Rider is not available.
• Children’s Term Insurance Rider is not available.
• Spouse Life Insurance Rider is not available.
• Maturity Date Extension Endorsement for Cash Value is not available.
South Carolina • Long-Term Care Rider is titled Qualified Long-Term Care Rider.
• Maturity Date Extension Endorsement for Specified Amount is not available.
Texas • Long-Term Care Rider is titled Accelerated Death Benefit for Long-Term Care Rider.
Utah • Adjusted Sales Load Rider is not available.
Vermont • Extends spousal rights to any party to a civil union.
• Long-Term Care Rider is not available.
Virginia • Long-Term Care Rider is titled Qualified Long-Term Care Rider.
• Maturity Date Extension Endorsement for Specified Amount is not available.
Virgin Islands • Accelerated Death Benefit Rider is not available.
Washington • Long-Term Care and Accelerated Death Benefit Riders are not available.
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Outside back cover page
The Statement of Additional Information contains additional information about the Variable Account. To obtain a free copy of the Statement of Additional Information, request other information about the policy, request personalized illustrations of Death Benefits, Cash Surrender Values, and Cash Values, or to make any other service requests, contact Nationwide at 1-800-848-6331 or by one of the other methods described in Contacting the Service Center.
The Statement of Additional Information has been filed with the SEC and is incorporated by reference into this prospectus. The SAI is also available at https://nationwide.onlineprospectus.net/NW/C000025928NW/index.php?ctype=product_sai. This prospectus is available at https://nationwide.onlineprospectus.net/NW/C000025928NW/index.php?ctype=product_prospectus.
Reports and other information about the Variable Account are available on the SEC’s website at http://www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.
SEC Contract Identifier: C000025928

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, 2022.
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.
Variable life insurance policies are not insured by the Federal Deposit Insurance Corporation or any other federal government agency, and are not deposits of, guaranteed by, or insured by the depository institution where offered or any of its affiliates. The SEC has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Additional information about certain investment products, including variable life insurance policies, has been prepared by the SEC’s staff and is available at Investor.gov.
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. Upon cancellation, 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. For more information, see Right to Cancel (Examination Right).
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 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.
1

 

Glossary
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 base policy's 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.
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.
2

 

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.
Variable Account – Nationwide VLI Separate Account-4, a separate account that Nationwide established to hold policy owner assets allocated to variable investment options. The Variable Account is divided into Sub-Accounts, each of which invests in a separate underlying mutual fund.
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5

 

 

Key Information Table
Important Information You Should Consider About the Policy
FEES AND EXPENSES
Charges for Early Withdrawals Surrender Charge – For up to 9 years from the Policy Date, or effective date of any Base Policy Specified Amount increase, a surrender charge is deducted if the policy is surrendered, Lapses, or there is a requested decrease of the Base Policy Specified Amount (see Surrender Charge). This charge will vary based upon the individual characteristics of the Insured. The maximum surrender charge is $51.18 per $1,000 of Specified Amount, or 5.118% of the Specified Amount. For example, for a policy with a $100,000 Base Policy Specified Amount, a complete surrender could result in a surrender charge of $5,118.
 
Partial Surrender Fee – Deducted from the partial surrender amount requested (see Partial Surrender Fee). Currently, Nationwide waives the Partial Surrender Fee. Nationwide may elect in the future to assess a Partial Surrender Fee. The Partial Surrender Fee assessed to each surrender will not exceed the lesser of $25 or 2% of the amount surrendered.
Transaction Charges The policy owner may also be charged for other transactions as follows:
• Sales Load – Deducted upon making a Premium payment.
• Premium Taxes – Deducted upon making a Premium payment.
• Illustration Charge – Deducted upon requesting an illustration.
• Rider Charges – One time rider charges for certain benefits, deducted upon invoking the rider.
See Standard Policy Charges and Policy Riders and Rider Charges.
Ongoing Fees and Expenses (periodic charges) In addition to surrender charges and transaction charges, an investment in the policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the policy and the cost of optional benefits available under the policy, and such fees and expenses are set based on characteristics of the Insured (e.g., age, sex, and rating classification), see Standard Policy Charges and Policy Riders and Rider Charges. Please refer to the Policy Specification Pages of your policy for rates applicable to the policy.
A policy owner will also bear expenses associated with the underlying mutual funds under the policy, as shown in the following table:
Annual Fee Minimum Maximum
Investment options (underlying mutual fund fees and expenses) 0.11% 1 2.07% 1
  1 As a percentage of underlying mutual fund assets.
    
RISKS
Risk of Loss Policy owners of variable life insurance can lose money by investing in the policy, including loss of principal (see Principal Risks).
Not a Short-Term Investment The policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash (see Principal Risks).
 
A surrender charge may apply (see Surrender Charge). In addition, taking policy loans may increase the risk of Lapse and may result in adverse tax consequences (see Policy Loans).
Risks Associated with Investment Options • Investment in this policy is subject to the risk of poor investment performance of the investment options chosen by the policy owner.
• Each investment option and the Fixed Account will have its own unique risks.
• Review the prospectuses and disclosures for the investment options before making an investment decision.
See Principal Risks.
7

 

RISKS
Insurance Company Risks Investment in the policy is subject to the risks associated with Nationwide, including that any obligations (including under the Fixed Account), guarantees, or benefits are subject to the claims-paying ability of Nationwide. More information about Nationwide, including its financial strength ratings, is available by contacting the Service Center (see Principal Risks).
Policy Lapse The policy is at risk of Lapsing when the Cash Surrender Value is insufficient to cover the monthly policy charges, including Rider charges. Cash Surrender Value can be reduced by unfavorable Investment Experience, policy loans, partial surrenders and the deduction of policy charges. Payment of insufficient Premium may cause the policy to Lapse. There is no separate additional charge associated with reinstating a Lapsed policy. The Death Benefit will not be paid if the policy has Lapsed.
 
For more information, see Principal Risks and Lapse.
RESTRICTIONS
Investments • Nationwide may restrict the form in which Sub-Account transfer requests will be accepted (see Sub-Account Transfers).
• Nationwide may limit the frequency and dollar amount of transfers involving the Fixed Account (see Fixed Account Transfers).
• Nationwide reserves the right to add, remove, and substitute investment options available under the policy (see Addition, Deletion, or Substitution of Mutual Funds).
Optional Benefits • Certain optional benefits may be subject to availability, eligibility, and/or invocation requirements. Availability of certain optional benefits may be subject to Nationwide’s underwriting approval for the optional benefit.
• Policy loans are not permitted while benefits are being paid under certain optional benefits.
• Nationwide reserves the right to discontinue offering any optional benefit. Such a discontinuance will only apply to new policies and will not impact any policies already In Force.
For more information, see Policy Riders and Rider Charges.
TAXES
Tax Implications • Consult with a tax professional to determine the tax implications of an investment in and payments received under this policy.
• Earnings on the policy are generally not taxable to the policy owner, unless withdrawn from the policy. Partial and full surrenders from the policy will be subject to ordinary income tax and may be subject to a tax penalty.
For more information, see Taxes.
CONFLICTS OF INTEREST
Investment Professional Compensation Some financial professionals receive compensation for selling the policy. Compensation can take the form of commission and other indirect compensation in that Nationwide may share the revenue it earns on this policy with the financial professional’s firm. This conflict of interest may influence a financial professional, as these financial professionals may have a financial incentive to offer or recommend this policy over another investment (see A Note on Charges).
Exchanges Some financial professionals may have a financial incentive to offer an investor a new policy in place of the one he/she already owns. An investor should only exchange his/her policy if he/she determines, after comparing the features, fees, and risks of both policies, that it is preferable for him/her to purchase the new policy, rather than to continue to own the existing one (see Exchanging the Policy for Another Life Insurance Policy).
8

 

Overview of the Policy
Purpose
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.
Prospective purchasers should consult with a financial professional to determine whether this policy is appropriate for them, taking into consideration his/her particular needs, including investment objectives, risk tolerance, investment time horizon, marital status, tax situation, and other personal characteristics. Generally speaking, this policy is intended as a long-term investment, it is not a short-term investment and is not appropriate for an investor who needs ready access to cash, see Principal Risks.
Premiums
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 Sub-Account Investment Experience .
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.
Additional information about the underlying mutual funds is available in Appendix A: Underlying Mutual Funds Available Under the Policy.
Payment of insufficient Premium may cause the policy to Lapse.
Policy Features
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.
For additional information, see Standard Death Benefit Options.
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;
9

 

• 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.
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 the 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.
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 Nationwide will refund the amount prescribed by state law, 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
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• Policy Guard Rider
• For additional information, see Policy Riders and Rider Charges.
11

 

Fee Table
The following tables describe the fees and expenses that a policy owner will pay when buying, owning, and surrendering or taking partial surrenders from the policy. Please refer to the Policy Data Pages of your policy for information about the specific fees you will pay based on the options you have elected.
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 or takes partial surrenders from the policy, or transfers Cash Value between investment options.
Transaction Fees
Charge When Charge is Deducted Amount Deducted
Sales Load Upon making a Premium payment Maximum:
$25 from each $1,000 of Premium 		Currently:
$5 from each $1,000 of Premium
Premium Taxes Upon making a Premium payment Maximum:
$35 from each $1,000 of Premium 		Currently:
$35 from each $1,000 of Premium
Illustration Charge1 Upon requesting an illustration Maximum:
$25 		Currently:
$0
Partial Surrender Fee Upon a partial surrender Maximum:
lesser of $25 or 2% of the amount surrendered from the policy's Cash Value 		Currently:
$0
Surrender Charge† Upon surrender, policy Lapse, and Base Policy Specified Amount decreases Maximum:
$25,590 from the policy’s available Cash Value 		Minimum:
$2,337 from the policy’s available Cash Value
Representative: an Issue Age 35 male non-tobacco preferred with a Base Policy Specified Amount and Total Specified Amount of $500,000, Death Benefit Option 1, and a complete surrender of the policy in the first year. Upon surrender, policy Lapse, and Base Policy Specified Amount decreases $3,408 from the policy’s available Cash Value
Policy Guard Rider Charge† Upon invoking the Rider Maximum:
$46.00 per $1,000 of Cash Value 		Minimum:
$6.50 per $1,000 of Cash Value
Representative: Attained Age 85 with a Cash Value of $500,000 and Indebtedness of $480,000 Upon invoking the Rider $37.00 per $1,000 of 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 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.
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 Other than Annual Underlying Mutual Fund Expenses
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Base Contract Charges
Charge When Charge is Deducted Amount Deducted
Cost of Insurance Charge† Monthly Maximum:
$83.33 per $1,000 of Net Amount At Risk 		Minimum:
$0.04 per $1,000 of Net Amount At Risk
Representative: an Issue Age 35, in the first policy year, male; non-tobacco preferred; Base Policy Specified Amount and Total Specified Amount of $500,000; and Death Benefit Option 1 Monthly $0.14 per $1,000 of Net Amount At Risk
Flat Extra Charge1 Monthly Maximum:
$2.08 per $1,000 of Net Amount At Risk for each Flat Extra assessed
Mortality and Expense Risk Charge2 Monthly Maximum:
a monthly rate of $0.50 per $1,000 of Cash
Value allocated to the Sub-Accounts
Administrative Charge Monthly Maximum:
$10.00 per policy 		Currently:
$10.00 per policy
Policy Loan Interest Charge Annually
and at the time of certain events and transactions 		Maximum:
$39 per $1,000
of Indebtedness 		Currently:
$39 per $1,000
of Indebtedness
Optional Benefit Charges
Charge When Charge is Deducted Amount Deducted
Adjusted Sales Load Life Insurance Rider Charge Monthly Maximum for each 1% of
Premium Load replaced:
$0.14 for each $1,000 of aggregate Premiums 		Currently for each 1% of
Premium Load replaced:
$0.14 for each $1,000 of
aggregate Premiums
Children's Term Insurance Rider Charge Monthly Maximum:
$0.43 per $1,000 of Children’s Term Insurance Rider Specified Amount 		Currently:
$0.43 per $1,000 of Children’s Term Insurance Rider Specified Amount
Long-Term Care Rider Charge† Monthly Maximum:
$28.65 per $1,000 of Long-Term Care Rider Net Amount At Risk 		Minimum:
$0.02 per $1,000 of Long-Term Care Rider Net Amount At Risk
Representative: an Attained Age 35 male non-tobacco preferred with a Long-Term Care Specified Amount of $500,000 and Death Benefit Option 1 Monthly $0.02 per $1,000 of Long-Term Care Rider Net Amount At Risk
Spouse Life Insurance Rider Charge† Monthly Maximum:
$10.23 per $1,000 of Spouse Life Insurance Rider Specified Amount 		Minimum:
$0.10 per $1,000 of Spouse Life Insurance Rider Specified Amount
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Optional Benefit Charges
Representative Spouse: an
Attained Age 35 female non-
tobacco with a Spouse Life
Insurance Rider Specified
Amount of $100,000 		Monthly $0.11 per $1,000 of Spouse Life Insurance Rider Specified
Amount
Accidental Death Benefit Rider Charge† Monthly Maximum:
$0.75 per $1,000 of Accidental Death Benefit 		Minimum:
$0.05 per $1,000 of Accidental Death Benefit
Representative: an Attained
Age 35 male non-tobacco
preferred with an Accidental
Death Benefit of $100,000 		Monthly $0.06 per $1,000 of Accidental Death Benefit
Premium Waiver Rider Charge† Monthly Maximum:
$315 per $1,000 of Premium Waiver Benefit 		Minimum:
$42 per $1,000 of Premium Waiver Benefit
Representative: an Attained
Age 35 male non-tobacco
preferred 		Monthly $42 per $1,000 of Premium Waiver Benefit
Additional (Insurance) Protection Rider Charge† Monthly Maximum:
$83.33 per $1,000 of
Rider Death Benefit 		Minimum:
$0.01 per $1,000 of
Rider Death Benefit
Representative: an Issue Age
35, in the first policy year, male, non-tobacco preferred with a Rider Specified Amount of
$250,000 		Monthly $0.04 per $1,000 of Rider Death Benefit
Deduction (of Fees and Expenses) Waiver Rider Charge† Monthly Maximum:
$860 per $1,000 of
Waiver of Monthly
Deduction Benefit 		Minimum:
$90 per $1,000 of Waiver
of Monthly Deduction
Benefit
Representative: an Attained
Age 35 male non-tobacco
preferred with a Base Policy
Specified Amount of $500,000
and Death Benefit Option 1 		Monthly $90 per $1,000 of Waiver of Monthly Deduction Benefit
† 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 Flat Extra Charge is only applicable if certain factors result in an Insured having a Substandard Rating, see Cost of Insurance Charge. An Insured with more than one Substandard Rating may be assessed more than one Flat Extra Charge.
2 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.
3 After the first policy year, the monthly maximum amount is $7.50, and the monthly current amount is $5.00.
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The next table shows the minimum and maximum total operating expenses charged by the underlying mutual funds that a policy owner may periodically pay while the policy is In Force. A complete list of the underlying mutual funds available under the policy, including their annual expenses, may be found at the back of this document in Appendix A: Underlying Mutual Funds Available Under the Policy.
Annual Underlying Mutual Fund Expenses  
    Minimum   Maximum  
(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.)   0.11%   2.07%  
Principal 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 the investment options offered by Nationwide in the policy and selected by the policy owner 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. If Nationwide experiences financial distress, it may not be able to meet its obligations.
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. 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.
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.
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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 Fee Table and Standard Policy Charges.
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. Partial surrenders will reduce the Base Policy Specified Amount as well as other policy benefits, and policy loans may increase the risk of Lapse.
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.
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.
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
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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.
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. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict (such as Russia’s invasion of Ukraine and the resulting response by the United States and other countries). 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.
Business Continuity Risks
Nationwide is exposed to risks related to natural and man-made disasters, such as storms, fires, earthquakes, public health crises, geopolitical disputes, military actions, 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.
COVID-19 Risk
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, the COVID-19 pandemic has at times resulted in negative economic conditions, changes in consumer behavior, economic shutdowns, state and federal legislation intended to ease the impact of the COVID-19 pandemic on consumers and
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voluntary hardship assistance that Nationwide provides to its customers. These factors, 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 cannot be fully known. 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.
Nationwide Life Insurance Company
The policy is issued by Nationwide, with its home office at One Nationwide Plaza, Columbus, Ohio 43215.
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 or other policies supported by the Variable Account. 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 outstanding policies supported by 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.
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%.
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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.
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.
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Information about each underlying mutual fund, including its name, type, adviser and subadviser (if applicable), current expenses, and performance, is available in Appendix A: Underlying Mutual Funds Available Under the Policy. Each underlying mutual fund issues its own prospectus that contains more detailed information about the underlying mutual fund. 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.
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.
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 Information on Underlying Mutual Fund Service Fee Payments. 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 (or on the dates that such holidays are observed by the New York Stock Exchange):
• New Year's Day
• Martin Luther King, Jr. Day
• Presidents' Day
• Good Friday
• Memorial Day
• Juneteenth National Independence 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.
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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.
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.
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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.
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.
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,
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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:
(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
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• 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.
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.
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.
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. 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.
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.
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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 Sub-Account 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 Sub-Account 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 must 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.
Other Benefits Available Under the Policy
In addition to the standard death benefit options available under the policy, other standard or optional benefits may also be available to you. The following table summarizes information about these other benefits. For additional information on the policy’s Riders, see Policy Riders and Rider Charges. Additional information on the fees associated with each benefit is in the Fee Table.
Name of Benefit Purpose Is Benefit Standard or Optional Brief Description of Restrictions/Limitations
Guaranteed Policy Continuation During the Guaranteed Policy Continuation Period, the policy will not Lapse if premium requirements are satisfied Standard • The Policy Continuation Premium can change due to action by the policy owner
• When the Guaranteed Policy Continuation Period ends, the policy may be at risk of Lapse
See Guaranteed Policy Continuation Provision
Dollar Cost Averaging Long-term transfer program involving automatic transfer of assets Standard • Transfers are only permitted from the Fixed Account and a limited number of Sub-Accounts
• Transfers may not be directed to the Fixed Account
• 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 may modify, suspend, or discontinue these programs at any time
• Transfers are only made monthly
See Policy Owner Services
Enhanced Dollar Cost Averaging Long-term transfer program involving automatic transfer of Fixed Account allocations with higher interest crediting rate Standard • Only available at the time of application, and only initial Premium is eligible for the program
• Transfers are only permitted from the Fixed Account
• Transfers are only made monthly and only for the first policy year
See Policy Owner Services
Asset Rebalancing Automatic reallocation of assets on a predetermined percentage basis Standard • Assets in the Fixed Account are excluded from the program
• Rebalances only permitted on a three, six, or 12 month schedule
See Policy Owner Services
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Name of Benefit Purpose Is Benefit Standard or Optional Brief Description of Restrictions/Limitations
Automated Income Monitor Systematic partial surrender and/or policy loan program to take an income stream of scheduled payments from the Cash Value Standard • Only available to policies that are not modified endowment contracts
• Policy owners are responsible for monitoring the policy to prevent Lapse
• Program will terminate upon the occurrence of specified events
• Nationwide may modify, suspend, or discontinue the program at any time
See Policy Owner Services
Adjusted Sales Load Life Insurance Rider Replacement of all or a portion of Premium Load with a monthly Rider charge Optional • Only available at the time of application
• A Premium Load is assessed on any amount that is not replaced by the Rider
• The aggregate monthly Rider charges will be greater than the amount Nationwide would have deducted as Premium Load
• If the policy terminates within the first 10 policy years, Nationwide will deduct an amount from the Cash Surrender Value to compensate for the Premium Load replaced, but not recovered, as a Rider charge
Children’s Term Insurance Rider Provides term life insurance on the Insured’s children Optional • Insurance coverage for each insured child continues until the earlier: (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
• Provides a conversion right, subject to limitations
Long-Term Care Rider Accelerates a portion of the Total Specified Amount for qualified long-term care services Optional • Underwriting requirements for the Rider are separate and distinct from the policy, and the Rider does not provide benefits for certain conditions or events
• If purchased six months or more after the Policy Date, new evidence of insurability is required
• Long-Term Care Specified Amount must be at least 10% of the Total Specified Amount and no more than 100% of the Total Specified Amount
• Subject to maximum monthly benefit
• Subject to eligibility requirements to invoke the Rider
• Subject to an elimination period before benefits are paid
• Written notice of claim is required
• Benefit associated with the Rider may not cover all long-term care costs incurred
• While benefit is being paid no loans or partial surrenders may be taken from the policy
Spouse Life Insurance Rider Death benefit payable upon death of the Insured Spouse Optional • Insured must be between Attained Age 21 and 59 when the Rider is elected
• Insured Spouse must be between Attained Age 18 and 69 when the Rider is elected
• Provides a conversion right, subject to limitations
Accidental Death Benefit Rider Payment of a benefit in addition to the Death Benefit upon the Insured’s accidental death Optional • Subject to eligibility requirements for accidental death
• Coverage continues until Insured reaches Attained Age 70
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Name of Benefit Purpose Is Benefit Standard or Optional Brief Description of Restrictions/Limitations
Premium Waiver Rider Provides a monthly credit to the policy upon the Insured’s total disability Optional • Monthly credit applied may not be sufficient to keep the policy from Lapsing
• Cannot be elected if the Deduction (of Fees and Expenses) Waiver Rider is elected
• If the Insured is younger than age 63 at the time of the total disability, coverage continues until age 65
• If the Insured is age 63 or older at the time of the total disability, coverage may continue for two years
Change of Insured Rider Allows policy owner to change the Insured Optional • Policy owner must be an employer and the Insured an owner or employee
• At the time of the change, the new Insured must have the same business relationship to the policy owner as did the previous Insured
• The new Insured must have been at least 18 on the Policy Date
• The new Insured must satisfy Nationwide’s underwriting requirements and may be required to submit satisfactory evidence of insurability
• 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")
• New two-year suicide and contestability periods will apply to the policy
Additional (Insurance) Protection Rider Provides term life insurance on the Insured, in addition to that under the base policy Optional • Available for post-issue election until the Insured reaches Attained Age 85
• If purchase after the Policy Date, evidence of insurability is required
Deduction (of Fees and Expenses) Waiver Rider Waiver of the policy’s monthly deductions if the Insured becomes totally disabled Optional • Available for post-issue election 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
• The policy’s monthly deductions will not be waived until the Insured has been disabled for six consecutive months
• No benefit is available if disability results from a risk not assumed
• Benefit alone may not be sufficient to keep the policy from Lapsing
• Cannot be elected if the Premium Waiver Rider is elected
• If disability began before Attained Age 60, the benefit may continue for as long as the disability
• If disability began between Attained Age 60 and 63, the benefit may continue until Attained Age 65
• If the Insured’s total disability begins after Attained Age 63, the benefit may continue for two years
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Name of Benefit Purpose Is Benefit Standard or Optional Brief Description of Restrictions/Limitations
Policy Guard Rider Prevent the policy from Lapsing due to Indebtedness Optional • Only available for policies for which the guideline premium/cash value corridor life insurance qualification test is elected
• Subject to eligibility requirements to invoke the Rider
• Election to invoke is irrevocable
• Once invoked, all other Riders terminate
• Cash Value will be transferred to the Fixed Account and may not be transferred out
• No further loans or partial surrenders may be taken from the policy
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 Fee Table.
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.
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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.
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.
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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 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 Cost of Insurance Charge shown in the Fee Table.
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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.
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 deducts 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.
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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 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.
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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.
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). If consistent with applicable law, 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, 2021, 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
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connection with certain administrative, marketing, and support services, as described above; or whether affiliates of the underlying mutual fund can provide marketing and distribution support for sales of the policies. 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.
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 will result in lower policy 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. Some Riders assess a one-time charge upon invoking the Rider.
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.
Example:
Assume 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%
    
Example:
Assume 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.
Example:
Assume the Children’s Term Insurance Rider Specified Amount is $15,000 and the Insured has two children that meet the definition of Insured Child and the Rider is In Force. If one of the children dies, $15,000 will be paid to the named beneficiary. The rider would continue to remain in effect as long the second child meets the definition of Insured Child. Upon the death of the second Insured Child, an additional $15,000 would be paid to the named beneficiary as long as coverage under the Rider has not otherwise terminated.
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.
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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 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.
Example:
Assume the Long-Term Care Specified Amount is $500,000. If the invocation requirements below are satisfied and the 90-day elimination period has been satisfied, the Owner can choose a monthly benefit up to 2% of the Long-Term Care Specified Amount ($10,000). If there is no Indebtedness, this monthly benefit will be paid until either the Insured no longer meets the eligibility requirements or the entire $500,000 has been paid. If there is Indebtedness, monthly benefits will end when the accumulated benefits become greater than or equal to the Long-Term Care Specified Amount minus Indebtedness.
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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.
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.
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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.
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.
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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.
Example:
Assume wife (the Insured) purchased a policy and elected the Spouse Life Insurance Rider with a Spouse Life Insurance Rider Specified Amount of $50,000 and named husband as the Insured Spouse. Both the Insured and Insured Spouse met the age requirements for the Rider at the time of election. If Insured Spouse dies prior to reaching Attained Age 70 and the Rider has not otherwise terminated, a death benefit in the amount of $50,000 is payable to the designated beneficiary.
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 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.
Example:
Assume the policy is issued with a Base Policy Specified Amount of $500,000, an Accidental Death Benefit Rider Specified Amount of $100,000, and Death Benefit Option 1. If the Insured dies by accident as defined above prior to reaching Attained Age 70, the total death benefit paid to the beneficiary would be $600,000, as long as the Rider has not otherwise terminated.
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.
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Premium Waiver Rider
Subject to Nationwide’s underwriting approval, the policy owner may purchase this Rider at any time. A policy owner may not purchase both this Rider and the Waiver of Monthly Deductions Rider. Nationwide will not approve issuance of the Rider for an Insured who is disabled at the time of application for the Rider.
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 age 63 at the time of the total disability, the Rider coverage continues until the Insured turns age 65. If the Insured is 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.
Example:
Assume the policy is currently In Force, the Rider is not otherwise terminated, and the following:
• The Insured has been totally disabled for six consecutive months;
• At the time of disability, the policy was in its 8th policy year and the Insured’s Attained Age was 59;
• The Premium Waiver Rider Specified Premium is $700; and
• The Premiums paid over the 36 months prior to disability totaled $24,120.
Since the average monthly Premium paid over the 36 months prior to the disability was $670 ($24,120 divided by 36), $670 will be credited to the policy’s Cash Value on each Policy Monthaversary only until the Insured reaches Attained Age 65, or until the Insured is no longer disabled, if earlier.
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.
Example:
Assume the following:
• The policy owner is Company X;
• The Insured at the time of policy issue was an executive officer of Company X;
• The Insured retires while the policy is In Force and not in a Grace Period;
• Company X applies to change the Insured to its new executive officer;
• The new executive officer meets Nationwide’s insurability and underwriting requirements; and
• Benefits under the Extended Death Benefit Guarantee Rider have not begun.
Coverage of the new Insured shall become effective on the date the Insured is changed, and the policy charges will reflect the new Insured’s Attained Age, rate type and rate classification. The Death Benefit Proceeds will be paid out after the death of the new Insured.
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.
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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 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.
Example:
Assume the Base Policy Specified Amount is $500,000, Death Benefit Option 2, the Cash Value is $40,000 and the Additional (Insurance) Protection Rider Specified Amount is $300,000. Upon the death of the Insured, if there is no Indebtedness and no Long-Term Care benefits have been paid, the Death Benefit Proceeds under the base policy will be $540,000 and the Additional (insurance) Protection Death Benefit Proceeds will be $300,000, for a total of $840,000.
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.
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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. Nationwide will not approve issuance of the Rider for an Insured who is disabled at the time of application for the Rider.
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.
Example:
Assume the following:
• The Deduction (of Fees and Expenses) Waiver Rider is elected;
• The Insured becomes totally disabled after the first three years from the Policy Date and has been totally disabled for six consecutive months; and
• At the time of disability, the Insured’s Attained Age was 57
 
The policy’s charges assessed through monthly deductions will be waived and thus not deducted from the Cash Value for as long as the Insured is no longer disabled, or until the Deduction (of Fees and Expenses) Waiver Rider is terminated.
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.
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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.
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 15th anniversary of the Policy Date has been reached, regardless of any period of Lapse, and the policy is currently In Force;
• 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.
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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.
Example:
Assume a policy is currently In Force and the following:
• Insured’s Attained Age is 75
• Policy is in its 27th policy year
• Death Benefit Option 1
• Total Specified Amount: $700,000
• Indebtedness: $627,000
• Cash Value: $660,000
• Applicable age-based factor for determining rider charge: 4.60%*
* Rate is subject to change based on policy
Using the above assumptions, a decision to invoke the Rider would impact the policy as follows:
(1) The death benefit option will remain at Death Benefit Option 1.
(2) The one-time charge for invoking the Rider will be $30,360 ($660,000 x 4.60%) and will be deducted from the Cash Value, reducing the Cash Value to $629,640.
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(3) The Total Specified Amount will remain at $700,000 since it is less than the Minimum Required Death Benefit of $712,611.90.
(4) The non-loaned Cash Value $2,640 ($629,640 - $627,000) will be transferred to the Fixed Account where it will earn at least the minimum guaranteed fixed interest rate.
(5) The policy loan account ($627,000) will continue to earn interest at the policy's loan crediting rate.
(6) The Indebtedness ($627,000) will continue to grow at the policy's loan interest charged rate.
(7) After this Rider is invoked, no other changes to the policy can be made
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 Funds Available Under the Policy 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. If Nationwide suspends or discontinues a dollar cost averaging program at a time when other requested transfers from the Fixed Account are subject to restrictions, further transfers from the Fixed Account will be subject to the restrictions until or unless another dollar cost averaging program is offered and elected, see Fixed Account Restrictions.
Example:
Policy owner elects to participate in Dollar Cost Averaging and has transferred $30,000 to the Fixed Account, which will serve as the source investment option for her Dollar Cost Averaging program. She would like the Dollar Cost Averaging transfers to be allocated as follows: $1,500 to Sub-Account L and $1,000 to Sub-Account M. Each month, Nationwide will automatically transfer $2,500 from the Fixed Account and allocate $1,000 to Sub-Account M and $1,500 to Sub-Account L until the Fixed Account is depleted.
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
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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.
Example:
At the time of application, the policy owner elects to participate in Enhanced Dollar Cost Averaging and submits an initial Premium of $25,000 to be allocated to the Fixed Account, which will receive an enhanced interest crediting rate. He would like the Enhanced Dollar Cost Averaging transfers to be allocated as follows: 40% to Sub-Account L and 60% to Sub-Account M. Each month, Nationwide will automatically transfer Cash Value to the selected Sub-Accounts based on the schedule above (1/11 of the Cash Value will be transferred at the beginning of month 2; 1/10 of the Cash Value will be transferred at the beginning of month 3; etc.).
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. Premium received with or after the asset rebalancing application will continue to be initially allocated according to the Policy owner’s instructions for Net Premium, unless they elect on the asset rebalancing application to replace the allocation instructions for Net Premium with the asset rebalancing program’s Sub-Account allocations. Whether this election is made or not, all Cash Value in the Sub-Accounts will be reallocated according to the asset rebalancing program’s allocations at the frequency elected by the Policy owner. 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.
Example:
Policy owner elects to participate in Asset Rebalancing and has instructed his Cash Value be allocated as follows and rebalanced on a quarterly basis: 40% to Sub-Account A, 40% to Sub-Account B, and 20% to Sub-Account C. Each quarter, Nationwide will automatically rebalance policy owner’s Cash Value by transferring Cash Value among the three elected Sub-Accounts so that his 40%/40%/20% allocation remains intact.
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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.
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.
Example:
Assume:
• Insured’s Issue Age was 45.
• Policy owner paid Premiums totaling $490,000 during the first 25 policy years.
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• Just prior to policy year 26 (Attained Age 70) the policy’s Cash Value is just over $1,000,000 and the Investment in the Contract is $490,000.
• The policy owner completes an Automated Income Monitor election form and chooses a 5% gross rate of return, a goal of $100,000 Cash Surrender Value at Attained Age 95 and the Fixed Duration option for 25 years.
• The first AIM In Force illustration is run that solves for an annual income amount at an assumed 5% gross rate of return and a goal of at least $100,000 of Cash Surrender Value at Attained Age 95. The result of the solve is an annual income amount of $66,720.
A partial surrender of $66,720 will be processed and sent to the policy owner. Each year thereafter, if the Automated Income Monitor program has not been terminated, another illustration will be run with the same assumptions and income solve. The appropriate partial surrender amount based on each solve will be processed. This will continue until the entire $490,000 Investment in the Contract has been distributed through partial surrenders, then the income amounts will be processed as loans.
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.
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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.
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). Amounts held as collateral against a policy loan do 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 Fee Table 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. 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.
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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.
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;
• 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.
Example:
Assume the following:
• The policy’s Cash Value is $43,000 and it is allocated entirely to the Sub-Accounts.
• There is no existing Indebtedness.
• The policy owner has requested a $6,000 policy loan at the beginning of the first Policy Year.
*For reference, the maximum policy loan would be $38,700 = $43,000 x 90% - $0.00 (Indebtedness)
Once the $6,000 loan is approved, $6,000 is paid directly to the policy owner from Nationwide. $6,000 is transferred from the Sub-Accounts to the policy loan account. This serves as collateral for Nationwide. The policy’s Indebtedness on the day of the loan is $6,000.
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• At the end of the first Policy Year, assume the only loan the policy owner requested was the $6,000 loan. Assuming the policy owner has not made any loan repayments, the Indebtedness at the end of the next occurring policy anniversary is $6,120 due to $120 of accrued loan interest during the year ($6,000 + $120 = $6,120). Should a claim for the Death Benefit Proceeds be made, the Proceeds would be reduced by the $6,120 Indebtedness.
• Assuming no loan repayments are ever made, Indebtedness continues to accrue interest. All unpaid loan interest will also be treated as new policy loans and loan interest will continue to accumulate as Indebtedness
• If the policy owner submits a loan repayment, the amount of the loan repayment will be transferred from the policy loan account and credited to the Cash Value.
• If any Indebtedness exists when the Surrender Proceeds or Death Benefit Proceeds become payable, the Proceeds will be reduced by the total Indebtedness.
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 Sub-Account 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.
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.
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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.
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
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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.
The Death Benefit
Standard 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.
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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.
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.
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.
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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.
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
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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.
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.
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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.
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.
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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.
Taxes
The tax treatment of life insurance policies under the Internal Revenue Code ("Code") is complex and depends 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. It does not cover state, local, or other taxes. 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.
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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.
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.
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 statutory 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 and Investor Control
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.
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For a variable life policy to receive favorable tax treatment, the life insurance company must be considered the owner of the separate account assets supporting the investment options within the policy. If the policy owner is considered to exercise investment control over the separate account assets, the policy owner will be treated as the owner of those assets and not the insurance company. As a result, the increase in the cash value attributed to the separate account assets will be taxed currently to the policyholder as ordinary income. The IRS has issued guidance 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 variable policyowner will be considered the owner of the separate account assets. Revenue Ruling 2003-91 provided 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. Should the Treasury Secretary issue additional rules or regulations that would limit the number of underlying investment options, the transfers between underlying investment options, the exchanges of underlying investment options or the manner in which you can direct the investments in an investment option 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, we believe that the policy qualifies 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 cash distributions 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.
Section 7702A of the Code defines a modified endowment contract as a life insurance policy where the total premiums paid at any time during the first 7 contract years exceeds the seven pay premium, which is the sum of the level annual premiums that would have been paid at that time 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, may become subject to a new 7-year testing period or may be subject to retesting because of a "material change" or a "reduction in benefits" as defined by Section 7702A(c) of the Code.
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.
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.
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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 the policy 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 non-taxable Investment in the Contract as previously described. During the first 15 years after a policy is issued, a cash distribution is made because of or in anticipation of a reduction in the face amount of the death benefit, then the cash distribution may be 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.
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 gains from the sale or surrender of a life insurance policy.
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. For purposes of calculating gain on the sale of a life insurance policy, the owner’s investment in the contract is not reduced for previously imposed cost of insurance (COI) charges.
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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 of the policy 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 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.
Special tax reporting requirements 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 and to the insurance company that issued the policy. Upon receipt of 1) notice 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 life insurance policy to the IRS. A policy owner contemplating the transfer or sale of the policy 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 a 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 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, as described above.
Chronic Illness
The chronic illness rider issued with this policy is intended to qualify under Internal Revenue Code section 101(g) that allows for the tax-free acceleration of a death benefit due to the insured being certified as chronically ill. The rider is not intended to be a qualified long-term care insurance contract under Section 7702B of the Code. The amount of the benefit paid under this chronic illness rider will be tax free up to the same per diem limitation established by the Code that applies to a qualified long-term care insurance contract. Any benefit paid in excess of the per diem limitation will be included in the
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policy owner's gross income. Also, the per diem limitation may be modified where multiple policies on the same insured accelerate the death benefit on account of chronic illness through either a chronic illness rider or a qualified long-term care insurance contract. Moreover, the benefit paid may not be tax free where a policy is owned in a business context. Specifically, benefits paid will not be tax free where the policy owner who is not the insured has an insurable interest in the insured because the insured is a director, officer, or employee of the policy owner or because the insured is financially interested in any trade or business carried on by the policy owner. The payment of benefits under the chronic illness rider will be reported on a Form 1099-LTC.
This discussion 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.
Critical Illness
The critical illness rider issued with this policy will pay an accelerated death benefit if the insured is diagnosed with an illness that is covered under this rider such as a heart attack, stroke, etc. Generally, benefits paid under a critical illness rider may be taxable depending on whether the cost paid for a rider are tax deductible to the policy owner. For example, where the cost paid for the rider are nondeductible after tax contributions, then the benefits paid are generally tax free. Nationwide expects the benefits paid under the rider will generally be excludible from gross income under Internal Revenue Code section 104(a)(3). However, the benefits may not qualify for this exclusion with certain third-party ownership arrangements.
This discussion 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.
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.
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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.
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 in a Section 1035 exchange for a contract issued before that date are generally 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.
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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.
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.
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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.
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. There is no way to know whether the federal tax treatment of life insurance policies will continue. Future legislation, regulation, or interpretation may adversely impact the federal tax treatment of life insurance policies. In addition, current state law (which is not discussed herein) and future amendments to state law may affect the tax consequences of the policy. The policy owner should consult their independent legal, tax and/or financial professional.
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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.
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 condition.
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.
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 condition.
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 securities divisions. 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
Financial statements for the Variable Account and financial statements and schedules of Nationwide are located in the Statement of Additional Information. A current Statement of Additional Information may be obtained, without charge, by contacting the Service Center, or can be found online at https://nationwide.onlineprospectus.net/NW/C000026839NW/index.php?ctype=product_sai.
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Appendix A: Underlying Mutual Funds Available Under the Policy
The following is a list of underlying mutual funds available under the policy. More information about the underlying mutual funds is available in the prospectuses for the underlying mutual funds, which may be amended from time to time and can be found online at https://nationwide.onlineprospectus.net/NW/C000026839NW/index.php. This information can also be obtained at no cost by calling 1-800-848-6331 or by sending an email request to FLSS@nationwide.com. Depending on the optional benefits chosen, access to certain underlying mutual funds may be limited.
The current expenses and performance information below reflects fees and expenses of the underlying mutual funds, but do not reflect the other fees and expenses that the policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each underlying mutual fund’s past performance is not necessarily an indication of future performance.
Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Allocation AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A
This Sub-Account is only available in policies issued before May 1, 2014
Investment Advisor: AllianceBernstein L.P. 		0.83%* 9.67% 7.23% 6.31%
Equity 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. 		0.59% 28.15% 12.86% 13.67%
Equity AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B
This Sub-Account is only available in policies issued before May 1, 2020
Investment Advisor: AllianceBernstein L.P. 		1.15% 10.85% 4.97% 5.43%
Equity AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A
Investment Advisor: AllianceBernstein L.P. 		0.80% 35.94% 10.16% 13.13%
Equity Allspring Variable Trust - VT Small Cap Growth Fund: Class 2
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Allspring Funds Management, LLC
Sub-Advisor: Allspring Global Investments, LLC 		1.17% 7.64% 22.00% 16.22%
Fixed Income American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II
Investment Advisor: American Century Investment Management, Inc. 		0.71% 6.26% 5.01% 2.81%
Equity 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. 		0.70% 23.65% 13.96% 13.70%
Equity American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: American Century Investment Management, Inc. 		0.75%* 23.20% 9.41% 12.83%
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Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity American Funds Insurance Series® - Washington Mutual Investors Fund: Class 4
Investment Advisor: Capital Research and Management Company 		0.77%* 27.51% 12.21% 13.55%
Fixed Income BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I
Investment Advisor: BlackRock Advisors, LLC
Investment Sub-Advisor: BlackRock Financial Management, Inc. 		0.57%* 5.36% 6.36% 6.78%
Allocation BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II
Investment Advisor: BlackRock Advisors, LLC
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.90%* 6.54% 9.79% 7.77%
Equity BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: BNY Mellon Investment Adviser, Inc. 		0.60%* 26.14% 11.77% 13.88%
Equity BNY Mellon Stock Index Fund, Inc.: Initial Shares
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: BNY Mellon Investment Adviser, Inc.
Sub-Advisor: Mellon Investments Corporation 		0.26% 28.41% 18.16% 16.25%
Equity 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 		0.67% 26.99% 18.48% 15.59%
Equity 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.
Sub-Advisor: Newton Investment Management North America, LLC 		0.82% 16.46% 11.39% 13.57%
Equity Delaware VIP Trust - Delaware VIP Small Cap Value Series: Service Class (formerly, Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class)
Investment Advisor: Delaware Management Company, Inc. 		1.05% 34.01% 9.21% 11.78%
Allocation Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A
Investment Advisor: DWS Investment Management Americas, Inc. 		0.62% 10.95% 9.20% 8.38%
Allocation DFA Investment Dimensions Group Inc. - VA Global Moderate Allocation Portfolio: Institutional Class
Investment Advisor: Dimensional Fund Advisors LP 		0.28%* 14.20% 9.87%  
Fixed Income DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class
Investment Advisor: Dimensional Fund Advisors LP
Investment Sub-Advisor: Dimensional Fund Advisors LTD, DFA Australia Limited 		0.11% 5.57% 5.44%  
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Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Allocation Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares
Investment Advisor: Federated Equity Management Company of Pennsylvania
Investment Sub-Advisor: Federated Investment Management Company, Federated Advisory Services Company, Fed Global 		0.98% 18.51% 9.22% 8.31%
Fixed Income Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares
This Sub-Account is only available in policies issued before May 1, 2018
Investment Advisor: Federated Investment Management Company 		0.74%* -1.39% 3.82% 3.69%
Equity Fidelity Variable Insurance Products - Emerging Markets Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, Fidelity Management & Research (Japan) Limited, FIL Investment Advisors, FIL Investment Advisors (UK) Limited and FIL Investments (Japan) Limited 		1.01% -2.28% 14.86% 8.33%
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.52% 5.79% 8.34% 7.56%
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.60% 9.46% 10.57% 9.14%
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.67% 12.24% 12.64% 10.97%
Equity Fidelity Variable Insurance Products Fund - VIP Contrafund® Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.70% 27.70% 20.04% 16.52%
Equity Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.90% 54.82% -3.54% 0.01%
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Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.61% 24.82% 11.83% 12.42%
Equity Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.71% 23.08% 26.16% 19.57%
Fixed Income 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)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.77% 4.49% 4.93% 5.52%
Fixed Income Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.49% -0.79% 4.22% 3.44%
Equity 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)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.71% 25.50% 13.49% 13.17%
Equity Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, Fidelity Management & Research (Japan) Limited, FIL Investment Advisors, FIL Investment Advisors (UK) Limited and FIL Investments (Japan) Limited 		0.87% 19.57% 14.31% 10.71%
Equity Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.74% 38.85% 9.23% 10.30%
78

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class 2
Investment Advisor: Fidelity Management & Research Company (FMR)
Investment Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.88% 33.34% 13.66% 13.46%
Equity 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)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.73% 33.47% 13.82% 13.62%
Allocation Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Franklin Advisers, Inc. 		0.82%* 11.68% 8.63% 8.95%
Allocation Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2
This Sub-Account is only available in policies issued before May 1, 2022
Investment Advisor: Franklin Advisers, Inc. 		0.72% 16.75% 7.44% 7.37%
Equity Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Franklin Mutual Advisers, LLC 		0.66% 25.66% 10.20% 12.40%
Equity 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. 		1.44% -5.73% 10.59% 4.84%
Equity 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 		0.86%* 4.43% 2.97% 4.26%
Equity 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 		1.11%* 4.15% 2.71% 4.00%
Fixed Income 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. 		0.76%* -4.99% -0.94% 1.12%
Alternative Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares
Investment Advisor: Goldman Sachs Asset Management, L.P. 		1.25%* 4.83% 3.60%  
79

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Allocation Goldman Sachs Variable Insurance Trust - Goldman Sachs Trend Driven Allocation Fund: Service Shares
This Sub-Account is only available in policies issued before May 1, 2014
Investment Advisor: Goldman Sachs Asset Management, L.P. 		0.94%* 16.17% 7.93%  
Equity Invesco - Invesco V.I. American Franchise Fund: Series I Shares
This Sub-Account is only available in policies issued before May 1, 2012
Investment Advisor: Invesco Advisers, Inc. 		0.86% 11.92% 21.74% 17.37%
Allocation Invesco - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares
Investment Advisor: Invesco Advisers, Inc. 		0.88%* 9.54% 7.46% 6.25%
Equity Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I
This Sub-Account is only available in policies issued before April 30, 2020
Investment Advisor: Invesco Advisers, Inc. 		0.83% 19.09% 23.08% 17.83%
Equity Invesco - Invesco V.I. Global Fund: Series I
Investment Advisor: Invesco Advisers, Inc. 		0.78% 15.48% 18.17% 14.24%
Fixed Income Invesco - Invesco V.I. Global Strategic Income Fund: Series I
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Invesco Advisers, Inc. 		0.87%* -3.41% 2.37% 3.16%
Equity Invesco - Invesco V.I. Main Street Mid Cap Fund: Series I Shares
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Invesco Advisers, Inc. 		0.93% 23.24% 11.43% 10.81%
Equity Invesco - Invesco V.I. Main Street Small Cap Fund: Series I
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Invesco Advisers, Inc. 		0.84% 22.55% 13.73% 14.68%
Equity Invesco Oppenheimer V.I. International Growth Fund: Series I
Investment Advisor: Invesco Advisers, Inc. 		1.00%* 10.21% 11.87% 9.73%
Allocation Ivy Variable Insurance Portfolios - Delaware Ivy Asset Strategy: Class II
This Sub-Account is only available in policies issued before May 1, 2017
Investment Advisor: Delaware Management Company
Sub-Advisor: Macquarie Investment Management Global Limited, Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Europe Limited 		0.87%* 10.44% 11.36% 8.01%
Fixed Income Ivy Variable Insurance Portfolios - Delaware Ivy High Income: Class II
This Sub-Account is only available in policies issued before May 1, 2017
Investment Advisor: Delaware Management Company
Sub-Advisor: Macquarie Investment Management Global Limited, Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Europe Limited 		0.95% 6.06% 5.47% 6.60%
80

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Ivy Variable Insurance Portfolios - Delaware Ivy Mid Cap Growth: Class II
This Sub-Account is only available in policies issued before May 1, 2014
Investment Advisor: Delaware Management Company
Sub-Advisor: Macquarie Funds Management Hong Kong Limited and Macquarie Investment Management Global Limited 		1.10%* 16.35% 24.84% 17.04%
Allocation 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 Henderson Investors US LLC 		0.86% 16.90% 14.10% 11.53%
Equity Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares
Investment Advisor: Janus Henderson Investors US LLC 		0.71% 16.83% 19.13% 17.22%
Equity Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Janus Henderson Investors US LLC 		1.02% 22.60% 25.26% 19.99%
Equity Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares
Investment Advisor: Janus Henderson Investors US LLC 		0.97% 17.74% 30.31% 22.95%
Equity Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Janus Henderson Investors US LLC 		1.12% 13.28% 13.07% 5.98%
Fixed Income Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC
Investment Advisor: Lord, Abbett & Co. LLC 		0.71% -0.23% 3.61% 3.32%
Equity MFS® Variable Insurance Trust - MFS New Discovery Series: Initial Class
Investment Advisor: Massachusetts Financial Services Company 		0.87%* 1.80% 21.29% 16.15%
Equity MFS® Variable Insurance Trust - MFS Value Series: Initial Class
Investment Advisor: Massachusetts Financial Services Company 		0.70%* 25.45% 12.25% 13.42%
Equity MFS® Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class
Investment Advisor: Massachusetts Financial Services Company 		0.88%* 9.26% 14.22% 10.00%
Equity 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 		0.77%* 25.97% 22.83% 17.58%
Equity MFS® Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class
Investment Advisor: Massachusetts Financial Services Company 		0.79%* 30.98% 12.42% 13.59%
81

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Fixed Income 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. 		0.67%* -0.32% 4.68% 4.54%
Fixed Income 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.
Sub-Advisor: Morgan Stanley Investment Management Limited 		1.10%* -2.02% 3.82% 3.86%
Equity Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Allianz Global Investors U.S. LLC 		0.97%* -1.08% 15.88% 10.98%
Equity Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Allspring Global Investments, LLC 		0.82%* -4.70% 20.15% 16.02%
Allocation Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors 		0.94%* 14.70% 11.29% 10.90%
Fixed Income Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors 		0.85%* -0.71% 3.82% 2.86%
Equity Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors 		1.21%* 16.00% 19.23% 15.19%
Equity Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II
This Sub-Account is only available in policies issued before May 1, 2014
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors 		1.00%* 21.53% 24.94% 19.24%
Equity Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Capital Research and Management Company, Nationwide Fund Advisors 		0.94%* 23.64% 15.94% 14.97%
Fixed Income Nationwide Variable Insurance Trust - NVIT Amundi Multi Sector Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Amundi Asset Management, US 		0.83% 5.23% 4.41% 4.20%
Equity Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: AQR Capital Management, LLC 		0.79% 21.88% 15.95% 14.74%
82

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.80%* 20.29% 11.67% 12.90%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		1.03%* 20.18% 12.50% 11.70%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		0.87%* 11.12% 8.33% 7.65%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		0.92%* 15.75% 10.63% 9.78%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		0.78%* 4.48% 5.26% 4.63%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.83%* 10.23% 7.24%  
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.83%* 15.72% 9.60%  
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.89%* 13.63% 9.56% 8.77%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		0.97%* 18.11% 11.68% 10.65%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		0.85%* 9.22% 7.40% 6.73%
Fixed Income Nationwide Variable Insurance Trust - NVIT BNY Mellon Core Plus Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Insight North America LLC 		0.63%* -0.72% 4.13% 3.44%
Equity Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Core Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Newton Investment Management Limited 		0.61%* 30.24% 21.78% 17.80%
Equity Nationwide Variable Insurance Trust - NVIT BNY 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: Newton Investment Management Limited 		0.90% 34.52% 11.29% 12.91%
83

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Newton Investment Management Limited 		0.77% 34.70% 11.33% 12.92%
Equity Nationwide Variable Insurance Trust - NVIT BNY Mellon Sustainable U.S. Equity Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Newton Investment Management Limited 		0.85%* 26.80% 15.14% 14.28%
Fixed Income Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.38% -2.07% 3.17% 2.55%
Equity 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 		1.03%* 10.39% 6.20% 5.64%
Equity Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Columbia Management Investment Advisers, LLC 		0.89%* 10.57% 6.24% 5.66%
Fixed Income Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.59% -1.02% 3.70% 3.37%
Fixed Income Nationwide Variable Insurance Trust - NVIT DoubleLine Total Return Tactical Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: DoubleLine Capital LP 		0.85%* -0.44%    
Equity Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: NS Partners Ltd and Loomis, Sayles & Company L.P. 		1.10%* -7.27% 8.58% 4.30%
Fixed Income Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Federated Investment Management Company 		0.92%* 4.96% 5.74% 6.33%
Fixed Income Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.71%* -2.08% 2.40% 1.59%
Money Market Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Federated Investment Management Company 		0.49% 0.00% 0.76% 0.38%
84

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I
This Sub-Account is only available in policies issued before April 26, 2014
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Lazard Asset Management LLC 		1.13%* 12.65% 9.55% 7.66%
Equity Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.43% 10.84% 9.33% 7.85%
Equity Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II
This Sub-Account is only available in policies issued before April 26, 2014
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: BlackRock Investment Management, LLC 		0.65% 10.52% 9.08% 7.55%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II
Investment Advisor: Nationwide Fund Advisors 		0.91% 15.50% 11.71% 11.31%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II
Investment Advisor: Nationwide Fund Advisors 		0.84% 8.24% 7.63% 7.11%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II
This Sub-Account is no longer available to receive transfers or new premium payments effective October 23, 2020
Investment Advisor: Nationwide Fund Advisors 		0.86% 12.16% 10.02% 9.32%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P
Investment Advisor: Nationwide Fund Advisors 		0.71% 12.37% 10.19% 9.48%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II
Investment Advisor: Nationwide Fund Advisors 		0.83% 2.75% 4.50% 4.08%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.57%* 7.72% 6.72%  
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.63% 12.33% 8.83%  
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II
This Sub-Account is no longer available to receive transfers or new premium payments effective October 23, 2020
Investment Advisor: Nationwide Fund Advisors 		0.86% 10.31% 8.82% 8.28%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P
Investment Advisor: Nationwide Fund Advisors 		0.71% 10.43% 8.99% 8.43%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II
Investment Advisor: Nationwide Fund Advisors 		0.87% 13.62% 10.85% 10.17%
85

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II
Investment Advisor: Nationwide Fund Advisors 		0.84% 6.70% 6.68% 6.20%
Fixed Income Nationwide Variable Insurance Trust - NVIT iShares® Fixed Income ETF Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.73%* -2.05%    
Equity Nationwide Variable Insurance Trust - NVIT iShares® Global Equity ETF Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.75%* 21.86%    
Alternative Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic℠ Multi-Asset Fund: Class Y
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: J.P. Morgan Investment Management Inc. 		0.43%* 7.62%    
Equity Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Jacobs Levy Equity Management, Inc. 		0.81%* 40.44% 24.65% 18.60%
Equity Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.40% 24.25% 12.62% 13.76%
Equity Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: American Century Investment Management, Inc., Thompson, Siegel & Walmsley LLC and Victory Capital Management Inc. 		1.02%* 24.01% 8.46% 12.21%
Equity Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Invesco Advisers, Inc. and Wellington Management Company, LLP 		1.09%* 10.30% 19.38% 16.11%
Equity Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Jacobs Levy Equity Management, Inc. and WCM Investment Management, LLC 		1.06%* 32.04% 8.39% 12.35%
Equity Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Jacobs Levy Equity Management, Inc. and Invesco Advisers, Inc. 		1.06%* 30.83% 14.86% 14.76%
Equity Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I
This Sub-Account is only available in policies issued before May 1, 2013
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Neuberger Berman Investment Advisers LLC 		0.94% 26.57% 16.95% 15.99%
86

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Wellington Management Company LLP 		0.93%* 46.74% 13.17% 11.23%
Equity Nationwide Variable Insurance Trust - NVIT S&P 500® Index Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.24%* 28.36% 18.19% 16.27%
Fixed Income Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: Nationwide Asset Management, LLC 		0.79% -0.58% 1.73% 1.48%
Equity Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II
Investment Advisor: Nationwide Fund Advisors
Investment Sub-Advisor: BlackRock Investment Management, LLC 		0.60%* 14.20% 11.50% 12.78%
Equity 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 		1.10%* 12.72% 19.41% 15.05%
Fixed Income Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares
This Sub-Account is only available in policies issued before May 1, 2012
Investment Advisor: Neuberger Berman Investment Advisers LLC 		0.83% 0.74% 1.95% 1.69%
Equity 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 		0.89% 23.47% 15.71% 14.35%
Allocation Northern Lights Variable Trust - TOPS® Managed Risk Balanced ETF Portfolio: Class 3
This Sub-Account is only available in policies issued before May 1, 2018
Investment Advisor: ValMark Advisers, Inc.
Sub-Advisor: Milliman Financial Risk Management, LLC 		0.85% 8.50% 6.37% 5.26%
Allocation Northern Lights Variable Trust - TOPS® Managed Risk Growth ETF Portfolio: Class 3
This Sub-Account is only available in policies issued before May 1, 2018
Investment Advisor: ValMark Advisers, Inc.
Sub-Advisor: Milliman Financial Risk Management, LLC 		0.84% 12.43% 8.16% 6.05%
Allocation Northern Lights Variable Trust - TOPS® Managed Risk Moderate Growth ETF Portfolio: Class 3
This Sub-Account is only available in policies issued before May 1, 2018
Investment Advisor: ValMark Advisers, Inc.
Sub-Advisor: Milliman Financial Risk Management, LLC 		0.84% 10.98% 7.55% 6.03%
87

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Allocation PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class
Investment Advisor: PIMCO
Investment Sub-Advisor: Research Affiliates, LLC 		1.23%* 16.23% 8.57% 6.02%
Commodities PIMCO Variable Insurance Trust - CommodityRealReturn® Strategy Portfolio: Administrative Class
Investment Advisor: PIMCO 		0.93%* 33.34% 5.72% -1.86%
Fixed Income PIMCO Variable Insurance Trust - International Bond Portfolio (Unhedged): Administrative Class
Investment Advisor: PIMCO 		0.91% -7.51% 3.13% 1.01%
Fixed Income PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class
Investment Advisor: PIMCO 		0.65% -0.92% 1.54% 1.58%
Fixed Income PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class
Investment Advisor: PIMCO 		0.60% -0.05% 1.77% 1.64%
Equity 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 		0.89% 22.65% 25.53% 19.85%
Equity 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: Putnam Investments Limited 		1.08% 8.82% 9.34% 8.31%
Equity Putnam Variable Trust - Putnam VT Large Cap Value 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 		0.81% 27.30% 13.80% 14.11%
Alternative Rydex Variable Trust - Multi-Hedge Strategies Fund (formerly, Guggenheim Variable Fund - Multi-Hedge Strategies)
This Sub-Account is only available in policies issued before May 1, 2019
Investment Advisor: Guggenheim Investments 		2.02%* 8.10% 3.70% 2.83%
Equity T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II
Investment Advisor: T. Rowe Price Associates, Inc. 		1.19%* 12.82% 19.22% 20.12%
Equity VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Initial Class (formerly, 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 		1.16% -11.86% 9.28% 6.87%
Equity VanEck VIP Trust - VanEck VIP Global Resources Fund: Initial Class (formerly, VanEck VIP Trust - Global Resources Fund: Initial Class)
Investment Advisor: Van Eck Associates Corporation 		1.09% 18.91% 2.24% -0.12%
88

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I
Investment Advisor: Virtus Investment Advisers, Inc.
Investment Sub-Advisor: Duff & Phelps Investment Management Co. 		0.85%* 45.95% 12.85% 12.11%
* This underlying mutual fund’s current expenses reflect a temporary fee reduction.
89

 

Appendix B: State Variations
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.
State State Law Variations
Alaska • Additional (Insurance) Protection Rider is not available.
• Change of Insured Rider is not available.
California • Senior Right to Examine Policy – Ages 60+
 
You may return this Policy to us within (1) 30 days after you get it, or (2) 45 days after you sign the application, or (3) 30 days after we mail or deliver the notice of withdrawal right, whichever is latest. The Policy, with a written request for cancellation, must be mailed or delivered to our Home Office or to the Agent who sold it to you. The returned Policy will be treated as if we never issued it and we will refund any premiums paid.
 
After that time, cancellation may result in a substantial penalty, known as a Surrender Charge. Please see your Policy pages for Surrender Period and Charges.
 
• Long-Term Care Rider is titled Accelerated Benefit Rider.
Colorado • Suicide provision is one year.
Delaware • Extends spousal rights to any party to a civil union.
Florida • There are no contractual restrictions on assignments.
• Maturity Date Extension Endorsement is not available.
• Adjusted Sales Load Rider is not available.
• Accelerated Death Benefit Rider is not available.
Illinois • Extends spousal rights to any party to a civil union.
Indiana • We will provide written notification to juvenile Insureds that when they reach the age when non-smoker rates are first available, he or she can then qualify for non-smoker classification. The notification will be provided 60 days in advance of the date when the juvenile first qualifies.
 
Upon receipt of requested information from the juvenile Insured informing us they wish to change their classification, we will provide the policyowner with new specification pages disclosing the non-smoker premium class, the non-smoker rates, and the non-smoker cash values, if appropriate.
Maryland • Long-Term Care Rider is titled Accelerated Death Benefit for Long-Term Care Rider.
• Adjusted Sales Load Rider is not available.
Massachusetts • Long-Term Care Rider is titled Accelerated Death Benefit for Chronic Illness Rider.
• Accelerated Death Benefit Rider is not available.
• Maturity Date Extension Endorsement is not available.
Minnesota • Long-Term Care Rider is not available.
Missouri • SUICIDE – Suicide is no defense to payment of life insurance benefits nor is suicide while insane a defense to payment of accidental death benefits, if any, under this Policy where the Policy is issued to a Missouri citizen, unless the insurer can show that the Insured intended suicide when he applied for the Policy, regardless of any language to the contrary in the Policy.
• Suicide provision in Change of Insured Rider is one year.
• Suicide provision in Additional (Insurance) Protection Rider is one year.
90

 

State State Law Variations
Montana • Policy and Rider charges are required to be on a unisex basis. This is accomplished by treating all Insured's as male for purposes of charges that otherwise would vary by sex. Therefore, none of the charges described in the prospectus as varying by sex, or by characteristics of the Insured, will vary by sex for policies issued in Montana.
• Accidental Death Benefit Rider is not available.
• Children’s Term Insurance Rider is not available.
• Spouse Life Insurance Rider is not available.
• Change of Insured Rider is not available.
• Long-Term Care Rider is not available.
• Premium Waiver Rider is not available.
New Hampshire • Accelerated Death Benefit Rider is not available.
New Jersey • Extends spousal rights to any party to a civil union.
• Change of Insured Rider is not available.
North Dakota • Suicide provision in the policy and rider forms is one year.
Pennsylvania • Adjusted Sales Load Rider is not available.
• Accelerated Benefit Rider is not available.
Puerto Rico • Accelerated Benefit Rider is not available.
• Waiver of Monthly Deductions Rider is not available.
• Accidental Death Benefit Rider is not available.
• Children’s Term Insurance Rider is not available.
• Spouse Life Insurance Rider is not available.
• Maturity Date Extension Endorsement for Cash Value is not available.
South Carolina • Long-Term Care Rider is titled Qualified Long-Term Care Rider.
• Maturity Date Extension Endorsement for Specified Amount is not available.
Texas • Long-Term Care Rider is titled Accelerated Death Benefit for Long-Term Care Rider.
Utah • Adjusted Sales Load Rider is not available.
Vermont • Extends spousal rights to any party to a civil union.
• Long-Term Care Rider is not available.
Virginia • Long-Term Care Rider is titled Qualified Long-Term Care Rider.
• Maturity Date Extension Endorsement for Specified Amount is not available.
Virgin Islands • Accelerated Death Benefit Rider is not available.
Washington • Long-Term Care and Accelerated Death Benefit Riders are not available.
91

 

Outside back cover page
The Statement of Additional Information contains additional information about the Variable Account. To obtain a free copy of the Statement of Additional Information, request other information about the policy, request personalized illustrations of Death Benefits, Cash Surrender Values, and Cash Values, or to make any other service requests, contact Nationwide at 1-800-848-6331 or by one of the other methods described in Contacting the Service Center.
The Statement of Additional Information has been filed with the SEC and is incorporated by reference into this prospectus. The SAI is also available at https://nationwide.onlineprospectus.net/NW/C000026839NW/index.php?ctype=product_sai. This prospectus is available at https://nationwide.onlineprospectus.net/NW/C000026839NW/index.php?ctype=product_prospectus.
Reports and other information about the Variable Account are available on the SEC’s website at http://www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.
SEC Contract Identifier: C000025928

STATEMENT OF ADDITIONAL INFORMATION
May 1, 2022
Individual Flexible Premium Variable Universal Life Insurance Policies
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
Facsimile: 1-888-677-7393
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, 2022 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.
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.
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 policies. 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 financial statement schedules I, III, IV and V of Nationwide Life Insurance Company have been included herein in reliance upon the report of KPMG LLP, independent registered public accounting firm, and upon the authority of said firm as experts in accounting and auditing.
The KPMG LLP report dated March 18, 2022 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.
6

NATIONWIDE VLI

SEPARATE

ACCOUNT-4

Annual Report

To

Policyholders

December 31, 2021

 

 

 

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 9 (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 in Note 9, in conformity with U.S. generally accepted accounting principles.

Correction of a Misstatement

As discussed in Note 2 to the financial statements, the 2020, 2019, 2018, and 2017 financial statements of Fidelity Variable Insurance Products Fund - VIP Growth Opportunities Portfolio: Service Class (FGOS) have been restated to correct a misstatement.

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, 2021, by correspondence with the transfer agent of the underlying mutual funds or by other appropriate auditing procedures. 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 4, 2022

Appendix

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, 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)

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) - The Bond Fund of America: Class 2 (AMVBD2)1

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 US

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)

DAVIS FUNDS

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

 

3

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. - VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)1

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. Large Value Portfolio (DFVULV)

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)

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 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 Value Strategies Portfolio: Service Class (FVSS)

 

4

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 Trend Driven Allocation Fund: Service Shares (GVGMNS)1

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. High Yield Fund: Series I Shares (AVHY1)

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

Invesco - Invesco V.I. Main Street Mid Cap Fund: Series I Shares (AVMCCI)1

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. Discovery Mid Cap Growth Fund: Series I (OVAG)1

Invesco - Invesco V.I. Main Street Fund: Series I (OVGI)1

Invesco - Invesco V.I. Capital Appreciation Fund: Series I (OVGR)1

Invesco - Invesco V.I. Global Fund: Series I (OVGS)1

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

Invesco - Invesco V.I. Global Strategic Income Fund: Series I (OVSB)1

Invesco - Invesco V.I. Main Street Small Cap Fund: Series I (OVSC)1

IVY INVESTMENTS

Ivy Variable Insurance Portfolios - Delaware Ivy Asset Strategy: Class II (WRASP)1

Ivy Variable Insurance Portfolios - Delaware Ivy Growth: Class II (WRGP)1

Ivy Variable Insurance Portfolios - Delaware Ivy High Income: Class II (WRHIP)1

Ivy Variable Insurance Portfolios - Delaware Ivy Mid Cap Growth: Class II (WRMCG)1

Ivy Variable Insurance Portfolios - Delaware Ivy Securian Real Estate Securities: Class II (WRRESP)1

Ivy Variable Insurance Portfolios - Delaware Ivy Science and Technology: Class II (WRSTP)1

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)

 

5

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)*

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 III - MFS Mid Cap Value Portfolio: Service Class (MV3MVS)

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 - NVIT DoubleLine Total Return Tactical Fund: Class II (DTRTFB)1

Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I (EIF)1

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

 

6

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 - NVIT American Funds Asset Allocation Fund: Class II (GVAAA2)1

Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II (GVABD2)1

Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II (GVAGG2)1

Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II (GVAGI2)1

Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II (GVAGR2)1

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 - NVIT Federated High Income Bond Fund: Class I (HIBF)1

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 - NVIT Amundi Multi Sector Bond Fund: Class I (MSBF)1

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 BNY 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)

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 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 International Equity Fund: Class II (NVIE6)

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

Nationwide Variable Insurance Trust - NVIT BNY Mellon Core Plus Bond Fund: Class I (NVLCP1)1

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

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

Nationwide Variable Insurance Trust - NVIT Allspring 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 - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I (NVNMO1)1

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

 

7

Nationwide Variable Insurance Trust - NVIT BNY 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)

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 Large Cap Value Fund: Class IB (PVEIB)1

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)

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)

 

8

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

T. Rowe Price Equity Series, Inc. - T. Rowe Price All-Cap Opportunities Portfolio (TRNAG1)1

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 Resources Fund: Initial Class (VWHA)1

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 - 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)

VIRTUS MUTUAL FUNDS

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

WELLS FARGO FUNDS

Allspring Variable Trust - VT Discovery Fund: Class 2 (SVDF)1

Allspring Variable Trust - VT Opportunity Fund: Class 2 (SVOF)1

Allspring Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)1

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, and the related statements of operations and changes in contract owners’ equity for the period from November 15, 2021 (inception) to December 31, 2021.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust - MFS Growth Series: Service Class (MEGSS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, and the related statements of operations and changes in contract owners’ equity for the period from April 23, 2021 (inception) to December 31, 2021.

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - VA Equity Allocation Portfolio: Institutional Class (DFVEA)

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class Y (NVSIXD)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, and the related statements of operations and changes in contract owners’ equity for the period from October 27, 2021 (inception) to December 31, 2021.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Bond Index Portfolio: Service Class (FVBIS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, and the related statements of operations and changes in contract owners’ equity for the period from July 26, 2021 (inception) to December 31, 2021.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Extended Market Index Portfolio: Service Class (FVEMIS)

 

9

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, and the related statements of operations and changes in contract owners’ equity for the period from April 12, 2021 (inception) to December 31, 2021.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP International Index Portfolio: Service Class (FVIIS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, and the related statements of operations and changes in contract owners’ equity for the period from November 9, 2021 (inception) to December 31, 2021.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Initial Class (MV2EEI)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, and the related statements of operations and changes in contract owners’ equity for the period from January 15, 2021 (inception) to December 31, 2021.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Service Class (MV2EES)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, and the related statements of operations and changes in contract owners’ equity for the period from March 10, 2021 (inception) to December 31, 2021.

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Growth Portfolio (VVG)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, and the related statements of operations and changes in contract owners’ equity for the period from April 30, 2021 (inception) to December 31, 2021.

INVESCO INVESTMENTS

Invesco - Invesco V.I. American Value Fund: Series I Shares (MSVMV)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, and the related statements of operations and changes in contract owners’ equity for the period from May 4, 2021 (inception) to December 31, 2021.

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Global Bond Index Portfolio (VVGBI)

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

 

10

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, and the related statements of operations and changes in contract owners’ equity for the period from July 1, 2021 (inception) to December 31, 2021.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2065 Portfolio: Service Class (FF65S)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, 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, 2021 and 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, 2021, 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, 2021 and 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, 2021, 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, 2021 and 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, 2021, 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, 2021 and 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)1

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, 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, 2021 and 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)

 

11

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, 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, 2021 and 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, 2021, 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, 2021 and 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, 2021, 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, 2021 and the period from May 15, 2020 (inception) to December 31, 2020.

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Equity Index Portfolio (VVEIX)

Statement of 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, 2021, 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, 2021 and 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)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, 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, 2021 and 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)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, 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, 2021 and 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)

 

12

Statement of assets, liabilities and contract owners’ equity as of December 31, 2021, 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, 2021 and 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 operations for the period from January 1, 2021 to April 30, 2021 (liquidation) and the statements of changes in contract owners’ equity for the period from January 1, 2021 to April 30, 2021 (liquidation) and the year ended December 31, 2020.

INVESCO INVESTMENTS

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

Statement of changes in contract owners’ equity for the period from January 1, 2020 to October 23, 2020 (liquidation).

NATIONWIDE FUNDS GROUP

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

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

Statement of changes in contract owners’ equity for the period from January 1, 2020 to October 16, 2020 (liquidation).

NATIONWIDE FUNDS GROUP

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

Statement of changes in contract owners’ equity for the period from January 1, 2020 to September 11, 2020 (liquidation).

NATIONWIDE FUNDS GROUP

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

Statement of changes in contract owners’ equity for the period from January 1, 2020 to August 6, 2020 (liquidation).

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Variable Investment Fund – International Value Portfolio: Initial Shares (DVIV)

 

(1) 

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

 

13

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2021

 

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

Accounts

Payable

     

Contract

Owners’

Equity

  

ALVDAA

      1,912      $ 24,844      $ 28,568      $ 3      $ 28,571      $ -          $ 28,571  

ALVGIA

      887,129        25,570,743        32,672,974        -            32,672,974        49        32,672,925  

ALVIVA

      276,844        3,901,813        4,351,992        22        4,352,014        -            4,352,014  

ALVIVB

      15,521        245,859        242,440        4        242,444        -            242,444  

ALVSVA

      796,829        14,551,139        18,693,619        17        18,693,636        -            18,693,636  

ACVCA

      43,798        807,072        819,027        27        819,054        -            819,054  

ACVI

      154,918        1,754,336        2,302,084        -            2,302,084        6        2,302,078  

ACVIG

      2,382,052        22,078,461        25,535,592        -            25,535,592        18        25,535,574  

ACVIP1

      3,163,694        34,135,155        36,224,297        24        36,224,321        -            36,224,321  

ACVIP2

      724,104        7,620,646        8,269,263        -            8,269,263        9        8,269,254  

ACVMV1

      470,427        9,244,631        11,770,079        29        11,770,108        -            11,770,108  

ACVV

      1,202,317        12,931,495        16,435,674        74        16,435,748        -            16,435,748  

AMVAA2

      520,951        12,720,487        14,972,142        38        14,972,180        -            14,972,180  

AMVBD2

      5,424,193        59,889,895        59,991,578        41        59,991,619        -            59,991,619  

AMVGB2

      403,192        4,969,445        4,717,347        13        4,717,360        -            4,717,360  

AMVGI2

      24,302        1,231,764        1,614,658        -            1,614,658        2        1,614,656  

AMVGR2

      445,904        41,022,585        56,308,818        -            56,308,818        8        56,308,810  

AMVGS2

      106,937        2,953,408        3,522,500        8        3,522,508        -            3,522,508  

AMVI2

      1,244,408        25,058,205        28,123,629        26        28,123,655        -            28,123,655  

AMVNW2

      1,534,298        47,141,473        48,299,689        5        48,299,694        -            48,299,694  

PIHYB1

      375,489        3,269,663        3,507,071        -            3,507,071        10        3,507,061  

BRVHYI

      3,060,923        22,336,085        23,232,402        85,255        23,317,657        -            23,317,657  

MLVGA2

      679,053        11,847,775        12,026,035        4        12,026,039        -            12,026,039  

MLVLC2

      55,137        1,337,418        1,171,112        8        1,171,120        -            1,171,120  

DCAP

      87,183        3,950,837        4,683,479        2        4,683,481        -            4,683,481  

DSC

      23,135        994,922        1,336,499        3        1,336,502        -            1,336,502  

DSIF

      12,816,498        694,198,605        997,251,724        175        997,251,899        -            997,251,899  

DSRG

      311,782        11,469,961        18,108,274        32        18,108,306        -            18,108,306  

DVMCS

      100,001        1,947,146        2,477,017        9        2,477,026        -            2,477,026  

DVSCS

      7,443,473        124,522,259        175,293,796        27        175,293,823        -            175,293,823  

CVSPIP

      3,750        617,859        750,579        -            750,579        -            750,579  

SASP5I

      1,408,102        75,039,866        99,144,495        35        99,144,530        -            99,144,530  

DAVVL

      634,709        5,147,447        5,699,683        23        5,699,706        -            5,699,706  

DWVEMS

      230,686        5,418,684        6,516,871        1        6,516,872        -            6,516,872  

DWVSVS

      512,387        16,647,864        23,190,642        57        23,190,699        -            23,190,699  

DFVEA

      717        10,955        10,705        -            10,705        2        10,703  

DFVGMI

      8,392        125,010        132,418        -            132,418        1        132,417  

DFVIPS

      667,871        7,398,232        7,546,939        9        7,546,948        -            7,546,948  

DFVIS

      1,521        17,270        20,770        7        20,777        -            20,777  

DFVIV

      5,638        66,051        75,270        -            75,270        1        75,269  

DFVULV

      384,214        10,136,177        12,725,170        20,499        12,745,669        -            12,745,669  

DFVUTV

      201,370        4,494,112        4,746,295        -            4,746,295        6        4,746,289  

DSGIBA

      8,122        190,913        217,494        -            217,494        5        217,489  

SVSLVB

      2,304        29,286        37,110        9        37,119        -            37,119  

SVSSVB

      9,474        115,528        146,473        11        146,484        -            146,484  

ETVFR

      3,525,945        32,046,565        32,050,836        -            32,050,836        68        32,050,768  

FQB

      1,898,719        21,194,079        21,379,579        13        21,379,592        -            21,379,592  

FVU2

      73,072        793,202        942,623        -            942,623        8        942,615  

FVUS2

      82,602        913,633        884,663        -            884,663        3        884,660  

FCS

      938,665        36,543,059        50,687,894        51        50,687,945        -            50,687,945  

FEIS

      2,819,709        62,295,120        73,227,832        48        73,227,880        -            73,227,880  

FEMS

      1,087,100        14,378,601        13,708,335        -            13,708,335        1        13,708,334  

FF05S

      47,413        636,338        652,406        -            652,406        9        652,397  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2021

 

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

Accounts

Payable

     

Contract

Owners’

Equity

  

FF10S

      249,676        3,379,526        3,602,820        41        3,602,861        -            3,602,861  

FF15S

      674,291        8,826,214        9,696,303        7        9,696,310        -            9,696,310  

FF20S

      2,125,241        29,192,323        32,664,960        -            32,664,960        3        32,664,957  

FF25S

      2,358,110        36,478,231        41,880,030        65        41,880,095        -            41,880,095  

FF30S

      3,499,054        53,220,776        62,563,088        112        62,563,200        -            62,563,200  

FF35S

      333,837        8,948,100        10,001,746        36        10,001,782        -            10,001,782  

FF40S

      1,121,634        26,034,900        32,493,739        66        32,493,805        -            32,493,805  

FF45S

      51,283        1,386,291        1,498,488        10        1,498,498        -            1,498,498  

FF50S

      91,597        2,101,967        2,408,085        19        2,408,104        -            2,408,104  

FF55S

      25,421        362,934        362,760        -            362,760        19        362,741  

FF60S

      50,334        714,368        713,240        -            713,240        7        713,233  

FF65S

      505        7,056        7,027        -            7,027        1        7,026  

FFINS

      125,473        1,551,813        1,598,529        13        1,598,542        -            1,598,542  

FGOS

      8,322        337,046        657,958        1        657,959        -            657,959  

FGS

      1,860,638        148,370,073        189,226,860        1        189,226,861        -            189,226,861  

FHIS

      2,148,061        11,352,509        11,191,395        -            11,191,395        7        11,191,388  

FIGBS

      13,427,878        175,392,428        176,979,428        21        176,979,449        -            176,979,449  

FIP

      6,921        2,912,813        3,240,864        26        3,240,890        -            3,240,890  

FMCS

      1,008,693        34,383,575        40,983,204        -            40,983,204        23        40,983,181  

FMMP

      2,150,017        2,150,017        2,150,017        -            2,150,017        24        2,149,993  

FNRS2

      328,807        4,770,779        5,158,975        -            5,158,975        1        5,158,974  

FOS

      793,570        16,932,978        23,116,684        22        23,116,706        -            23,116,706  

FRESS

      121,262        2,077,441        2,875,119        13        2,875,132        -            2,875,132  

FVBIS

      346        3,857        3,812        -            3,812        5        3,807  

FVEMIS

      49        717        701        4        705        -            705  

FVIIS

      245        2,901        2,806        -            2,806        5        2,801  

FVMIS

      15,666        177,844        272,586        -            272,586        4        272,582  

FVSS

      261,758        3,478,566        4,279,747        -            4,279,747        7        4,279,740  

FTVDM2

      318,274        3,045,737        3,395,984        7        3,395,991        -            3,395,991  

FTVFA2

      115,652        707,078        689,284        5        689,289        -            689,289  

FTVGB1

      965,047        14,389,488        13,336,946        1        13,336,947        -            13,336,947  

FTVGI2

      389,718        6,105,487        5,116,993        1        5,116,994        -            5,116,994  

FTVIS2

      336,296        5,005,215        5,636,314        -            5,636,314        5        5,636,309  

FTVMD2

      28,805        475,421        564,866        19        564,885        -            564,885  

FTVSV2

      660,319        9,424,474        11,581,996        53        11,582,049        -            11,582,049  

FTVSVI

      674,987        10,961,445        12,440,008        -            12,440,008        39        12,439,969  

TIF

      55,439        745,619        770,601        -            770,601        14        770,587  

TIF2

      774,278        10,111,901        10,522,436        32        10,522,468        -            10,522,468  

GVCSE

      131,415        1,699,714        1,718,914        -            1,718,914        190        1,718,724  

GVGMNS

      2,263        27,020        29,104        5        29,109        -            29,109  

GVGOPS

      113,361        1,406,573        1,383,003        -            1,383,003        7        1,382,996  

GVMCE

      588,094        9,985,961        11,479,586        -            11,479,586        38        11,479,548  

GVMSAS

      1,832        17,179        17,878        5        17,883        -            17,883  

RVARS

      13,790        348,130        372,463        -            372,463        6        372,457  

ACEG

      32,226        2,515,319        2,856,169        -            2,856,169        16        2,856,153  

ACGI

      215,084        3,866,917        5,097,484        -            5,097,484        10        5,097,474  

AVHY1

      153,351        801,861        802,027        17        802,044        -            802,044  

AVIE

      972,186        37,678,415        40,258,234        38        40,258,272        -            40,258,272  

AVMCCI

      26,551        292,659        344,371        14        344,385        -            344,385  

AVSCE

      8,586        204,870        201,696        -            201,696        6        201,690  

IVBRA1

      169,236        1,780,047        1,820,979        2        1,820,981        -            1,820,981  

MSVMV

      1        15        16        -            16        16        -      

OVAG

      492,758        39,769,990        56,484,881        -            56,484,881        8        56,484,873  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2021

 

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

Accounts

Payable

     

Contract

Owners’

Equity

  

OVGI

      267,820        8,139,464        9,596,005        -            9,596,005        11        9,595,994  

OVGR

      183,501        10,742,223        15,021,407        86        15,021,493        -            15,021,493  

OVGS

      1,816,189        78,268,302        103,922,345        -            103,922,345        2        103,922,343  

OVIG

      8,280,658        20,342,791        24,179,521        51        24,179,572        -            24,179,572  

OVSB

      3,862,570        19,607,622        17,188,438        4        17,188,442        -            17,188,442  

OVSC

      312,528        7,561,198        9,835,249        -            9,835,249        24        9,835,225  

WRASP

      704,867        6,408,661        7,181,749        15        7,181,764        -            7,181,764  

WRGP

      477,166        5,399,871        7,086,399        12        7,086,411        -            7,086,411  

WRHIP

      4,165,872        13,692,518        14,133,138        20        14,133,158        -            14,133,158  

WRMCG

      402,906        5,896,284        7,188,563        -            7,188,563        9        7,188,554  

WRRESP

      896,210        6,545,086        8,754,177        29        8,754,206        -            8,754,206  

WRSTP

      348,127        12,245,741        10,271,801        -            10,271,801        288        10,271,513  

JPMMV1

      4,343,576        46,107,194        57,943,308        -            57,943,308        18        57,943,290  

JPSCE1

      39,522        889,791        1,122,434        10        1,122,444        -            1,122,444  

JABS

      945,983        37,536,997        50,269,559        71        50,269,630        -            50,269,630  

JACAS

      1,305,751        52,149,285        73,957,752        68        73,957,820        -            73,957,820  

JAEI

      16,097        1,301,020        1,617,886        5        1,617,891        -            1,617,891  

JAFBS

      566,276        7,641,730        7,514,485        6        7,514,491        -            7,514,491  

JAGTS

      2,276,151        35,241,889        47,594,317        79        47,594,396        -            47,594,396  

JAIGS

      642,018        19,907,536        26,335,591        29        26,335,620        -            26,335,620  

JAMGS

      488,368        36,463,206        45,169,157        7        45,169,164        -            45,169,164  

JAMVS

      53,591        842,551        983,930        8        983,938        -            983,938  

LZREMS

      536,841        10,544,438        11,735,339        29        11,735,368        -            11,735,368  

SBVSG

      775,885        25,584,237        28,180,141        44        28,180,185        -            28,180,185  

BNCAI

      87,282        5,356,810        7,992,146        -            7,992,146        51        7,992,095  

LOVBD

      354,844        4,302,018        4,364,585        7        4,364,592        -            4,364,592  

LOVSDC

      1,652,774        23,742,650        23,287,581        14        23,287,595        -            23,287,595  

LOVTRC

      1,256,218        21,686,755        21,167,267        37        21,167,304        -            21,167,304  

MNVFRS

      5,646        49,283        50,044        -            50,044        11        50,033  

MEGSS

      82        6,193        6,123        -            6,123        6        6,117  

MMCGSC

      252,259        2,783,957        2,631,065        13        2,631,078        -            2,631,078  

MNDIC

      79,080        1,807,814        1,842,555        17        1,842,572        -            1,842,572  

MNDSC

      235,190        4,865,033        4,666,173        -            4,666,173        40        4,666,133  

MV2EEI

      65        1,090        1,044        -            1,044        4        1,040  

MV2EES

      8,396        150,431        132,316        -            132,316        -            132,316  

MV2IGI

      201,517        4,172,959        5,555,825        16        5,555,841        -            5,555,841  

MV2RIS

      2,187,802        39,032,499        41,218,184        40        41,218,224        -            41,218,224  

MV3MVI

      31,875        335,978        353,491        -            353,491        4        353,487  

MV3MVS

      138,735        1,265,916        1,519,144        -            1,519,144        12        1,519,132  

MVBRES

      34,535        1,864,731        2,338,394        13        2,338,407        -            2,338,407  

MVFIC

      507,650        9,847,772        12,549,109        -            12,549,109        22        12,549,087  

MVFSC

      5,004,809        97,503,355        120,916,190        73        120,916,263        -            120,916,263  

MVIGIC

      29,630        452,551        497,188        -            497,188        5        497,183  

MVIVSC

      3,121,445        85,533,053        115,368,590        14        115,368,604        -            115,368,604  

MVRBSS

      311,461        4,215,194        4,164,236        4        4,164,240        -            4,164,240  

MSEM

      1,033,827        7,682,671        7,443,556        -            7,443,556        15        7,443,541  

MSVEG

      284,833        18,816,821        15,301,210        28        15,301,238        -            15,301,238  

MSVFI

      253,882        2,816,703        2,658,146        6        2,658,152        -            2,658,152  

MSVMG

      204,277        4,432,070        3,480,879        53        3,480,932        -            3,480,932  

MSVRE

      302,955        5,696,712        7,110,361        -            7,110,361        31        7,110,330  

VKVGR2

      461,574        3,762,091        4,781,910        3        4,781,913        -            4,781,913  

DTRTFB

      45,337        457,878        447,931        -            447,931        3        447,928  

EIF

      720,468        12,735,145        16,419,470        5        16,419,475        -            16,419,475  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2021

 

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

Accounts

Payable

     

Contract

Owners’

Equity

  

GBF

      10,649,998        115,300,675        115,765,474        36        115,765,510        -            115,765,510  

GEM

      977,321        12,855,752        13,428,392        22        13,428,414        -            13,428,414  

GIG

      1,461,728        16,331,887        18,637,031        32        18,637,063        -            18,637,063  

GVAAA2

      475,495        12,047,521        14,312,401        5        14,312,406        -            14,312,406  

GVABD2

      162,045        1,973,044        1,981,810        -            1,981,810        1        1,981,809  

GVAGG2

      260,936        8,381,518        11,877,827        12        11,877,839        -            11,877,839  

GVAGI2

      93,165        5,184,765        6,320,291        -            6,320,291        28        6,320,263  

GVAGR2

      168,783        15,881,543        24,390,836        20        24,390,856        -            24,390,856  

GVDMA

      8,907,766        114,996,165        130,944,157        -            130,944,157        26        130,944,131  

GVDMC

      2,107,696        22,730,642        25,039,429        12        25,039,441        -            25,039,441  

GVEX1

      634,640        13,179,044        17,731,847        -            17,731,847        17        17,731,830  

GVIDA

      3,666,343        47,330,910        54,298,538        37        54,298,575        -            54,298,575  

GVIDC

      1,744,340        17,722,196        18,734,208        13        18,734,221        -            18,734,221  

GVIDM

      6,445,068        78,378,559        84,688,199        1        84,688,200        -            84,688,200  

GVIX2

      366,392        3,468,590        4,096,257        -            4,096,257        7        4,096,250  

HIBF

      3,502,527        22,905,429        22,941,552        28        22,941,580        -            22,941,580  

IDPG

      24,380        299,288        315,963        -            315,963        7        315,956  

IDPGI

      837        9,224        10,047        -            10,047        4        10,043  

MCIF

      5,367,916        121,054,345        148,530,240        46        148,530,286        -            148,530,286  

MSBF

      1,215,346        11,070,754        11,120,417        -            11,120,417        3        11,120,414  

NCPG

      15,281        174,877        199,567        1        199,568        -            199,568  

NCPGI

      1,756        18,816        21,288        -            21,288        5        21,283  

NJMMAY

      81,707        793,133        835,045        -            835,045        2        835,043  

NVAMV1

      2,093,944        32,935,351        41,606,669        29        41,606,698        -            41,606,698  

NVAMVX

      1,418,513        19,616,444        28,143,300        14        28,143,314        -            28,143,314  

NVBX

      22,182,639        238,490,341        237,132,413        -            237,132,413        15        237,132,398  

NVCBD1

      249,221        2,812,504        2,691,586        2        2,691,588        -            2,691,588  

NVCCA1

      396,595        3,916,729        4,862,261        -            4,862,261        7        4,862,254  

NVCCN1

      349,031        3,632,501        3,961,500        7        3,961,507        -            3,961,507  

NVCMA1

      863,912        8,285,038        9,701,734        12        9,701,746        -            9,701,746  

NVCMC1

      187,781        2,068,909        2,266,516        -            2,266,516        32        2,266,484  

NVCMD1

      895,342        9,809,934        11,030,616        -            11,030,616        2        11,030,614  

NVCRA1

      304,220        3,086,861        3,967,031        -            3,967,031        17        3,967,014  

NVCRB1

      618,586        6,691,554        7,719,952        -            7,719,952        5        7,719,947  

NVDBL2

      113,406        1,751,921        1,966,466        9        1,966,475        -            1,966,475  

NVDCA2

      36,632        647,756        740,328        4        740,332        -            740,332  

NVDCAP

      12,925        231,884        260,056        -            260,056        -            260,056  

NVFIII

      14,849        168,780        162,889        -            162,889        -            162,889  

NVGEII

      5,012        70,701        81,544        -            81,544        1        81,543  

NVIDMP

      289,295        3,577,916        3,781,082        -            3,781,082        2        3,781,080  

NVIE6

      18,445        166,600        232,960        1        232,961        -            232,961  

NVIX

      3,266,746        32,379,252        36,587,550        81        36,587,631        -            36,587,631  

NVLCP1

      495,125        5,775,944        5,688,987        7        5,688,994        -            5,688,994  

NVMIG1

      1,897,116        21,047,105        21,930,661        -            21,930,661        15        21,930,646  

NVMIVX

      487,399        4,564,843        5,609,961        -            5,609,961        3        5,609,958  

NVMLG1

      2,283,094        22,813,760        23,926,823        79        23,926,902        -            23,926,902  

NVMMG1

      5,225,626        58,285,714        60,408,237        18        60,408,255        -            60,408,255  

NVMMV1

      1,087,937        8,069,601        10,357,161        -            10,357,161        5        10,357,156  

NVMMV2

      1,377,098        12,993,109        13,206,370        -            13,206,370        4        13,206,366  

NVNMO1

      1,496,700        15,454,926        22,675,002        -            22,675,002        4        22,674,998  

NVNSR1

      39,834        599,534        630,967        1        630,968        -            630,968  

NVOLG1

      13,875,841        269,536,640        333,436,470        21        333,436,491        -            333,436,491  

NVRE1

      4,167,729        29,323,041        43,969,536        66        43,969,602        -            43,969,602  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2021

 

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

Accounts

Payable

     

Contract

Owners’

Equity

  

NVSIX2

      250,395        2,324,587        2,536,501        2        2,536,503        -            2,536,503  

NVSIXD

      2,762        28,497        28,417        -            28,417        3        28,414  

NVSTB1

      15,615,480        162,995,224        160,214,820        411        160,215,231        -            160,215,231  

NVSTB2

      204,027        2,118,614        2,085,156        3        2,085,159        -            2,085,159  

NVTIV3

      75,101        851,333        871,166        4        871,170        -            871,170  

SAM

      35,570,872        35,570,872        35,570,872        -            35,570,872        4        35,570,868  

SAM5

      263,011,493        263,011,493        263,011,493        7        263,011,500        -            263,011,500  

SCF

      2,487,331        48,045,814        64,396,994        -            64,396,994        61        64,396,933  

SCGF

      1,818,806        31,737,704        36,139,666        29        36,139,695        -            36,139,695  

SCVF

      4,292,690        42,634,318        49,709,351        55        49,709,406        -            49,709,406  

TRF

      2,026,891        38,793,279        55,171,984        -            55,171,984        61        55,171,923  

AMCG

      46,415        1,571,722        1,872,399        15        1,872,414        -            1,872,414  

AMMCGS

      31,048        894,670        1,118,366        3        1,118,369        -            1,118,369  

AMRI

      649        8,223        13,195        -            13,195        -            13,195  

AMSRS

      79,097        2,039,264        2,928,974        29        2,929,003        -            2,929,003  

AMTB

      557,572        5,973,837        5,843,356        4        5,843,360        -            5,843,360  

NOTB3

      5,462        64,475        69,536        -            69,536        2        69,534  

NOTG3

      4,401        49,486        57,388        -            57,388        2        57,386  

NOTMG3

      11,844        138,327        158,826        2        158,828        -            158,828  

PMVAAA

      472,193        4,841,794        5,434,936        -            5,434,936        3        5,434,933  

PMVFBA

      162,679        1,611,092        1,491,770        33        1,491,803        -            1,491,803  

PMVFHA

      34,434        382,624        370,162        10        370,172        -            370,172  

PMVGBA

      89,477        1,018,190        978,874        8        978,882        -            978,882  

PMVHYA

      128,273        979,076        1,018,490        81        1,018,571        -            1,018,571  

PMVLDA

      4,325,403        44,582,327        44,248,873        -            44,248,873        20        44,248,853  

PMVLGA

      1,279,772        17,490,780        14,384,634        2        14,384,636        -            14,384,636  

PMVRRA

      3,999,194        52,539,098        55,948,723        50        55,948,773        -            55,948,773  

PMVRSA

      49,336        348,023        381,858        1        381,859        -            381,859  

PMVTRA

      6,680,115        73,889,939        71,878,041        -            71,878,041        18        71,878,023  

PVEIB

      75,852        1,895,335        2,337,758        -            2,337,758        1        2,337,757  

PVGOB

      228,987        2,967,368        3,668,375        -            3,668,375        11        3,668,364  

PVTIGB

      63,774        942,621        1,087,986        -            1,087,986        16        1,087,970  

PVTSCB

      106,733        1,080,571        1,483,588        -            1,483,588        8        1,483,580  

ROCMC

      196,512        2,112,907        2,902,484        13        2,902,497        -            2,902,497  

TRBCGP

      2,617,333        109,833,584        139,032,720        -            139,032,720        5,534        139,027,186  

TREI2

      721,554        18,729,563        21,581,665        98        21,581,763        -            21,581,763  

TRHS2

      260,546        13,140,310        15,942,838        16        15,942,854        -            15,942,854  

TRLT1

      5,449,724        27,188,668        26,758,147        7        26,758,154        -            26,758,154  

TRMCG2

      1,349,965        39,068,216        43,630,868        -            43,630,868        9        43,630,859  

TRNAG1

      2,237,292        79,948,148        86,538,450        44        86,538,494        -            86,538,494  

TRPSB1

      400,998        8,835,333        9,074,595        13        9,074,608        -            9,074,608  

VWEM

      584,470        8,334,997        8,416,364        -            8,416,364        26        8,416,338  

VWHA

      716,909        13,635,467        19,076,945        76        19,077,021        -            19,077,021  

VVB

      745,773        17,910,019        21,187,422        3        21,187,425        -            21,187,425  

VVCG

      440,470        16,194,504        22,327,402        19        22,327,421        -            22,327,421  

VVEI

      25,438        634,285        707,436        5        707,441        -            707,441  

VVEIX

      1,843        77,743        120,631        5        120,636        -            120,636  

VVG

      8,167        292,022        312,567        -            312,567        1        312,566  

VVGBI

      4,134        87,681        88,048        -            88,048        3        88,045  

VVHGB

      4,811,934        57,993,927        58,801,836        -            58,801,836        43        58,801,793  

VVI

      382,504        11,548,444        15,185,426        1        15,185,427        -            15,185,427  

VVMCI

      1,111,873        23,894,008        32,778,018        62        32,778,080        -            32,778,080  

VVREI

      184,876        2,334,733        3,061,542        32        3,061,574        -            3,061,574  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2021

 

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

Accounts

Payable

     

Contract

Owners’

Equity

  

VVSCG

      322,729        6,889,925        8,552,327        19        8,552,346        -            8,552,346  

VVSTC

      12,266        132,701        132,230        5        132,235        -            132,235  

VVTISI

      804,513        15,826,736        19,493,354        14        19,493,368        -            19,493,368  

VVTSM

      3,084        167,175        175,594        -            175,594        1        175,593  

VRVDRI

      173,315        3,171,842        4,386,606        9        4,386,615        -            4,386,615  

SVDF

      659,213        23,455,197        28,174,774        55        28,174,829        -            28,174,829  

SVOF

      275,817        7,103,767        9,692,205        54        9,692,259        -            9,692,259  

WFVSCG

      837,608        9,989,670        11,760,012        -            11,760,012        67        11,759,945  
        

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total (unaudited)

 

    $ 6,991,441,547      $ 110,096      $ 6,991,551,643      $ 7,329      $ 6,991,544,314  
        

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

*

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, 2021, if applicable.

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

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

Reinvested dividends

    $ 67,094,204       536       256,014       65,796       3,099       145,899       -           3,397  

Mortality and expense risk charges (note 3)

      (6,891,026 )      -           (45,554 )      (1,930 )      -           (8,897 )      (1,884 )      (2,426 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      60,203,178       536       210,460       63,866       3,099       137,002       (1,884 )      971  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      235,096,570       277       806,755       187,288       26       373,043       169,604       79,717  

Change in unrealized gain (loss) on investments

      329,284,242       1,640       6,143,442       188,266       (3,418 )      4,630,224       (183,507 )      44,818  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      564,380,812       1,917       6,950,197       375,554       (3,392 )      5,003,267       (13,903 )      124,535  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      297,041,844       -           -           -           -           -           111,837       60,138  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 921,625,834       2,453       7,160,657       439,420       (293 )      5,140,269       96,050       185,644  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    ACVIG     ACVIP1     ACVIP2     ACVMV1     ACVV     AMVAA2     AMVBD2     AMVGB2  

Reinvested dividends

    $ 262,409       1,182,425       249,796       128,643       278,067       229,592       845,171       75,343  

Mortality and expense risk charges (note 3)

      (3,882 )      (62,131 )      -           (5,925 )      (20,043 )      (18,833 )      (60,831 )      (3,252 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      258,527       1,120,294       249,796       122,718       258,024       210,759       784,340       72,091  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      507,822       918,158       95,653       221,178       1,032,507       781,671       25,118       20,671  

Change in unrealized gain (loss) on investments

      751,954       132,453       143,830       1,947,692       2,007,980       570,724       (3,494,392 )      (369,766 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      1,259,776       1,050,611       239,483       2,168,870       3,040,487       1,352,395       (3,469,274 )      (349,095 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      3,507,628       -           -           -           -           505,719       2,433,284       88,775  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 5,025,931       2,170,905       489,279       2,291,588       3,298,511       2,068,873       (251,650 )      (188,229 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    AMVGI2     AMVGR2     AMVGS2     AMVI2     AMVNW2     PIHYB1     BRVHYI     MLVGA2  

Reinvested dividends

    $ 16,459       114,926       -           713,211       415,093       180,160       994,806       91,168  

Mortality and expense risk charges (note 3)

      3,785       (88,596 )      (6,563 )      (44,025 )      (47,530 )      (4,499 )      (30,407 )      (2,983 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      20,244       26,330       (6,563 )      669,186       367,563       175,661       964,399       88,185  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      8,496       5,134,409       199,327       1,344,700       646,114       7,202       256,082       367,467  

Change in unrealized gain (loss) on investments

      255,594       (1,473,104 )      (91,109 )      (2,442,825 )      (497,309 )      7,951       (174,243 )      (1,393,089 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      264,090       3,661,305       108,218       (1,098,125 )      148,805       15,153       81,839       (1,025,622 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      13,545       6,604,178       77,688       -           1,539,527       -           65,957       1,664,600  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 297,879       10,291,813       179,343       (428,939 )      2,055,895       190,814       1,112,195       727,163  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    MLVLC2     DCAP     DSC     DSIF     DSRG     DVMCS     DVSCS     CVSPIP  

Reinvested dividends

    $ 14,163       103,600       1,530       10,346,435       128,602       18,163       1,150,263       9,754  

Mortality and expense risk charges (note 3)

      (1,949 )      (4,829 )      -           (1,072,871 )      (482 )      (4,877 )      (238,009 )      (1,745 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      12,214       98,771       1,530       9,273,564       128,120       13,286       912,254       8,009  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      9,782       7,257,131       18,656       34,184,120       1,042,273       370,996       2,807,273       111,262  

Change in unrealized gain (loss) on investments

      (272,988 )      (3,691,031 )      189,820       140,742,949       2,491,496       188,011       31,517,509       26,276  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      (263,206 )      3,566,100       208,476       174,927,069       3,533,769       559,007       34,324,782       137,538  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      508,449       2,510,334       -           39,184,565       378,146       18,381       2,355,372       35,541  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 257,457       6,175,205       210,006       223,385,198       4,040,035       590,674       37,592,408       181,088  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    SASP5I     DAVVL     DWVEMS     DWVSVS     DFVEA     DFVGMI     DFVIPS     DFVIS  

Reinvested dividends

    $ 1,222,233       34,553       4,086       131,911       212       1,871       329,275       528  

Mortality and expense risk charges (note 3)

      (111,501 )      (8,616 )      (13,933 )      (37,671 )      7       -           (8,743 )      58  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      1,110,732       25,937       (9,847 )      94,240       219       1,871       320,532       586  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      13,484,131       20,484       212,651       468,623       10       29,814       391,380       2,288  

Change in unrealized gain (loss) on investments

      8,692,198       (120,376 )      (459,597 )      5,294,472       (250 )      (15,721 )      (419,417 )      (1,442 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      22,176,329       (99,892 )      (246,946 )      5,763,095       (240 )      14,093       (28,037 )      846  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           940,900       32,690       -           499       4,194       59,140       1,423  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 23,287,061       866,945       (224,103 )      5,857,335       478       20,158       351,635       2,855  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    DFVIV     DFVULV     DFVUTV     DSGIBA     SVSLVB     SVSSVB     ETVFR     FQB  

Reinvested dividends

    $ 2,957       218,598       70,594       4,760       404       1,160       867,681       588,237  

Mortality and expense risk charges (note 3)

      115       (15,159 )      (4,916 )      -           (44 )      (142 )      (54,180 )      (10,604 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      3,072       203,439       65,678       4,760       360       1,018       813,501       577,633  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      100       399,440       397,282       3,212       1,248       (301 )      (75,002 )      (20,283 ) 

Change in unrealized gain (loss) on investments

      5,437       2,241,006       182,547       10,717       4,634       33,386       244,724       (1,110,711 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      5,537       2,640,446       579,829       13,929       5,882       33,085       169,722       (1,130,994 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           -           354,548       2,879       -           -           -           204,023  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 8,609       2,843,885       1,000,055       21,568       6,242       34,103       983,223       (349,338 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    FVU2     FVUS2     FCS     FEIS     FEMS     FF05S     FF10S     FF15S  

Reinvested dividends

    $ 14,264       37,083       20,405       1,239,844       292,238       5,741       34,005       95,008  

Mortality and expense risk charges (note 3)

      -           (533 )      (70,567 )      (21,633 )      (21,881 )      (1,090 )      (604 )      (10,158 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      14,264       36,550       (50,162 )      1,218,211       270,357       4,651       33,401       84,850  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      10,136       (37,733 )      1,645,499       532,657       1,621,029       119,121       111,893       242,684  

Change in unrealized gain (loss) on investments

      116,952       (32,383 )      3,651,184       5,377,801       (3,997,223 )      (123,692 )      (62,820 )      (33,971 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      127,088       (70,116 )      5,296,683       5,910,458       (2,376,194 )      (4,571 )      49,073       208,713  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           -           5,654,539       7,698,676       1,575,640       33,350       124,989       359,846  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 141,352       (33,566 )      10,901,060       14,827,345       (530,197 )      33,430       207,463       653,409  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    FF20S     FF25S     FF30S     FF35S     FF40S     FF45S     FF50S     FF55S  

Reinvested dividends

    $ 321,241       394,571       602,373       82,506       255,716       11,216       18,415       4,052  

Mortality and expense risk charges (note 3)

      (32,276 )      (63,474 )      (70,212 )      (15,737 )      (51,241 )      (1,978 )      (4,060 )      (7 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      288,965       331,097       532,161       66,769       204,475       9,238       14,355       4,045  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      528,716       1,407,439       1,384,536       769,668       996,468       122,767       280,649       8,873  

Change in unrealized gain (loss) on investments

      424,339       831,155       2,268,920       (482 )      2,147,681       (12,845 )      (13,987 )      (454 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      953,055       2,238,594       3,653,456       769,186       3,144,149       109,922       266,662       8,419  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      1,618,273       1,338,925       2,348,521       298,533       1,183,609       37,355       79,700       10,490  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 2,860,293       3,908,616       6,534,138       1,134,488       4,532,233       156,515       360,717       22,954  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    FF60S     FF65S     FFINS     FGOS     FGS     FHIS     FIGBS     FIP  

Reinvested dividends

    $ 8,233       84       13,447       -           -           581,445       3,426,790       34,165  

Mortality and expense risk charges (note 3)

      630       (4 )      (2,050 )      (658 )      (111,351 )      (7,738 )      (236,079 )      1,774  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      8,863       80       11,397       (658 )      (111,351 )      573,707       3,190,711       35,939  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      103,877       3       68,207       57,415       10,402,821       56,964       1,929,035       867,252  

Change in unrealized gain (loss) on investments

      (33,637 )      (30 )      (65,897 )      (39,529 )      (10,894,492 )      (153,156 )      (11,501,719 )      136,820  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      70,240       (27 )      2,310       17,886       (491,671 )      (96,192 )      (9,572,684 )      1,004,072  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      25,591       248       35,799       57,485       36,656,365       -           4,754,427       14,430  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 104,694       301       49,506       74,713       36,053,343       477,515       (1,627,546 )      1,054,441  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    FMCS     FMMP     FNRS2     FOS     FRESS     FVBIS     FVEMIS     FVIIS  

Reinvested dividends

    $ 198,744       632       105,520       96,757       27,929       37       6       66  

Mortality and expense risk charges (note 3)

      (14,338 )      (8,106 )      -           (2,001 )      (4,593 )      2       -           3  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      184,406       (7,474 )      105,520       94,756       23,336       39       6       69  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      1,163,451       -           (637,658 )      420,031       366,270       -           -           3  

Change in unrealized gain (loss) on investments

      1,018,978       -           2,201,958       1,664,319       851,894       (45 )      (16 )      (95 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      2,182,429       -           1,564,300       2,084,350       1,218,164       (45 )      (16 )      (92 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      6,212,545       -           -           1,626,960       15,880       -           27       3  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 8,579,380       (7,474 )      1,669,820       3,806,066       1,257,380       (6 )      17       (20 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    FVMIS     FVSS     FTVDM2     FTVFA2     FTVGB1     FTVGI2     FTVIS2     FTVMD2  

Reinvested dividends

    $ 2,271       57,477       33,222       10,974       -           -           254,334       15,216  

Mortality and expense risk charges (note 3)

      339       -           -           -           (24,690 )      (85 )      -           (1,068 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      2,610       57,477       33,222       10,974       (24,690 )      (85 )      254,334       14,148  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      661       116,847       135,795       (7,206 )      (1,190,184 )      (180,514 )      (17,492 )      75,057  

Change in unrealized gain (loss) on investments

      50,644       563,131       (460,234 )      67,049       533,985       (92,425 )      598,720       11,979  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      51,305       679,978       (324,439 )      59,843       (656,199 )      (272,939 )      581,228       87,036  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      1,651       338,787       76,138       -           -           -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 55,566       1,076,242       (215,079 )      70,817       (680,889 )      (273,024 )      835,562       101,184  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    FTVRDI     FTVSV2     FTVSVI     TIF     TIF2     GVCSE     GVGMNS     GVGOPS  

Reinvested dividends

    $ 199,452       109,612       131,830       16,419       219,358       7,594       -           -      

Mortality and expense risk charges (note 3)

      -           (16,603 )      -           -           (13,683 )      (1,485 )      -           (2,595 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      199,452       93,009       131,830       16,419       205,675       6,109       -           (2,595 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      5,899,200       108,862       (151,111 )      (5,517 )      (198,902 )      230,958       128       49,690  

Change in unrealized gain (loss) on investments

      (2,313,719 )      1,624,580       2,231,015       24,071       489,868       (244,560 )      155       (140,476 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      3,585,481       1,733,442       2,079,904       18,554       290,966       (13,602 )      283       (90,786 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      603,831       290,242       294,019       -           -           358,215       3,489       233,389  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 4,388,764       2,116,693       2,505,753       34,973       496,641       350,722       3,772       140,008  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    GVMCE     GVMSAS     RVARS     ACEG     ACGI     AVHY1     AVIE     AVMCCI  

Reinvested dividends

    $ 50,889       265       -           -           72,805       34,976       513,225       1,470  

Mortality and expense risk charges (note 3)

      (22,345 )      -           -           -           (7,465 )      (1,204 )      (78,263 )      (124 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      28,544       265       -           -           65,340       33,772       434,962       1,346  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      1,441,873       211       29,623       160,858       149,345       86,322       831,624       (1,307 ) 

Change in unrealized gain (loss) on investments

      (13,700 )      75       (2,048 )      (162,956 )      1,231,503       (88,672 )      (1,873,336 )      64,422  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      1,428,173       286       27,575       (2,098 )      1,380,848       (2,350 )      (1,041,712 )      63,115  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      1,497,617       -           9,100       325,205       -           -           2,710,418       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 2,954,334       551       36,675       323,107       1,446,188       31,422       2,103,668       64,461  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    AVSCE     IVBRA1     MSVMV     OVAG     OVGI     OVGR     OVGS     OVIG  

Reinvested dividends

    $ 324       57,506       -           -           307,983       -           -           -      

Mortality and expense risk charges (note 3)

      (463 )      -           -           (11,517 )      (15,946 )      (18,685 )      (83,070 )      (40,455 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      (139 )      57,506       -           (11,517 )      292,037       (18,685 )      (83,070 )      (40,455 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      44,076       (14,598 )      -           2,541,572       9,983,019       557,915       5,388,294       720,854  

Change in unrealized gain (loss) on investments

      (23,927 )      51,695       1       774,778       (2,009,916 )      1,544,603       3,783,677       (627,610 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      20,149       37,097       1       3,316,350       7,973,103       2,102,518       9,171,971       93,244  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      10,251       57,281       -           5,758,027       2,510,681       786,162       5,235,044       2,153,098  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 30,261       151,884       1       9,062,860       10,775,821       2,869,995       14,323,945       2,205,887  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    OVSB     OVSC     WRASP     WRGP     WRHIP     WRMCG     WRRESP     WRSTP  

Reinvested dividends

    $ 828,921       35,137       113,079       -           800,487       -           64,713       -      

Mortality and expense risk charges (note 3)

      -           (1,671 )      (1,149 )      (5,089 )      (27,617 )      (8,807 )      (8,485 )      (3,508 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      828,921       33,466       111,930       (5,089 )      772,870       (8,807 )      56,228       (3,508 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (173,739 )      191,845       211,627       90,497       (22,867 )      662,729       271,644       1,991,293  

Change in unrealized gain (loss) on investments

      (1,283,366 )      963,241       (347,500 )      921,446       54,813       (426,040 )      2,171,906       (3,605,574 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      (1,457,105 )      1,155,086       (135,873 )      1,011,943       31,946       236,689       2,443,550       (1,614,281 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           590,907       729,540       575,356       -           814,415       108,801       2,955,121  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ (628,184 )      1,779,459       705,597       1,582,210       804,816       1,042,297       2,608,579       1,337,332  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    JPMMV1     JPSCE1     JABS     JACAS     JAEI     JAFBS     JAGTS     JAIGS  

Reinvested dividends

    $ 489,022       4,348       315,366       -           5,131       124,986       52,232       266,177  

Mortality and expense risk charges (note 3)

      (92,032 )      (1,945 )      (67,643 )      (19,845 )      -           (9,069 )      (17,857 )      (8,461 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      396,990       2,403       247,723       (19,845 )      5,131       115,917       34,375       257,716  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      1,071,215       31,175       2,135,261       4,338,655       317,758       76,281       3,759,360       151,076  

Change in unrealized gain (loss) on investments

      8,977,004       87,583       4,447,803       1,123,815       (135,271 )      (464,291 )      (2,392,006 )      2,712,253  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      10,048,219       118,758       6,583,064       5,462,470       182,487       (388,010 )      1,367,354       2,863,329  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      2,693,823       21,015       347,269       9,069,454       135,391       184,336       5,988,697       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 13,139,032       142,176       7,178,056       14,512,079       323,009       (87,757 )      7,390,426       3,121,045  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    JAMGS     JAMVS     LZREMS     SBVSG     BNCAI     LOVBD     LOVMCV     LOVSDC  

Reinvested dividends

    $ 105,147       2,848       256,080       -           -           132,320       -           512,004  

Mortality and expense risk charges (note 3)

      (70,011 )      (1,872 )      (21,617 )      (52,867 )      (11,770 )      (7,857 )      -           (41,237 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      35,136       976       234,463       (52,867 )      (11,770 )      124,463       -           470,767  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      2,284,029       222       559,279       3,930,858       525,259       58,131       254       50,245  

Change in unrealized gain (loss) on investments

      255,722       157,421       (36,084 )      (3,994,978 )      544,970       (122,970 )      (166 )      (405,229 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      2,539,751       157,643       523,195       (64,120 )      1,070,229       (64,839 )      88       (354,984 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      3,966,351       -           -           3,547,967       164,749       70,004       1       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 6,541,238       158,619       757,658       3,430,980       1,223,208       129,628       89       115,783  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    LOVTRC     MNVFRS     MEGSS     MMCGSC     MNDIC     MNDSC     MV2EEI     MV2EES  

Reinvested dividends

    $ 412,685       1,330       -           -           -           -           -           381  

Mortality and expense risk charges (note 3)

      (60,185 )      (91 )      (1 )      (2,790 )      -           2,399       -           (124 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      352,500       1,239       (1 )      (2,790 )      -           2,399       -           257  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      895,562       16       -           127,270       228,062       121,616       -           (1,032 ) 

Change in unrealized gain (loss) on investments

      (1,576,908 )      222       (70 )      (376,329 )      (510,786 )      (912,775 )      (46 )      (18,115 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      (681,346 )      238       (70 )      (249,059 )      (282,724 )      (791,159 )      (46 )      (19,147 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      182,846       -           -           565,922       337,501       850,045       -           12  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ (146,000 )      1,477       (71 )      314,073       54,777       61,285       (46 )      (18,878 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    MV2IGI     MV2RIS     MV3MVI     MV3MVS     MVBRES     MVFIC     MVFSC     MVIGIC  

Reinvested dividends

    $ 12,822       271,843       1,433       13,136       18,983       154,433       1,304,705       2,459  

Mortality and expense risk charges (note 3)

      -           (41,380 )      -           (2,864 )      (3,784 )      -           (205,397 )      -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      12,822       230,463       1,433       10,272       15,199       154,433       1,099,308       2,459  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      223,257       93,491       3,861       239,700       105,789       278,682       2,479,658       20,239  

Change in unrealized gain (loss) on investments

      283,060       1,883,975       17,282       147,691       253,270       1,926,819       17,871,954       (3,274 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      506,317       1,977,466       21,143       387,391       359,059       2,205,501       20,351,612       16,965  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      682,843       1,955,689       1,214       12,619       144,494       257,172       2,564,489       20,052  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 1,201,982       4,163,618       23,790       410,282       518,752       2,617,106       24,015,409       39,476  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    MVIVSC     MVRBSS     MSEM     MSVEG     MSVFI     MSVMG     MSVRE     VKVGR2  

Reinvested dividends

    $ 154,191       102,387       398,770       -           103,286       -           116,013       121,092  

Mortality and expense risk charges (note 3)

      (190,824 )      (4,404 )      (6,811 )      (21,075 )      -           (6,456 )      (8,134 )      (9,285 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      (36,633 )      97,983       391,959       (21,075 )      103,286       (6,456 )      107,879       111,807  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      6,735,502       11,766       (96,863 )      3,066,281       13,158       487,778       (231,460 )      (213,682 ) 

Change in unrealized gain (loss) on investments

      1,355,310       (147,647 )      (464,378 )      (7,614,631 )      (297,032 )      (2,728,875 )      2,057,854       1,090,999  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      8,090,812       (135,881 )      (561,241 )      (4,548,350 )      (283,874 )      (2,241,097 )      1,826,394       877,317  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      2,989,831       304       -           4,362,340       171,190       1,753,317       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 11,044,010       (37,594 )      (169,282 )      (207,085 )      (9,398 )      (494,236 )      1,934,273       989,124  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    DTRTFB     EIF     GBF     GEM     GIG     GVAAA2     GVABD2     GVAGG2  

Reinvested dividends

    $ 10,019       206,842       1,947,986       141,441       466,866       150,662       36,278       -      

Mortality and expense risk charges (note 3)

      -           (2,773 )      (131,994 )      (6,839 )      (11,339 )      -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      10,019       204,069       1,815,992       134,602       455,527       150,662       36,278       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      107       900,887       999,579       651,392       519,102       163,570       36,225       599,985  

Change in unrealized gain (loss) on investments

      (10,394 )      1,557,484       (5,469,353 )      (1,847,844 )      1,075,057       1,414,573       (95,926 )      812,775  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      (10,287 )      2,458,371       (4,469,774 )      (1,196,452 )      1,594,159       1,578,143       (59,701 )      1,412,760  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      1,217       161,825       -           -           -           82,456       10,096       311,933  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 949       2,824,265       (2,653,782 )      (1,061,850 )      2,049,686       1,811,261       (13,327 )      1,724,693  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    GVAGI2     GVAGR2     GVDMA     GVDMC     GVEX1     GVIDA     GVIDC     GVIDM  

Reinvested dividends

    $ 63,280       -           198,529       52,568       346,191       67,148       41,240       158,072  

Mortality and expense risk charges (note 3)

      -           -           (75,892 )      (21,482 )      -           (49,024 )      (17,387 )      (45,039 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      63,280       -           122,637       31,086       346,191       18,124       23,853       113,033  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      132,370       906,411       2,350,886       385,696       518,186       722,024       243,733       756,145  

Change in unrealized gain (loss) on investments

      878,649       2,865,681       11,331,707       952,743       2,747,935       5,478,546       104,688       6,266,233  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      1,011,019       3,772,092       13,682,593       1,338,439       3,266,121       6,200,570       348,421       7,022,378  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      109,410       354,169       1,918,642       215,221       111,702       865,707       110,760       945,175  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 1,183,709       4,126,261       15,723,872       1,584,746       3,724,014       7,084,401       483,034       8,080,586  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    GVIX2     HIBF     IDPG      IDPGI     MCIF     MSBF     NCPG      NCPGI  

Reinvested dividends

    $ 106,958       1,073,080       1,315        43       1,701,834       610,262       497        68  

Mortality and expense risk charges (note 3)

      -           (24,551 )      -            -           (182,471 )      (3,564 )      -            -      
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net investment income (loss)

      106,958       1,048,529       1,315        43       1,519,363       606,698       497        68  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Realized gain (loss) on investments

      70,451       (24,096 )      6,403        57       1,777,391       25,811       1,341        26  

Change in unrealized gain (loss) on investments

      207,293       30,163       15,686        411       23,298,739       (91,741 )      17,010        1,877  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net gain (loss) on investments

      277,744       6,067       22,089        468       25,076,130       (65,930 )      18,351        1,903  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Reinvested capital gains

      -           -           11,314        231       2,432,651       -           -            -      
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

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

    $ 384,702       1,054,596       34,718        742       29,028,144       540,768       18,848        1,971  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  
Investment Activity*:    NJMMA2     NJMMAY     NVAMV1      NVAMVX     NVBX     NVCBD1     NVCCA1      NVCCN1  

Reinvested dividends

    $ -           19,472       485,719        346,677       4,732,037       52,844       12,449        8,472  

Mortality and expense risk charges (note 3)

      (10 )      2,241       -            (11,456 )      (286,921 )      -           141        (1,820 ) 
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net investment income (loss)

      (10 )      21,713       485,719        335,221       4,445,116       52,844       12,590        6,652  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Realized gain (loss) on investments

      1,505       432       517,113        927,611       11,369,391       60,382       13,140        106,458  

Change in unrealized gain (loss) on investments

      (1,559 )      11,036       10,465,218        5,729,585       (21,291,810 )      (232,805 )      623,058        40,250  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net gain (loss) on investments

      (54 )      11,468       10,982,331        6,657,196       (9,922,419 )      (172,423 )      636,198        146,708  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Reinvested capital gains

      -           28,379       -            -           884,372       80,805       -            8,833  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

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

    $ (64 )      61,560       11,468,050        6,992,417       (4,592,931 )      (38,774 )      648,788        162,193  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    NVCMA1     NVCMC1     NVCMD1     NVCRA1     NVCRB1     NVDBL2     NVDCA2     NVDCAP  

Reinvested dividends

    $ 22,184       5,688       28,324       7,007       17,834       4,025       1,252       724  

Mortality and expense risk charges (note 3)

      (1,588 )      (119 )      (3,978 )      (388 )      (1,738 )      -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      20,596       5,569       24,346       6,619       16,096       4,025       1,252       724  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (83,720 )      182,043       (55,674 )      201,672       170,035       27,209       16,192       1,782  

Change in unrealized gain (loss) on investments

      1,479,292       (3,944 )      1,212,242       458,561       511,459       106,762       58,657       16,221  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      1,395,572       178,099       1,156,568       660,233       681,494       133,971       74,849       18,003  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           566       -           -           -           19,122       11,172       3,012  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 1,416,168       184,234       1,180,914       666,852       697,590       157,118       87,273       21,739  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    NVFIII     NVGEII     NVIDMP     NVIE6     NVIX     NVLCP1     NVMIG1     NVMIVX  

Reinvested dividends

    $ 1,447       909       13,644       5,351       1,058,810       107,370       90,284       183,866  

Mortality and expense risk charges (note 3)

      -           -           -           -           (50,656 )      -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      1,447       909       13,644       5,351       1,008,154       107,370       90,284       183,866  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      1,841       4,215       21,660       1,735       1,196,262       28,615       101,065       64,063  

Change in unrealized gain (loss) on investments

      (7,363 )      6,225       160,669       18,991       1,274,525       (232,546 )      (1,163,532 )      282,650  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      (5,522 )      10,440       182,329       20,726       2,470,787       (203,931 )      (1,062,467 )      346,713  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      44       43       37,375       -           -           83,668       766,862       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ (4,031 )      11,392       233,348       26,077       3,478,941       (12,893 )      (205,321 )      530,579  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    NVMLG1     NVMMG1     NVMMV1     NVMMV2     NVNMO1     NVNSR1     NVOLG1     NVRE1  

Reinvested dividends

    $ -           76,726       84,270       94,331       64,064       1,625       1,479,436       404,428  

Mortality and expense risk charges (note 3)

      (4,823 )      (2,441 )      (7,509 )      -           -           (7 )      (2,441 )      (17,233 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      (4,823 )      74,285       76,761       94,331       64,064       1,618       1,476,995       387,195  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (249,976 )      1,800,677       121,464       (607,427 )      691,433       5,519       5,127,906       1,320,551  

Change in unrealized gain (loss) on investments

      3,628,322       (13,522,538 )      1,619,759       3,314,227       3,747,059       20,172       51,367,793       12,035,299  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      3,378,346       (11,721,861 )      1,741,223       2,706,800       4,438,492       25,691       56,495,699       13,355,850  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      3,475,283       8,510,810       -           -           424,925       22,775       3,897,469       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 6,848,806       (3,136,766 )      1,817,984       2,801,131       4,927,481       50,084       61,870,163       13,743,045  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    NVSIX2     NVSIXD     NVSTB1     NVSTB2     NVTIV3     SAM     SAM5     SCF  

Reinvested dividends

    $ 20,363       302       2,073,296       22,121       21,223       10       63       -      

Mortality and expense risk charges (note 3)

      (161 )      15       (175,771 )      -           -           (29 )      (388,114 )      (29,033 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      20,202       317       1,897,525       22,121       21,223       (19 )      (388,051 )      (29,033 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      (132,291 )      (57 )      (186,551 )      24,870       (27 )      -           -           255,484  

Change in unrealized gain (loss) on investments

      298,928       (80 )      (2,614,329 )      (57,708 )      65,644       -           -           14,384,031  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      166,637       (137 )      (2,800,880 )      (32,838 )      65,617       -           -           14,639,515  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      37,029       151       -           -           -           -           -           612,629  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 223,868       331       (903,355 )      (10,717 )      86,840       (19 )      (388,051 )      15,223,111  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    SCGF     SCVF     TRF     AMCG     AMMCGS     AMRI     AMSRS     AMTB  

Reinvested dividends

    $ -           -           398,660       -           -           75       10,678       150,725  

Mortality and expense risk charges (note 3)

      (23,543 )      (17,413 )      (441 )      (4,715 )      -           (1 )      (74 )      -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      (23,543 )      (17,413 )      398,219       (4,715 )      -           74       10,604       150,725  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      1,088,517       (2,193,507 )      1,534,412       196,495       77,026       1,200       132,168       31,034  

Change in unrealized gain (loss) on investments

      (535,436 )      14,131,117       5,837,195       (169,672 )      (76,578 )      3,011       392,070       (164,652 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      553,081       11,937,610       7,371,607       26,823       448       4,211       524,238       (133,618 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      3,063,461       -           2,367,715       200,971       135,719       -           54,601       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 3,592,999       11,920,197       10,137,541       223,079       136,167       4,285       589,443       17,107  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    NOTB3     NOTG3     NOTMG3     PMVAAA     PMVFBA     PMVFHA     PMVGBA     PMVHYA  

Reinvested dividends

    $ 686       527       1,603       608,316       90,753       4,572       42,696       42,905  

Mortality and expense risk charges (note 3)

      -           -           -           (5,359 )      (1,384 )      (416 )      (1,959 )      (1,955 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      686       527       1,603       602,957       89,369       4,156       40,737       40,950  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      178       383       1,193       124,405       1,243       (1,510 )      3,967       2,102  

Change in unrealized gain (loss) on investments

      4,163       5,347       13,038       64,073       (215,883 )      (11,045 )      (95,703 )      (10,821 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      4,341       5,730       14,231       188,478       (214,640 )      (12,555 )      (91,736 )      (8,719 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           -           -           -           2,631       2,370       13,166       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 5,027       6,257       15,834       791,435       (122,640 )      (6,029 )      (37,833 )      32,231  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    PMVLDA     PMVLGA     PMVRRA     PMVRSA     PMVTRA     PVEIB     PVGOB     PVTIGB  

Reinvested dividends

    $ 232,876       288,239       2,581,529       14,245       1,351,782       23,201       -           15,611  

Mortality and expense risk charges (note 3)

      (74,111 )      (4,828 )      (93,864 )      -           (99,782 )      -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      158,765       283,411       2,487,665       14,245       1,252,000       23,201       -           15,611  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      274,555       (1,442,857 )      1,353,199       1,423       539,146       65,639       160,957       63,824  

Change in unrealized gain (loss) on investments

      (918,262 )      (3,632,420 )      (1,094,737 )      46,663       (5,995,103 )      330,044       228,406       (28,479 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      (643,707 )      (5,075,277 )      258,462       48,086       (5,455,957 )      395,683       389,363       35,345  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           3,872,848       -           -           3,096,370       72,232       340,268       48,141  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ (484,942 )      (919,018 )      2,746,127       62,331       (1,107,587 )      491,116       729,631       99,097  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    PVTSCB     ROCMC     TRBCGP     TREI2     TRHS2     TRLT1     TRMCG2     TRNAG1  

Reinvested dividends

    $ 9,734       -           -           288,038       -           301,674       -           -      

Mortality and expense risk charges (note 3)

      (3,134 )      (3,341 )      (217,578 )      (35,659 )      -           (50,129 )      (85,682 )      (124,652 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      6,600       (3,341 )      (217,578 )      252,379       -           251,545       (85,682 )      (124,652 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      260,852       402,195       10,631,845       759,622       1,455,575       51,120       1,251,009       6,777,207  

Change in unrealized gain (loss) on investments

      157,414       212,261       (3,917,728 )      2,257,910       (600,549 )      (538,642 )      (615,316 )      (7,584,167 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      418,266       614,456       6,714,117       3,017,532       855,026       (487,522 )      635,693       (806,960 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           127,656       14,805,065       1,511,862       1,012,908       162,765       4,569,891       16,093,220  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 424,866       738,771       21,301,604       4,781,773       1,867,934       (73,212 )      5,119,902       15,161,608  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    TRPSB1     VWEM     VWHA     VVB     VVCG     VVEI     VVEIX     VVG  

Reinvested dividends

    $ 84,834       104,639       80,764       273,918       192,915       3,930       1,278       63  

Mortality and expense risk charges (note 3)

      (9,763 )      (7,591 )      (22,213 )      (18,062 )      (26,731 )      803       295       720  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      75,071       97,048       58,551       255,856       166,184       4,733       1,573       783  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      504,897       704,198       1,550,409       346,510       1,606,312       20,745       4,013       (2,890 ) 

Change in unrealized gain (loss) on investments

      (612,379 )      (2,222,048 )      1,413,923       1,600,428       975,913       48,987       17,454       20,545  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      (107,482 )      (1,517,850 )      2,964,332       1,946,938       2,582,225       69,732       21,467       17,655  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      849,334       255,524       -           760,154       1,348,197       3,629       3,818       16,637  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 816,923       (1,165,278 )      3,022,883       2,962,948       4,096,606       78,094       26,858       35,075  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Investment Activity*:    VVGBI     VVHGB     VVI     VVMCI     VVREI     VVSCG     VVSTC     VVTISI  

Reinvested dividends

    $ -           1,246,530       52,297       343,134       62,872       36,643       621       359,209  

Mortality and expense risk charges (note 3)

      -           (74,804 )      (20,969 )      (37,705 )      (2,937 )      (11,704 )      123       (24,161 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      -           1,171,726       31,328       305,429       59,935       24,939       744       335,048  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      11       470,830       1,836,142       1,158,246       198,059       190,300       13       967,711  

Change in unrealized gain (loss) on investments

      367       (3,223,657 )      (3,425,433 )      3,301,844       662,183       532,363       (1,244 )      152,109  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      378       (2,752,827 )      (1,589,291 )      4,460,090       860,242       722,663       (1,231 )      1,119,820  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -           499,861       1,314,958       2,047,804       83,192       468,789       153       171,059  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 378       (1,081,240 )      (243,005 )      6,813,323       1,003,369       1,216,391       (334 )      1,625,927  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2021

 

Investment Activity*:    VVTSM      VRVDRI     SVDF     SVOF     WFVSCG     AVBVI  

Reinvested dividends

    $ -            36,463       -           3,881       -           -      

Mortality and expense risk charges (note 3)

      -            (4,335 )      (21,623 )      (12,802 )      (13,874 )      -      
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      -            32,128       (21,623 )      (8,921 )      (13,874 )      -      
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized gain (loss) on investments

      135        276,755       3,377,567       81,058       682,025       4  

Change in unrealized gain (loss) on investments

      8,419        823,933       (7,183,051 )      1,487,437       (1,159,209 )      (1 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net gain (loss) on investments

      8,554        1,100,688       (3,805,484 )      1,568,495       (477,184 )      3  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvested capital gains

      -            65,197       2,294,617       467,665       1,195,675       -      
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 8,554        1,198,013       (1,532,490 )      2,027,239       704,617       3  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

For all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2021, if applicable.

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     Total (unaudited)     ALVDAA     ALVGIA     ALVIVA  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 60,203,178       70,151,341       536       378       210,460       340,959       63,866       61,912  

Realized gain (loss) on investments

      235,096,570       60,011,207       277       790       806,755       (2,578,599 )      187,288       (89,796 ) 

Change in unrealized gain (loss) on investments

      329,284,242       434,974,239       1,640       -           6,143,442       1,024,105       188,266       163,706  

Reinvested capital gains

      297,041,844       233,748,104       -           -           -           1,297,893       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      921,625,834       798,884,891       2,453       1,168       7,160,657       84,358       439,420       135,822  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      203,186,359       194,912,481       3,197       325       1,322,224       1,119,299       54,144       35,997  

Transfers between funds

      -           (1 )      -           -           959,032       (2,812,639 )      10,831       108,629  

Surrenders (notes 3, 4, 5, 6 and 7)

      (367,187,785 )      (379,042,006 )      (208 )      (5,277 )      (2,760,109 )      (1,742,971 )      (46,650 )      (92,174 ) 

Adjustments to maintain reserves

      (1,628,299 )      1,009,067       10       (11 )      (136 )      128       13       24  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (165,629,725 )      (183,120,459 )      2,999       (4,963 )      (478,989 )      (3,436,183 )      18,338       52,476  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      755,996,109       615,764,432       5,452       (3,795 )      6,681,668       (3,351,825 )      457,758       188,298  

Contract owners’ equity at beginning of period

      6,235,548,205       5,619,783,773       23,119       26,914       25,991,257       29,343,082       3,894,256       3,705,958  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 6,991,544,314       6,235,548,205       28,571       23,119       32,672,925       25,991,257       4,352,014       3,894,256  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      244,148,305       240,528,766       1,452       1,774       577,227       670,740       393,562       383,564  

Units purchased

      72,381,602       59,845,545       333       95       78,195       109,716       61,989       52,726  

Units surrendered

      (75,732,008 )      (56,226,006 )      (150 )      (417 )      (88,419 )      (203,229 )      (59,973 )      (42,728 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      240,797,899       244,148,305       1,635       1,452       567,003       577,227       395,578       393,562  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     ALVIVB     ALVSVA     ACVCA     ACVI  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 3,099       283       137,002       120,535       (1,884 )      (1,582 )      971       8,191  

Realized gain (loss) on investments

      26       (1,482 )      373,043       (564,331 )      169,604       77,352       79,717       (26,376 ) 

Change in unrealized gain (loss) on investments

      (3,418 )      (1,038 )      4,630,224       417,255       (183,507 )      133,874       44,818       392,493  

Reinvested capital gains

      -           -           -           586,193       111,837       80,548       60,138       31,603  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      (293 )      (2,237 )      5,140,269       559,652       96,050       290,192       185,644       405,911  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      103,964       5,449       362,785       66,065       970       (5,128 )      28,270       (18,691 ) 

Transfers between funds

      138,477       41,046       (458,249 )      382,990       (137,897 )      (138,077 )      (136,732 )      (187,731 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      293       (73,021 )      (606,628 )      (403,926 )      (18,609 )      (139,620 )      (46,524 )      (184,062 ) 

Adjustments to maintain reserves

      3       (3 )      (27 )      5,235       12       19       (18,460 )      3,812  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      242,737       (26,529 )      (702,119 )      50,364       (155,524 )      (282,806 )      (173,446 )      (386,672 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      242,444       (28,766 )      4,438,150       610,016       (59,474 )      7,386       12,198       19,239  

Contract owners’ equity at beginning of period

      -           28,766       14,255,486       13,645,470       878,528       871,142       2,289,880       2,270,641  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 242,444       -           18,693,636       14,255,486       819,054       878,528       2,302,078       2,289,880  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      -           2,377       260,145       256,880       34,278       48,363       77,571       97,122  

Units purchased

      17,721       2,948       38,996       27,210       37       4,850       12,780       14,344  

Units surrendered

      (40 )      (5,325 )      (48,898 )      (23,945 )      (5,483 )      (18,935 )      (22,024 )      (33,895 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      17,681       -           250,243       260,145       28,832       34,278       68,327       77,571  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    ACVIG     ACVIP1     ACVIP2     ACVMV1  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ 258,527       375,123       1,120,294       364,975       249,796       102,686       122,718       160,383  

Realized gain (loss) on investments

     507,822       1,035,003       918,158       432,059       95,653       35,286       221,178       (866,012 ) 

Change in unrealized gain (loss) on investments

     751,954       (635,925 )      132,453       1,568,930       143,830       564,246       1,947,692       665,420  

Reinvested capital gains

     3,507,628       1,057,848       -           -           -           -           -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     5,025,931       1,832,049       2,170,905       2,365,964       489,279       702,218       2,291,588       (40,209 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     438,003       274,694       433,247       813,056       244,669       173,034       893,276       1,255,586  

Transfers between funds

     (31,470 )      (1,367,905 )      6,956,731       1,024,857       512,864       (519,248 )      (100,114 )      (1,342,300 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

     (1,463,174 )      (1,465,867 )      (1,006,183 )      (1,414,657 )      (553,669 )      (470,555 )      (1,509,790 )      (2,049,532 ) 

Adjustments to maintain reserves

     (245 )      10       (9 )      19       (13 )      (42 )      12       3  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (1,056,886 )      (2,559,068 )      6,383,786       423,275       203,851       (816,811 )      (716,616 )      (2,136,243 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     3,969,045       (727,019 )      8,554,691       2,789,239       693,130       (114,593 )      1,574,972       (2,176,452 ) 

Contract owners’ equity at beginning 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  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 25,535,574       21,566,529       36,224,321       27,669,630       8,269,254       7,576,124       11,770,108       10,195,136  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     482,447       571,931       2,375,089       2,341,496       387,823       431,303       244,359       301,093  

Units purchased

     48,751       38,680       1,139,374       530,178       52,980       17,209       16,412       37,196  

Units surrendered

     (70,388 )      (128,164 )      (597,086 )      (496,585 )      (42,467 )      (60,689 )      (31,496 )      (93,930 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     460,810       482,447       2,917,377       2,375,089       398,336       387,823       229,275       244,359  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     ACVV     AMVAA2     AMVBD2     AMVGB2  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 258,024       283,177       210,759       185,519       784,340       1,178,742       72,091       28,469  

Realized gain (loss) on investments

      1,032,507       (689,206 )      781,671       (109,896 )      25,118       194,143       20,671       13,003  

Change in unrealized gain (loss) on investments

      2,007,980       (365,047 )      570,724       1,175,357       (3,494,392 )      3,675,400       (369,766 )      117,668  

Reinvested capital gains

      -           375,258       505,719       56,537       2,433,284       573,430       88,775       4,294  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      3,298,511       (395,818 )      2,068,873       1,307,517       (251,650 )      5,621,715       (188,229 )      163,434  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      301,910       212,654       859,834       1,716,236       (129 )      773       203,669       934,389  

Transfers between funds

      253,719       (8,185,957 )      249,117       (1,655,768 )      (3,454 )      (14,378,239 )      1,811,773       1,876,911  

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,337,246 )      (2,234,718 )      (1,959,435 )      (1,703,903 )      (716,312 )      (855,558 )      (61,769 )      (22,830 ) 

Adjustments to maintain reserves

      (2,674 )      (539 )      31       (21 )      20       1       9       3  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (784,291 )      (10,208,560 )      (850,453 )      (1,643,456 )      (719,875 )      (15,233,023 )      1,953,682       2,788,473  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      2,514,220       (10,604,378 )      1,218,420       (335,939 )      (971,525 )      (9,611,308 )      1,765,453       2,951,907  

Contract owners’ equity at beginning of period

      13,921,528       24,525,906       13,753,760       14,089,699       60,963,144       70,574,452       2,951,907       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 16,435,748       13,921,528       14,972,180       13,753,760       59,991,619       60,963,144       4,717,360       2,951,907  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      297,613       522,839       573,430       662,559       3,852,883       4,889,291       255,848       -      

Units purchased

      62,144       36,649       86,612       178,271       3       4,371       192,037       262,259  

Units surrendered

      (85,304 )      (261,875 )      (117,518 )      (267,400 )      (45,863 )      (1,040,779 )      (17,091 )      (6,411 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      274,453       297,613       542,524       573,430       3,807,023       3,852,883       430,794       255,848  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     AMVGI2     AMVGR2     AMVGS2     AMVI2  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 20,244       11,686       26,330       42,609       (6,563 )      (908 )      669,186       124,699  

Realized gain (loss) on investments

      8,496       (5,116 )      5,134,409       1,914,347       199,327       115,145       1,344,700       (674,497 ) 

Change in unrealized gain (loss) on investments

      255,594       127,045       (1,473,104 )      14,448,815       (91,109 )      334,781       (2,442,825 )      4,472,413  

Reinvested capital gains

      13,545       2,516       6,604,178       901,275       77,688       160,861       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      297,879       136,131       10,291,813       17,307,046       179,343       609,879       (428,939 )      3,922,615  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      165,612       943,690       1,750,350       2,173,771       388,098       232,694       1,237,665       1,987,333  

Transfers between funds

      (674 )      90,414       (4,129,462 )      (1,561,048 )      225,794       (35,913 )      (1,197,394 )      (2,491,677 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (17,972 )      (7,108 )      (1,159,281 )      (1,407,744 )      (65,445 )      (678,601 )      (1,375,845 )      (1,204,532 ) 

Adjustments to maintain reserves

      3       (2 )      (130 )      131       (8 )      13       (46 )      70  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      146,969       1,026,994       (3,538,523 )      (794,890 )      548,439       (481,807 )      (1,335,620 )      (1,708,806 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      444,848       1,163,125       6,753,290       16,512,156       727,782       128,072       (1,764,559 )      2,213,809  

Contract owners’ equity at beginning 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  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 1,614,656       1,169,808       56,308,810       49,555,520       3,522,508       2,794,726       28,123,655       29,888,214  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      93,725       609       1,151,502       1,167,629       117,032       144,805       1,744,578       1,839,312  

Units purchased

      13,317       93,910       289,666       169,703       66,844       40,126       187,471       235,539  

Units surrendered

      (2,782 )      (794 )      (370,992 )      (185,830 )      (45,922 )      (67,899 )      (264,846 )      (330,273 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      104,260       93,725       1,070,176       1,151,502       137,954       117,032       1,667,203       1,744,578  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     AMVNW2     PIHYB1     BRVHYI     MLVGA2  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 367,563       (4,467 )      175,661       178,211       964,399       941,504       88,185       110,645  

Realized gain (loss) on investments

      646,114       (680 )      7,202       (91,784 )      256,082       (255,147 )      367,467       43,866  

Change in unrealized gain (loss) on investments

      (497,309 )      1,355,758       7,951       148,241       (174,243 )      490,603       (1,393,089 )      1,176,416  

Reinvested capital gains

      1,539,527       47,453       -           -           65,957       -           1,664,600       521,339  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      2,055,895       1,398,064       190,814       234,668       1,112,195       1,176,960       727,163       1,852,266  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      799,276       1,257,274       10,719       11,804       1,077,850       758,946       291,810       319,103  

Transfers between funds

      2,389,044       37,433,128       (567,023 )      504,747       1,680,019       10,148       683,335       185,077  

Surrenders (notes 3, 4, 5, 6 and 7)

      (686,806 )      (327,686 )      (119,706 )      (147,560 )      (1,266,671 )      (910,307 )      (772,018 )      (1,032,212 ) 

Adjustments to maintain reserves

      2       24       540       (362 )      5,811       31       10       (2 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      2,501,516       38,362,740       (675,470 )      368,629       1,497,009       (141,182 )      203,137       (528,034 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      4,557,411       39,760,804       (484,656 )      603,297       2,609,204       1,035,778       930,300       1,324,232  

Contract owners’ equity at beginning 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  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 48,299,694       43,742,283       3,507,061       3,991,717       23,317,657       20,708,453       12,026,039       11,095,739  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      2,379,885       268,304       112,419       98,275       1,529,229       1,556,089       480,158       509,702  

Units purchased

      249,156       2,159,972       21,909       58,814       613,820       238,983       80,955       61,808  

Units surrendered

      (121,948 )      (48,391 )      (41,008 )      (44,670 )      (508,902 )      (265,843 )      (62,501 )      (91,352 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      2,507,093       2,379,885       93,320       112,419       1,634,147       1,529,229       498,612       480,158  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     MLVLC2     DCAP     DSC     DSIF  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 12,214       5,907       98,771       165,797       1,530       6,362       9,273,564       9,944,849  

Realized gain (loss) on investments

      9,782       (217,305 )      7,257,131       (579,817 )      18,656       (177,483 )      34,184,120       32,544,740  

Change in unrealized gain (loss) on investments

      (272,988 )      214,297       (3,691,031 )      3,534,230       189,820       364,623       140,742,949       29,486,305  

Reinvested capital gains

      508,449       76,680       2,510,334       1,763,790       -           -           39,184,565       44,623,318  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      257,457       79,579       6,175,205       4,884,000       210,006       193,502       223,385,198       116,599,212  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      30,258       61,566       417,968       482,830       54,057       65,925       14,364,058       14,397,148  

Transfers between funds

      (26,176 )      (720,618 )      (24,862,006 )      (1,164,657 )      (89,242 )      8,030       (18,247,813 )      49,231,001  

Surrenders (notes 3, 4, 5, 6 and 7)

      (52,548 )      (214,891 )      (1,762,705 )      (1,726,316 )      (135,064 )      (157,061 )      (33,261,074 )      (38,738,908 ) 

Adjustments to maintain reserves

      5       13       519       (88 )      (6 )      20       (30,772 )      5,197  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (48,461 )      (873,930 )      (26,206,224 )      (2,408,231 )      (170,255 )      (83,086 )      (37,175,601 )      24,894,438  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      208,996       (794,351 )      (20,031,019 )      2,475,769       39,751       110,416       186,209,597       141,493,650  

Contract owners’ equity at beginning 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  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 1,171,120       962,124       4,683,481       24,714,500       1,336,502       1,296,751       997,251,899       811,042,302  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      24,912       54,258       436,456       482,959       33,923       37,209       18,895,785       18,394,093  

Units purchased

      775       5,482       21,273       31,233       988       2,748       1,973,907       3,097,633  

Units surrendered

      (1,982 )      (34,828 )      (376,716 )      (77,736 )      (4,889 )      (6,034 )      (2,857,622 )      (2,595,941 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      23,705       24,912       81,013       436,456       30,022       33,923       18,012,070       18,895,785  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     DSRG     DVMCS     DVSCS     CVSPIP  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 128,120       145,294       13,286       18,338       912,254       851,525       8,009       8,150  

Realized gain (loss) on investments

      1,042,273       408,326       370,996       (285,379 )      2,807,273       (7,053,976 )      111,262       (98,464 ) 

Change in unrealized gain (loss) on investments

      2,491,496       2,367,096       188,011       430,357       31,517,509       12,290,864       26,276       29,013  

Reinvested capital gains

      378,146       158,207       18,381       -           2,355,372       5,773,387       35,541       20,046  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      4,040,035       3,078,923       590,674       163,316       37,592,408       11,861,800       181,088       (41,255 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      532,390       554,531       223,085       203,746       2,925,575       2,402,041       13       43  

Transfers between funds

      (256,685 )      28,135       (1,052,960 )      (653,769 )      (5,475,309 )      28,339,874       (74,197 )      (689,720 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,869,308 )      (1,352,468 )      (28,188 )      (183,770 )      (7,881,584 )      (6,120,848 )      (65,019 )      (330,986 ) 

Adjustments to maintain reserves

      (23,643 )      4,636       12       58       (278 )      (1 )      (6 )      (26 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (1,617,246 )      (765,166 )      (858,051 )      (633,735 )      (10,431,596 )      24,621,066       (139,209 )      (1,020,689 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      2,422,789       2,313,757       (267,377 )      (470,419 )      27,160,812       36,482,866       41,879       (1,061,944 ) 

Contract owners’ equity at beginning 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  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 18,108,306       15,685,517       2,477,026       2,744,403       175,293,823       148,133,011       750,579       708,700  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      346,523       366,776       59,486       75,349       3,052,370       2,550,810       32,256       94,734  

Units purchased

      14,726       25,574       10,953       25,375       444,281       920,370       -           2,622  

Units surrendered

      (47,498 )      (45,827 )      (27,829 )      (41,238 )      (637,408 )      (418,810 )      (5,595 )      (65,100 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      313,751       346,523       42,610       59,486       2,859,243       3,052,370       26,661       32,256  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     SASP5I     DAVVL     DWVEMS     DWVSVS  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 1,110,732       757,632       25,937       23,973       (9,847 )      15,648       94,240       128,363  

Realized gain (loss) on investments

      13,484,131       1,516,802       20,484       (533,946 )      212,651       267,880       468,623       (2,834,446 ) 

Change in unrealized gain (loss) on investments

      8,692,198       15,412,432       (120,376 )      854,213       (459,597 )      996,980       5,294,472       1,531,979  

Reinvested capital gains

      -           141,940       940,900       119,331       32,690       100,391       -           890,893  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      23,287,061       17,828,806       866,945       463,571       (224,103 )      1,380,899       5,857,335       (283,211 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      356,492       185,190       36,842       150,564       254,315       295,200       1,026,676       706,348  

Transfers between funds

      (6,917,230 )      73,263,236       318,932       (449,604 )      (41,980 )      (372,524 )      (756,414 )      (900,003 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (5,407,232 )      (3,454,829 )      (233,563 )      (174,073 )      (277,289 )      (271,254 )      (973,990 )      (701,232 ) 

Adjustments to maintain reserves

      (142 )      3,178       19       21       (19 )      12       (17 )      199  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (11,968,112 )      69,996,775       122,230       (473,092 )      (64,973 )      (348,566 )      (703,745 )      (894,688 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      11,318,949       87,825,581       989,175       (9,521 )      (289,076 )      1,032,333       5,153,590       (1,177,899 ) 

Contract owners’ equity at beginning of period

      87,825,581       -           4,710,531       4,720,052       6,805,948       5,773,615       18,037,109       19,215,008  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 99,144,530       87,825,581       5,699,706       4,710,531       6,516,872       6,805,948       23,190,699       18,037,109  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      7,486,477       -           204,805       229,390       380,522       401,894       896,752       933,346  

Units purchased

      6,381,651       7,805,810       23,786       34,107       21,667       86,811       116,313       115,986  

Units surrendered

      (7,304,532 )      (319,333 )      (17,478 )      (58,692 )      (25,329 )      (108,183 )      (151,887 )      (152,580 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      6,563,596       7,486,477       211,113       204,805       376,860       380,522       861,178       896,752  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     DFVEA      DFVGMI     DFVIPS     DFVIS  
     2021     2020      2021     2020     2021     2020     2021     2020  

Investment activity*:

                  

Net investment income (loss)

    $ 219               -            1,871       2,138       320,532       69,979       586       480  

Realized gain (loss) on investments

      10       -            29,814       1,264       391,380       40,183       2,288       22  

Change in unrealized gain (loss) on investments

      (250 )      -            (15,721 )      14,023       (419,417 )      504,822       (1,442 )      4,942  

Reinvested capital gains

      499       -            4,194       2,312       59,140       42,904       1,423       396  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      478       -            20,158       19,737       351,635       657,888       2,855       5,840  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                  

Purchase payments received from policyholders (notes 3 and 6)

      4,918       -            1,803       4,100       8,203       14,082       890       348  

Transfers between funds

      5,452       -            (83,343 )      54,224       43,136       3,140,938       (7,221 )      18,596  

Surrenders (notes 3, 4, 5, 6 and 7)

      (142 )      -            (782 )      (2,723 )      (429,368 )      (313,073 )      (342 )      (195 ) 

Adjustments to maintain reserves

      (3 )      -            3       (8 )      2       8       8       (2 ) 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      10,225       -            (82,319 )      55,593       (378,027 )      2,841,955       (6,665 )      18,747  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      10,703       -            (62,161 )      75,330       (26,392 )      3,499,843       (3,810 )      24,587  

Contract owners’ equity at beginning of period

      -           -            194,578       119,248       7,573,340       4,073,497       24,587       -      
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 10,703       -            132,417       194,578       7,546,948       7,573,340       20,777       24,587  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                  

Beginning units

      -           -            14,568       9,936       626,952       376,703       1,696       -      

Units purchased

      714       -            355       4,959       533,027       276,990       58       1,712  

Units surrendered

      (10 )      -            (6,242 )      (327 )      (568,800 )      (26,741 )      (503 )      (16 ) 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      704       -            8,681       14,568       591,179       626,952       1,251       1,696  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     DFVIV     DFVULV     DFVUTV     DSGIBA  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 3,072       1,101       203,439       191,349       65,678       30,147       4,760       5,234  

Realized gain (loss) on investments

      100       (274 )      399,440       (106,646 )      397,282       (191,206 )      3,212       (4,730 ) 

Change in unrealized gain (loss) on investments

      5,437       3,782       2,241,006       (278,586 )      182,547       199,650       10,717       10,485  

Reinvested capital gains

      -           -           -           -           354,548       -           2,879       3,855  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      8,609       4,609       2,843,885       (193,883 )      1,000,055       38,591       21,568       14,844  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      18,890       20,700       16,205       187,986       22,671       20,859       9,734       8,162  

Transfers between funds

      -           24,565       (168,206 )      (586,770 )      1,854,849       (289,337 )      (4,107 )      28,079  

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,356 )      (747 )      (772,156 )      (423,396 )      (364,666 )      (118,081 )      (6,878 )      (12,672 ) 

Adjustments to maintain reserves

      (3 )      2       33,369       (17,516 )      (25 )      30       (9 )      10  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      17,531       44,520       (890,788 )      (839,696 )      1,512,829       (386,529 )      (1,260 )      23,579  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      26,140       49,129       1,953,097       (1,033,579 )      2,512,884       (347,938 )      20,308       38,423  

Contract owners’ equity at beginning of period

      49,129       -           10,792,572       11,826,151       2,233,405       2,581,343       197,181       158,758  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 75,269       49,129       12,745,669       10,792,572       4,746,289       2,233,405       217,489       197,181  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      4,766       -           1,002,522       1,081,191       164,362       197,182       13,531       11,797  

Units purchased

      1,533       4,854       836,655       17,739       243,389       3,894       959       3,026  

Units surrendered

      (117 )      (88 )      (907,289 )      (96,408 )      (158,592 )      (36,714 )      (1,038 )      (1,292 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      6,182       4,766       931,888       1,002,522       249,159       164,362       13,452       13,531  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     SVSLVB     SVSSVB     ETVFR     FQB  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 360       507       1,018       1,632       813,501       758,862       577,633       598,283  

Realized gain (loss) on investments

      1,248       (5,508 )      (301 )      (43,749 )      (75,002 )      (469,544 )      (20,283 )      (9,694 ) 

Change in unrealized gain (loss) on investments

      4,634       116       33,386       16,633       244,724       57,428       (1,110,711 )      1,030,542  

Reinvested capital gains

      -           1,447       -           13,527       -           -           204,023       65,741  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      6,242       (3,438 )      34,103       (11,957 )      983,223       346,746       (349,338 )      1,684,872  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      22       -           -           -           684,034       399,445       490,994       509,564  

Transfers between funds

      10,780       (264 )      3,755       (59,579 )      6,647,461       679,869       2,232,276       (833,625 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (5,552 )      (1,249 )      (8,720 )      (9,627 )      (1,631,798 )      (1,487,780 )      (3,434,917 )      (1,043,915 ) 

Adjustments to maintain reserves

      7       (14 )      16       (9 )      (83 )      519       -           (6 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      5,257       (1,527 )      (4,949 )      (69,215 )      5,699,614       (407,947 )      (711,647 )      (1,367,982 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      11,499       (4,965 )      29,154       (81,172 )      6,682,837       (61,201 )      (1,060,985 )      316,890  

Contract owners’ equity at beginning of period

      25,620       30,585       117,330       198,502       25,367,931       25,429,132       22,440,577       22,123,687  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 37,119       25,620       146,484       117,330       32,050,768       25,367,931       21,379,592       22,440,577  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      1,592       1,665       6,300       10,664       1,903,987       1,943,147       812,330       870,739  

Units purchased

      726       586       209       6,557       1,023,068       258,932       244,659       186,658  

Units surrendered

      (490 )      (659 )      (454 )      (10,921 )      (612,986 )      (298,092 )      (276,161 )      (245,067 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      1,828       1,592       6,055       6,300       2,314,069       1,903,987       780,828       812,330  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     FVU2     FVUS2     FCS     FEIS  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 14,264       19,224       36,550       1,572       (50,162 )      (15,115 )      1,218,211       922,898  

Realized gain (loss) on investments

      10,136       (1,854 )      (37,733 )      9,010       1,645,499       981,287       532,657       (345,869 ) 

Change in unrealized gain (loss) on investments

      116,952       (16,510 )      (32,383 )      3,207       3,651,184       8,554,248       5,377,801       507,176  

Reinvested capital gains

      -           -           -           -           5,654,539       169,281       7,698,676       2,489,437  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      141,352       860       (33,566 )      13,789       10,901,060       9,689,701       14,827,345       3,573,642  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      14,012       20,861       891       493       58,928       (155,116 )      1,506,210       1,540,289  

Transfers between funds

      15,604       49,180       (898,782 )      2,280,419       1,074,089       1,195,572       1,305,432       105,821  

Surrenders (notes 3, 4, 5, 6 and 7)

      11,339       (29,334 )      (56,816 )      (480,570 )      (1,240,975 )      (2,805,096 )      (5,661,137 )      (4,806,999 ) 

Adjustments to maintain reserves

      (6 )      (1 )      6       (3 )      (371,125 )      86,649       (5,602 )      187  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      40,949       40,706       (954,701 )      1,800,339       (479,083 )      (1,677,991 )      (2,855,097 )      (3,160,702 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      182,301       41,566       (988,267 )      1,814,128       10,421,977       8,011,710       11,972,248       412,940  

Contract owners’ equity at beginning of period

      760,314       718,748       1,872,927       58,799       40,265,968       32,254,258       61,255,632       60,842,692  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 942,615       760,314       884,660       1,872,927       50,687,945       40,265,968       73,227,880       61,255,632  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      68,791       65,636       164,271       5,444       673,768       713,280       1,516,795       1,602,889  

Units purchased

      10,627       8,188       7,447       201,223       161,116       123,805       112,148       98,560  

Units surrendered

      (7,454 )      (5,033 )      (92,361 )      (42,396 )      (178,937 )      (163,317 )      (175,778 )      (184,654 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      71,964       68,791       79,357       164,271       655,947       673,768       1,453,165       1,516,795  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     FEMS     FF05S     FF10S     FF15S  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 270,357       68,607       4,651       15,238       33,401       38,087       84,850       84,076  

Realized gain (loss) on investments

      1,621,029       346,349       119,121       12,402       111,893       72,518       242,684       65,688  

Change in unrealized gain (loss) on investments

      (3,997,223 )      2,058,637       (123,692 )      75,818       (62,820 )      113,641       (33,971 )      626,599  

Reinvested capital gains

      1,575,640       1,082,815       33,350       35,955       124,989       98,524       359,846       372,566  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      (530,197 )      3,556,408       33,430       139,413       207,463       322,770       653,409       1,148,929  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      418,773       274,841       322       166       146,585       42,336       773,063       998,533  

Transfers between funds

      334,430       1,819,260       (776,182 )      223,367       296,679       1,320,690       450,623       (977,125 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (799,723 )      (395,058 )      (174,082 )      (103,070 )      (535,722 )      (357,438 )      (397,021 )      (483,906 ) 

Adjustments to maintain reserves

      (35 )      38       (21 )      (2 )      24       24       (10 )      14  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (46,555 )      1,699,081       (949,963 )      120,461       (92,434 )      1,005,612       826,655       (462,484 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (576,752 )      5,255,489       (916,533 )      259,874       115,029       1,328,382       1,480,064       686,445  

Contract owners’ equity at beginning of period

      14,285,086       9,029,597       1,568,930       1,309,056       3,487,832       2,159,450       8,216,246       7,529,801  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 13,708,334       14,285,086       652,397       1,568,930       3,602,861       3,487,832       9,696,310       8,216,246  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      1,016,041       841,122       88,272       81,637       132,542       92,267       386,635       402,085  

Units purchased

      429,697       238,705       72,978       12,581       30,088       55,009       136,645       111,457  

Units surrendered

      (447,546 )      (63,786 )      (126,228 )      (5,946 )      (33,269 )      (14,734 )      (99,617 )      (126,907 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      998,192       1,016,041       35,022       88,272       129,361       132,542       423,663       386,635  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     FF20S     FF25S     FF30S     FF35S  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 288,965       294,484       331,097       303,774       532,161       454,728       66,769       49,723  

Realized gain (loss) on investments

      528,716       350,487       1,407,439       444,288       1,384,536       831,911       769,668       141,187  

Change in unrealized gain (loss) on investments

      424,339       1,721,073       831,155       2,533,478       2,268,920       4,107,391       (482 )      795,258  

Reinvested capital gains

      1,618,273       1,730,222       1,338,925       1,383,590       2,348,521       1,950,826       298,533       176,285  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      2,860,293       4,096,266       3,908,616       4,665,130       6,534,138       7,344,856       1,134,488       1,162,453  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      955,794       1,071,168       1,395,579       1,057,302       2,624,780       2,576,736       2,266,962       1,103,967  

Transfers between funds

      375,623       (2,943,563 )      2,832,163       519,416       5,079,987       3,976,199       12,426       1,621,484  

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,954,928 )      (2,345,058 )      (1,552,539 )      (2,528,568 )      (2,817,373 )      (2,591,267 )      (267,352 )      (756,753 ) 

Adjustments to maintain reserves

      (326 )      70       3       27       161       42       19       8  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (623,837 )      (4,217,383 )      2,675,206       (951,823 )      4,887,555       3,961,710       2,012,055       1,968,706  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      2,236,456       (121,117 )      6,583,822       3,713,307       11,421,693       11,306,566       3,146,543       3,131,159  

Contract owners’ equity at beginning of period

      30,428,501       30,549,618       35,296,273       31,582,966       51,141,507       39,834,941       6,855,239       3,724,080  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 32,664,957       30,428,501       41,880,095       35,296,273       62,563,200       51,141,507       10,001,782       6,855,239  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      1,053,955       1,214,585       1,529,308       1,583,389       1,582,395       1,438,640       500,779       320,893  

Units purchased

      305,048       179,076       584,826       173,040       456,043       343,590       275,959       242,151  

Units surrendered

      (328,169 )      (339,706 )      (478,426 )      (227,121 )      (315,336 )      (199,835 )      (142,211 )      (62,265 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      1,030,834       1,053,955       1,635,708       1,529,308       1,723,102       1,582,395       634,527       500,779  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     FF40S     FF45S     FF50S     FF55S  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 204,475       152,343       9,238       4,793       14,355       12,619       4,045       116  

Realized gain (loss) on investments

      996,468       294,826       122,767       30,850       280,649       2,281       8,873       (2,091 ) 

Change in unrealized gain (loss) on investments

      2,147,681       2,525,972       (12,845 )      109,951       (13,987 )      247,829       (454 )      236  

Reinvested capital gains

      1,183,609       1,012,443       37,355       18,143       79,700       45,076       10,490       533  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      4,532,233       3,985,584       156,515       163,737       360,717       307,805       22,954       (1,206 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      1,563,777       751,747       283,163       211,715       55,203       381,279       8,090       2,811  

Transfers between funds

      2,217,774       1,497,212       336,675       166,687       (134,323 )      523,366       317,558       20,458  

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,185,076 )      (955,658 )      (42,997 )      (106,631 )      (93,294 )      (48,950 )      (7,243 )      (1,889 ) 

Adjustments to maintain reserves

      32       44       10       (4 )      4       11       (11 )      (4 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      2,596,507       1,293,345       576,851       271,767       (172,410 )      855,706       318,394       21,376  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      7,128,740       5,278,929       733,366       435,504       188,307       1,163,511       341,348       20,170  

Contract owners’ equity at beginning of period

      25,365,065       20,086,136       765,132       329,628       2,219,797       1,056,286       21,393       1,223  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 32,493,805       25,365,065       1,498,498       765,132       2,408,104       2,219,797       362,741       21,393  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      901,286       849,519       55,372       27,896       144,325       81,668       1,634       111  

Units purchased

      276,045       178,584       68,848       38,012       40,497       66,327       23,850       1,675  

Units surrendered

      (196,815 )      (126,817 )      (32,037 )      (10,536 )      (51,652 )      (3,670 )      (2,008 )      (152 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      980,516       901,286       92,183       55,372       133,170       144,325       23,476       1,634  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     FF60S     FF65S      FFINS     FGOS  
     2021     2020     2021     2020      2021     2020     2021     2020
(as restated)		  

Investment activity*:

                  

Net investment income (loss)

    $ 8,863       2,373       80       -            11,397       17,898       (658 )      (582 ) 

Realized gain (loss) on investments

      103,877       2,265       3       -            68,207       (8,985 )      57,415       6,689  

Change in unrealized gain (loss) on investments

      (33,637 )      32,465       (30 )      -            (65,897 )      75,010       (39,529 )      240,048  

Reinvested capital gains

      25,591       9,147       248       -            35,799       34,328       57,485       28,229  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

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

      104,694       46,250       301       -            49,506       118,251       74,713       274,384  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                  

Purchase payments received from policyholders (notes 3 and 6)

      156,472       2,422       -           -            299       126       573       -      

Transfers between funds

      122,255       296,297       6,777       -            (260,365 )      154,660       1,838       4,771  

Surrenders (notes 3, 4, 5, 6 and 7)

      (15,242 )      (1,136 )      (52 )      -            (123,509 )      (86,159 )      (97,113 )      (10,504 ) 

Adjustments to maintain reserves

      (9 )      7       -           -            15       (2 )      -           (29 ) 
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      263,476       297,590       6,725       -            (383,560 )      68,625       (94,702 )      (5,762 ) 
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      368,170       343,840       7,026       -            (334,054 )      186,876       (19,989 )      268,622  

Contract owners’ equity at beginning of period

      345,063       1,223       -           -            1,932,596       1,745,720       677,948       409,326  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 713,233       345,063       7,026       -            1,598,542       1,932,596       657,959       677,948  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                  

Beginning units

      26,316       111       -           -            121,416       120,811       10,483       9,975  

Units purchased

      40,103       26,303       660       -            101,923       6,181       36       6,270  

Units surrendered

      (20,272 )      (98 )      (5 )      -            (126,725 )      (5,576 )      (1,412 )      (5,762 ) 
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      46,147       26,316       655       -            96,614       121,416       9,107       10,483  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     FGS     FHIS     FIGBS     FIP  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ (111,351 )      (3,542 )      573,707       519,583       3,190,711       3,337,440       35,939       259,690  

Realized gain (loss) on investments

      10,402,821       7,277,485       56,964       (264,399 )      1,929,035       2,337,162       867,252       15,108,637  

Change in unrealized gain (loss) on investments

      (10,894,492 )      30,242,235       (153,156 )      3,530       (11,501,719 )      8,410,670       136,820       (18,751,795 ) 

Reinvested capital gains

      36,656,365       12,088,285       -           -           4,754,427       59,752       14,430       259,387  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      36,053,343       49,604,463       477,515       258,714       (1,627,546 )      14,145,024       1,054,441       (3,124,081 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      3,083,768       2,273,870       195,111       194,050       2,199,704       2,484,327       1,291,891       765,913  

Transfers between funds

      (2,613,309 )      5,128,520       325,620       (1,719,692 )      9,432,088       (4,500,972 )      (4,662 )      (76,409,083 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (11,626,482 )      (9,784,637 )      (558,254 )      (650,860 )      (8,595,526 )      (6,057,898 )      (470,788 )      (291,030 ) 

Adjustments to maintain reserves

      (317,177 )      95,410       (20 )      (1 )      (290 )      (10 )      36       (46 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (11,473,200 )      (2,286,837 )      (37,543 )      (2,176,503 )      3,035,976       (8,074,553 )      816,477       (75,934,246 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      24,580,143       47,317,626       439,972       (1,917,789 )      1,408,430       6,070,471       1,870,918       (79,058,327 ) 

Contract owners’ equity at beginning of period

      164,646,718       117,329,092       10,751,416       12,669,205       175,571,019       169,500,548       1,369,972       80,428,299  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 189,226,861       164,646,718       11,191,388       10,751,416       176,979,449       175,571,019       3,240,890       1,369,972  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      2,625,643       2,682,726       402,005       480,498       8,359,974       8,807,134       40,491       2,881,385  

Units purchased

      87,627       388,596       226,450       27,968       1,350,842       1,031,905       42,774       41,154  

Units surrendered

      (270,131 )      (445,679 )      (190,919 )      (106,461 )      (1,224,833 )      (1,479,065 )      (8,766 )      (2,882,048 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      2,443,139       2,625,643       437,536       402,005       8,485,983       8,359,974       74,499       40,491  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     FMCS     FMMP     FNRS2     FOS  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 184,406       152,101       (7,474 )      11,751       105,520       76,876       94,756       58,287  

Realized gain (loss) on investments

      1,163,451       (193,552 )      -           -           (637,658 )      (496,184 )      420,031       135,592  

Change in unrealized gain (loss) on investments

      1,018,978       5,343,594       -           -           2,201,958       (1,095,934 )      1,664,319       2,317,521  

Reinvested capital gains

      6,212,545       -           -           -           -           -           1,626,960       79,531  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      8,579,380       5,302,143       (7,474 )      11,751       1,669,820       (1,515,242 )      3,806,066       2,590,931  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      620,131       667,152       1,191       1,039       531,519       241,957       634,059       483,903  

Transfers between funds

      (2,431,239 )      (4,412,218 )      (4,821,779 )      (5,222,495 )      261,384       (71,044 )      (18,250 )      85,448  

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,684,744 )      (2,491,557 )      (453,768 )      (525,130 )      (372,589 )      (322,589 )      (1,509,031 )      (1,441,788 ) 

Adjustments to maintain reserves

      (188 )      54       (22 )      (832 )      1       (6 )      (152 )      32  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (3,496,040 )      (6,236,569 )      (5,274,378 )      (5,747,418 )      420,315       (151,682 )      (893,374 )      (872,405 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      5,083,340       (934,426 )      (5,281,852 )      (5,735,667 )      2,090,135       (1,666,924 )      2,912,692       1,718,526  

Contract owners’ equity at beginning of period

      35,899,841       36,834,267       7,431,845       13,167,512       3,068,839       4,735,763       20,204,014       18,485,488  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 40,983,181       35,899,841       2,149,993       7,431,845       5,158,974       3,068,839       23,116,706       20,204,014  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      501,684       609,632       715,310       1,268,832       271,837       281,564       614,676       654,246  

Units purchased

      32,575       36,202       620,084       -           57,808       37,097       25,582       42,242  

Units surrendered

      (78,948 )      (144,150 )      (1,129,223 )      (553,522 )      (34,491 )      (46,824 )      (53,229 )      (81,812 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      455,311       501,684       206,171       715,310       295,154       271,837       587,029       614,676  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    FRESS     FVBIS     FVEMIS     FVIIS  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ 23,336       62,295       39       -           6       -           69       -      

Realized gain (loss) on investments

     366,270       (78,060 )      -           -           -           -           3       -      

Change in unrealized gain (loss) on investments

     851,894       (233,020 )      (45 )      -           (16 )      -           (95 )      -      

Reinvested capital gains

     15,880       119,793       -           -           27       -           3       -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     1,257,380       (128,992 )      (6 )      -           17       -           (20 )      -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     196,048       378,105       3,829       -           358       -           2,942       -      

Transfers between funds

     (1,998,568 )      304,041       -           -           342       -           -           -      

Surrenders (notes 3, 4, 5, 6 and 7)

     (87,061 )      (90,210 )      (11 )      -           (16 )      -           (116 )      -      

Adjustments to maintain reserves

     5       16       (5 )      -           4       -           (5 )      -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (1,889,576 )      591,952       3,813       -           688       -           2,821       -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (632,196 )      462,960       3,807       -           705       -           2,801       -      

Contract owners’ equity at beginning of period

     3,507,328       3,044,368       -           -           -           -           -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 2,875,132       3,507,328       3,807       -           705       -           2,801       -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     312,440       252,550       -           -           -           -           -           -      

Units purchased

     30,173       87,682       355       -           48       -           231       -      

Units surrendered

     (157,454 )      (27,792 )      (1 )      -           (1 )      -           (10 )      -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     185,159       312,440       354       -           47       -           221       -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    FVMIS     FVSS     FTVDM2     FTVFA2  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ 2,610       2,713       57,477       32,706       33,222       124,155       10,974       7,914  

Realized gain (loss) on investments

     661       (1 )      116,847       (323,121 )      135,795       162,658       (7,206 )      (17,692 ) 

Change in unrealized gain (loss) on investments

     50,644       44,098       563,131       317,535       (460,234 )      121,880       67,049       (69,108 ) 

Reinvested capital gains

     1,651       -           338,787       165,021       76,138       77,916       -           141,008  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     55,566       46,810       1,076,242       192,141       (215,079 )      486,609       70,817       62,122  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     4,109       170,596       108,776       110,192       281,357       159,043       21,844       26,575  

Transfers between funds

     -           -           176,621       (1,027,817 )      (46,709 )      (39,597 )      24,996       180  

Surrenders (notes 3, 4, 5, 6 and 7)

     (2,732 )      (1,764 )      (265,564 )      (355,881 )      (252,460 )      (439,244 )      (28,012 )      (105,514 ) 

Adjustments to maintain reserves

     (3 )      -           (189 )      (1 )      (4 )      4       6       (9 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     1,374       168,832       19,644       (1,273,507 )      (17,816 )      (319,794 )      18,834       (78,768 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     56,940       215,642       1,095,886       (1,081,366 )      (232,895 )      166,815       89,651       (16,646 ) 

Contract owners’ equity at beginning of period

     215,642       -           3,183,854       4,265,220       3,628,886       3,462,071       599,638       616,284  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 272,582       215,642       4,279,740       3,183,854       3,395,991       3,628,886       689,289       599,638  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     16,383       -           78,676       114,054       232,201       259,597       30,172       34,651  

Units purchased

     296       16,547       6,419       4,666       18,124       23,243       2,533       1,897  

Units surrendered

     (185 )      (164 )      (5,864 )      (40,044 )      (19,793 )      (50,639 )      (1,650 )      (6,376 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     16,494       16,383       79,231       78,676       230,532       232,201       31,055       30,172  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    FTVGB1     FTVGI2     FTVIS2     FTVMD2  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ (24,690 )      1,336,375       (85 )      484,358       254,334       316,702       14,148       15,333  

Realized gain (loss) on investments

     (1,190,184 )      (1,379,400 )      (180,514 )      (182,901 )      (17,492 )      (177,223 )      75,057       (207,050 ) 

Change in unrealized gain (loss) on investments

     533,985       (899,632 )      (92,425 )      (616,521 )      598,720       (190,344 )      11,979       90,071  

Reinvested capital gains

     -           -           -           -           -           4,486       -           13,412  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     (680,889 )      (942,657 )      (273,024 )      (315,064 )      835,562       (46,379 )      101,184       (88,234 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     672,370       536,784       200,009       177,592       133,493       170,319       330       1,449  

Transfers between funds

     1,400,179       (3,342,046 )      27,630       2,927       (107,141 )      (141,503 )      (116,760 )      (327,093 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

     (1,800,005 )      (879,374 )      (315,302 )      (347,798 )      (537,947 )      (1,036,008 )      (76,291 )      (56,286 ) 

Adjustments to maintain reserves

     (5 )      1       (10 )      (7 )      (11 )      17       24       (11 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     272,539       (3,684,635 )      (87,673 )      (167,286 )      (511,606 )      (1,007,175 )      (192,697 )      (381,941 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (408,350 )      (4,627,292 )      (360,697 )      (482,350 )      323,956       (1,053,554 )      (91,513 )      (470,175 ) 

Contract owners’ equity at beginning of period

     13,745,297       18,372,589       5,477,691       5,960,041       5,312,353       6,365,907       656,398       1,126,573  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 13,336,947       13,745,297       5,116,994       5,477,691       5,636,309       5,312,353       564,885       656,398  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     1,366,885       1,733,956       319,287       329,117       237,677       286,791       36,928       60,561  

Units purchased

     347,891       128,646       22,999       20,560       7,284       8,055       501       1,569  

Units surrendered

     (323,559 )      (495,717 )      (28,345 )      (30,390 )      (28,976 )      (57,169 )      (10,715 )      (25,202 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     1,391,217       1,366,885       313,941       319,287       215,985       237,677       26,714       36,928  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    FTVRDI     FTVSV2     FTVSVI     TIF  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ 199,452       246,171       93,009       100,527       131,830       140,876       16,419       24,902  

Realized gain (loss) on investments

     5,899,200       274,039       108,862       (1,804,901 )      (151,111 )      (836,155 )      (5,517 )      (16,247 ) 

Change in unrealized gain (loss) on investments

     (2,313,719 )      1,241,688       1,624,580       1,413,787       2,231,015       642,288       24,071       (22,720 ) 

Reinvested capital gains

     603,831       850,640       290,242       490,263       294,019       504,812       -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     4,388,764       2,612,538       2,116,693       199,676       2,505,753       451,821       34,973       (14,065 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     382,028       1,148,884       293,606       237,886       316,673       218,612       -           -      

Transfers between funds

     (21,439,605 )      (731,921 )      1,315,710       (549,165 )      296,660       (248,766 )      (331 )      (17,835 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

     (1,934,965 )      (2,257,087 )      (525,660 )      (897,869 )      (409,049 )      (740,798 )      (33,683 )      (20,410 ) 

Adjustments to maintain reserves

     3,001       (2,989 )      38       1       (76 )      2       (16 )      (10 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (22,989,541 )      (1,843,113 )      1,083,694       (1,209,147 )      204,208       (770,950 )      (34,030 )      (38,255 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (18,600,777 )      769,425       3,200,387       (1,009,471 )      2,709,961       (319,129 )      943       (52,320 ) 

Contract owners’ equity at beginning of period

     18,600,777       17,831,352       8,381,662       9,391,133       9,730,008       10,049,137       769,644       821,964  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ -           18,600,777       11,582,049       8,381,662       12,439,969       9,730,008       770,587       769,644  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     334,357       372,542       248,662       293,223       169,810       184,863       26,975       28,545  

Units purchased

     6,883       9,926       49,512       32,900       13,010       10,415       -           -      

Units surrendered

     (341,240 )      (48,111 )      (24,410 )      (77,461 )      (10,061 )      (25,468 )      (1,114 )      (1,570 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     -           334,357       273,764       248,662       172,759       169,810       25,861       26,975  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    TIF2     GVCSE     GVGMNS     GVGOPS  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ 205,675       341,097       6,109       1,108       -           62       (2,595 )      (1,721 ) 

Realized gain (loss) on investments

     (198,902 )      (647,531 )      230,958       (196,813 )      128       (2,649 )      49,690       31,050  

Change in unrealized gain (loss) on investments

     489,868       (232,670 )      (244,560 )      322,325       155       2,337       (140,476 )      114,335  

Reinvested capital gains

     -           -           358,215       18,361       3,489       319       233,389       199,586  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     496,641       (539,104 )      350,722       144,981       3,772       69       140,008       343,250  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     164,225       86,231       134,499       84,447       1,845       1,729       25,033       17,447  

Transfers between funds

     (1,149,558 )      (763,281 )      (223,225 )      26,695       2,018       24,911       42,524       119,284  

Surrenders (notes 3, 4, 5, 6 and 7)

     (471,962 )      (1,023,268 )      (96,189 )      (72,638 )      (1,355 )      (58,602 )      (47,703 )      (40,022 ) 

Adjustments to maintain reserves

     17       5       475       (649 )      5       4       (13 )      13  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (1,457,278 )      (1,700,313 )      (184,440 )      37,855       2,513       (31,958 )      19,841       96,722  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (960,637 )      (2,239,417 )      166,282       182,836       6,285       (31,889 )      159,849       439,972  

Contract owners’ equity at beginning of period

     11,483,105       13,722,522       1,552,442       1,369,606       22,824       54,713       1,223,147       783,175  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 10,522,468       11,483,105       1,718,724       1,552,442       29,109       22,824       1,382,996       1,223,147  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     454,905       538,139       70,551       67,651       1,512       3,776       35,711       32,955  

Units purchased

     45,186       44,829       12,266       22,418       235       1,981       3,594       11,173  

Units surrendered

     (100,878 )      (128,063 )      (19,825 )      (19,518 )      (86 )      (4,245 )      (3,011 )      (8,417 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     399,213       454,905       62,992       70,551       1,661       1,512       36,294       35,711  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    GVMCE     GVMSAS     RVARS     ACEG  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ 28,544       33,636       265       181       -           7,983       -           1,246  

Realized gain (loss) on investments

     1,441,873       (784,027 )      211       4       29,623       3,731       160,858       61,355  

Change in unrealized gain (loss) on investments

     (13,700 )      1,117,680       75       657       (2,048 )      21,699       (162,956 )      429,376  

Reinvested capital gains

     1,497,617       135,336       -           -           9,100       -           325,205       130,022  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     2,954,334       502,625       551       842       36,675       33,413       323,107       621,999  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     24,538       (4,606 )      475       474       2,741       2,473       70,236       175,531  

Transfers between funds

     (807,122 )      (806,704 )      9,275       4,910       (266,894 )      222,200       (88,429 )      718,236  

Surrenders (notes 3, 4, 5, 6 and 7)

     (552,616 )      (799,657 )      (2,338 )      (499 )      (21,670 )      (49,406 )      (304,337 )      (128,798 ) 

Adjustments to maintain reserves

     105       (147 )      3       (2 )      (12 )      4       (13 )      (18 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (1,335,095 )      (1,611,114 )      7,415       4,883       (285,835 )      175,271       (322,543 )      764,951  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     1,619,239       (1,108,489 )      7,966       5,725       (249,160 )      208,684       564       1,386,950  

Contract owners’ equity at beginning of period

     9,860,309       10,968,798       9,917       4,192       621,617       412,933       2,855,589       1,468,639  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 11,479,548       9,860,309       17,883       9,917       372,457       621,617       2,856,153       2,855,589  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     185,335       223,376       900       406       52,824       37,683       75,119       54,996  

Units purchased

     46,649       27,764       941       637       397       20,016       2,785       24,611  

Units surrendered

     (67,912 )      (65,805 )      (293 )      (143 )      (23,943 )      (4,875 )      (10,777 )      (4,488 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     164,072       185,335       1,548       900       29,278       52,824       67,127       75,119  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    ACGI     AVHY1     AVIE     AVMCCI  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ 65,340       106,697       33,772       48,357       434,962       683,676       1,346       1,507  

Realized gain (loss) on investments

     149,345       (1,054,983 )      86,322       (127,404 )      831,624       658,721       (1,307 )      (32,002 ) 

Change in unrealized gain (loss) on investments

     1,231,503       790,117       (88,672 )      80,945       (1,873,336 )      2,167,850       64,422       5,048  

Reinvested capital gains

     -           84,671       -           -           2,710,418       720,790       -           46,133  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     1,446,188       (73,498 )      31,422       1,898       2,103,668       4,231,037       64,461       20,686  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     25,866       75,276       -           10,674       241,546       286,470       7,579       97,104  

Transfers between funds

     (2,045,917 )      (2,394,113 )      (297,896 )      (163,487 )      2,520,912       155,420       14,860       (58,581 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

     (47,140 )      (149,716 )      (118,971 )      (213,672 )      (1,283,918 )      (1,315,653 )      (2,947 )      (88,949 ) 

Adjustments to maintain reserves

     (31 )      34       8       (5 )      (39 )      34       (4 )      13  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (2,067,222 )      (2,468,519 )      (416,859 )      (366,490 )      1,478,501       (873,729 )      19,488       (50,413 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (621,034 )      (2,542,017 )      (385,437 )      (364,592 )      3,582,169       3,357,308       83,949       (29,727 ) 

Contract owners’ equity at beginning of period

     5,718,508       8,260,525       1,187,481       1,552,073       36,676,103       33,318,795       260,436       290,163  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 5,097,474       5,718,508       802,044       1,187,481       40,258,272       36,676,103       344,385       260,436  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     230,665       222,627       68,273       91,988       1,050,203       1,085,856       8,546       10,468  

Units purchased

     4,903       129,772       6,790       13,276       135,549       132,612       1,421       1,982  

Units surrendered

     (75,729 )      (121,734 )      (31,068 )      (36,991 )      (95,952 )      (168,265 )      (783 )      (3,904 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     159,839       230,665       43,995       68,273       1,089,800       1,050,203       9,184       8,546  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    AVSCE     IVBRA1     MSVMV     OVAG  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ (139 )      110       57,506       126,650       -           -           (11,517 )      1,501  

Realized gain (loss) on investments

     44,076       (8,195 )      (14,598 )      (29,384 )      -           -           2,541,572       2,151,785  

Change in unrealized gain (loss) on investments

     (23,927 )      23,025       51,695       (22,542 )      1       -           774,778       9,332,399  

Reinvested capital gains

     10,251       10,083       57,281       81,646       -           -           5,758,027       2,755,710  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     30,261       25,023       151,884       156,370       1       -           9,062,860       14,241,395  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     13       -           21,492       41,953       12       -           1,729,142       596,013  

Transfers between funds

     29,686       (6,627 )      27,914       (194,815 )      2       -           1,595,988       3,747,668  

Surrenders (notes 3, 4, 5, 6 and 7)

     (2,288 )      (33,582 )      (71,087 )      (108,124 )      -           -           (3,995,784 )      (2,945,136 ) 

Adjustments to maintain reserves

     (2 )      -           10       (2 )      (15 )      -           (946,636 )      804,657  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     27,409       (40,209 )      (21,671 )      (260,988 )      (1 )      -           (1,617,290 )      2,203,202  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     57,670       (15,186 )      130,213       (104,618 )      -           -           7,445,570       16,444,597  

Contract owners’ equity at beginning of period

     144,020       159,206       1,690,768       1,795,386       -           -           49,039,303       32,594,706  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 201,690       144,020       1,820,981       1,690,768       -           -           56,484,873       49,039,303  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     8,323       11,678       117,013       136,958       -           -           860,217       807,590  

Units purchased

     1,497       -           4,346       3,949       -           -           166,720       128,953  

Units surrendered

     (115 )      (3,355 )      (6,315 )      (23,894 )      -           -           (245,565 )      (76,326 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     9,705       8,323       115,044       117,013       -           -           781,372       860,217  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    OVGI     OVGR     OVGS     OVIG  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ 292,037       529,525       (18,685 )      (23,238 )      (83,070 )      476,929       (40,455 )      141,771  

Realized gain (loss) on investments

     9,983,019       1,597,793       557,915       75,997       5,388,294       520,792       720,854       480,580  

Change in unrealized gain (loss) on investments

     (2,009,916 )      (774,760 )      1,544,603       1,633,738       3,783,677       16,967,868       (627,610 )      3,412,401  

Reinvested capital gains

     2,510,681       3,596,896       786,162       1,560,764       5,235,044       2,951,486       2,153,098       257,213  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     10,775,821       4,949,454       2,869,995       3,247,261       14,323,945       20,917,075       2,205,887       4,291,965  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     701,747       826,513       4,512       6,759       2,194,525       2,388,947       1,553,958       1,652,425  

Transfers between funds

     (39,097,921 )      (1,051,357 )      (558,313 )      364,060       (3,990,212 )      (6,161,353 )      (492,868 )      (27,396 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

     (3,128,977 )      (2,417,527 )      (208,750 )      (231,888 )      (5,414,840 )      (6,781,874 )      (1,335,580 )      (1,226,771 ) 

Adjustments to maintain reserves

     14       31       (60,276 )      16,186       (1,180 )      68       12       32  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (41,525,137 )      (2,642,340 )      (822,827 )      155,117       (7,211,707 )      (10,554,212 )      (274,478 )      398,290  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (30,749,316 )      2,307,114       2,047,168       3,402,378       7,112,238       10,362,863       1,931,409       4,690,255  

Contract owners’ equity at beginning of period

     40,345,310       38,038,196       12,974,325       9,571,947       96,810,105       86,447,242       22,248,163       17,557,908  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 9,595,994       40,345,310       15,021,493       12,974,325       103,922,343       96,810,105       24,179,572       22,248,163  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     959,869       1,029,257       332,659       340,202       2,117,816       2,419,546       1,303,519       1,248,270  

Units purchased

     169,802       47,991       209,815       23,985       461,300       313,790       167,176       262,715  

Units surrendered

     (936,017 )      (117,379 )      (290,611 )      (31,528 )      (622,022 )      (615,520 )      (183,017 )      (207,466 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     193,654       959,869       251,863       332,659       1,957,094       2,117,816       1,287,678       1,303,519  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    OVSB     OVSC     WRASP     WRGP  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ 828,921       1,036,707       33,466       38,594       111,930       126,640       (5,089 )      (4,221 ) 

Realized gain (loss) on investments

     (173,739 )      (415,329 )      191,845       (364,633 )      211,627       (20,200 )      90,497       (120,343 ) 

Change in unrealized gain (loss) on investments

     (1,283,366 )      (58,199 )      963,241       1,537,233       (347,500 )      598,047       921,446       752,340  

Reinvested capital gains

     -           -           590,907       89,495       729,540       106,027       575,356       522,207  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     (628,184 )      563,179       1,779,459       1,300,689       705,597       810,514       1,582,210       1,149,983  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     152,126       122,788       869,021       1,014,488       264,043       302,293       111,314       219,620  

Transfers between funds

     (182,648 )      (274,359 )      220,005       (48,124 )      (178,720 )      (55,673 )      673,901       (545,336 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

     (847,393 )      (1,445,135 )      (1,017,277 )      (1,439,054 )      (592,625 )      (602,758 )      (147,446 )      (138,658 ) 

Adjustments to maintain reserves

     7       (2 )      (190 )      25       10       (3 )      (10 )      (6 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (877,908 )      (1,596,708 )      71,559       (472,665 )      (507,292 )      (356,141 )      637,759       (464,380 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (1,506,092 )      (1,033,529 )      1,851,018       828,024       198,305       454,373       2,219,969       685,603  

Contract owners’ equity at beginning of period

     18,694,534       19,728,063       7,984,207       7,156,183       6,983,459       6,529,086       4,866,442       4,180,839  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 17,188,442       18,694,534       9,835,225       7,984,207       7,181,764       6,983,459       7,086,411       4,866,442  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     1,127,112       1,229,876       117,121       125,648       337,483       359,396       77,822       87,159  

Units purchased

     31,013       32,856       8,217       10,892       21,004       30,468       17,299       6,405  

Units surrendered

     (85,199 )      (135,620 )      (7,532 )      (19,419 )      (44,170 )      (52,381 )      (8,128 )      (15,742 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     1,072,926       1,127,112       117,806       117,121       314,317       337,483       86,993       77,822  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    WRHIP     WRMCG     WRRESP     WRSTP  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ 772,870       1,072,763       (8,807 )      (7,834 )      56,228       86,917       (3,508 )      (4,963 ) 

Realized gain (loss) on investments

     (22,867 )      (894,847 )      662,729       439,073       271,644       3,910       1,991,293       998,269  

Change in unrealized gain (loss) on investments

     54,813       458,761       (426,040 )      1,231,811       2,171,906       (689,289 )      (3,605,574 )      880,377  

Reinvested capital gains

     -           -           814,415       336,771       108,801       429,752       2,955,121       1,025,078  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     804,816       636,677       1,042,297       1,999,821       2,608,579       (168,710 )      1,337,332       2,898,761  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     205,224       216,657       97,132       232,836       180,750       414,756       1,135,602       1,360,464  

Transfers between funds

     (618,272 )      (2,713,698 )      106,031       (538,977 )      717,205       (1,075,449 )      (766,308 )      (2,482,556 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

     (795,046 )      (459,790 )      (364,325 )      (547,335 )      (563,487 )      (487,065 )      (1,140,319 )      (962,836 ) 

Adjustments to maintain reserves

     75       16       104       (8 )      35       17       (299 )      71  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (1,208,019 )      (2,956,815 )      (161,058 )      (853,484 )      334,503       (1,147,741 )      (771,324 )      (2,084,857 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (403,203 )      (2,320,138 )      881,239       1,146,337       2,943,082       (1,316,451 )      566,008       813,904  

Contract owners’ equity at beginning of period

     14,536,361       16,856,499       6,307,315       5,160,978       5,811,124       7,127,575       9,705,505       8,891,601  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 14,133,158       14,536,361       7,188,554       6,307,315       8,754,206       5,811,124       10,271,513       9,705,505  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     900,221       1,104,637       172,147       209,954       217,442       258,676       184,422       229,430  

Units purchased

     79,477       78,698       29,052       33,804       52,988       28,060       31,859       43,417  

Units surrendered

     (153,017 )      (283,114 )      (32,666 )      (71,611 )      (42,145 )      (69,294 )      (46,625 )      (88,425 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     826,681       900,221       168,533       172,147       228,285       217,442       169,656       184,422  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    JPMMV1     JPSCE1     JABS     JACAS  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ 396,990       512,478       2,403       4,406       247,723       528,995       (19,845 )      71,104  

Realized gain (loss) on investments

     1,071,215       (1,609,807 )      31,175       (160,993 )      2,135,261       1,880,396       4,338,655       2,178,918  

Change in unrealized gain (loss) on investments

     8,977,004       13,931       87,583       172,989       4,447,803       2,046,614       1,123,815       12,512,978  

Reinvested capital gains

     2,693,823       2,459,433       21,015       33,288       347,269       576,692       9,069,454       4,197,214  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     13,139,032       1,376,035       142,176       49,690       7,178,056       5,032,697       14,512,079       18,960,214  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     869,702       587,098       128,518       284,642       1,127,130       3,411,480       1,741,314       1,840,092  

Transfers between funds

     544,269       80,551       335,215       (339,354 )      418,635       (324,183 )      (3,447,955 )      (2,110,233 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

     (1,941,925 )      (1,327,273 )      (14,672 )      (56,778 )      (2,116,427 )      (2,891,038 )      (4,829,068 )      (5,697,033 ) 

Adjustments to maintain reserves

     (128 )      138       12       9       143       91       60       6  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (528,082 )      (659,486 )      449,073       (111,481 )      (570,519 )      196,350       (6,535,649 )      (5,967,168 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     12,610,950       716,549       591,249       (61,791 )      6,607,537       5,229,047       7,976,430       12,993,046  

Contract owners’ equity at beginning of period

     45,332,340       44,615,791       531,195       592,986       43,662,093       38,433,046       65,981,390       52,988,344  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 57,943,290       45,332,340       1,122,444       531,195       50,269,630       43,662,093       73,957,820       65,981,390  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     1,118,045       1,104,013       33,535       42,359       940,674       943,328       1,268,442       1,418,018  

Units purchased

     222,372       160,838       41,663       25,332       101,496       147,403       135,242       75,116  

Units surrendered

     (242,458 )      (146,806 )      (16,740 )      (34,156 )      (115,452 )      (150,057 )      (247,526 )      (224,692 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     1,097,959       1,118,045       58,458       33,535       926,718       940,674       1,156,158       1,268,442  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    JAEI     JAFBS     JAGTS     JAIGS  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ 5,131       1,608       115,917       157,486       34,375       (11,727 )      257,716       232,521  

Realized gain (loss) on investments

     317,758       25,202       76,281       329,283       3,759,360       4,155,349       151,076       (509,310 ) 

Change in unrealized gain (loss) on investments

     (135,271 )      182,969       (464,291 )      151,405       (2,392,006 )      7,227,338       2,712,253       3,470,078  

Reinvested capital gains

     135,391       159,852       184,336       -           5,988,697       2,993,656       -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     323,009       369,631       (87,757 )      638,174       7,390,426       14,364,616       3,121,045       3,193,289  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     55,272       59,897       181,950       352,487       1,047,706       1,065,054       658,787       523,468  

Transfers between funds

     (1,114,300 )      (300,230 )      313,459       (224,610 )      (2,090,266 )      3,122,536       114,017       (129,508 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

     (127,864 )      (71,910 )      (281,974 )      (555,528 )      (2,773,075 )      (3,409,242 )      (1,425,799 )      (1,501,264 ) 

Adjustments to maintain reserves

     (6 )      15       6       (4 )      (9 )      123       112       (36 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (1,186,898 )      (312,228 )      213,441       (427,655 )      (3,815,644 )      778,471       (652,883 )      (1,107,340 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     (863,889 )      57,403       125,684       210,519       3,574,782       15,143,087       2,468,162       2,085,949  

Contract owners’ equity at beginning of period

     2,481,780       2,424,377       7,388,807       7,178,288       44,019,614       28,876,527       23,867,458       21,781,509  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 1,617,891       2,481,780       7,514,491       7,388,807       47,594,396       44,019,614       26,335,620       23,867,458  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     132,469       154,605       587,623       628,541       1,262,083       1,245,624       1,133,790       1,200,849  

Units purchased

     3,548       4,540       97,291       68,935       60,661       184,635       227,798       107,439  

Units surrendered

     (62,100 )      (26,676 )      (80,633 )      (109,853 )      (164,248 )      (168,176 )      (261,374 )      (174,498 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     73,917       132,469       604,281       587,623       1,158,496       1,262,083       1,100,214       1,133,790  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    JAMGS     JAMVS     LZREMS     SBVSG  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ 35,136       (56,957 )      976       6,455       234,463       262,240       (52,867 )      (37,157 ) 

Realized gain (loss) on investments

     2,284,029       1,380,127       222       (12,115 )      559,279       (1,518,101 )      3,930,858       (105,684 ) 

Change in unrealized gain (loss) on investments

     255,722       4,241,519       157,421       (28,446 )      (36,084 )      880,413       (3,994,978 )      6,697,997  

Reinvested capital gains

     3,966,351       2,645,470       -           15,152       -           -           3,547,967       1,864,361  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     6,541,238       8,210,159       158,619       (18,954 )      757,658       (375,448 )      3,430,980       8,419,517  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     1,474,913       1,104,804       2,170       1,960       392,481       711,623       858,723       1,035,434  

Transfers between funds

     (3,827,610 )      647,580       7,061       (33,570 )      (1,689,652 )      (2,081,608 )      (2,679,779 )      (701,168 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

     (989,622 )      (1,007,731 )      (18,138 )      (9,856 )      (607,819 )      (651,155 )      (1,528,014 )      (1,126,270 ) 

Adjustments to maintain reserves

     (54 )      (58 )      (2 )      10       (4 )      17       (36 )      (17 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     (3,342,373 )      744,595       (8,909 )      (41,456 )      (1,904,994 )      (2,021,123 )      (3,349,106 )      (792,021 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     3,198,865       8,954,754       149,710       (60,410 )      (1,147,336 )      (2,396,571 )      81,874       7,627,496  

Contract owners’ equity at beginning of period

     41,970,299       33,015,545       834,228       894,638       12,882,704       15,279,275       28,098,311       20,470,815  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 45,169,164       41,970,299       983,938       834,228       11,735,368       12,882,704       28,180,185       28,098,311  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     1,928,139       1,803,875       38,490       40,695       1,040,798       1,217,379       625,713       652,734  

Units purchased

     290,352       443,767       379       125       92,268       153,760       48,127       110,593  

Units surrendered

     (435,495 )      (319,503 )      (778 )      (2,330 )      (232,069 )      (330,341 )      (115,875 )      (137,614 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     1,782,996       1,928,139       38,091       38,490       900,997       1,040,798       557,965       625,713  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

    BNCAI     LOVBD     LOVMCV     LOVSDC  
    2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                

Net investment income (loss)

   $ (11,770 )      (10,940 )      124,463       146,178       -           10       470,767       608,844  

Realized gain (loss) on investments

     525,259       846,888       58,131       72,232       254       (2,320 )      50,245       (205,731 ) 

Change in unrealized gain (loss) on investments

     544,970       675,201       (122,970 )      54,045       (166 )      711       (405,229 )      227,598  

Reinvested capital gains

     164,749       113,979       70,004       -           1       -           -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

     1,223,208       1,625,128       129,628       272,455       89       (1,599 )      115,783       630,711  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                

Purchase payments received from policyholders (notes 3 and 6)

     689       (97,591 )      73,172       402,920       -           -           429,920       (397,107 ) 

Transfers between funds

     194,608       (736,634 )      125,021       (489,083 )      (1,434 )      (3,606 )      (162,382 )      2,510,908  

Surrenders (notes 3, 4, 5, 6 and 7)

     (173,902 )      (367,220 )      (209,434 )      (46,535 )      277       (5,639 )      (1,267,618 )      16,676  

Adjustments to maintain reserves

     (9 )      (63 )      (6 )      18       7       (14 )      (18 )      (6,922 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

     21,386       (1,201,508 )      (11,247 )      (132,680 )      (1,150 )      (9,259 )      (1,000,098 )      2,123,555  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

     1,244,594       423,620       118,381       139,775       (1,061 )      (10,858 )      (884,315 )      2,754,266  

Contract owners’ equity at beginning of period

     6,747,501       6,323,881       4,246,211       4,106,436       1,061       11,919       24,171,910       21,417,644  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

   $ 7,992,095       6,747,501       4,364,592       4,246,211       -           1,061       23,287,595       24,171,910  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                

Beginning units

     82,684       103,709       302,161       313,730       44       491       2,143,345       1,956,169  

Units purchased

     28,257       5,309       17,352       101,835       13       61       654,237       474,179  

Units surrendered

     (28,913 )      (26,334 )      (18,207 )      (113,404 )      (57 )      (508 )      (745,036 )      (287,003 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

     82,028       82,684       301,306       302,161       -           44       2,052,546       2,143,345  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     LOVTRC     MNVFRS     MEGSS      MMCGSC  
     2021     2020     2021     2020     2021     2020      2021     2020  

Investment activity*:

                  

Net investment income (loss)

    $ 352,500       782,840       1,239       149       (1 )      -            (2,790 )      (716 ) 

Realized gain (loss) on investments

      895,562       279,420       16       -           -           -            127,270       44,318  

Change in unrealized gain (loss) on investments

      (1,576,908 )      546,300       222       539       (70 )      -            (376,329 )      219,819  

Reinvested capital gains

      182,846       676,850       -           -           -           -            565,922       96,190  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

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

      (146,000 )      2,285,410       1,477       688       (71 )      -            314,073       359,611  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Equity transactions:

                  

Purchase payments received from policyholders (notes 3 and 6)

      1,886,304       2,050,379       4,900       -           -           -            98,804       429,313  

Transfers between funds

      (14,919,215 )      3,229,237       -           43,823       6,204       -            1,045,433       490,401  

Surrenders (notes 3, 4, 5, 6 and 7)

      (2,904,934 )      (1,454,824 )      (778 )      (67 )      (9 )      -            (299,230 )      (56,575 ) 

Adjustments to maintain reserves

      (6 )      26       (9 )      (1 )      (7 )      -            20       (8 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net equity transactions

      (15,937,851 )      3,824,818       4,113       43,755       6,188       -            845,027       863,131  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net change in contract owners’ equity

      (16,083,851 )      6,110,228       5,590       44,443       6,117       -            1,159,100       1,222,742  

Contract owners’ equity at beginning of period

      37,251,155       31,140,927       44,443       -           -           -            1,471,978       249,236  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 21,167,304       37,251,155       50,033       44,443       6,117       -            2,631,078       1,471,978  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

CHANGE IN UNITS:

                  

Beginning units

      3,073,147       2,753,771       3,986       -           -           -            81,625       18,803  

Units purchased

      710,301       530,619       428       3,992       534       -            78,410       95,358  

Units surrendered

      (2,030,995 )      (211,243 )      (68 )      (6 )      (1 )      -            (31,665 )      (32,536 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Ending units

      1,752,453       3,073,147       4,346       3,986       533       -            128,370       81,625  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     MNDIC     MNDSC     MV2EEI      MV2EES  
     2021     2020     2021     2020     2021     2020      2021     2020  

Investment activity*:

                  

Net investment income (loss)

    $ -           -           2,399       (284 )      -           -            257       -      

Realized gain (loss) on investments

      228,062       (9,082 )      121,616       3,569       -           -            (1,032 )      -      

Change in unrealized gain (loss) on investments

      (510,786 )      557,401       (912,775 )      702,736       (46 )      -            (18,115 )      -      

Reinvested capital gains

      337,501       155,504       850,045       168,125       -           -            12       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

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

      54,777       703,823       61,285       874,146       (46 )      -            (18,878 )      -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Equity transactions:

                  

Purchase payments received from policyholders (notes 3 and 6)

      70,832       83,978       226,266       707,111       -           -            (90 )      -      

Transfers between funds

      (436,944 )      308,819       916,505       1,151,093       1,109       -            155,086       -      

Surrenders (notes 3, 4, 5, 6 and 7)

      (236,014 )      (150,581 )      (64,466 )      (22,161 )      (19 )      -            (3,802 )      -      

Adjustments to maintain reserves

      101       12       (57 )      29       (4 )      -            -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net equity transactions

      (602,025 )      242,228       1,078,248       1,836,072       1,086       -            151,194       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net change in contract owners’ equity

      (547,248 )      946,051       1,139,533       2,710,218       1,040       -            132,316       -      

Contract owners’ equity at beginning of period

      2,389,820       1,443,769       3,526,600       816,382       -           -            -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 1,842,572       2,389,820       4,666,133       3,526,600       1,040       -            132,316       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

CHANGE IN UNITS:

                  

Beginning units

      63,827       56,254       97,110       32,582       -           -            -           -      

Units purchased

      2,107       13,156       36,021       65,331       97       -            23,973       -      

Units surrendered

      (17,593 )      (5,583 )      (6,878 )      (803 )      (2 )      -            (11,794 )      -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Ending units

      48,341       63,827       126,253       97,110       95       -            12,179       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     MV2IGI     MV2RIS     MV3MVI     MV3MVS  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 12,822       19,362       230,463       14,368       1,433       8       10,272       3,384  

Realized gain (loss) on investments

      223,257       180,219       93,491       734,708       3,861       -           239,700       (1,015 ) 

Change in unrealized gain (loss) on investments

      283,060       245,786       1,883,975       (994,515 )      17,282       232       147,691       104,969  

Reinvested capital gains

      682,843       410,118       1,955,689       58,183       1,214       27       12,619       16,423  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      1,201,982       855,485       4,163,618       (187,256 )      23,790       267       410,282       123,761  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      116,310       92,499       99,147       35,178       112,448       -           14,568       5,283  

Transfers between funds

      (268,848 )      (149,117 )      (58,230 )      10,291,564       209,749       14,585       303,953       1,233,077  

Surrenders (notes 3, 4, 5, 6 and 7)

      (298,749 )      (370,016 )      (515,066 )      (212,653 )      (7,311 )      (36 )      (578,825 )      (2,863 ) 

Adjustments to maintain reserves

      12       (5 )      38       8       (12 )      7       (20 )      4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (451,275 )      (426,639 )      (474,111 )      10,114,097       314,874       14,556       (260,324 )      1,235,501  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      750,707       428,846       3,689,507       9,926,841       338,664       14,823       149,958       1,359,262  

Contract owners’ equity at beginning of period

      4,805,134       4,376,288       37,528,717       27,601,876       14,823       -           1,369,174       9,912  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 5,555,841       4,805,134       41,218,224       37,528,717       353,487       14,823       1,519,132       1,369,174  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      206,954       230,941       2,635,491       2,182,472       1,076       -           120,414       902  

Units purchased

      6,084       11,448       31,247       477,814       19,003       1,079       32,737       119,892  

Units surrendered

      (23,087 )      (35,435 )      (62,751 )      (24,795 )      (489 )      (3 )      (50,684 )      (380 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      189,951       206,954       2,603,987       2,635,491       19,590       1,076       102,467       120,414  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     MVBRES     MVFIC     MVFSC     MVIGIC  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 15,199       15,433       154,433       160,875       1,099,308       915,638       2,459       3,494  

Realized gain (loss) on investments

      105,789       (96,639 )      278,682       14,479       2,479,658       (347,986 )      20,239       (1,187 ) 

Change in unrealized gain (loss) on investments

      253,270       167,050       1,926,819       (317,781 )      17,871,954       (151,513 )      (3,274 )      43,913  

Reinvested capital gains

      144,494       70,927       257,172       450,878       2,564,489       3,637,672       20,052       3,178  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      518,752       156,771       2,617,106       308,451       24,015,409       4,053,811       39,476       49,398  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      139,920       132,489       260,800       259,645       2,170,087       2,365,146       54,733       4,199  

Transfers between funds

      (10,013 )      (866,372 )      (236,097 )      (525,872 )      3,645,850       7,685,400       120,574       147,410  

Surrenders (notes 3, 4, 5, 6 and 7)

      (48,919 )      (138,911 )      (817,659 )      (726,919 )      (5,973,325 )      (2,594,249 )      (20,484 )      (18,962 ) 

Adjustments to maintain reserves

      3       15       (43 )      6       (137 )      185       -           (4 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      80,991       (872,779 )      (792,999 )      (993,140 )      (157,525 )      7,456,482       154,823       132,643  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      599,743       (716,008 )      1,824,107       (684,689 )      23,857,884       11,510,293       194,299       182,041  

Contract owners’ equity at beginning of period

      1,738,664       2,454,672       10,724,980       11,409,669       97,058,379       85,548,086       302,884       120,843  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 2,338,407       1,738,664       12,549,087       10,724,980       120,916,263       97,058,379       497,183       302,884  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      88,920       144,468       209,472       230,589       4,050,766       3,683,177       23,852       11,023  

Units purchased

      10,496       20,062       7,075       9,695       804,725       830,715       13,607       14,724  

Units surrendered

      (6,681 )      (75,610 )      (21,175 )      (30,812 )      (824,102 )      (463,126 )      (1,628 )      (1,895 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      92,735       88,920       195,372       209,472       4,031,389       4,050,766       35,831       23,852  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     MVIVSC     MVRBSS     MSEM     MSVEG  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ (36,633 )      565,331       97,983       47,877       391,959       332,923       (21,075 )      (9,921 ) 

Realized gain (loss) on investments

      6,735,502       4,350,810       11,766       30,519       (96,863 )      (195,195 )      3,066,281       756,195  

Change in unrealized gain (loss) on investments

      1,355,310       11,773,879       (147,647 )      89,031       (464,378 )      209,085       (7,614,631 )      3,839,911  

Reinvested capital gains

      2,989,831       1,996,613       304       -           -           -           4,362,340       719,874  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      11,044,010       18,686,633       (37,594 )      167,427       (169,282 )      346,813       (207,085 )      5,306,059  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      1,723,203       1,814,032       258,316       200,237       188,864       184,237       684,711       682,921  

Transfers between funds

      (3,722,319 )      (3,801,379 )      474,400       2,015,271       122,016       (385,980 )      4,685,848       1,509,020  

Surrenders (notes 3, 4, 5, 6 and 7)

      (4,875,600 )      (4,237,506 )      (92,200 )      (31,983 )      (575,753 )      (421,702 )      (1,096,250 )      (477,186 ) 

Adjustments to maintain reserves

      (132 )      (126 )      (7 )      10       (15 )      22       (15 )      238  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (6,874,848 )      (6,224,979 )      640,509       2,183,535       (264,888 )      (623,423 )      4,274,294       1,714,993  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      4,169,162       12,461,654       602,915       2,350,962       (434,170 )      (276,610 )      4,067,209       7,021,052  

Contract owners’ equity at beginning 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  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 115,368,604       111,199,442       4,164,240       3,561,325       7,443,541       7,877,711       15,301,238       11,234,029  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      2,828,149       3,016,906       298,146       109,591       174,554       192,075       129,598       105,709  

Units purchased

      790,894       375,596       92,593       243,940       21,460       19,059       141,912       39,953  

Units surrendered

      (963,001 )      (564,353 )      (38,175 )      (55,385 )      (31,504 )      (36,580 )      (95,454 )      (16,064 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      2,656,042       2,828,149       352,564       298,146       164,510       174,554       176,056       129,598  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     MSVFI     MSVMG     MSVRE     VKVGR2  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 103,286       69,103       (6,456 )      (6,449 )      107,879       137,131       111,807       203,379  

Realized gain (loss) on investments

      13,158       45,782       487,778       752,176       (231,460 )      (1,116,019 )      (213,682 )      (914,985 ) 

Change in unrealized gain (loss) on investments

      (297,032 )      39,231       (2,728,875 )      1,838,774       2,057,854       (983,750 )      1,090,999       (165,459 ) 

Reinvested capital gains

      171,190       25,261       1,753,317       377,455       -           145,795       -           100,464  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      (9,398 )      179,377       (494,236 )      2,961,956       1,934,273       (1,816,843 )      989,124       (776,601 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      149,659       152,256       (2,153 )      1,825       5,896       89,104       250,717       256,589  

Transfers between funds

      169,319       419,659       (691,796 )      (331,964 )      34,445       (3,391,169 )      (650,048 )      (433,163 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (267,808 )      (406,501 )      (141,277 )      (177,228 )      (75,860 )      (262,874 )      (387,615 )      (214,486 ) 

Adjustments to maintain reserves

      (53 )      1       88       (18 )      8       9       (10 )      12  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      51,117       165,415       (835,138 )      (507,385 )      (35,511 )      (3,564,930 )      (786,956 )      (391,048 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      41,719       344,792       (1,329,374 )      2,454,571       1,898,762       (5,381,773 )      202,168       (1,167,649 ) 

Contract owners’ equity at beginning 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  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 2,658,152       2,616,433       3,480,932       4,810,306       7,110,330       5,211,568       4,781,913       4,579,745  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      123,213       115,319       59,566       73,374       95,340       160,729       394,939       421,903  

Units purchased

      16,591       30,388       34,151       19,514       15,552       4,004       64,008       72,021  

Units surrendered

      (14,219 )      (22,494 )      (45,807 )      (33,322 )      (20,997 )      (69,393 )      (125,908 )      (98,985 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      125,585       123,213       47,910       59,566       89,895       95,340       333,039       394,939  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     DTRTFB     EIF     GBF     GEM  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 10,019       3,386       204,069       229,083       1,815,992       2,271,406       134,602       231,661  

Realized gain (loss) on investments

      107       622       900,887       772,428       999,579       1,469,123       651,392       511,734  

Change in unrealized gain (loss) on investments

      (10,394 )      1,309       1,557,484       (1,020,478 )      (5,469,353 )      3,305,635       (1,847,844 )      501,294  

Reinvested capital gains

      1,217       -           161,825       566,861       -           -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      949       5,317       2,824,265       547,894       (2,653,782 )      7,046,164       (1,061,850 )      1,244,689  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      1,862       1,807       246,371       312,727       3,769,900       2,595,622       505,537       441,749  

Transfers between funds

      300,019       26,594       (442,600 )      1,595       5,171,743       (24,878,891 )      75,565       (1,337,255 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (4,430 )      (14,950 )      (902,285 )      (766,949 )      (6,455,790 )      (6,371,267 )      (688,338 )      (888,361 ) 

Adjustments to maintain reserves

      (7 )      9       (306 )      (26 )      (153 )      73       (754 )      88  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      297,444       13,460       (1,098,820 )      (452,653 )      2,485,700       (28,654,463 )      (107,990 )      (1,783,779 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      298,393       18,777       1,725,445       95,241       (168,082 )      (21,608,299 )      (1,169,840 )      (539,090 ) 

Contract owners’ equity at beginning of period

      149,535       130,758       14,694,030       14,598,789       115,933,592       137,541,891       14,598,254       15,137,344  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 447,928       149,535       16,419,475       14,694,030       115,765,510       115,933,592       13,428,414       14,598,254  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      13,279       12,047       407,493       419,411       5,067,963       6,370,399       390,435       459,444  

Units purchased

      27,102       2,607       14,974       20,284       1,033,045       1,127,189       44,764       31,158  

Units surrendered

      (423 )      (1,375 )      (44,181 )      (32,202 )      (992,744 )      (2,429,625 )      (47,609 )      (100,167 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      39,958       13,279       378,286       407,493       5,108,264       5,067,963       387,590       390,435  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     GIG     GVAAA2     GVABD2     GVAGG2  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 455,527       168,959       150,662       207,398       36,278       44,175       -           62,698  

Realized gain (loss) on investments

      519,102       58,499       163,570       254,258       36,225       31,152       599,985       89,082  

Change in unrealized gain (loss) on investments

      1,075,057       619,621       1,414,573       (24,811 )      (95,926 )      70,222       812,775       1,836,516  

Reinvested capital gains

      -           -           82,456       1,072,347       10,096       1,426       311,933       639,200  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      2,049,686       847,079       1,811,261       1,509,192       (13,327 )      146,975       1,724,693       2,627,496  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      497,189       516,246       573,734       783,580       73,774       81,779       413,263       267,469  

Transfers between funds

      753,832       (851,977 )      292,981       (1,316,883 )      432,390       170,171       (273,794 )      (263,256 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,305,369 )      (2,172,996 )      (873,180 )      (1,992,384 )      (507,323 )      (171,988 )      (1,029,636 )      (952,365 ) 

Adjustments to maintain reserves

      (226 )      244       (11 )      26       (8 )      7       78       (8 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (54,574 )      (2,508,483 )      (6,476 )      (2,525,661 )      (1,167 )      79,969       (890,089 )      (948,160 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      1,995,112       (1,661,404 )      1,804,785       (1,016,469 )      (14,494 )      226,944       834,604       1,679,336  

Contract owners’ equity at beginning 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  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 18,637,063       16,641,951       14,312,406       12,507,621       1,981,809       1,996,303       11,877,839       11,043,235  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      742,550       882,785       464,253       562,207       121,550       117,649       286,326       315,449  

Units purchased

      124,530       55,162       32,930       28,415       32,229       34,555       16,321       12,359  

Units surrendered

      (127,706 )      (195,397 )      (34,061 )      (126,369 )      (32,242 )      (30,654 )      (37,168 )      (41,482 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      739,374       742,550       463,122       464,253       121,537       121,550       265,479       286,326  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     GVAGI2     GVAGR2     GVDMA     GVDMC  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 63,280       72,723       -           101,246       122,637       169,200       31,086       14,956  

Realized gain (loss) on investments

      132,370       21,649       906,411       468,715       2,350,886       1,736,323       385,696       (659,610 ) 

Change in unrealized gain (loss) on investments

      878,649       32,158       2,865,681       4,534,648       11,331,707       4,229,027       952,743       2,140,077  

Reinvested capital gains

      109,410       449,012       354,169       1,325,855       1,918,642       6,512,852       215,221       644,105  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      1,183,709       575,542       4,126,261       6,430,464       15,723,872       12,647,402       1,584,746       2,139,528  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      714,960       188,609       338,693       272,663       3,518,745       4,358,395       685,025       980,609  

Transfers between funds

      33,257       (126,901 )      2,208,417       1,307,709       1,964,917       1,121,062       1,565,728       255,138  

Surrenders (notes 3, 4, 5, 6 and 7)

      (569,246 )      (516,603 )      (1,722,644 )      (1,353,211 )      (7,049,437 )      (7,514,657 )      (2,043,001 )      (1,919,773 ) 

Adjustments to maintain reserves

      (16 )      (21 )      (77 )      15       (8,187 )      945       (126 )      5  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      178,955       (454,916 )      824,389       227,176       (1,573,962 )      (2,034,255 )      207,626       (684,021 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      1,362,664       120,626       4,950,650       6,657,640       14,149,910       10,613,147       1,792,372       1,455,507  

Contract owners’ equity at beginning 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  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 6,320,263       4,957,599       24,390,856       19,440,206       130,944,131       116,794,221       25,039,441       23,247,069  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      174,770       192,818       401,827       400,269       3,367,702       3,434,675       908,828       920,683  

Units purchased

      21,839       6,994       49,865       43,327       223,496       313,680       133,995       207,517  

Units surrendered

      (16,410 )      (25,042 )      (36,865 )      (41,769 )      (264,791 )      (380,653 )      (123,942 )      (219,372 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      180,199       174,770       414,827       401,827       3,326,407       3,367,702       918,881       908,828  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     GVEX1     GVIDA     GVIDC     GVIDM  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 346,191       182,448       18,124       47,958       23,853       (190 )      113,033       63,433  

Realized gain (loss) on investments

      518,186       290,572       722,024       (435,580 )      243,733       (34,273 )      756,145       621,021  

Change in unrealized gain (loss) on investments

      2,747,935       998,877       5,478,546       2,754,168       104,688       911,200       6,266,233       2,809,058  

Reinvested capital gains

      111,702       170,222       865,707       2,607,851       110,760       150,171       945,175       4,213,803  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      3,724,014       1,642,119       7,084,401       4,974,397       483,034       1,026,908       8,080,586       7,707,315  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      269,815       544,137       1,574,209       1,483,360       570,142       654,008       933,305       2,276,424  

Transfers between funds

      3,778,179       1,847,619       3,090,459       (197,252 )      1,618,247       2,142,717       (121,319 )      2,221,853  

Surrenders (notes 3, 4, 5, 6 and 7)

      (922,314 )      (630,477 )      (2,619,449 )      (3,513,497 )      (721,806 )      (1,316,537 )      (5,982,738 )      (5,147,796 ) 

Adjustments to maintain reserves

      (6 )      (2 )      (1,779 )      261       (6 )      38       (167 )      25  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      3,125,674       1,761,277       2,043,440       (2,227,128 )      1,466,577       1,480,226       (5,170,919 )      (649,494 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      6,849,688       3,403,396       9,127,841       2,747,269       1,949,611       2,507,134       2,909,667       7,057,821  

Contract owners’ equity at beginning 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  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 17,731,830       10,882,142       54,298,575       45,170,734       18,734,221       16,784,610       84,688,200       81,778,533  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      399,563       324,557       1,229,338       1,302,019       804,038       728,384       2,723,052       2,741,076  

Units purchased

      141,588       101,759       158,954       106,707       205,111       182,046       303,921       274,960  

Units surrendered

      (33,966 )      (26,753 )      (107,704 )      (179,388 )      (135,200 )      (106,392 )      (471,336 )      (292,984 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      507,185       399,563       1,280,588       1,229,338       873,949       804,038       2,555,637       2,723,052  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     GVIX2     HIBF     IDPG     IDPGI  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 106,958       80,346       1,048,529       1,098,177       1,315       18       43       10  

Realized gain (loss) on investments

      70,451       (24,353 )      (24,096 )      (101,296 )      6,403       (135 )      57       (1 ) 

Change in unrealized gain (loss) on investments

      207,293       203,770       30,163       34,387       15,686       563       411       301  

Reinvested capital gains

      -           105,317       -           -           11,314       265       231       90  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      384,702       365,080       1,054,596       1,031,268       34,718       711       742       400  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      102,890       133,018       259,099       261,729       576       576       317       202  

Transfers between funds

      (265,164 )      513,131       875,529       (1,817,747 )      271,194       -           1,206       535  

Surrenders (notes 3, 4, 5, 6 and 7)

      (61,218 )      (100,761 )      (1,310,578 )      (1,051,336 )      (5,829 )      (5,535 )      (665 )      (375 ) 

Adjustments to maintain reserves

      (4 )      (6 )      (1,243 )      22       (11 )      (3 )      (6 )      (1 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (223,496 )      545,382       (177,193 )      (2,607,332 )      265,930       (4,962 )      852       361  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      161,206       910,462       877,403       (1,576,064 )      300,648       (4,251 )      1,594       761  

Contract owners’ equity at beginning of period

      3,935,044       3,024,582       22,064,177       23,640,241       15,308       19,559       8,449       7,688  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 4,096,250       3,935,044       22,941,580       22,064,177       315,956       15,308       10,043       8,449  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      301,848       249,031       608,700       689,566       1,075       1,464       628       599  

Units purchased

      25,023       74,251       123,808       36,822       19,130       128       119       59  

Units surrendered

      (42,587 )      (21,434 )      (121,561 )      (117,688 )      (454 )      (517 )      (54 )      (30 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      284,284       301,848       610,947       608,700       19,751       1,075       693       628  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     MCIF     MSBF     NCPG     NCPGI  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 1,519,363       1,088,960       606,698       338,070       497       1,268       68       116  

Realized gain (loss) on investments

      1,777,391       (4,765,478 )      25,811       (151,837 )      1,341       (266 )      26       19  

Change in unrealized gain (loss) on investments

      23,298,739       12,688,213       (91,741 )      127,054       17,010       7,982       1,877       485  

Reinvested capital gains

      2,432,651       5,249,551       -           -           -           -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      29,028,144       14,261,246       540,768       313,287       18,848       8,984       1,971       620  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      3,355,523       3,242,262       242,102       267,217       7,356       58,058       576       488  

Transfers between funds

      (1,189,016 )      (5,197,849 )      452,769       (355,601 )      (557 )      (881 )      -           18,423  

Surrenders (notes 3, 4, 5, 6 and 7)

      (6,302,414 )      (5,670,127 )      (679,341 )      (811,208 )      81,152       (92,695 )      (487 )      (5,158 ) 

Adjustments to maintain reserves

      (189 )      (622 )      (4 )      (18 )      (7 )      5       (4 )      4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (4,136,096 )      (7,626,336 )      15,526       (899,610 )      87,944       (35,513 )      85       13,757  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      24,892,048       6,634,910       556,294       (586,323 )      106,792       (26,529 )      2,056       14,377  

Contract owners’ equity at beginning of period

      123,638,238       117,003,328       10,564,120       11,150,443       92,776       119,305       19,227       4,850  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 148,530,286       123,638,238       11,120,414       10,564,120       199,568       92,776       21,283       19,227  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      1,913,851       2,062,940       379,112       416,531       6,631       9,171       1,448       385  

Units purchased

      213,775       179,394       42,819       20,999       6,441       5,809       41       1,479  

Units surrendered

      (317,691 )      (328,483 )      (43,524 )      (58,418 )      (744 )      (8,349 )      (34 )      (416 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      1,809,935       1,913,851       378,407       379,112       12,328       6,631       1,455       1,448  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     NJMMA2     NJMMAY     NVAMV1     NVAMVX  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ (10 )      38       21,713       1,033       485,719       552,932       335,221       235,645  

Realized gain (loss) on investments

      1,505       76       432       41       517,113       (256,804 )      927,611       16,917  

Change in unrealized gain (loss) on investments

      (1,559 )      1,559       11,036       30,876       10,465,218       (1,296,221 )      5,729,585       2,797,271  

Reinvested capital gains

      -           -           28,379       2,530       -           907,118       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      (64 )      1,673       61,560       34,480       11,468,050       (92,975 )      6,992,417       3,049,833  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      -           -           -           -           2,373       725,220       1,161,968       376,175  

Transfers between funds

      (54,779 )      53,840       974       749,579       (2,020,475 )      (3,526,019 )      440,104       16,970,200  

Surrenders (notes 3, 4, 5, 6 and 7)

      (153 )      (517 )      (7,947 )      (3,600 )      (3,435,138 )      (2,681,363 )      (783,725 )      (63,693 ) 

Adjustments to maintain reserves

      (4 )      4       (3 )      -           (260 )      283       11       24  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (54,936 )      53,327       (6,976 )      745,979       (5,453,500 )      (5,481,879 )      818,358       17,282,706  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (55,000 )      55,000       54,584       780,459       6,014,550       (5,574,854 )      7,810,775       20,332,539  

Contract owners’ equity at beginning of period

      55,000       -           780,459       -           35,592,148       41,167,002       20,332,539       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ -           55,000       835,043       780,459       41,606,698       35,592,148       28,143,314       20,332,539  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      5,403       -           76,088       -           990,802       1,163,109       1,715,353       -      

Units purchased

      -           5,455       300       76,448       3       31,701       249,745       1,765,470  

Units surrendered

      (5,403 )      (52 )      (746 )      (360 )      (129,856 )      (204,008 )      (201,796 )      (50,117 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      -           5,403       75,642       76,088       860,949       990,802       1,763,302       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, 2021 AND DECEMBER 31, 2020

 

     NVBX     NVCBD1     NVCCA1     NVCCN1  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 4,445,116       7,810,491       52,844       95,414       12,590       38,128       6,652       7,177  

Realized gain (loss) on investments

      11,369,391       829,654       60,382       9,198       13,140       (160,564 )      106,458       (40,914 ) 

Change in unrealized gain (loss) on investments

      (21,291,810 )      16,185,049       (232,805 )      95,469       623,058       526,025       40,250       287,329  

Reinvested capital gains

      884,372       -           80,805       8,043       -           149,476       8,833       8,508  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      (4,592,931 )      24,825,194       (38,774 )      208,124       648,788       553,065       162,193       262,100  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      370,058       695,854       100,171       95,631       354,169       541,289       310,452       495,423  

Transfers between funds

      (135,855,424 )      63,671,822       (518,813 )      1,054,776       (324,464 )      (758,610 )      (491,859 )      970,204  

Surrenders (notes 3, 4, 5, 6 and 7)

      (4,411,780 )      (10,478,321 )      (575,657 )      (245,092 )      (294,127 )      85,238       (323,222 )      (421,698 ) 

Adjustments to maintain reserves

      (250 )      114       (7 )      6       6       (1 )      (2 )      19  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (139,897,396 )      53,889,469       (994,306 )      905,321       (264,416 )      (132,084 )      (504,631 )      1,043,948  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (144,490,327 )      78,714,663       (1,033,080 )      1,113,445       384,372       420,981       (342,438 )      1,306,048  

Contract owners’ equity at beginning 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  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 237,132,398       381,622,725       2,691,588       3,724,668       4,862,254       4,477,882       3,961,507       4,303,945  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      30,603,276       22,483,412       214,351       160,810       207,791       209,609       251,827       189,973  

Units purchased

      1,951,832       9,883,886       10,599       69,889       21,978       66,753       36,170       111,989  

Units surrendered

      (13,115,342 )      (1,764,022 )      (68,441 )      (16,348 )      (34,849 )      (68,571 )      (66,451 )      (50,135 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      19,439,766       30,603,276       156,509       214,351       194,920       207,791       221,546       251,827  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     NVCMA1     NVCMC1     NVCMD1     NVCRA1  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 20,596       76,134       5,569       11,606       24,346       61,412       6,619       31,919  

Realized gain (loss) on investments

      (83,720 )      (179,273 )      182,043       (52,199 )      (55,674 )      (129,886 )      201,672       (65,901 ) 

Change in unrealized gain (loss) on investments

      1,479,292       820,087       (3,944 )      253,462       1,212,242       694,991       458,561       462,745  

Reinvested capital gains

      -           151,940       566       15,036       -           216,212       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      1,416,168       868,888       184,234       227,905       1,180,914       842,729       666,852       428,763  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      294,610       246,557       292,447       353,100       628,642       960,761       424,154       581,475  

Transfers between funds

      652,297       (321,719 )      (805,662 )      331,933       1,467,628       (258,313 )      (32,623 )      (161,018 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (402,509 )      (219,871 )      (282,410 )      (360,055 )      (777,440 )      (473,462 )      (395,625 )      (590,289 ) 

Adjustments to maintain reserves

      15       (8 )      (31 )      (4 )      (21 )      36       (29 )      23  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      544,413       (295,041 )      (795,656 )      324,974       1,318,809       229,022       (4,123 )      (169,809 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      1,960,581       573,847       (611,422 )      552,879       2,499,723       1,071,751       662,729       258,954  

Contract owners’ equity at beginning 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  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 9,701,746       7,741,165       2,266,484       2,877,906       11,030,614       8,530,891       3,967,014       3,304,285  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      347,047       360,913       151,816       133,143       396,875       388,182       143,568       149,689  

Units purchased

      38,891       17,750       17,250       45,662       111,042       51,398       27,673       35,013  

Units surrendered

      (26,860 )      (31,616 )      (59,730 )      (26,989 )      (53,363 )      (42,705 )      (29,335 )      (41,134 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      359,078       347,047       109,336       151,816       454,554       396,875       141,906       143,568  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     NVCRB1     NVDBL2     NVDCA2     NVDCAP  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 16,096       35,731       4,025       2,410       1,252       1,419       724       -      

Realized gain (loss) on investments

      170,035       (301,539 )      27,209       1,124       16,192       (6,971 )      1,782       12  

Change in unrealized gain (loss) on investments

      511,459       725,606       106,762       122,028       58,657       45,461       16,221       11,951  

Reinvested capital gains

      -           75,031       19,122       53,162       11,172       45,973       3,012       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      697,590       534,829       157,118       178,724       87,273       85,882       21,739       11,963  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      729,051       1,072,608       53,419       65,185       2,631       21,495       71,532       4,892  

Transfers between funds

      323,995       (1,057,179 )      (100,317 )      87,045       (6,014 )      (62,432 )      9,075       142,696  

Surrenders (notes 3, 4, 5, 6 and 7)

      (454,597 )      (725,745 )      (301,423 )      (83,487 )      (146,086 )      (44,718 )      (2,211 )      368  

Adjustments to maintain reserves

      (8 )      (10 )      12       (6 )      (2 )      21       4       (2 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      598,441       (710,326 )      (348,309 )      68,737       (149,471 )      (85,634 )      78,400       147,954  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      1,296,031       (175,497 )      (191,191 )      247,461       (62,198 )      248       100,139       159,917  

Contract owners’ equity at beginning of period

      6,423,916       6,599,413       2,157,666       1,910,205       802,530       802,282       159,917       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 7,719,947       6,423,916       1,966,475       2,157,666       740,332       802,530       260,056       159,917  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      319,254       362,954       91,065       88,203       27,253       30,410       14,775       -      

Units purchased

      63,819       78,980       2,384       7,384       164       1,176       7,203       14,844  

Units surrendered

      (39,334 )      (122,680 )      (16,774 )      (4,522 )      (5,002 )      (4,333 )      (597 )      (69 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      343,739       319,254       76,675       91,065       22,415       27,253       21,381       14,775  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     NVFIII     NVGEII     NVIDMP     NVIE6  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 1,447       2,877       909       441       13,644       -           5,351       1,774  

Realized gain (loss) on investments

      1,841       4,314       4,215       1,078       21,660       -           1,735       1,022  

Change in unrealized gain (loss) on investments

      (7,363 )      2,537       6,225       3,797       160,669       42,497       18,991       11,845  

Reinvested capital gains

      44       445       43       1       37,375       -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      (4,031 )      10,173       11,392       5,317       233,348       42,497       26,077       14,641  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      2,692       4,070       1,121       586       1,271,010       241,878       -           -      

Transfers between funds

      (81,002 )      162,423       40,521       29,821       1,234,392       739,913       -           -      

Surrenders (notes 3, 4, 5, 6 and 7)

      (5,952 )      (46,531 )      (9,259 )      (16,464 )      (14,082 )      32,123       (4,182 )      (4,166 ) 

Adjustments to maintain reserves

      (5 )      2       (3 )      1       (2 )      3       (1 )      2  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (84,267 )      119,964       32,380       13,944       2,491,318       1,013,917       (4,183 )      (4,164 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (88,298 )      130,137       43,772       19,261       2,724,666       1,056,414       21,894       10,477  

Contract owners’ equity at beginning of period

      251,187       121,050       37,771       18,510       1,056,414       -           211,067       200,590  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 162,889       251,187       81,543       37,771       3,781,080       1,056,414       232,961       211,067  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      22,193       11,457       3,002       1,703       98,504       -           16,029       16,404  

Units purchased

      252       15,124       2,946       2,785       274,302       101,291       -           -      

Units surrendered

      (7,756 )      (4,388 )      (630 )      (1,486 )      (53,567 )      (2,787 )      (289 )      (375 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      14,689       22,193       5,318       3,002       319,239       98,504       15,740       16,029  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     NVIX     NVLCP1     NVMIG1     NVMIVX  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 1,008,154       606,795       107,370       62,926       90,284       170,143       183,866       -      

Realized gain (loss) on investments

      1,196,262       (1,320,444 )      28,615       16,930       101,065       (78,775 )      64,063       9,767  

Change in unrealized gain (loss) on investments

      1,274,525       2,352,195       (232,546 )      100,316       (1,163,532 )      2,182,052       282,650       762,468  

Reinvested capital gains

      -           713,044       83,668       -           766,862       5,313,125       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      3,478,941       2,351,590       (12,893 )      180,172       (205,321 )      7,586,545       530,579       772,235  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      779,602       1,099,380       50,258       79,324       571,967       560,692       211,955       31,381  

Transfers between funds

      2,504,892       1,233,268       3,479,535       63,078       603,928       (267,728 )      78,721       4,450,741  

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,135,818 )      (2,039,561 )      (105,026 )      (76,236 )      (1,515,677 )      (1,429,738 )      (261,356 )      (204,300 ) 

Adjustments to maintain reserves

      35       (21 )      13       (12 )      (21 )      (200 )      (2 )      4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      2,148,711       293,066       3,424,780       66,154       (339,803 )      (1,136,974 )      29,318       4,277,826  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      5,627,652       2,644,656       3,411,887       246,326       (545,124 )      6,449,571       559,897       5,050,061  

Contract owners’ equity at beginning of period

      30,959,979       28,315,323       2,277,107       2,030,781       22,475,770       16,026,199       5,050,061       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 36,587,631       30,959,979       5,688,994       2,277,107       21,930,646       22,475,770       5,609,958       5,050,061  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      2,414,968       2,374,544       120,503       117,469       1,114,827       1,200,666       428,631       -      

Units purchased

      519,057       689,438       203,987       19,404       69,920       48,444       28,391       436,313  

Units surrendered

      (358,969 )      (649,014 )      (21,237 )      (16,370 )      (85,064 )      (134,283 )      (26,422 )      (7,682 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      2,575,056       2,414,968       303,253       120,503       1,099,683       1,114,827       430,600       428,631  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     NVMLG1     NVMMG1     NVMMV1     NVMMV2  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ (4,823 )      (4,505 )      74,285       (4,601 )      76,761       149,633       94,331       224,835  

Realized gain (loss) on investments

      (249,976 )      (792,024 )      1,800,677       (246,078 )      121,464       (2,411,497 )      (607,427 )      (860,941 ) 

Change in unrealized gain (loss) on investments

      3,628,322       (2,510,313 )      (13,522,538 )      18,764,097       1,619,759       2,243,367       3,314,227       388,016  

Reinvested capital gains

      3,475,283       7,477,665       8,510,810       6,719,538       -           -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      6,848,806       4,170,823       (3,136,766 )      25,232,956       1,817,984       (18,497 )      2,801,131       (248,090 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      311,349       457,992       1,637,227       1,187,727       1,030,639       1,288,891       380,975       291,640  

Transfers between funds

      229,095       (997,888 )      (1,766,712 )      2,151,786       332,894       (1,333,082 )      (32,832 )      (242,215 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,104,754 )      (1,075,419 )      (4,492,820 )      (3,485,271 )      (826,044 )      (681,068 )      (2,171,081 )      (887,763 ) 

Adjustments to maintain reserves

      34       70       49       23       (22 )      (7 )      1       (7 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (564,276 )      (1,615,245 )      (4,622,256 )      (145,735 )      537,467       (725,266 )      (1,822,937 )      (838,345 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      6,284,530       2,555,578       (7,759,022 )      25,087,221       2,355,451       (743,763 )      978,194       (1,086,435 ) 

Contract owners’ equity at beginning 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  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 23,926,902       17,642,372       60,408,255       68,167,277       10,357,156       8,001,705       13,206,366       12,228,172  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      487,140       542,567       1,518,258       1,543,482       302,109       326,265       464,832       500,340  

Units purchased

      25,807       52,530       112,065       116,002       76,779       75,064       16,563       18,902  

Units surrendered

      (42,517 )      (107,957 )      (218,922 )      (141,226 )      (63,994 )      (99,220 )      (76,597 )      (54,410 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      470,430       487,140       1,411,401       1,518,258       314,894       302,109       404,798       464,832  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     NVNMO1     NVNSR1     NVOLG1     NVRE1  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 64,064       72,582       1,618       1,273       1,476,995       2,488,042       387,195       431,071  

Realized gain (loss) on investments

      691,433       284,603       5,519       (7,090 )      5,127,906       1,829,411       1,320,551       (1,135,355 ) 

Change in unrealized gain (loss) on investments

      3,747,059       458,792       20,172       9,121       51,367,793       9,974,154       12,035,299       (1,240,836 ) 

Reinvested capital gains

      424,925       1,425,087       22,775       11,260       3,897,469       18,809,132       -           138,145  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      4,927,481       2,241,064       50,084       14,564       61,870,163       33,100,739       13,743,045       (1,806,975 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      390,689       377,099       7,688       10,703       4,458,810       4,559,948       937,741       836,049  

Transfers between funds

      (61,327 )      (402,375 )      410,999       (33,526 )      79,353,521       (2,421,795 )      2,447,909       690,183  

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,844,108 )      (1,458,213 )      (16,893 )      (27,945 )      (19,537,507 )      (14,479,175 )      (2,972,508 )      (2,457,049 ) 

Adjustments to maintain reserves

      4       (24 )      5       (12 )      155       (538 )      54       10  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (1,514,742 )      (1,483,513 )      401,799       (50,780 )      64,274,979       (12,341,560 )      413,196       (930,807 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      3,412,739       757,551       451,883       (36,216 )      126,145,142       20,759,179       14,156,241       (2,737,782 ) 

Contract owners’ equity at beginning of period

      19,262,259       18,504,708       179,085       215,301       207,291,349       186,532,170       29,813,361       32,551,143  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 22,674,998       19,262,259       630,968       179,085       333,436,491       207,291,349       43,969,602       29,813,361  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      682,661       744,674       6,144       8,372       3,865,693       4,099,182       1,317,987       1,372,936  

Units purchased

      16,330       21,704       12,098       822       1,219,812       185,573       115,223       99,027  

Units surrendered

      (64,079 )      (83,717 )      (1,056 )      (3,050 )      (368,081 )      (419,062 )      (150,158 )      (153,976 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      634,912       682,661       17,186       6,144       4,717,424       3,865,693       1,283,052       1,317,987  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     NVSIX2     NVSIXD      NVSTB1     NVSTB2  
     2021     2020     2021     2020      2021     2020     2021     2020  

Investment activity*:

                  

Net investment income (loss)

    $ 20,202       11,149       317       -            1,897,525       3,397,445       22,121       52,051  

Realized gain (loss) on investments

      (132,291 )      (64,530 )      (57 )      -            (186,551 )      947,566       24,870       4,759  

Change in unrealized gain (loss) on investments

      298,928       264,489       (80 )      -            (2,614,329 )      6,065       (57,708 )      29,152  

Reinvested capital gains

      37,029       55,242       151       -            -           -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

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

      223,868       266,350       331       -            (903,355 )      4,351,076       (10,717 )      85,962  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                  

Purchase payments received from policyholders (notes 3 and 6)

      102,583       77,702       8,599       -            979,106       216,687       117,323       294,529  

Transfers between funds

      763,609       131,439       19,770       -            131,225,358       (70,529,302 )      (980,423 )      468,450  

Surrenders (notes 3, 4, 5, 6 and 7)

      (111,179 )      (31,050 )      (285 )      -            (3,194,562 )      (4,758,602 )      (278,644 )      (552,485 ) 

Adjustments to maintain reserves

      (2 )      11       (1 )      -            356       (6,762 )      2       4  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      755,011       178,102       28,083       -            129,010,258       (75,077,979 )      (1,141,742 )      210,498  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      978,879       444,452       28,414       -            128,106,903       (70,726,903 )      (1,152,459 )      296,460  

Contract owners’ equity at beginning of period

      1,557,624       1,113,172       -           -            32,108,328       102,835,231       3,237,618       2,941,158  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 2,536,503       1,557,624       28,414       -            160,215,231       32,108,328       2,085,159       3,237,618  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                  

Beginning units

      67,903       57,737       -           -            2,453,537       8,069,491       251,284       234,739  

Units purchased

      37,555       12,779       1,584       -            10,249,217       132,014       19,830       60,617  

Units surrendered

      (4,377 )      (2,613 )      (16 )      -            (452,901 )      (5,747,968 )      (108,317 )      (44,072 ) 
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      101,081       67,903       1,568       -            12,249,853       2,453,537       162,797       251,284  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     NVTIV3     SAM     SAM5     SCF  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 21,223       12,733       (19 )      102,816       (388,051 )      176,094       (29,033 )      (20,161 ) 

Realized gain (loss) on investments

      (27 )      (47,967 )      -           -           -           -           255,484       (3,247,065 ) 

Change in unrealized gain (loss) on investments

      65,644       62,618       -           -           -           -           14,384,031       10,469,700  

Reinvested capital gains

      -           -           -           -           -           -           612,629       1,683,638  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      86,840       27,384       (19 )      102,816       (388,051 )      176,094       15,223,111       8,886,112  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      -           14,555       4,076,430       3,479,403       54,261,946       45,559,035       806,493       761,450  

Transfers between funds

      (5,465 )      (223,804 )      (878,909 )      5,211,486       5,129,098       (11,776,647 )      2,450,867       (2,167,601 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (47,567 )      (75,766 )      (6,289,410 )      (13,919,451 )      (21,610,484 )      (32,005,043 )      (3,395,162 )      (2,298,749 ) 

Adjustments to maintain reserves

      (2 )      5       167,710       (410 )      (170 )      453       (2,476 )      544  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (53,034 )      (285,010 )      (2,924,179 )      (5,228,972 )      37,780,390       1,777,798       (140,278 )      (3,704,356 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      33,806       (257,626 )      (2,924,198 )      (5,126,156 )      37,392,339       1,953,892       15,082,833       5,181,756  

Contract owners’ equity at beginning of period

      837,364       1,094,990       38,495,066       43,621,222       225,619,161       223,665,269       49,314,100       44,132,344  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 871,170       837,364       35,570,868       38,495,066       263,011,500       225,619,161       64,396,933       49,314,100  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      43,969       60,476       2,592,546       2,945,259       19,122,843       18,952,580       712,462       795,273  

Units purchased

      -           1,176       353,165       691,318       11,433,316       8,469,222       201,320       36,527  

Units surrendered

      (2,533 )      (17,683 )      (550,136 )      (1,044,031 )      (8,364,395 )      (8,298,959 )      (269,031 )      (119,338 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      41,436       43,969       2,395,575       2,592,546       22,191,764       19,122,843       644,751       712,462  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     SCGF     SCVF     TRF     AMCG  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ (23,543 )      (18,326 )      (17,413 )      13,252       398,219       504,059       (4,715 )      (3,856 ) 

Realized gain (loss) on investments

      1,088,517       (42,131 )      (2,193,507 )      (5,615,653 )      1,534,412       13,092,184       196,495       120,627  

Change in unrealized gain (loss) on investments

      (535,436 )      6,829,915       14,131,117       7,369,812       5,837,195       (11,660,660 )      (169,672 )      276,758  

Reinvested capital gains

      3,063,461       3,545,415       -           159,995       2,367,715       3,261,012       200,971       70,902  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      3,592,999       10,314,873       11,920,197       1,927,406       10,137,541       5,196,595       223,079       464,431  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      964,029       935,675       1,287,062       971,429       1,694,934       1,805,718       1,602       23,593  

Transfers between funds

      (1,294,531 )      (2,043,890 )      2,340,974       (339,380 )      105,064       (32,634,083 )      (61,389 )      (466,407 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,374,527 )      (1,480,174 )      (3,712,626 )      (2,059,820 )      (4,746,369 )      (4,250,105 )      (153,902 )      (175,498 ) 

Adjustments to maintain reserves

      (60 )      68       (22 )      (169 )      (28,104 )      2,652       (2,345 )      (8,719 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (1,705,089 )      (2,588,321 )      (84,612 )      (1,427,940 )      (2,974,475 )      (35,075,818 )      (216,034 )      (627,031 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      1,887,910       7,726,552       11,835,585       499,466       7,163,066       (29,879,223 )      7,045       (162,600 ) 

Contract owners’ equity at beginning of period

      34,251,785       26,525,233       37,873,821       37,374,355       48,008,857       77,888,080       1,865,369       2,027,969  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 36,139,695       34,251,785       49,709,406       37,873,821       55,171,923       48,008,857       1,872,414       1,865,369  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      530,757       578,711       581,639       605,244       1,058,399       2,069,600       40,347       58,523  

Units purchased

      76,833       44,396       83,926       53,903       58,873       56,589       140       3,244  

Units surrendered

      (100,517 )      (92,350 )      (98,772 )      (77,508 )      (117,647 )      (1,067,790 )      (4,549 )      (21,420 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      507,073       530,757       566,793       581,639       999,625       1,058,399       35,938       40,347  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     AMMCGS     AMRI     AMSRS     AMTB  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ -           -           74       280       10,604       13,635       150,725       64,937  

Realized gain (loss) on investments

      77,026       127,234       1,200       (2,439 )      132,168       236,305       31,034       (9,346 ) 

Change in unrealized gain (loss) on investments

      (76,578 )      177,084       3,011       124       392,070       (53,172 )      (164,652 )      33,192  

Reinvested capital gains

      135,719       53,499       -           -           54,601       95,535       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      136,167       357,817       4,285       (2,035 )      589,443       292,303       17,107       88,783  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      21,014       19,583       256       5,497       44,767       46,254       94,858       73,641  

Transfers between funds

      (19,683 )      (233,440 )      498       (12,518 )      (138,356 )      (737,598 )      3,567,803       88,198  

Surrenders (notes 3, 4, 5, 6 and 7)

      (128,673 )      (202,288 )      (20,557 )      (452 )      (226,279 )      (236,414 )      (682,603 )      (297,916 ) 

Adjustments to maintain reserves

      54       (78 )      (3 )      (2 )      (497 )      147       8       (79 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (127,288 )      (416,223 )      (19,806 )      (7,475 )      (320,365 )      (927,611 )      2,980,066       (136,156 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      8,879       (58,406 )      (15,521 )      (9,510 )      269,078       (635,308 )      2,997,173       (47,373 ) 

Contract owners’ equity at beginning of period

      1,109,490       1,167,896       28,716       38,226       2,659,925       3,295,233       2,846,187       2,893,560  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 1,118,369       1,109,490       13,195       28,716       2,929,003       2,659,925       5,843,360       2,846,187  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      51,504       75,744       1,350       1,756       49,461       73,644       207,597       218,350  

Units purchased

      1,222       2,082       30       318       1,075       2,183       264,928       14,892  

Units surrendered

      (6,670 )      (26,322 )      (917 )      (724 )      (6,423 )      (26,366 )      (49,453 )      (25,645 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      46,056       51,504       463       1,350       44,113       49,461       423,072       207,597  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     NOTB3     NOTG3     NOTMG3     PMVAAA  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 686       993       527       921       1,603       1,228       602,957       619,792  

Realized gain (loss) on investments

      178       (211 )      383       54       1,193       78       124,405       (829,352 ) 

Change in unrealized gain (loss) on investments

      4,163       1,181       5,347       1,561       13,038       3,978       64,073       66,099  

Reinvested capital gains

      -           639       -           -           -           486       -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      5,027       2,602       6,257       2,536       15,834       5,770       791,435       (143,461 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      4,606       3,526       3,456       3,456       3,540       3,561       379,779       265,467  

Transfers between funds

      15,445       -           -           -           1,206       84,110       (390,298 )      (9,143,002 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (4,560 )      (3,383 )      (2,343 )      (2,225 )      (9,462 )      (2,946 )      (540,474 )      (784,315 ) 

Adjustments to maintain reserves

      3       (4 )      5       (7 )      -           5       (14 )      13  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      15,494       139       1,118       1,224       (4,716 )      84,730       (551,007 )      (9,661,837 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      20,521       2,741       7,375       3,760       11,118       90,500       240,428       (9,805,298 ) 

Contract owners’ equity at beginning of period

      49,013       46,272       50,011       46,251       147,710       57,210       5,194,505       14,999,803  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 69,534       49,013       57,386       50,011       158,828       147,710       5,434,933       5,194,505  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      3,627       3,618       3,592       3,493       10,474       4,296       214,380       675,872  

Units purchased

      1,462       280       230       275       355       6,447       39,523       33,935  

Units surrendered

      (347 )      (271 )      (157 )      (176 )      (681 )      (269 )      (60,377 )      (495,427 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      4,742       3,627       3,665       3,592       10,148       10,474       193,526       214,380  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     PMVFBA     PMVFHA     PMVGBA     PMVHYA  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 89,369       72,778       4,156       21,873       40,737       12,611       40,950       34,194  

Realized gain (loss) on investments

      1,243       (84,463 )      (1,510 )      3,815       3,967       5,547       2,102       (20,205 ) 

Change in unrealized gain (loss) on investments

      (215,883 )      107,363       (11,045 )      (14,315 )      (95,703 )      48,155       (10,821 )      36,887  

Reinvested capital gains

      2,631       -           2,370       -           13,166       -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      (122,640 )      95,678       (6,029 )      11,373       (37,833 )      66,313       32,231       50,876  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      57,837       65,093       47,185       16,882       131,648       72,227       97,780       1,992  

Transfers between funds

      8,788       194,779       (42,346 )      (45,065 )      280,220       10,790       34,769       224,491  

Surrenders (notes 3, 4, 5, 6 and 7)

      (75,886 )      (324,917 )      (5,638 )      (8,928 )      (18,544 )      (12,581 )      (15,301 )      (10,184 ) 

Adjustments to maintain reserves

      (8 )      131       6       17       3       40       10       152  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (9,269 )      (64,914 )      (793 )      (37,094 )      393,327       70,476       117,258       216,451  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (131,909 )      30,764       (6,822 )      (25,721 )      355,494       136,789       149,489       267,327  

Contract owners’ equity at beginning of period

      1,623,712       1,592,948       376,994       402,715       623,388       486,599       869,082       601,755  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 1,491,803       1,623,712       370,172       376,994       978,882       623,388       1,018,571       869,082  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      104,814       114,171       32,323       36,396       53,516       45,894       73,350       53,595  

Units purchased

      27,914       34,034       12,814       15,054       42,336       11,795       18,432       37,268  

Units surrendered

      (28,847 )      (43,391 )      (12,786 )      (19,127 )      (7,997 )      (4,173 )      (8,692 )      (17,513 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      103,881       104,814       32,351       32,323       87,855       53,516       83,090       73,350  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     PMVLDA     PMVLGA     PMVRRA     PMVRSA  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 158,765       397,380       283,411       200,578       2,487,665       602,069       14,245       8,391  

Realized gain (loss) on investments

      274,555       145,589       (1,442,857 )      535,797       1,353,199       1,378,126       1,423       (3,579 ) 

Change in unrealized gain (loss) on investments

      (918,262 )      548,008       (3,632,420 )      (319,224 )      (1,094,737 )      3,327,696       46,663       (3,152 ) 

Reinvested capital gains

      -           -           3,872,848       67,562       -           -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      (484,942 )      1,090,977       (919,018 )      484,713       2,746,127       5,307,891       62,331       1,660  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      633,796       514,430       12,389       58,718       652,938       485,293       7,617       3,029  

Transfers between funds

      4,480,266       7,528,821       (3,102,248 )      9,578,736       1,477,195       2,549,998       171,900       11,044  

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,552,446 )      (2,718,914 )      (230,689 )      (136,340 )      (1,059,601 )      (3,407,226 )      (10,233 )      (6,390 ) 

Adjustments to maintain reserves

      (630 )      3,101       (568 )      1,050       (2,822 )      6,218       2       (1 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      3,560,986       5,327,438       (3,321,116 )      9,502,164       1,067,710       (365,717 )      169,286       7,682  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      3,076,044       6,418,415       (4,240,134 )      9,986,877       3,813,837       4,942,174       231,617       9,342  

Contract owners’ equity at beginning of period

      41,172,809       34,754,394       18,624,770       8,637,893       52,134,936       47,192,762       150,242       140,900  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 44,248,853       41,172,809       14,384,636       18,624,770       55,948,773       52,134,936       381,859       150,242  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      2,498,735       2,169,008       870,553       474,406       2,268,920       2,292,172       23,857       22,676  

Units purchased

      634,503       732,619       17,485       409,896       306,489       293,085       22,983       2,560  

Units surrendered

      (420,053 )      (402,892 )      (181,554 )      (13,749 )      (268,028 )      (316,337 )      (1,366 )      (1,379 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      2,713,185       2,498,735       706,484       870,553       2,307,381       2,268,920       45,474       23,857  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     PMVTRA     PVEIB     PVGOB     PVTIGB  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 1,252,000       1,544,717       23,201       24,979       -           1,004       15,611       17,113  

Realized gain (loss) on investments

      539,146       1,222,867       65,639       6,513       160,957       550,068       63,824       (4,775 ) 

Change in unrealized gain (loss) on investments

      (5,995,103 )      2,578,141       330,044       (1,792 )      228,406       237,299       (28,479 )      102,716  

Reinvested capital gains

      3,096,370       885,171       72,232       100,574       340,268       141,971       48,141       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      (1,107,587 )      6,230,896       491,116       130,274       729,631       930,342       99,097       115,054  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      2,334,267       2,291,343       54,196       38,056       55,686       187,484       46,878       20,963  

Transfers between funds

      (8,029,128 )      5,580,392       236,276       121,964       (516,138 )      865,962       62,163       (44,273 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (2,530,928 )      (4,720,303 )      (142,807 )      (92,486 )      (211,778 )      (268,191 )      (325,104 )      (109,588 ) 

Adjustments to maintain reserves

      (2,835 )      8,680       (6 )      10       (11 )      (11 )      (7 )      5  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (8,228,624 )      3,160,112       147,659       67,544       (672,241 )      785,244       (216,070 )      (132,893 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (9,336,211 )      9,391,008       638,775       197,818       57,390       1,715,586       (116,973 )      (17,839 ) 

Contract owners’ equity at beginning of period

      81,214,234       71,823,226       1,698,982       1,501,164       3,610,974       1,895,388       1,204,943       1,222,782  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 71,878,023       81,214,234       2,337,757       1,698,982       3,668,364       3,610,974       1,087,970       1,204,943  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      3,331,795       3,204,002       118,429       110,712       140,035       101,955       40,015       45,519  

Units purchased

      752,103       746,962       21,663       16,956       4,212       52,942       3,706       1,263  

Units surrendered

      (1,094,296 )      (619,169 )      (12,086 )      (9,239 )      (28,263 )      (14,862 )      (10,519 )      (6,767 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      2,989,602       3,331,795       128,006       118,429       115,984       140,035       33,202       40,015  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     PVTSCB     ROCMC     TRBCGP     TREI2  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 6,600       7,162       (3,341 )      (3,901 )      (217,578 )      (182,261 )      252,379       361,943  

Realized gain (loss) on investments

      260,852       (139,701 )      402,195       (898,414 )      10,631,845       9,456,157       759,622       (2,501,150 ) 

Change in unrealized gain (loss) on investments

      157,414       255,228       212,261       828,780       (3,917,728 )      19,266,798       2,257,910       1,306,053  

Reinvested capital gains

      -           -           127,656       33,085       14,805,065       4,013,456       1,511,862       433,446  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      424,866       122,689       738,771       (40,450 )      21,301,604       32,554,150       4,781,773       (399,708 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      154,766       143,254       57,825       (25,582 )      5,336,075       5,072,803       193,588       147,801  

Transfers between funds

      (103,083 )      25,630       (333,216 )      (1,386,885 )      (10,387,362 )      (1,815,347 )      (2,504,689 )      (1,853,820 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (34,098 )      (26,484 )      (98,170 )      (173,358 )      (7,072,674 )      (7,071,485 )      (1,014,343 )      (1,808,300 ) 

Adjustments to maintain reserves

      (12 )      7       39       (10 )      (5,734 )      (523 )      34       84  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      17,573       142,407       (373,522 )      (1,585,835 )      (12,129,695 )      (3,814,552 )      (3,325,410 )      (3,514,235 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      442,439       265,096       365,249       (1,626,285 )      9,171,909       28,739,598       1,456,363       (3,913,943 ) 

Contract owners’ equity at beginning of period

      1,041,141       776,045       2,537,248       4,163,533       129,855,277       101,115,679       20,125,400       24,039,343  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 1,483,580       1,041,141       2,902,497       2,537,248       139,027,186       129,855,277       21,581,763       20,125,400  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      54,468       42,112       56,567       114,963       3,107,541       3,244,814       523,995       632,019  

Units purchased

      14,825       16,503       17,228       16,084       238,760       149,347       121,572       81,863  

Units surrendered

      (13,768 )      (4,147 )      (24,248 )      (74,480 )      (513,637 )      (286,620 )      (198,528 )      (189,887 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      55,525       54,468       49,547       56,567       2,832,664       3,107,541       447,039       523,995  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     TRHS2     TRLT1     TRMCG2     TRNAG1  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ -           -           251,545       466,039       (85,682 )      (68,133 )      (124,652 )      (102,729 ) 

Realized gain (loss) on investments

      1,455,575       933,933       51,120       993,787       1,251,009       402,860       6,777,207       6,907,981  

Change in unrealized gain (loss) on investments

      (600,549 )      1,684,031       (538,642 )      (175,716 )      (615,316 )      3,852,026       (7,584,167 )      6,126,639  

Reinvested capital gains

      1,012,908       896,572       162,765       -           4,569,891       2,341,247       16,093,220       11,578,313  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      1,867,934       3,514,536       (73,212 )      1,284,110       5,119,902       6,528,000       15,161,608       24,510,204  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      741,358       607,526       17,211       2,221,229       13,665       (54,795 )      2,032,624       1,800,997  

Transfers between funds

      (957,399 )      1,383,035       14,519,761       (9,400,206 )      4,006,031       (1,581,588 )      (1,592,929 )      (1,618,506 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,829,756 )      (1,610,535 )      (702,631 )      (8,693,832 )      (1,754,947 )      (879,554 )      (6,195,141 )      (5,025,328 ) 

Adjustments to maintain reserves

      144       3       409       3,170       (131 )      151       (60 )      97  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (2,045,653 )      380,029       13,834,750       (15,869,639 )      2,264,618       (2,515,786 )      (5,755,506 )      (4,842,740 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (177,719 )      3,894,565       13,761,538       (14,585,529 )      7,384,520       4,012,214       9,406,102       19,667,464  

Contract owners’ equity at beginning of period

      16,120,573       12,226,008       12,996,616       27,582,145       36,246,339       32,234,125       77,132,392       57,464,928  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 15,942,854       16,120,573       26,758,154       12,996,616       43,630,859       36,246,339       86,538,494       77,132,392  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      244,003       239,216       1,117,431       2,482,744       371,946       407,648       1,053,561       1,133,445  

Units purchased

      9,775       31,284       1,857,536       757,102       73,009       10,006       142,808       119,332  

Units surrendered

      (39,904 )      (26,497 )      (677,967 )      (2,122,415 )      (54,147 )      (45,708 )      (218,661 )      (199,216 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      213,874       244,003       2,297,000       1,117,431       390,808       371,946       977,708       1,053,561  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     TRPSB1     VWEM     VWHA     VVB  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 75,071       104,629       97,048       194,875       58,551       106,598       255,856       300,990  

Realized gain (loss) on investments

      504,897       (236,974 )      704,198       197,551       1,550,409       (2,355,464 )      346,510       68,906  

Change in unrealized gain (loss) on investments

      (612,379 )      685,674       (2,222,048 )      823,117       1,413,923       5,181,247       1,600,428       659,327  

Reinvested capital gains

      849,334       293,281       255,524       304,582       -           -           760,154       397,482  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      816,923       846,610       (1,165,278 )      1,520,125       3,022,883       2,932,381       2,962,948       1,426,705  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      573,234       589,534       181,364       189,364       759,454       713,449       2,865,126       72,037  

Transfers between funds

      51,859       (588,048 )      (1,362,454 )      (717,846 )      64,306       (1,257,952 )      3,326,105       1,299,731  

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,674,486 )      (601,914 )      (770,836 )      (727,829 )      (1,061,719 )      (1,346,773 )      (1,833,875 )      (852,586 ) 

Adjustments to maintain reserves

      10       5       (436 )      94       3       62       (41 )      47  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (1,049,383 )      (600,423 )      (1,952,362 )      (1,256,217 )      (237,956 )      (1,891,214 )      4,357,315       519,229  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      (232,460 )      246,187       (3,117,640 )      263,908       2,784,927       1,041,167       7,320,263       1,945,934  

Contract owners’ equity at beginning of period

      9,307,068       9,060,881       11,533,978       11,270,070       16,292,094       15,250,927       13,867,162       11,921,228  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 9,074,608       9,307,068       8,416,338       11,533,978       19,077,021       16,292,094       21,187,425       13,867,162  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      357,260       398,214       190,709       217,323       479,161       539,484       522,971       496,895  

Units purchased

      158,408       69,975       42,402       10,764       80,313       102,309       639,491       59,638  

Units surrendered

      (200,371 )      (110,929 )      (76,213 )      (37,378 )      (94,618 )      (162,632 )      (499,292 )      (33,562 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      315,297       357,260       156,898       190,709       464,856       479,161       663,170       522,971  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     VVCG     VVEI     VVEIX     VVG  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 166,184       212,284       4,733       1,214       1,573       151       783       -      

Realized gain (loss) on investments

      1,606,312       1,129,408       20,745       (4,656 )      4,013       850       (2,890 )      -      

Change in unrealized gain (loss) on investments

      975,913       615,843       48,987       24,165       17,454       25,435       20,545       -      

Reinvested capital gains

      1,348,197       527,865       3,629       1,275       3,818       -           16,637       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      4,096,606       2,485,400       78,094       21,998       26,858       26,436       35,075       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      19,104       2,935       199,381       41,746       4,580       1,544       239       -      

Transfers between funds

      841,761       (1,916,187 )      274,797       105,192       (13,494 )      77,408       279,685       -      

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,953,368 )      (1,012,250 )      (10,756 )      (3,015 )      (1,745 )      (954 )      (2,432 )      -      

Adjustments to maintain reserves

      (21 )      30       4       -           8       (5 )      (1 )      -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (1,092,524 )      (2,925,472 )      463,426       143,923       (10,651 )      77,993       277,491       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      3,004,082       (440,072 )      541,520       165,921       16,207       104,429       312,566       -      

Contract owners’ equity at beginning of period

      19,323,339       19,763,411       165,921       -           104,429       -           -           -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 22,327,421       19,323,339       707,441       165,921       120,636       104,429       312,566       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      937,936       1,124,585       14,840       -           8,031       -           -           -      

Units purchased

      829,393       -           36,483       15,148       319       8,113       17,511       -      

Units surrendered

      (878,977 )      (186,649 )      (836 )      (308 )      (1,133 )      (82 )      (140 )      -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      888,352       937,936       50,487       14,840       7,217       8,031       17,371       -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     VVGBI      VVHGB     VVI     VVMCI  
     2021     2020      2021     2020     2021     2020     2021     2020  

Investment activity*:

                  

Net investment income (loss)

    $ -           -            1,171,726       959,184       31,328       134,601       305,429       367,986  

Realized gain (loss) on investments

      11       -            470,830       1,011,956       1,836,142       969,250       1,158,246       448,773  

Change in unrealized gain (loss) on investments

      367       -            (3,223,657 )      1,434,608       (3,425,433 )      5,338,619       3,301,844       2,612,180  

Reinvested capital gains

      -           -            499,861       -           1,314,958       296,680       2,047,804       1,579,028  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      378       -            (1,081,240 )      3,405,748       (243,005 )      6,739,150       6,813,323       5,007,967  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                  

Purchase payments received from policyholders (notes 3 and 6)

      45,540       -            46,733       8,796       285,705       142,605       228,850       327,585  

Transfers between funds

      43,534       -            2,628,098       11,972,112       (1,863,485 )      (1,561 )      (282,137 )      (2,373,515 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (1,404 )      -            (4,588,330 )      (2,889,465 )      (1,245,771 )      (788,271 )      (3,086,461 )      (1,604,263 ) 

Adjustments to maintain reserves

      (3 )      -            (113 )      45       (36 )      21       (14 )      85  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      87,667       -            (1,913,612 )      9,091,488       (2,823,587 )      (647,206 )      (3,139,762 )      (3,650,108 ) 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      88,045       -            (2,994,852 )      12,497,236       (3,066,592 )      6,091,944       3,673,561       1,357,859  

Contract owners’ equity at beginning of period

      -           -            61,796,645       49,299,409       18,252,019       12,160,075       29,104,519       27,746,660  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 88,045       -            58,801,793       61,796,645       15,185,427       18,252,019       32,778,080       29,104,519  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                  

Beginning units

      -           -            4,401,877       3,770,243       652,789       684,174       905,295       1,017,241  

Units purchased

      8,363       -            3,911,471       838,620       558,752       9,067       756,298       11,220  

Units surrendered

      (131 )      -            (4,083,695 )      (206,986 )      (665,532 )      (40,452 )      (849,992 )      (123,166 ) 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      8,232       -            4,229,653       4,401,877       546,009       652,789       811,601       905,295  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     VVREI     VVSCG     VVSTC     VVTISI  
     2021     2020     2021     2020     2021     2020     2021     2020  

Investment activity*:

                 

Net investment income (loss)

    $ 59,935       66,923       24,939       31,979       744       32       335,048       334,355  

Realized gain (loss) on investments

      198,059       129,969       190,300       (129,989 )      13       46       967,711       424,655  

Change in unrealized gain (loss) on investments

      662,183       (177,173 )      532,363       1,136,011       (1,244 )      773       152,109       1,678,705  

Reinvested capital gains

      83,192       45,343       468,789       667,934       153       -           171,059       104,533  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      1,003,369       65,062       1,216,391       1,705,935       (334 )      851       1,625,927       2,542,248  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                 

Purchase payments received from policyholders (notes 3 and 6)

      46,290       3,468       38,908       34,936       32,749       1,358       116,644       518  

Transfers between funds

      (394,997 )      679,819       (337,697 )      (541,385 )      77,571       22,234       (1,022,899 )      2,325,323  

Surrenders (notes 3, 4, 5, 6 and 7)

      (553,039 )      (245,980 )      (897,575 )      (442,863 )      (1,746 )      (453 )      (1,161,649 )      (816,464 ) 

Adjustments to maintain reserves

      23       (2 )      3       40       4       1       (32 )      48  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      (901,723 )      437,305       (1,196,361 )      (949,272 )      108,578       23,140       (2,067,936 )      1,509,425  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      101,646       502,367       20,030       756,663       108,244       23,991       (442,009 )      4,051,673  

Contract owners’ equity at beginning of period

      2,959,928       2,457,561       8,532,316       7,775,653       23,991       -           19,935,377       15,883,704  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 3,061,574       2,959,928       8,552,346       8,532,316       132,235       23,991       19,493,368       19,935,377  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                 

Beginning units

      127,534       100,637       248,619       278,570       1,592       -           1,568,614       1,386,663  

Units purchased

      102,127       37,730       215,779       2,434       7,338       1,622       1,312,118       252,930  

Units surrendered

      (136,297 )      (10,833 )      (247,575 )      (32,385 )      (115 )      (30 )      (1,468,498 )      (70,979 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      93,364       127,534       216,823       248,619       8,815       1,592       1,412,234       1,568,614  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     VVTSM      VRVDRI     SVDF     SVOF  
     2021     2020      2021     2020     2021     2020     2021     2020  

Investment activity*:

                  

Net investment income (loss)

    $ -           -            32,128       27,021       (21,623 )      (17,603 )      (8,921 )      15,303  

Realized gain (loss) on investments

      135       -            276,755       (444,256 )      3,377,567       825,915       81,058       (219,322 ) 

Change in unrealized gain (loss) on investments

      8,419       -            823,933       500,156       (7,183,051 )      9,575,170       1,487,437       1,072,764  

Reinvested capital gains

      -           -            65,197       47,824       2,294,617       1,952,725       467,665       547,845  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      8,554       -            1,198,013       130,745       (1,532,490 )      12,336,207       2,027,239       1,416,590  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equity transactions:

                  

Purchase payments received from policyholders (notes 3 and 6)

      116,740       -            247,158       89,600       410,973       913,405       -           (150,424 ) 

Transfers between funds

      52,768       -            575,339       1,422,903       (2,549,074 )      74,618       (646,828 )      (439,911 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (2,469 )      -            (207,312 )      (40,827 )      (767,564 )      (836,920 )      (137,653 )      (121,444 ) 

Adjustments to maintain reserves

      -           -            (7 )      11       37       54       (143 )      22  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equity transactions

      167,039       -            615,178       1,471,687       (2,905,628 )      151,157       (784,624 )      (711,757 ) 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in contract owners’ equity

      175,593       -            1,813,191       1,602,432       (4,438,118 )      12,487,364       1,242,615       704,833  

Contract owners’ equity at beginning of period

      -           -            2,573,424       970,992       32,612,947       20,125,583       8,449,644       7,744,811  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract owners’ equity at end of period

    $ 175,593       -            4,386,615       2,573,424       28,174,829       32,612,947       9,692,259       8,449,644  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

CHANGE IN UNITS:

                  

Beginning units

      -           -            239,765       89,155       644,734       647,369       182,182       201,520  

Units purchased

      10,749       -            90,977       192,550       15,158       63,214       146,973       15,606  

Units surrendered

      (155 )      -            (52,119 )      (41,940 )      (73,383 )      (65,849 )      (165,748 )      (34,944 ) 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending units

      10,594       -            278,623       239,765       586,509       644,734       163,407       182,182  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     WFVSCG     AVBVI     DVIV     IVKMG1  
     2021     2020     2021     2020     2021      2020     2021      2020  

Investment activity*:

                   

Net investment income (loss)

    $ (13,874 )      (10,783 )      -           -           -            119,911       -            (225 ) 

Realized gain (loss) on investments

      682,025       93,231       4       (9,533 )      -            (494,384 )      -            (1,120,793 ) 

Change in unrealized gain (loss) on investments

      (1,159,209 )      3,295,113       (1 )      9,192       -            (395,652 )      -            (57,507 ) 

Reinvested capital gains

      1,195,675       440,668       -           -           -            -           -            985,439  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

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

      704,617       3,818,229       3       (341 )      -            (770,125 )      -            (193,086 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Equity transactions:

                   

Purchase payments received from policyholders (notes 3 and 6)

      609,499       338,815       -           -           -            10,278       -            37,330  

Transfers between funds

      978,533       (426,535 )      (2 )      (37,944 )      -            (2,911,111 )      -            (3,254,376 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      (661,411 )      (400,884 )      (12 )      (33 )      -            (32,712 )      -            (155,761 ) 

Adjustments to maintain reserves

      (50 )      (29 )      11       8       -            (17 )      -            (7 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Net equity transactions

      926,571       (488,633 )      (3 )      (37,969 )      -            (2,933,562 )      -            (3,372,814 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Net change in contract owners’ equity

      1,631,188       3,329,596       -           (38,310 )      -            (3,703,687 )      -            (3,565,900 ) 

Contract owners’ equity at beginning of period

      10,128,757       6,799,161       -           38,310       -            3,703,687       -            3,565,900  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Contract owners’ equity at end of period

    $ 11,759,945       10,128,757       -           -           -            -           -            -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

CHANGE IN UNITS:

                   

Beginning units

      237,091       251,278       -           1,339       -            156,626       -            154,966  

Units purchased

      48,935       29,311       -           (1 )      -            23,509       -            2,215  

Units surrendered

      (29,667 )      (43,498 )      -           (1,338 )      -            (180,135 )      -            (157,181 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Ending units

      256,359       237,091       -           -           -            -           -            -      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     GVDIVI     NVMLV1     NVLCA2     NVLCAP  
     2021      2020     2021      2020     2021      2020     2021      2020  

Investment activity*:

                     

Net investment income (loss)

    $ -            426,607       -            216,587       -            -           -            522  

Realized gain (loss) on investments

      -            (2,576,823 )      -            (12,569,993 )      -            506       -            (130 ) 

Change in unrealized gain (loss) on investments

      -            1,416,446       -            4,246,355       -            -           -            (6,762 ) 

Reinvested capital gains

      -            -           -            5,966,559       -            -           -            1,856  
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

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

      -            (733,770 )      -            (2,140,492 )      -            506       -            (4,514 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Equity transactions:

                     

Purchase payments received from policyholders (notes 3 and 6)

      -            122,538       -            263,670       -            -           -            3,485  

Transfers between funds

      -            (4,385,718 )      -            (17,160,840 )      -            (500 )      -            (142,855 ) 

Surrenders (notes 3, 4, 5, 6 and 7)

      -            (322,007 )      -            (352,503 )      -            (5 )      -            (4,489 ) 

Adjustments to maintain reserves

      -            (3 )      -            94       -            (1 )      -            (1 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Net equity transactions

      -            (4,585,190 )      -            (17,249,579 )      -            (506 )      -            (143,860 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Net change in contract owners’ equity

      -            (5,318,960 )      -            (19,390,071 )      -            -           -            (148,374 ) 

Contract owners’ equity at beginning of period

      -            5,318,960       -            19,390,071       -            -           -            148,374  
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Contract owners’ equity at end of period

    $ -            -           -            -           -            -           -            -      
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

CHANGE IN UNITS:

                     

Beginning units

      -            236,586       -            821,925       -            -           -            9,118  

Units purchased

      -            13,547       -            16,007       -            -           -            229  

Units surrendered

      -            (250,133 )      -            (837,932 )      -            -           -            (9,347 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Ending units

      -            -           -            -           -            -           -            -      
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2021 AND DECEMBER 31, 2020

 

     NVLMP     VVDV  
     2021      2020     2021      2020  

Investment activity*:

           

Net investment income (loss)

    $ -            574       -            -      

Realized gain (loss) on investments

      -            (4,807 )      -            -      

Change in unrealized gain (loss) on investments

      -            (2,132 )      -            -      

Reinvested capital gains

      -            6,127       -            -      
  

 

 

     

 

 

    

 

 

     

 

 

  

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

      -            (238 )      -            -      
  

 

 

     

 

 

    

 

 

     

 

 

  

Equity transactions:

           

Purchase payments received from

policyholders (notes 3 and 6)

      -            6,664       -            883  

Transfers between funds

      -            (89,205 )      -            13,531  

Surrenders (notes 3, 4, 5, 6 and 7)

      -            (4,450 )      -            (14,415 ) 

Adjustments to maintain reserves

      -            -           -            1  
  

 

 

     

 

 

    

 

 

     

 

 

  

Net equity transactions

      -            (86,991 )      -            -      
  

 

 

     

 

 

    

 

 

     

 

 

  

Net change in contract owners’ equity

      -            (87,229 )      -            -      

Contract owners’ equity at beginning of period

      -            87,229       -            -      
  

 

 

     

 

 

    

 

 

     

 

 

  

Contract owners’ equity at end of period

    $ -            -           -            -      
  

 

 

     

 

 

    

 

 

     

 

 

  

CHANGE IN UNITS:

           

Beginning units

      -            5,726       -            -      

Units purchased

      -            556       -            696  

Units surrendered

      -            (6,282 )      -            (696 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

Ending units

      -            -           -            -      
  

 

 

     

 

 

    

 

 

     

 

 

  

 

*

For all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the two-year period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2021, if applicable.

 

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

(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) - The Bond Fund of America: 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 US

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)

Calvert Variable Series, Inc. - Calvert VP SRI Mid Cap Portfolio (CVSRMC)*

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

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

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. - VA Equity Allocation Portfolio: Institutional Class (DFVEA)

DFA Investment Dimensions Group Inc. - VA Global Bond Portfolio (DFVGB)*

DFA Investment Dimensions Group Inc. - 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 Fund 2065 Portfolio: Service Class (FF65S)

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)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

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 Trend Driven 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. High Yield Fund: Series I Shares (AVHY1)

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

Invesco - Invesco V.I. Main Street Mid Cap 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 - Invesco V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)

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

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

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

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

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

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

IVY INVESTMENTS

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

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

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

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

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

Ivy Variable Insurance Portfolios - Delaware Ivy 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)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

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)

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 III - MFS Global Real Estate Portfolio: Initial Class (M3GREI)*

MFS(R) Variable Insurance Trust III - MFS Global Real Estate Portfolio: Service Class (M3GRES)*

MFS(R) Variable Insurance Trust - MFS Growth Series: Service Class (MEGSS)

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 - NVIT DoubleLine Total Return Tactical Fund: Class II (DTRTFB)

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

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

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

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

Nationwide Variable Insurance Trust - NVIT American Funds 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 - NVIT Federated 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 - NVIT Amundi 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 U.S. Equity Fund: Class Y (NJMDEY)*

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

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

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

Nationwide Variable Insurance Trust - NVIT J.P. Morgan U.S. Equity Fund: Class II (NJNDE2)*

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

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

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

Nationwide Variable Insurance Trust - NVIT BNY 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 - Income Portfolio: Administrative Class (PMVID)*

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

PIMCO Variable Insurance Trust - Income Portfolio: Institutional Class (PMVII)*

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 Large Cap Value 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)

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 All-Cap Opportunities 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 Resources 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

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

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

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

 

  *

At December 31, 2021, 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.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

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.

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, 2021 and for each of the years in the two-year period ended December 31, 2021. For the subaccounts listed below with inception dates in 2021, the financial statements are as of December 31, 2021 and for the period from the inception date to December 31, 2021. For the subaccounts listed below with liquidation dates in 2021, the financial statements are for the period from January 1, 2021 to the liquidation date. For the subaccounts listed below with inception dates in 2020, the prior year financial statements reflect the period from inception date to December 31, 2020. For the subaccounts listed below with liquidation dates in 2020, the prior year financial statements reflect the period from January 1, 2020 to the liquidation date:

 

     Inception Date      Liquidation Date  

MFS(R) Variable Insurance Trust - MFS Growth Series: Service Class (MEGSS)

      11/15/2021     

MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Initial Class (MV2EEI)

      11/9/2021     

Fidelity Variable Insurance Products Fund - VIP Bond Index Portfolio: Service Class (FVBIS)

      10/27/2021     

Fidelity Variable Insurance Products Fund - VIP Extended Market Index Portfolio: Service Class (FVEMIS)

      7/26/2021     

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2065 Portfolio: Service Class (FF65S)

      7/1/2021     

Vanguard Variable Insurance Fund-Global Bond Index Portfolio (VVGBI)

      5/4/2021     

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

      5/4/2021     

Invesco - Invesco V.I. American Value Fund: Series I Shares (MSVMV)

      4/30/2021     

DFA Investment Dimensions Group Inc. - VA Equity Allocation Portfolio: Institutional Class (DFVEA)

      4/23/2021     

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class Y (NVSIXD)

      4/23/2021     

Fidelity Variable Insurance Products Fund - VIP International Index Portfolio: Service Class (FVIIS)

      4/12/2021     

Vanguard Variable Insurance Fund - Growth Portfolio (VVG)

      3/10/2021     

MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Service Class (MV2EES)

      1/15/2021     

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 Variable Insurance Fund - Equity Index Portfolio (VVEIX)

      5/15/2020     

Nationwide Variable Insurance Trust - NVIT DFA Capital Appreciation Fund: Class 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 Investment Dimensions Group Inc. - VA International Value Portfolio (DFVIV)

      1/16/2020     

Vanguard Variable Insurance Fund - Equity Income Portfolio (VVEI)

      1/16/2020     

BNY Mellon Variable Investment Fund - International Value Portfolio: Initial Shares (DVIV)

         8/6/2020  

For the two-year period ending December 31, 2021, the following underlying mutual fund mergers occurred. Underlying mutual funds that were acquired during the period ending December 31, 2021 are no longer available as of December 31, 2021. Underlying mutual funds that were acquired during the period ending December 31, 2020 are no longer available as of December 31, 2020.

 

Acquired Underlying Mutual Fund

   

Acquiring Underlying Mutual Fund

    Effective Date  

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

    Invesco - Invesco V.I. American Value Fund: Series I Shares (MSVMV)      4/30/2021  

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

    Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)      10/23/2020  

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

    Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)      10/23/2020  

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

    Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)      10/23/2020  

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

    Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)      10/16/2020  

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

    Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)      9/11/2020  

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

    Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)      4/30/2020  

 

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

 

For the one-year period ended December 31, 2021, the following subaccount name changes occurred:

 

 

Subaccount
Abbreviation

   

Current Legal Name

   

Prior Legal Name

    Effective Date  

AMVBD2

    American Funds Insurance Series(R) - The Bond Fund of America: Class 2    American Funds Insurance Series(R) - Bond Fund: Class 2      5/1/2021  

DFVGMI

    DFA Investment Dimensions Group Inc. - VA Global Moderate Allocation Portfolio: Institutional Class    DFA Investment Dimensions Group Inc. - DFA VA Global Moderate Allocation Portfolio: Institutional Class      5/1/2021  

GVGMNS

    Goldman Sachs Variable Insurance Trust - Goldman Sachs Trend Driven Allocation Fund: Service Shares    Goldman Sachs Variable Insurance Trust - Goldman Sachs Global Trends Allocation Fund: Service Shares      12/31/2021  

AVMCCI

    Invesco - Invesco V.I. Main Street Mid Cap Fund: Series I Shares    Invesco - Invesco V.I. Mid Cap Core Equity Fund: Series I Shares      5/1/2021  

OVAG

    Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I    Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I      5/1/2021  

OVGI

    Invesco - Invesco V.I. Main Street Fund: Series I    Invesco Oppenheimer V.I. Main Street Fund: Series I      5/1/2021  

OVGR

    Invesco - Invesco V.I. Capital Appreciation Fund: Series I    Invesco Oppenheimer V.I. Capital Appreciation Fund: Series I      5/1/2021  

OVGS

    Invesco - Invesco V.I. Global Fund: Series I    Invesco Oppenheimer V.I. Global Fund: Series I      5/1/2021  

OVSB

    Invesco - Invesco V.I. Global Strategic Income Fund: Series I    Invesco Oppenheimer V.I. Global Strategic Income Fund: Series I      5/1/2021  

OVSC

    Invesco - Invesco V.I. Main Street Small Cap Fund: Series I    Invesco Oppenheimer V.I. Main Street Small Cap Fund: Series I      5/1/2021  

WRASP

    Ivy Variable Insurance Portfolios - Delaware Ivy Asset Strategy: Class II    Ivy Variable Insurance Portfolios - Asset Strategy: Class II      7/1/2021  

WRGP

    Ivy Variable Insurance Portfolios - Delaware Ivy Growth: Class II    Ivy Variable Insurance Portfolios - Growth: Class II      7/1/2021  

WRHIP

    Ivy Variable Insurance Portfolios - Delaware Ivy High Income: Class II    Ivy Variable Insurance Portfolios - High Income: Class II      7/1/2021  

WRMCG

    Ivy Variable Insurance Portfolios - Delaware Ivy Mid Cap Growth: Class II    Ivy Variable Insurance Portfolios - Mid Cap Growth: Class II      7/1/2021  

WRRESP

    Ivy Variable Insurance Portfolios - Delaware Ivy Securian Real Estate Securities: Class II    Ivy Variable Insurance Portfolios - Securian Real Estate Securities: Class II      7/1/2021  

WRSTP

    Ivy Variable Insurance Portfolios - Delaware Ivy Science and Technology: Class II    Ivy Variable Insurance Portfolios - Science and Technology: Class II      7/1/2021  

DTRTFB

    Nationwide Variable Insurance Trust - NVIT DoubleLine Total Return Tactical Fund: Class II    Nationwide Variable Insurance Trust - DoubleLine NVIT Total Return Tactical Fund: Class II      5/1/2021  

EIF

    Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I    Nationwide Variable Insurance Trust - BlackRock NVIT Equity Dividend Fund: Class I      5/1/2021  

GVAAA2

    Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II    Nationwide Variable Insurance Trust - American Funds NVIT Asset Allocation Fund: Class II      5/1/2021  

GVABD2

    Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II    Nationwide Variable Insurance Trust - American Funds NVIT Bond Fund: Class II      5/1/2021  

GVAGG2

    Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II    Nationwide Variable Insurance Trust - American Funds NVIT Global Growth Fund: Class II      5/1/2021  

GVAGI2

    Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II    Nationwide Variable Insurance Trust - American Funds NVIT Growth-Income Fund: Class II      5/1/2021  

GVAGR2

    Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II    Nationwide Variable Insurance Trust - American Funds NVIT Growth Fund: Class II      5/1/2021  

HIBF

    Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I    Nationwide Variable Insurance Trust - Federated NVIT High Income Bond Fund: Class I      5/1/2021  

MSBF

    Nationwide Variable Insurance Trust - NVIT Amundi Multi Sector Bond Fund: Class I    Nationwide Variable Insurance Trust - Amundi NVIT Multi Sector Bond Fund: Class I      5/1/2021  

NJMDEY

    Nationwide Variable Insurance Trust - NVIT J.P. Morgan U.S. Equity Fund: Class Y    Nationwide Variable Insurance Trust - NVIT J.P. Morgan Disciplined Equity Fund: Class Y      5/1/2021  

NJNDE2

    Nationwide Variable Insurance Trust - NVIT J.P. Morgan U.S. Equity Fund: Class II    Nationwide Variable Insurance Trust - NVIT J.P. Morgan Disciplined Equity Fund: Class II      5/1/2021  

NVAMV1

    Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class I    Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I      8/31/2021  

NVAMVX

    Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X    Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X      8/31/2021  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

NVLCP1

    Nationwide Variable Insurance Trust - NVIT BNY Mellon Core Plus Bond Fund: Class I    Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I      9/7/2021  

NVMMG1

    Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class I    Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I      12/6/2021  

NVNMO1

    Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I    Nationwide Variable Insurance Trust - Neuberger Berman NVIT Multi Cap Opportunities Fund: Class I      5/1/2021  

NVNSR1

    Nationwide Variable Insurance Trust - NVIT BNY Mellon Sustainable U.S. Equity Fund: Class I    Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I      8/31/2021  

NVOLG1

    Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Core Fund: Class I    Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I      8/31/2021  

PVEIB

    Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB    Putnam Variable Trust - Putnam VT Equity Income Fund: Class IB      5/1/2021  

TRNAG1

    T. Rowe Price Equity Series, Inc. - T. Rowe Price All-Cap Opportunities Portfolio    T. Rowe Price Equity Series, Inc. - T. Rowe Price New America Growth Portfolio      5/1/2021  

VWHA

    VanEck VIP Trust - Global Resources Fund: Initial Class    VanEck VIP Trust - Global Hard Assets Fund: Initial Class      5/1/2021  

SVDF

    Allspring Variable Trust - VT Discovery Fund: Class 2    Wells Fargo Variable Trust - VT Discovery Fund: Class 2      10/11/2021  

SVOF

    Allspring Variable Trust - VT Opportunity Fund: Class 2    Wells Fargo Variable Trust - VT Opportunity Fund: Class 2      10/11/2021  

WFVSCG

    Allspring Variable Trust - VT Small Cap Growth Fund: Class 2    Wells Fargo Variable Trust - VT Small Cap Growth Fund: Class 2      10/11/2021  

(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, 2021 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) Accounting Changes and Corrections of Errors

During 2021, the Company identified and corrected an overstatement of units and contract owners’ equity of the FGOS subaccount driven by a data extraction error out of the administrative system for this subaccount. The financial statements have been restated to correct the misstatements in accordance with FASB ASC 250, Accounting Changes and Error Corrections. There was no impact to the net increase in contact owners’ equity resulting from operations in the statement of operations for the year ended December 31, 2020.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

The below table reports the effect of the restatement on the FGOS subaccount within the statement of changes in contract owners’ equity for the year ended December 31, 2020.

 

       As Previously Reported        Adjustments       As Restated  

Adjustments to maintain reserves

      183,414        (183,443 )      (29 ) 

Net equity transactions

      177,681        (183,443 )      (5,762 ) 

Net change in contract owners’ equity

      452,065        (183,443 )      268,622  

Contract owners’ equity at beginning of period

      677,151        (267,825 )      409,326  

Contract owners’ equity at end of period

      1,129,216        (451,268 )      677,948  

Beginning units

      15,533        (5,558 )      9,975  

Ending units

      16,041        (5,558 )      10,483  

The below table reports the effect of the restatement on the units reported for the FGOS subaccount in the financial highlights as of the period indicated.

 

Year

      As Previously Reported        Adjustments       As Restated  

2020

      16,041        (5,558 )      10,483  

2019

      15,533        (5,558 )      9,975  

2018

      15,899        (5,557 )      10,342  

2017

      15,375        (5,558 )      9,817  

The below table reports the effect of the restatement on the contract owners’ equity reported for the FGOS subaccount in the financial highlights as of the period indicated.

 

Year

      As Previously Reported        Adjustments       As Restated  

2020

      1,129,216        (451,268 )      677,948  

2019

      677,151        (267,825 )      409,326  

2018

      508,052        (190,356 )      317,696  

2017

      438,543        (169,438 )      269,105  

The below table reports the effect of the restatement on the range of expense rate for the FGOS subaccount in the financial highlights as of the period indicated.

 

Year

      As Previously Reported        As Restated  

2020

      0.00% to 0.10%        0.10%  

2019

      0.00% to 0.25%        0.10% to 0.25%  

2018

      0.00% to 0.25%        0.25%  

2017

      0.00% to 0.25%        0.25%  

The below table reports the effect of the restatement on the range of unit value for the FGOS subaccount in the financial highlights as of the period indicated.

 

Year

      As Previously Reported        As Restated  

2020

      81.21 to 64.67        64.67  

2019

      48.20 to 43.11        38.42 to 43.11  

2018

      34.26 to 30.72        30.72  

2017

      30.49 to 27.41        27.41  

The below table reports the effect of the restatement on the range of total return for the FGOS subaccount in the financial highlights as of the period indicated.

 

Year

      As Previously Reported        As Restated  

2020

      68.49 to 68.33        68.33  

2019

      40.70 to 40.35        40.56 to 40.35  

2018

      12.35 to 12.06        12.06  

2017

      34.40 to 34.06        34.06  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

(3) 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.

 

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, 2021 and 2020, total front-end sales charge deductions were $8,187,440 and $8,308,916, respectively and were recognized as part of purchase payments on the Statements of Changes in Contract Owners’ Equity.

(4) 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.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

(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.

(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.

(5) 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.

(6) 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.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

(7) 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.

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, 2021 and 2020, total transfers to the Separate Account from the fixed account were $47,018,374 and $48,732,969, respectively, and total transfers from the Separate Account to the fixed account were $66,492,799 and $59,260,515, respectively.

(8) 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, quotes prices for identical or similar assets or liabilities in markets that are not active or inputs (other than quotes 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, Secures Overnight Financing Rate, prime rates, cash flows, maturity dates, callability, 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 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, 2021:

 

     Level 1      Level 2      Level 3      Total  

Separate Account Investments

    $ 6,991,441,547      $ -          $ -          $ 6,991,441,547  

The cost of purchases and proceeds from sales of Investments for the year ended December 31, 2021 are as follows:

 

Subaccount

Abbreviation*

    Purchases of
Investments		      Sales of
Investments		  

ALVDAA

    $ 5,169      $ 1,644  

ALVGIA

      6,184,741        6,453,136  

ALVIVA

      1,240,606        1,158,415  

ALVIVB

      246,778        945  

ALVSVA

      5,306,851        5,871,941  

ACVCA

      686,594        732,177  

ACVI

      279,637        373,516  

ACVIG

      4,243,444        1,533,929  

ACVIP1

      16,351,434        8,847,343  

ACVIP2

      2,141,808        1,688,148  

ACVMV1

      1,793,097        2,387,008  

ACVV

      5,015,708        5,539,301  

AMVAA2

      3,885,025        4,019,032  

AMVBD2

      3,636,162        1,138,434  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

AMVGB2

      2,995,914        881,375  

AMVGI2

      216,901        36,146  

AMVGR2

      16,912,415        13,820,299  

AMVGS2

      1,221,540        601,969  

AMVI2

      7,635,813        8,302,203  

AMVNW2

      6,803,147        2,394,544  

PIHYB1

      538,368        1,038,716  

BRVHYI

      7,040,209        4,518,569  

MLVGA2

      3,803,171        1,847,260  

MLVLC2

      558,456        86,259  

DCAP

      4,056,136        27,653,774  

DSC

      56,238        224,958  

DSIF

      100,229,514        88,916,215  

DSRG

      899,369        1,986,706  

DVMCS

      1,087,161        1,913,536  

DVSCS

      20,776,532        27,940,226  

CVSPIP

      314,871        410,522  

SASP5I

      38,341,337        49,198,575  

DAVVL

      1,528,100        439,051  

DWVEMS

      1,164,685        1,206,796  

DWVSVS

      6,041,303        6,650,790  

DFVEA

      11,214        269  

DFVGMI

      93,602        169,859  

DFVIPS

      3,135,580        3,133,937  

DFVIS

      2,815        7,480  

DFVIV

      21,847        1,241  

DFVULV

      1,629,765        2,350,483  

DFVUTV

      3,940,599        2,007,518  

DSGIBA

      40,342        33,952  

SVSLVB

      12,300        6,691  

SVSSVB

      5,798        9,745  

ETVFR

      9,508,110        2,994,913  

FQB

      3,124,005        3,053,997  

FVU2

      144,023        88,804  

FVUS2

      255,637        1,173,794  

FCS

      10,694,244        5,197,824  

FEIS

      12,415,637        6,348,244  

FEMS

      9,427,304        7,627,828  

FF05S

      199,203        1,111,145  

FF10S

      797,446        731,514  

FF15S

      4,028,609        2,757,249  

FF20S

      7,137,364        5,853,638  

FF25S

      12,252,110        7,906,885  

FF30S

      15,591,405        7,823,219  

FF35S

      5,747,468        3,370,130  

FF40S

      8,636,928        4,652,369  

FF45S

      1,062,654        439,221  

FF50S

      791,389        869,748  

FF55S

      436,091        103,150  

FF60S

      1,545,112        1,247,171  

FF65S

      7,150        97  

FFINS

      520,176        856,556  

FGOS

      57,485        95,360  

FGS

      50,064,253        24,675,122  

FHIS

      1,351,155        814,971  

FIGBS

      42,820,657        31,839,255  

FIP

      36,624,808        35,757,998  

FMCS

      8,629,870        5,728,771  

FMMP

      14,796,127        20,077,958  

FNRS2

      2,066,209        1,540,375  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

FOS

      2,428,766        1,600,272  

FRESS

      704,256        2,554,621  

FVBIS

      3,863        6  

FVEMIS

      733        16  

FVIIS

      2,999        101  

FVMIS

      8,031        2,393  

FVSS

      1,020,660        604,561  

FTVDM2

      477,027        385,478  

FTVFA2

      52,908        23,106  

FTVGB1

      5,341,047        5,093,193  

FTVGI2

      440,558        528,306  

FTVIS2

      340,640        597,901  

FTVMD2

      202,586        381,159  

FTVRDI

      1,122,857        23,309,116  

FTVSV2

      4,540,908        3,074,001  

FTVSVI

      1,872,740        1,242,608  

TIF

      16,419        34,015  

TIF2

      2,190,197        3,441,819  

GVCSE

      1,014,947        835,538  

GVGMNS

      6,818        821  

GVGOPS

      607,356        356,707  

GVMCE

      6,251,730        6,060,771  

GVMSAS

      10,318        2,641  

RVARS

      12,006        288,730  

ACEG

      470,522        467,848  

ACGI

      1,086,100        3,087,951  

AVHY1

      429,370        812,464  

AVIE

      9,922,914        5,298,995  

AVMCCI

      44,771        23,934  

AVSCE

      309,727        272,204  

IVBRA1

      302,926        209,818  

MSVMV

      15        -  

OVAG

      9,583,302        4,507,388  

OVGI

      3,365,525        42,087,957  

OVGR

      1,493,020        1,488,094  

OVGS

      14,738,612        16,796,998  

OVIG

      4,949,680        3,111,526  

OVSB

      1,083,775        1,132,769  

OVSC

      1,832,292        1,136,169  

WRASP

      1,326,122        991,953  

WRGP

      2,143,266        935,231  

WRHIP

      3,836,741        4,271,886  

WRMCG

      2,663,056        2,018,510  

WRRESP

      3,269,764        2,770,268  

WRSTP

      9,917,716        7,737,127  

JPMMV1

      13,780,051        11,217,193  

JPSCE1

      565,439        92,959  

JABS

      5,952,789        5,928,340  

JACAS

      12,172,255        9,658,217  

JAEI

      204,280        1,250,651  

JAFBS

      2,674,947        2,161,258  

JAGTS

      9,770,198        7,562,578  

JAIGS

      928,401        1,323,681  

JAMGS

      10,893,486        10,234,319  

JAMVS

      11,656        19,587  

LZREMS

      3,314,741        4,985,268  

SBVSG

      12,772,660        12,626,630  

BNCAI

      1,342,303        1,167,929  

LOVBD

      622,950        439,725  

LOVMCV

      278        1,435  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

LOVSDC

      6,574,175        7,103,489  

LOVTRC

      6,369,307        21,771,805  

MNVFRS

      6,229        868  

MEGSS

      6,204        11  

MMCGSC

      2,346,170        938,031  

MNDIC

      730,748        995,274  

MNDSC

      2,382,345        451,596  

MV2EEI

      1,109        19  

MV2EES

      170,575        19,112  

MV2IGI

      846,098        601,721  

MV2RIS

      2,352,638        640,637  

MV3MVI

      467,746        150,213  

MV3MVS

      618,855        856,269  

MVBRES

      703,629        462,949  

MVFIC

      1,007,643        1,388,993  

MVFSC

      21,857,612        18,351,204  

MVIGIC

      291,218        113,884  

MVIVSC

      13,614,270        17,535,786  

MVRBSS

      1,274,049        535,245  

MSEM

      1,467,386        1,340,300  

MSVEG

      16,819,370        8,203,797  

MSVFI

      673,068        347,423  

MSVMG

      5,001,906        4,090,271  

MSVRE

      1,787,206        1,714,844  

VKVGR2

      1,523,489        2,198,629  

DTRTFB

      313,313        4,626  

EIF

      1,341,973        2,074,594  

GBF

      21,929,523        17,627,679  

GEM

      2,072,500        2,045,133  

GIG

      3,527,755        3,126,576  

GVAAA2

      1,230,640        1,003,988  

GVABD2

      544,295        499,081  

GVAGG2

      1,220,095        1,798,278  

GVAGI2

      1,215,770        864,109  

GVAGR2

      3,674,511        2,495,876  

GVDMA

      9,703,452        9,227,947  

GVDMC

      5,678,364        5,224,305  

GVEX1

      5,235,379        1,651,807  

GVIDA

      8,809,891        5,880,842  

GVIDC

      5,485,711        3,884,515  

GVIDM

      7,110,382        11,222,926  

GVIX2

      526,723        643,257  

HIBF

      3,289,956        2,417,376  

IDPG

      352,543        73,972  

IDPGI

      1,797        666  

MCIF

      18,146,305        18,330,198  

MSBF

      2,092,694        1,470,465  

NCPG

      97,780        9,333  

NCPGI

      481        322  

NJMMA2

      -            54,942  

NJMMAY

      48,825        5,706  

NVAMV1

      495,797        5,460,996  

NVAMVX

      4,905,278        3,751,700  

NVBX

      46,720,393        181,288,051  

NVCBD1

      466,624        1,327,275  

NVCCA1

      671,926        923,759  

NVCCN1

      965,743        1,454,887  

NVCMA1

      1,236,883        671,890  

NVCMC1

      953,853        1,743,342  

NVCMD1

      2,249,562        906,386  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

NVCRA1

      1,235,549        1,233,025  

NVCRB1

      2,086,572        1,472,027  

NVDBL2

      70,792        395,966  

NVDCA2

      14,753        151,799  

NVDCAP

      98,527        16,393  

NVFIII

      3,808        86,580  

NVGEII

      50,825        17,490  

NVIDMP

      2,704,018        161,678  

NVIE6

      5,351        4,181  

NVIX

      12,154,578        8,997,748  

NVLCP1

      4,150,114        534,310  

NVMIG1

      2,809,444        2,292,082  

NVMIVX

      505,804        292,614  

NVMLG1

      5,179,369        2,273,219  

NVMMG1

      13,608,678        9,645,832  

NVMMV1

      3,689,149        3,074,900  

NVMMV2

      533,194        2,261,801  

NVNMO1

      692,863        1,718,620  

NVNSR1

      473,894        47,707  

NVOLG1

      90,424,932        20,775,518  

NVRE1

      5,449,800        4,649,463  

NVSIX2

      1,205,096        392,853  

NVSIXD

      29,830        1,276  

NVSTB1

      162,318,854        31,411,427  

NVSTB2

      616,452        1,736,076  

NVTIV3

      21,223        53,032  

SAM

      6,435,641        9,527,547  

SAM5

      176,079,238        138,686,729  

SCF

      5,118,896        4,673,002  

SCGF

      7,044,336        5,709,448  

SCVF

      7,067,086        7,169,088  

TRF

      3,589,493        3,769,929  

AMCG

      593,421        610,855  

AMMCGS

      227,240        218,807  

AMRI

      75        19,804  

AMSRS

      99,159        353,823  

AMTB

      4,849,704        1,718,922  

NOTB3

      19,962        3,785  

NOTG3

      3,950        2,309  

NOTMG3

      5,493        8,606  

PMVAAA

      1,891,538        1,839,574  

PMVFBA

      190,365        107,627  

PMVFHA

      180,758        175,031  

PMVGBA

      684,950        237,724  

PMVHYA

      361,728        203,531  

PMVLDA

      18,828,322        15,107,941  

PMVLGA

      8,403,521        7,567,809  

PMVRRA

      14,250,857        10,692,661  

PMVRSA

      207,873        24,344  

PMVTRA

      17,758,037        21,635,457  

PVEIB

      702,136        459,037  

PVGOB

      433,088        765,050  

PVTIGB

      201,391        353,701  

PVTSCB

      757,948        733,762  

ROCMC

      970,223        1,219,469  

TRBCGP

      31,731,997        29,268,470  

TREI2

      6,366,209        7,927,413  

TRHS2

      3,782,206        4,814,963  

TRLT1

      19,108,414        4,859,761  

TRMCG2

      14,989,702        8,240,744  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

     

TRNAG1

      32,409,034        22,195,912  

TRPSB1

      3,113,367        3,238,356  

VWEM

      900,930        2,500,283  

VWHA

      6,031,584        6,210,991  

VVB

      7,481,193        2,107,826  

VVCG

      3,751,968        3,330,090  

VVEI

      553,943        82,158  

VVEIX

      9,748        15,016  

VVG

      340,886        45,974  

VVGBI

      88,865        1,195  

VVHGB

      6,157,121        6,399,033  

VVI

      2,384,254        3,861,519  

VVMCI

      4,422,249        5,208,765  

VVREI

      609,950        1,368,570  

VVSCG

      2,069,901        2,772,537  

VVSTC

      140,236        30,765  

VVTISI

      2,689,707        4,251,504  

VVTSM

      168,906        1,866  

VRVDRI

      1,632,028        919,518  

SVDF

      6,574,367        7,207,039  

SVOF

      510,105        835,842  

WFVSCG

      5,026,305        2,917,882  

AVBVI

      -            15  
  

 

 

     

 

 

  
   $ 1,720,655,580      $ 1,527,404,850  
  

 

 

     

 

 

  

 

  *

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

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

(9) Financial Highlights

The Company offers several variable life products through the Separate Account that have unique combinations of features and fees that are assessed to the policyholder. Differences in fee structures result in a variety of contract expense rates, unit fair values and total returns. 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, 2021, and the investment income ratio and total return for each of the periods in the five-year period ended December 31, 2021. The information is presented as a range of minimum to maximum values based upon product grouping. The range is determined by identifying the lowest and the highest contract expense rate for contracts with units outstanding as of the balance sheet date. The unit fair values and total returns related to these identified contract expense rates are also disclosed as a range below. Accordingly, some individual contract amounts may not be within the ranges presented. 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		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  

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

 

2021     0.00%           1,635     $ 17.47         $ 28,571       1.99%       9.67%      
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%      

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

 

2021     0.00%       to       0.25%       567,003       59.48       to       56.68       32,672,925       0.84%       28.16%       to       27.84%  
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%  

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

 

2021     0.00%       to       0.25%       395,578       11.13       to       10.70       4,352,014       1.77%       11.08%       to       10.81%  
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%  

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

 

2021     0.00%           17,681       13.71           242,444       8.48%       10.85%      
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)

 

2021     0.00%       to       0.25%       250,243       75.25       to       71.82       18,693,636       0.78%       35.95%       to       35.61%  
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%  

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

 

2021     0.10%       to       0.25%       28,832       28.69       to       28.36       819,054       0.00%       11.04%       to       10.88%  
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%  

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

 

2021     0.10%           68,327       33.69           2,302,078       0.15%       8.64%      
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%  

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

 

2021     0.00%       to       0.10%       460,810       58.10       to       43.72       25,535,574       1.08%       23.65%       to       23.53%  
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%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  

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

 

2021     0.00%       to       0.25%       2,917,377       13.15       to       12.33       36,224,321       3.51%       6.61%       to       6.35%  
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%  

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

 

2021     0.00%           398,336       20.76           8,269,254       3.14%       6.27%      
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%      

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

 

2021     0.00%       to       0.25%       229,275       51.83       to       49.71       11,770,108       1.14%       23.20%       to       22.90%  
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%  

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%      

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

 

2021     0.00%       to       0.25%       274,453       66.16       to       54.04       16,435,748       1.74%       24.51%       to       24.20%  
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%  

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

 

2021     0.00%       to       0.25%       542,524       28.18       to       27.20       14,972,180       1.53%       15.10%       to       14.81%  
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%  

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

 

2021     0.10%       to       0.25%       3,807,023       15.76       to       15.43       59,991,619       1.41%       -0.41%       to       -0.56%  
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%  

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

 

2021     0.00%       to       0.25%       430,794       11.00       to       10.93       4,717,360       2.01%       -4.92%       to       -5.16%  
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)

 

2021     0.00%       to       0.25%       104,260       15.49       to       15.39       1,614,656       1.18%       24.10%       to       23.79%  
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)

 

2021     0.00%       to       0.25%       1,070,176       53.95       to       52.09       56,308,810       0.22%       21.99%       to       21.68%  
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%  

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

 

2021     0.00%       to       0.25%       137,954       26.20       to       25.30       3,522,508       0.00%       6.74%       to       6.47%  
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%  

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

 

2021     0.00%       to       0.25%       1,667,203       17.16       to       16.71       28,123,655       2.42%       -1.50%       to       -1.74%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  
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%  

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

 

2021     0.00%       to       0.25%       2,507,093       19.38       to       19.11       48,299,694       0.87%       4.92%       to       4.66%  
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%  

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

 

2021     0.10%       to       0.25%       93,320       37.77       to       36.69       3,507,061       5.14%       5.60%       to       5.44%  
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%  

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

 

2021     0.00%       to       0.25%       1,634,147       14.41       to       14.15       23,317,657       4.49%       5.34%       to       5.08%  
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%  

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

 

2021     0.00%       to       0.25%       498,612       27.29       to       14.90       12,026,039       0.78%       6.55%       to       6.28%  
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% **** 

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

 

2021     0.10%       to       0.20%       23,705       50.12       to       49.29       1,171,120       1.34%       28.07%       to       27.95%  
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%  

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

 

2021     0.00%       to       0.25%       81,013       75.67       to       49.79       4,683,481       0.43%       27.13%       to       26.81%  
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%  

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

 

2021     0.00%           30,022       44.52           1,336,502       0.11%       16.46%      
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%      

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

 

2021     0.00%       to       0.25%       18,012,070       72.44       to       49.23       997,251,899       1.15%       28.41%       to       28.09%  
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%  

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

 

2021     0.00%       to       0.10%       313,751       58.18       to       41.46       18,108,306       0.76%       27.00%       to       26.87%  
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%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  

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

 

2021     0.00%       to       0.25%       42,610       60.31       to       57.46       2,477,026       0.73%       25.88%       to       25.57%  
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%  

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

 

2021     0.00%       to       0.25%       2,859,243       62.99       to       59.97       175,293,823       0.67%       26.14%       to       25.83%  
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%  

Calvert VP S&P 500 Index Portfolio (CVSPIP)

 

2021     0.10%       to       0.25%       26,661       28.45       to       28.12       750,579       1.32%       28.29%       to       28.10%  
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%      

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

 

2021     0.00%       to       0.25%       6,563,596       16.75       to       15.05       99,144,530       1.32%       28.67%       to       28.35%  
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)

 

2021     0.00%       to       0.25%       211,113       27.60       to       26.63       5,699,706       0.60%       17.85%       to       17.56%  
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%  

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

 

2021     0.10%       to       0.20%       376,860       17.46       to       17.29       6,516,872       0.06%       -3.23%       to       -3.32%  
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%  

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

 

2021     0.00%       to       0.25%       861,178       27.44       to       26.72       23,190,699       0.61%       34.01%       to       33.68%  
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%  

DFA Investment Dimensions Group Inc. - VA Equity Allocation Portfolio: Institutional Class (DFVEA)

 

2021     0.00%           704       15.20           10,703       4.54%       24.37%         * *** 

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

 

2021     0.00%           8,681       15.25           132,417       1.29%       14.20%      
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)

 

2021     0.00%       to       0.25%       591,179       13.01       to       12.66       7,546,948       4.36%       5.58%       to       5.32%  
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%  

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

 

2021     0.00%           1,251       16.61           20,777       2.56%       14.56%      
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%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  

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

 

2021     0.00%           6,182       12.18           75,269       5.08%       18.11%      
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)

 

2021     0.00%       to       0.25%       931,888       13.68       to       13.63       12,745,669       1.72%       27.04%       to       26.72%  
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)

 

2021     0.00%       to       0.25%       249,159       19.20       to       18.88       4,746,289       1.67%       39.68%       to       39.33%  
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%  

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

 

2021     0.00%           13,452       16.17           217,489       2.24%       10.95%      
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%      

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

 

2021     0.10%       to       0.20%       1,828       20.46       to       20.25       37,119       1.54%       26.14%       to       26.02%  
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%  

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

 

2021     0.10%       to       0.20%       6,055       24.21       to       23.87       146,484       0.85%       29.91%       to       29.78%  
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%  

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

 

2021     0.00%       to       0.25%       2,314,069       14.11       to       13.73       32,050,768       2.89%       3.63%       to       3.37%  
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%  

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

 

2021     0.00%       to       0.25%       780,828       27.65       to       26.12       21,379,592       2.66%       -1.40%       to       -1.64%  
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%  

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

 

2021     0.00%           71,964       13.10           942,615       1.69%       18.51%      
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)

 

2021     0.00%       to       0.25%       79,357       11.18       to       11.08       884,660       2.40%       -2.04%       to       -2.29%  
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)

 

2021     0.00%       to       0.25%       655,947       110.98       to       72.31       50,687,945       0.05%       27.71%       to       27.39%  
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%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  

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

 

2021     0.00%       to       0.25%       1,453,165       52.68       to       40.59       73,227,880       1.81%       24.83%       to       24.52%  
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%  

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

 

2021     0.00%       to       0.25%       998,192       13.81       to       13.68       13,708,334       1.97%       -2.28%       to       -2.53%  
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)

 

2021     0.10%       to       0.25%       35,022       18.67       to       18.36       652,397       0.68%       3.91%       to       3.76%  
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%  

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

 

2021     0.00%       to       0.25%       129,361       27.94       to       26.80       3,602,861       0.92%       5.79%       to       5.53%  
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%  

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

 

2021     0.00%       to       0.25%       423,663       23.29       to       22.51       9,696,310       1.02%       7.59%       to       7.32%  
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%  

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

 

2021     0.00%       to       0.25%       1,030,834       32.24       to       30.93       32,664,957       1.00%       9.47%       to       9.19%  
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%  

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

 

2021     0.00%       to       0.25%       1,635,708       26.16       to       25.28       41,880,095       1.00%       10.71%       to       10.43%  
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%  

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

 

2021     0.00%       to       0.25%       1,723,102       37.10       to       35.59       62,563,200       1.03%       12.24%       to       11.96%  
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%  

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

 

2021     0.00%       to       0.25%       634,527       15.87       to       15.73       10,001,782       1.01%       15.32%       to       15.03%  
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)

 

2021     0.00%       to       0.25%       980,516       33.84       to       32.87       32,493,805       0.88%       17.68%       to       17.39%  
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%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  

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

 

2021     0.00%       to       0.25%       92,183       16.36       to       16.21       1,498,498       1.05%       17.69%       to       17.40%  
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)

 

2021     0.00%       to       0.25%       133,170       18.25       to       18.04       2,408,104       0.81%       17.73%       to       17.44%  
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)

 

2021     0.00%       to       0.25%       23,476       15.47       to       15.37       362,741       2.24%       17.72%       to       17.43%  
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)

 

2021     0.00%       to       0.25%       46,147       15.48       to       15.37       713,233       1.31%       17.62%       to       17.33%  
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 Fund 2065 Portfolio: Service Class (FF65S)

 

2021     0.10%           655       10.73           7,026       1.23%       7.27%         * *** 

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

 

2021     0.10%       to       0.25%       96,614       16.58       to       16.31       1,598,542       0.83%       3.06%       to       2.91%  
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%  

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

 

2021     0.10%           9,107       72.25           657,959       0.00%       11.72%      
2020 (as restated)     0.10%           10,483       64.67           677,948       0.01%       68.33%      
2019 (as restated)     0.10%       to       0.25%       9,975       38.42       to       43.11       409,326       0.05%       40.56%       to       40.35%  
2018 (as restated)     0.25%           10,342       30.72           317,696       0.10%       12.06%      
2017 (as restated)     0.25%           9,817       27.41           269,105       0.19%       34.06%      

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

 

2021     0.00%       to       0.25%       2,443,139       96.29       to       53.80       189,226,861       0.00%       23.08%       to       22.77%  
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%  

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

 

2021     0.00%       to       0.25%       437,536       25.88       to       31.37       11,191,388       5.26%       4.50%       to       4.24%  
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%  

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

 

2021     0.00%       to       0.25%       8,485,983       21.41       to       20.43       176,979,449       2.04%       -0.72%       to       -0.97%  
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%  

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

 

2021     0.00%           74,499       43.50           3,240,890       0.69%       28.58%      
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%  

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

 

2021     0.00%       to       0.25%       455,311       90.63       to       86.50       40,983,181       0.52%       25.51%       to       25.19%  
2020     0.00%       to       0.25%       501,684       72.21       to       69.09       35,899,841       0.56%       18.04%       to       17.74%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  
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%  

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

 

2021     0.10%           206,171       10.43           2,149,993       0.01%       -0.09%      
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%  

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

 

2021     0.00%           295,154       17.48           5,158,974       2.30%       54.83%      
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%      

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

 

2021     0.00%       to       0.25%       587,029       39.95       to       29.28       23,116,706       0.45%       19.57%       to       19.27%  
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%  

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

 

2021     0.00%       to       0.25%       185,159       15.40       to       15.59       2,875,132       0.78%       38.86%       to       38.51%  
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 Bond Index Portfolio: Service Class (FVBIS)

 

2021     0.00%           354       10.76           3,807       0.96%       -2.05%         * *** 

Fidelity Variable Insurance Products Fund - VIP Extended Market Index Portfolio: Service Class (FVEMIS)

 

2021     0.00%           47       14.99           705       1.29%       21.16%         * *** 

Fidelity Variable Insurance Products Fund - VIP International Index Portfolio: Service Class (FVIIS)

 

2021     0.00%           221       12.68           2,801       3.92%       7.65%         * *** 

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

 

2021     0.00%           16,494       16.53           272,582       0.92%       25.55%      
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)

 

2021     0.00%           79,231       54.02           4,279,740       1.44%       33.48%      
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%  

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

 

2021     0.00%           230,532       14.73           3,395,991       0.88%       -5.74%      
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%      

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

 

2021     0.00%           31,055       22.20           689,289       1.70%       11.68%      
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%      

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

 

2021     0.00%       to       0.25%       1,391,217       10.75       to       9.48       13,336,947       0.00%       -4.62%       to       -4.86%  
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%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  
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%  

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

 

2021     0.00%       to       0.20%       313,941       16.30       to       15.84       5,116,994       0.00%       -4.99%       to       -5.18%  
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%  

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

 

2021     0.00%           215,985       26.10           5,636,309       4.69%       16.75%      
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%      

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

 

2021     0.00%       to       0.25%       26,714       21.69       to       20.95       564,885       2.59%       19.13%       to       18.83%  
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%  

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%      

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

 

2021     0.00%       to       0.25%       273,764       43.55       to       41.77       11,582,049       1.02%       25.37%       to       25.05%  
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%  

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

 

2021     0.00%           172,759       72.01           12,439,969       1.12%       25.67%      
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%      

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

 

2021     0.00%           25,861       29.80           770,587       2.02%       4.44%      
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%      

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

 

2021     0.00%       to       0.25%       399,213       26.91       to       25.64       10,522,468       1.88%       4.16%       to       3.90%  
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%  

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

 

2021     0.00%       to       0.25%       62,992       27.53       to       26.94       1,718,724       0.47%       23.79%       to       23.48%  
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%  

Goldman Sachs Variable Insurance Trust - Goldman Sachs Trend Driven Allocation Fund: Service Shares (GVGMNS)

 

2021     0.00%           1,661       17.53           29,109       0.00%       16.17%      
2020     0.00%           1,513       15.09           22,824       0.16%       4.11%      

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  
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%      

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

 

2021     0.20%           36,294       38.11           1,382,996       0.00%       11.26%      
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%  

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

 

2021     0.10%       to       0.25%       164,072       71.16       to       69.13       11,479,548       0.45%       30.82%       to       30.62%  
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%  

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

 

2021     0.00%           1,548       11.55           17,883       1.89%       4.84%      
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)

 

2021     0.00%           29,278       12.72           372,457       0.00%       8.10%      
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%      

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

 

2021     0.00%           67,127       42.55           2,856,153       0.00%       11.93%      
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%      

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

 

2021     0.00%       to       0.25%       159,839       32.38       to       31.45       5,097,474       1.36%       28.51%       to       28.18%  
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%  

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

 

2021     0.00%       to       0.25%       43,995       18.53       to       18.00       802,044       4.62%       4.38%       to       4.12%  
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%  

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

 

2021     0.00%       to       0.25%       1,089,800       38.26       to       36.61       40,258,272       1.31%       5.89%       to       5.62%  
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%  

Invesco - Invesco V.I. Main Street Mid Cap Fund: Series I Shares (AVMCCI)

 

2021     0.00%       to       0.20%       9,184       37.75       to       36.51       344,385       0.46%       23.24%       to       23.00%  
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%  

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

 

2021     0.25%           9,705       20.78           201,690       0.17%       20.10%      
2020     0.25%           8,323       17.30           144,020       0.35%       26.93%      

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  
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%      

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

 

2021     0.00%           115,044       15.83           1,820,981       3.31%       9.54%      
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%      

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

 

2021     0.00%       to       0.25%       781,372       75.53       to       40.17       56,484,873       0.00%       19.10%       to       18.80%  
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%  

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

 

2021     0.10%       to       0.25%       193,654       50.23       to       46.50       9,595,994       0.78%       27.44%       to       27.25%  
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%  

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

 

2021     0.10%       to       0.25%       251,863       60.15       to       45.63       15,021,493       0.00%       22.45%       to       22.26%  
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%  

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

 

2021     0.00%       to       0.25%       1,957,094       53.95       to       51.11       103,922,343       0.00%       15.49%       to       15.20%  
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%  

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

 

2021     0.00%       to       0.25%       1,287,678       19.06       to       18.66       24,179,572       0.00%       10.22%       to       9.94%  
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%  

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

 

2021     0.00%           1,072,926       16.02           17,188,442       4.67%       -3.41%      
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%      

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

 

2021     0.00%       to       0.25%       117,806       83.82       to       79.99       9,835,225       0.38%       22.55%       to       22.25%  
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%  

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

 

2021     0.00%       to       0.25%       314,317       22.90       to       22.10       7,181,764       1.59%       10.44%       to       10.17%  
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%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  

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

 

2021     0.00%       to       0.25%       86,993       82.63       to       79.26       7,086,411       0.00%       30.03%       to       29.70%  
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%  

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

 

2021     0.00%       to       0.25%       826,681       17.42       to       17.01       14,133,158       5.72%       6.06%       to       5.80%  
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%  

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

 

2021     0.00%       to       0.25%       168,533       43.17       to       42.14       7,188,554       0.00%       16.36%       to       16.06%  
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%  

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

 

2021     0.00%       to       0.25%       228,285       39.12       to       37.52       8,754,206       0.89%       43.68%       to       43.33%  
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%  

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

 

2021     0.00%       to       0.25%       169,656       60.97       to       58.84       10,271,513       0.00%       15.17%       to       14.88%  
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%  

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

 

2021     0.00%       to       0.25%       1,097,959       54.36       to       52.01       57,943,290       0.91%       29.88%       to       29.56%  
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%  

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

 

2021     0.00%       to       0.25%       58,458       19.45       to       19.13       1,122,444       0.46%       21.38%       to       21.08%  
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%  

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

 

2021     0.00%       to       0.25%       926,718       55.81       to       53.18       50,269,630       0.68%       16.91%       to       16.62%  
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%  

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

 

2021     0.00%       to       0.25%       1,156,158       64.25       to       60.82       73,957,820       0.00%       22.60%       to       22.29%  
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%  

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

 

2021     0.00%           73,917       21.89           1,617,891       0.26%       16.83%      
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%         * *** 

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  

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

 

2021     0.00%       to       0.25%       604,281       12.54       to       12.31       7,514,491       1.66%       -1.11%       to       -1.36%  
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%  

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

 

2021     0.00%       to       0.25%       1,158,496       41.46       to       39.25       47,594,396       0.11%       17.75%       to       17.45%  
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%  

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

 

2021     0.00%       to       0.25%       1,100,214       24.07       to       22.78       26,335,620       1.03%       13.29%       to       13.00%  
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%  

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

 

2021     0.00%       to       0.25%       1,782,996       25.57       to       25.21       45,169,164       0.24%       16.54%       to       16.25%  
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%  

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

 

2021     0.20%       to       0.25%       38,091       25.84       to       25.69       983,938       0.31%       19.18%       to       19.12%  
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%  

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

 

2021     0.00%       to       0.25%       900,997       13.29       to       12.91       11,735,368       1.96%       5.47%       to       5.20%  
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%  

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

 

2021     0.00%       to       0.25%       557,965       51.74       to       49.93       28,180,185       0.00%       12.61%       to       12.33%  
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%  

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

 

2021     0.10%       to       0.25%       82,028       98.48       to       95.67       7,992,095       0.00%       18.60%       to       18.42%  
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%  

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

 

2021     0.00%       to       0.25%       301,306       14.71       to       14.43       4,364,592       3.07%       3.28%       to       3.02%  
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%  

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%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  
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%  

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

 

2021     0.00%       to       0.25%       2,052,546       11.45       to       11.29       23,287,595       2.10%       0.63%       to       0.38%  
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%  

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

 

2021     0.00%       to       0.25%       1,752,453       12.23       to       12.03       21,167,304       1.27%       -0.24%       to       -0.49%  
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%  

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

 

2021     0.20%           4,346       11.51           50,033       2.93%       3.25%      
2020     0.20%           3,986       11.15           44,443       0.38%       11.50%         * *** 

MFS(R) Variable Insurance Trust - MFS Growth Series: Service Class (MEGSS)

 

2021     0.20%           533       11.48           6,117       0.00%       14.77%         * *** 

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

 

2021     0.00%       to       0.25%       128,370       20.61       to       20.42       2,631,078       0.00%       13.88%       to       13.59%  
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)

 

2021     0.00%           48,341       38.12           1,842,572       0.00%       1.80%      
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%      

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

 

2021     0.00%       to       0.25%       126,253       37.22       to       36.33       4,666,133       0.00%       1.57%       to       1.32%  
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%  

MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Initial Class (MV2EEI)

 

2021     0.00%           95       10.95           1,040       0.00%       -6.75%         * *** 

MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Service Class (MV2EES)

 

2021     0.10%           12,179       10.86           132,316       0.30%       -7.12%         * *** 

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

 

2021     0.00%           189,951       29.25           5,555,841       0.25%       25.97%      
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%      

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

 

2021     0.00%       to       0.25%       2,603,987       15.94       to       15.67       41,218,224       0.68%       11.27%       to       10.99%  
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%  

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

 

2021     0.00%           19,590       18.04           353,487       0.88%       30.99%      
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)

 

2021     0.00%       to       0.25%       102,467       14.90       to       14.80       1,519,132       0.78%       30.60%       to       30.28%  
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, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  

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

 

2021     0.00%       to       0.25%       92,735       25.57       to       25.08       2,338,407       0.91%       29.18%       to       28.86%  
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%  

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

 

2021     0.00%           195,372       64.23           12,549,087       1.32%       25.45%      
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%      

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

 

2021     0.00%       to       0.25%       4,031,389       30.79       to       29.71       120,916,263       1.18%       25.16%       to       24.84%  
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%  

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

 

2021     0.00%           35,831       13.88           497,183       0.56%       9.27%      
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)

 

2021     0.00%       to       0.25%       2,656,042       44.37       to       42.99       115,368,604       0.14%       10.28%       to       10.00%  
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%  

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

 

2021     0.00%       to       0.25%       352,564       11.90       to       11.76       4,164,240       2.59%       -1.07%       to       -1.31%  
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)

 

2021     0.00%       to       0.25%       164,510       43.97       to       41.75       7,443,541       5.21%       -2.02%       to       -2.27%  
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%  

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

 

2021     0.00%       to       0.25%       176,056       88.63       to       85.52       15,301,238       0.00%       0.10%       to       -0.15%  
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%  

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

 

2021     0.00%           125,585       21.17           2,658,152       3.91%       -0.32%      
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%      

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

 

2021     0.00%       to       0.25%       47,910       74.81       to       70.86       3,480,932       0.00%       -11.06%       to       -11.28%  
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%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  

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

 

2021     0.10%       to       0.25%       89,895       83.98       to       66.54       7,110,330       2.00%       39.66%       to       39.45%  
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%  

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

 

2021     0.00%       to       0.25%       333,039       14.74       to       14.22       4,781,913       2.48%       23.83%       to       23.53%  
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%  

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

 

2021     0.00%           39,958       11.21           447,928       2.94%       -0.45%      
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 - NVIT BlackRock Equity Dividend Fund: Class I (EIF)

 

2021     0.00%       to       0.10%       378,286       45.09       to       37.23       16,419,475       1.30%       20.29%       to       20.17%  
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%  

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

 

2021     0.00%       to       0.25%       5,108,264       25.00       to       20.19       115,765,510       1.63%       -2.08%       to       -2.33%  
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%  

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

 

2021     0.00%       to       0.25%       387,590       34.97       to       33.16       13,428,414       0.96%       -7.28%       to       -7.51%  
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%  

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

 

2021     0.00%       to       0.25%       739,374       25.56       to       24.24       18,637,063       2.59%       12.66%       to       12.38%  
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%  

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

 

2021     0.00%           463,122       30.90           14,312,406       1.12%       14.71%      
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%      

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

 

2021     0.00%           121,537       16.31           1,981,809       2.05%       -0.72%      
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%      

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

 

2021     0.00%           265,479       44.74           11,877,839       0.00%       16.00%      
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%      

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  
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%      

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

 

2021     0.00%           180,199       35.07           6,320,263       1.11%       23.65%      
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%      

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

 

2021     0.00%           414,827       58.80           24,390,856       0.00%       21.53%      
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%      

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

 

2021     0.00%       to       0.25%       3,326,407       39.86       to       37.92       130,944,131       0.16%       13.63%       to       13.34%  
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%  

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

 

2021     0.00%       to       0.25%       918,881       27.73       to       26.38       25,039,441       0.21%       6.71%       to       6.44%  
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%  

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

 

2021     0.00%           507,185       34.96           17,731,830       2.30%       28.37%      
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%      

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

 

2021     0.00%       to       0.25%       1,280,588       43.26       to       41.16       54,298,575       0.13%       15.50%       to       15.21%  
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%  

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

 

2021     0.00%       to       0.25%       873,949       21.88       to       20.81       18,734,221       0.23%       2.75%       to       2.49%  
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%  

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

 

2021     0.00%       to       0.25%       2,555,637       33.49       to       31.86       84,688,200       0.19%       10.31%       to       10.04%  
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%  

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

 

2021     0.00%           284,284       14.41           4,096,250       2.81%       10.53%      
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%      

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  

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

 

2021     0.00%       to       0.25%       610,947       38.68       to       37.74       22,941,580       4.81%       4.96%       to       4.70%  
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%  

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

 

2021     0.00%           19,751       16.00           315,956       0.41%       12.34%      
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)

 

2021     0.00%           693       14.49           10,043       0.44%       7.72%      
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%      

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

 

2021     0.00%       to       0.25%       1,809,935       103.44       to       68.25       148,530,286       1.22%       24.26%       to       23.95%  
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%  

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

 

2021     0.00%       to       0.25%       378,407       29.85       to       26.60       11,120,414       5.63%       5.24%       to       4.98%  
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%  

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

 

2021     0.00%           12,328       16.19           199,568       0.34%       15.72%      
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%      

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

 

2021     0.00%           1,455       14.63           21,283       0.33%       10.24%      
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%      

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)

 

2021     0.00%           75,642       11.04           835,043       2.41%       7.62%      
2020     0.00%           76,088       10.26           780,459       0.00%       7.42%         * *** 

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

 

2021     0.00%           860,949       48.33           41,606,698       1.24%       34.53%      
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%      

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

 

2021     0.00%       to       0.25%       1,763,302       15.97       to       15.92       28,143,314       1.40%       34.71%       to       34.37%  
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)

 

2021     0.00%       to       0.25%       19,439,766       12.30       to       12.07       237,132,398       2.01%       -2.08%       to       -2.32%  
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%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  

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

 

2021     0.00%           156,509       17.20           2,691,588       1.79%       -1.03%      
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%      

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

 

2021     0.00%       to       0.25%       194,920       24.94       to       32.97       4,862,254       0.28%       15.75%       to       15.46%  
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%  

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

 

2021     0.00%       to       0.25%       221,546       17.66       to       18.26       3,961,507       0.22%       4.49%       to       4.23%  
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%  

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

 

2021     0.00%       to       0.25%       359,078       26.06       to       36.37       9,701,746       0.25%       18.12%       to       17.82%  
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%  

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

 

2021     0.00%       to       0.25%       109,336       20.61       to       23.38       2,266,484       0.27%       9.23%       to       8.95%  
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%  

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

 

2021     0.00%       to       0.25%       454,554       23.50       to       29.47       11,030,614       0.29%       13.64%       to       13.35%  
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%  

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

 

2021     0.00%       to       0.25%       141,906       27.07       to       40.93       3,967,014       0.19%       20.19%       to       19.89%  
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%  

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

 

2021     0.00%       to       0.25%       343,739       21.88       to       26.08       7,719,947       0.26%       11.12%       to       10.84%  
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%  

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

 

2021     0.00%           76,675       25.65           1,966,475       0.20%       8.24%      
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%      

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

 

2021     0.00%           22,415       33.03           740,332       0.17%       12.16%      
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%      

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  
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%      

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

 

2021     0.00%           21,381       12.16           260,056       0.36%       12.38%      
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)

 

2021     0.00%           14,689       11.09           162,889       0.87%       -2.02%      
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 Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)

 

2021     0.00%           5,318       15.33           81,543       1.32%       21.87%      
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)

 

2021     0.00%           319,239       11.84           3,781,080       0.51%       10.44%      
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)

 

2021     0.00%           15,740       14.80           232,961       2.32%       12.40%      
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%      

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

 

2021     0.00%       to       0.25%       2,575,056       14.36       to       14.09       36,587,631       3.04%       10.84%       to       10.57%  
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%  

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

 

2021     0.00%           303,253       18.76           5,688,994       3.89%       -0.72%      
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%      

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

 

2021     0.00%           1,099,683       19.94           21,930,646       0.38%       -1.08%      
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%      

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

 

2021     0.00%           430,600       13.03           5,609,958       3.37%       10.58%      
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)

 

2021     0.00%       to       0.25%       470,430       51.02       to       49.31       23,926,902       0.00%       40.45%       to       40.10%  
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%  

Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class I (NVMMG1)

 

2021     0.00%       to       0.25%       1,411,401       42.85       to       41.41       60,408,255       0.12%       -4.70%       to       -4.94%  
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%  

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

 

2021     0.00%       to       0.25%       314,894       33.26       to       32.14       10,357,156       0.92%       24.20%       to       23.89%  
2020     0.00%       to       0.25%       302,109       26.78       to       25.94       8,001,705       2.18%       -1.07%       to       -1.32%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  
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%  

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

 

2021     0.00%           404,798       32.62           13,206,366       0.73%       24.02%      
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%      

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

 

2021     0.00%           634,912       35.71           22,674,998       0.30%       26.57%      
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%      

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

 

2021     0.00%       to       0.25%       17,186       36.97       to       21.64       630,968       0.64%       26.81%       to       26.49%  
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%      

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

 

2021     0.00%       to       0.20%       4,717,424       71.53       to       27.50       333,436,491       0.62%       30.24%       to       29.98%  
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%  

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

 

2021     0.00%       to       0.25%       1,283,052       29.71       to       57.76       43,969,602       1.13%       46.75%       to       46.38%  
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%  

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

 

2021     0.00%       to       0.25%       101,081       26.27       to       17.95       2,536,503       1.01%       14.20%       to       13.92%  
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%      

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class Y (NVSIXD)

 

2021     0.00%           1,568       18.12           28,414       3.14%       14.54%         * *** 

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

 

2021     0.00%       to       0.25%       12,249,853       13.27       to       12.83       160,215,231       1.26%       -0.44%       to       -0.69%  
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%  

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

 

2021     0.00%           162,797       12.81           2,085,159       0.82%       -0.59%      
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%      

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

 

2021     0.00%           41,436       21.02           871,170       2.37%       10.40%      
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%      

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  

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

 

2021     0.00%       to       0.10%       2,395,575       14.85       to       13.63       35,570,868       0.00%       0.00%       to       -0.10%  
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%  

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

 

2021     0.00%       to       0.25%       22,191,764       12.21       to       11.64       263,011,500       0.00%       0.00%       to       -0.25%  
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%  

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

 

2021     0.00%       to       0.25%       644,751       102.96       to       67.28       64,396,933       0.00%       30.84%       to       30.51%  
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%  

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

 

2021     0.00%       to       0.25%       507,073       72.26       to       68.28       36,139,695       0.00%       10.31%       to       10.03%  
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%  

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

 

2021     0.00%       to       0.25%       566,793       87.96       to       65.12       49,709,406       0.00%       32.04%       to       31.71%  
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%  

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

 

2021     0.00%       to       0.20%       999,625       55.38       to       43.22       55,171,923       0.78%       21.88%       to       21.64%  
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%  

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

 

2021     0.10%       to       0.25%       35,938       72.84       to       51.83       1,872,414       0.00%       12.88%       to       12.71%  
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%  

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

 

2021     0.00%           46,056       24.28           1,118,369       0.00%       12.72%      
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%      

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

 

2021     0.00%           463       28.50           13,195       0.57%       32.80%      
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%  

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

 

2021     0.00%       to       0.25%       44,113       66.43       to       63.40       2,929,003       0.38%       23.48%       to       23.17%  
2020     0.00%       to       0.25%       49,461       53.80       to       51.48       2,659,925       0.56%       19.56%       to       19.26%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  
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%      

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

 

2021     0.00%           423,072       13.81           5,843,360       3.52%       0.74%      
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%      

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

 

2021     0.00%           4,742       14.66           69,534       1.04%       8.51%      
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%      

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

 

2021     0.00%           3,665       15.66           57,386       0.96%       12.43%      
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%      

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

 

2021     0.00%           10,148       15.65           158,828       1.04%       10.98%      
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%      

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

 

2021     0.00%       to       0.25%       193,526       28.65       to       27.41       5,434,933       11.25%       16.23%       to       15.94%  
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%  

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

 

2021     0.00%       to       0.20%       103,881       14.52       to       14.13       1,491,803       5.86%       -7.52%       to       -7.70%  
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%  

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

 

2021     0.00%       to       0.25%       32,351       11.53       to       11.39       370,172       1.55%       -1.95%       to       -2.20%  
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)

 

2021     0.00%       to       0.25%       87,855       11.26       to       11.13       978,882       5.03%       -4.16%       to       -4.40%  
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)

 

2021     0.00%       to       0.25%       83,090       12.35       to       12.24       1,018,571       4.46%       3.65%       to       3.39%  
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)

 

2021     0.00%       to       0.25%       2,713,185       16.84       to       16.05       44,248,853       0.52%       -0.93%       to       -1.17%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  
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%  

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

 

2021     0.00%       to       0.25%       706,484       20.43       to       19.85       14,384,636       1.56%       -4.78%       to       -5.02%  
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%  

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

 

2021     0.00%       to       0.25%       2,307,381       25.09       to       23.90       55,948,773       4.91%       5.55%       to       5.28%  
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%  

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

 

2021     0.00%           45,474       8.40           381,859       4.87%       33.34%      
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%      

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

 

2021     0.00%       to       0.25%       2,989,602       24.71       to       23.54       71,878,023       1.83%       -1.26%       to       -1.51%  
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%  

Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB (PVEIB)

 

2021     0.00%           128,006       18.26           2,337,757       1.05%       27.30%      
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)

 

2021     0.00%           115,984       31.63           3,668,364       0.00%       22.65%      
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%      

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

 

2021     0.00%           33,202       32.77           1,087,970       1.17%       8.82%      
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%      

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

 

2021     0.10%       to       0.25%       55,525       27.20       to       26.63       1,483,580       0.70%       39.76%       to       39.55%  
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%  

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

 

2021     0.10%       to       0.25%       49,547       58.71       to       57.04       2,902,497       0.00%       29.85%       to       29.65%  
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%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  

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

 

2021     0.00%       to       0.25%       2,832,664       49.84       to       48.71       139,027,186       0.00%       17.62%       to       17.33%  
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%  

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

 

2021     0.00%       to       0.25%       447,039       49.76       to       47.42       21,581,763       1.34%       25.22%       to       24.90%  
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%  

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

 

2021     0.00%           213,874       74.54           15,942,854       0.00%       12.83%      
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%  

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

 

2021     0.10%       to       0.25%       2,297,000       11.76       to       11.56       26,758,154       1.30%       0.04%       to       -0.12%  
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%  

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

 

2021     0.10%       to       0.25%       390,808       114.14       to       110.88       43,630,859       0.00%       14.45%       to       14.28%  
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%  

T. Rowe Price Equity Series, Inc. - T. Rowe Price All-Cap Opportunities Portfolio (TRNAG1)

 

2021     0.00%       to       0.25%       977,708       90.85       to       86.92       86,538,494       0.00%       20.80%       to       20.49%  
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%  

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

 

2021     0.00%       to       0.25%       315,297       29.27       to       28.18       9,074,608       0.97%       10.06%       to       9.79%  
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%  

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

 

2021     0.00%       to       0.25%       156,898       49.45       to       59.66       8,416,338       0.94%       -11.87%       to       -12.09%  
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%  

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

 

2021     0.00%       to       0.25%       464,856       36.19       to       41.31       19,077,021       0.44%       18.92%       to       18.62%  
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%  

Vanguard Variable Insurance Fund - Balanced Portfolio (VVB)

 

2021     0.00%       to       0.25%       663,170       32.40       to       31.28       21,187,425       1.58%       19.02%       to       18.72%  
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%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  
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%  

Vanguard Variable Insurance Fund - Capital Growth Portfolio (VVCG)

 

2021     0.10%       to       0.25%       888,352       25.17       to       24.92       22,327,421       0.90%       21.42%       to       21.24%  
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%  

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%  

Vanguard Variable Insurance Fund - Equity Income Portfolio (VVEI)

 

2021     0.00%           50,487       14.01           707,441       0.91%       25.33%      
2020     0.00%           14,840       11.18           165,921       1.10%       3.25%         * *** 

Vanguard Variable Insurance Fund - Equity Index Portfolio (VVEIX)

 

2021     0.00%           7,217       16.72           120,636       1.20%       28.55%      
2020     0.00%           8,031       13.00           104,429       0.00%       18.20%         * *** 

Vanguard Variable Insurance Fund - Growth Portfolio (VVG)

 

2021     0.00%           17,371       17.99           312,566       0.02%       17.86%         * *** 

Vanguard Variable Insurance Fund-Global Bond Index Portfolio (VVGBI)

 

2021     0.00%           8,232       10.70           88,045       0.00%       -1.84%         * *** 

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

 

2021     0.00%       to       0.25%       4,229,653       14.09       to       13.70       58,801,793       2.07%       -1.72%       to       -1.96%  
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%  

Vanguard Variable Insurance Fund - International Portfolio (VVI)

 

2021     0.00%       to       0.25%       546,009       28.27       to       27.30       15,185,427       0.30%       -1.54%       to       -1.79%  
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%  

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

 

2021     0.00%       to       0.25%       811,601       41.06       to       39.64       32,778,080       1.09%       24.36%       to       24.05%  
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%  

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

 

2021     0.00%       to       0.25%       93,364       33.19       to       32.29       3,061,574       2.14%       40.21%       to       39.86%  
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%  

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

 

2021     0.00%       to       0.25%       216,823       39.89       to       38.95       8,552,346       0.38%       14.22%       to       13.93%  
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%  

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

 

2021     0.00%           8,815       15.00           132,235       0.89%       -0.45%      
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%  

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

 

2021     0.00%       to       0.25%       1,412,234       13.86       to       13.75       19,493,368       1.85%       8.53%       to       8.26%  
2020     0.20%       to       0.25%       1,568,615       12.71       to       12.70       19,935,377       2.16%       10.96%       to       10.90%  

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2021

 

    Contract
Expense
Rate*		     Units     Unit
Fair Value		     Contract
Owners’ Equity		     Investment
Income
Ratio**		     Total Return***  
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% **** 

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

 

2021     0.00%           10,594       16.57           175,593       0.00%       25.64%         * *** 

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

 

2021     0.00%       to       0.25%       278,623       15.80       to       15.70       4,386,615       1.15%       46.87%       to       46.50%  
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% **** 

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

 

2021     0.00%       to       0.25%       586,509       48.55       to       46.85       28,174,829       0.00%       -5.04%       to       -5.28%  
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%  

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

 

2021     0.10%           163,407       59.31           9,692,259       0.04%       24.65%      
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%  

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

 

2021     0.00%       to       0.25%       256,359       46.81       to       45.17       11,759,945       0.00%       7.64%       to       7.37%  
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%  

 

*

This represents the range of annual contract expense rates 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 contract owner accounts through the redemption 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 range of minimum and maximum total returns for the period indicated, including changes in the value of the underlying mutual fund, which reflects the reduction of unit values for expenses assessed. The total returns do not include any expenses assessed through the redemption 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. Minimum and maximum ranges are not shown for underlying mutual fund options for which a single contract expense rate (product option) exists. In such cases, the total return presented is representative of all units issued and outstanding at period end.

****

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, 2021

TABLE OF CONTENTS

 

     Page  

Independent Auditors’ Report

      F-1  

Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus

      F-4  

Statutory Statements of Operations

      F-5  

Statutory Statements of Changes in Capital and Surplus

      F-6  

Statutory Statements of Cash Flow

      F-7  

Notes to Statutory Financial Statements

      F-8  

Schedule I – Summary of Investments – Other Than Investments in Related Parties

      F-48  

Schedule III – Supplementary Insurance Information

      F-49  

Schedule IV – Reinsurance

      F-50  

Schedule V – Valuation and Qualifying Accounts

      F-51  

LOGO

Independent Auditors’ Report

Audit Committee of the Board of Directors Nationwide Life Insurance Company:

Opinions

We have audited the 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, 2021 and 2020, and the related statutory statements of operations and changes in capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2021, and the related notes to the statutory financial statements (financial statements).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2021, in accordance with the statutory accounting practices prescribed or permitted by the Ohio Department of Insurance (the Department) described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2021 and 2020, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2021.

Basis for Opinions

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. 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 of the financial statements, the financial statements are prepared by the Company using 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 and pervasive.

 

LOGO

 

LOGO

Responsibilities of Management 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 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.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

 

  ●  

Exercise professional judgment and maintain professional skepticism throughout the audit.

 

  ●  

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

 

  ●  

Obtain an understanding of internal control relevant to the audit 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 Company’s internal control. Accordingly, no such opinion is expressed.

 

  ●  

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

 

  ●  

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

 

F-2

LOGO

Supplementary Information

Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information Schedule I 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.

/s/KPMG LLP

Columbus, Ohio

March 18, 2022

 

F-3

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)    2021     2020  
    

Admitted assets

     

Invested assets

     

Bonds

    $ 37,931     $ 37,207  

Stocks

      3,016       2,835  

Mortgage loans, net of allowance

      8,185       7,783  

Policy loans

      913       888  

Derivative assets

      64       51  

Cash, cash equivalents and short-term investments

      636       461  

Securities lending collateral assets

      170       101  

Other invested assets

      1,225       955  

Total invested assets

    $ 52,140     $ 50,281  

Accrued investment income

      577       692  

Deferred federal income tax assets, net

      618       642  

Other assets

      125       195  

Separate account assets

      125,372       114,407  

Total admitted assets

    $ 178,832     $ 166,217  
    

Liabilities, capital and surplus

     

Liabilities

     

Future policy benefits and claims

    $ 42,499     $ 41,002  

Policyholders dividend accumulation

      414       430  

Asset valuation reserve

      610       466  

Interest maintenance reserve

      17       -  

Current federal income taxes payable

      161       -  

Payable for securities

      113       177  

Derivative liabilities

      31       87  

Securities lending payable

      171       101  

Funds held under coinsurance

      1,052       965  

Other liabilities

      922       967  

Accrued transfers from separate accounts

      (1,621 )      (1,490 ) 

Separate account liabilities

      125,372       114,407  

Total liabilities

    $ 169,741     $ 157,112  
    

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

      5,989       6,003  

Total capital and surplus

    $ 9,091     $ 9,105  

Total liabilities, capital and surplus

    $     178,832     $     166,217  

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 Operations

 

      Year ended December 31,  
(in millions)    2021     2020     2019  

Revenues

       

Premiums and annuity considerations

    $ 12,664     $ 10,637     $ 10,168  

Net investment income

      2,231       2,107       1,974  

Amortization of interest maintenance reserve

      (8 )      -       (2 ) 

Other revenues

      2,463       2,372       2,312  

Total revenues

    $ 17,350     $ 15,116     $ 14,452  
      

Benefits and expenses

       

Benefits to policyholders and beneficiaries

    $ 16,884     $ 15,013     $ 14,782  

Increase in reserves for future policy benefits and claims

      807       1,627       1,501  

Net transfers from separate accounts

      (3,002 )      (3,544 )      (3,747 ) 

Commissions

      858       646       674  

Dividends to policyholders

      30       36       38  

Reserve adjustment on reinsurance assumed

      (151 )      (172 )      (246 ) 

Other expenses

      439       444       417  

Total benefits and expenses

    $     15,865     $     14,050     $     13,419  
      

Income before federal income tax expense and net realized capital losses on investments

    $ 1,485     $ 1,066     $ 1,033  

Federal income tax (benefit) expense

      (9 )      4       (73 ) 
      

Income before net realized capital losses on investments

    $ 1,494     $ 1,062     $ 1,106  

Net realized capital (losses) on investments, net of federal income tax expense (benefit) of $59, $(26) and $7 in 2021, 2020 and 2019, respectively, and excluding $15, $(4) and $0 of net realized capital gains (losses) transferred to the interest maintenance reserve in 2021, 2020 and 2019, respectively

      (683 )      (575 )      (477 ) 

Net income

    $ 811     $ 487     $ 629  

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 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, 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  
             

Change in reserve on account of change in valuation basis

      -        -        -        2       2  

Cumulative effect of change in accounting principle

      -        -        -        6       6  

Balance as of January 1, 2021

    $ 4      $ 1,100      $ 1,998      $ 6,011     $ 9,113  
             

Net income

      -        -        -        811       811  

Change in asset valuation reserve

      -        -        -        (144 )      (144 ) 

Change in deferred income taxes

      -        -        -        50       50  

Change in net unrealized capital gains and losses, net of tax expense of $30

      -        -        -        (142 )      (142 ) 

Change in nonadmitted assets

      -        -        -        (47 )      (47 ) 

Dividends paid to Nationwide

              

Financial Services, Inc.

      -        -        -        (550 )      (550 ) 

Balance as of December 31, 2021

    $ 4      $ 1,100      $ 1,998      $ 5,989     $ 9,091  

See accompanying notes to statutory financial statements.

 

F-6

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

 

Statutory Statements of Cash Flow

 

      Years ended December 31,  
(in millions)    2021     2020     2019  
      

Cash flows from operating activities:

       

Premiums collected, net of reinsurance

    $ 12,661     $ 10,648     $ 10,184  

Net investment income

      2,404       2,034       1,825  

Other revenue

      2,367       2,664       2,708  

Policy benefits and claims paid

      (16,735 )      (14,886 )      (14,778 ) 

Commissions, operating expenses and taxes, other than federal income tax paid

      (1,122 )      (885 )      (847 ) 

Net transfers from separate accounts

      2,871       3,620       3,805  

Policyholders’ dividends paid

      (36 )      (38 )      (40 ) 

Federal income taxes recovered

      121       121       87  

Net cash provided by operating activities

    $ 2,531     $ 3,278     $ 2,944  
      

Cash flows from investing activities:

       

Proceeds from investments sold, matured or repaid:

       

Bonds

    $ 6,953     $ 3,404     $ 3,547  

Stocks

      127       37       58  

Mortgage loans

      1,053       640       910  

Other assets

      279       905       385  

Total investment proceeds

    $ 8,412     $ 4,986     $ 4,900  

Cost of investments acquired:

       

Bonds

    $ (7,744 )    $ (5,527 )    $ (6,327 ) 

Stocks

      (538 )      (517 )      (454 ) 

Mortgage loans

      (1,441 )      (769 )      (800 ) 

Derivative assets

      (589 )      (580 )      (687 ) 

Other assets

      (594 )      (837 )      (340 ) 

Total investments acquired

    $ (10,906 )    $ (8,230 )    $ (8,608 ) 

Net (increase) decrease in policy loans

      (25 )      15       2  

Net cash used in investing activities

    $ (2,519 )    $ (3,229 )    $ (3,706 ) 
      

Cash flows from financing activities and miscellaneous sources:

       

Surplus notes

    $ -     $ -     $ 400  

Capital contribution from Nationwide Financial Services, Inc.

      -       -       600  

Dividend paid to Nationwide Financials Services, Inc.

      (550 )      -       -  

Net change in deposits on deposit-type contract funds and other insurance liabilities

      517       160       (714 ) 

Net change in short-term debt

      -       (200 )      (162 ) 

Derivative liabilities

      (56 )      65       2  

Other cash provided (used)

      252       (169 )      93  

Net cash provided by (used in) financing activities and miscellaneous

    $ 163     $ (144 )    $ 219  
      

Net increase (decrease) in cash, cash equivalents and short-term investments

    $ 175     $ (95 )    $ (543 ) 

Cash, cash equivalents and short-term investments at beginning of year

      461       556       1,099  

Cash, cash equivalents and short-term investments at end of year

    $ 636     $ 461     $ 556  

Supplemental disclosure of non-cash activities:

       

Exchange of bond investments

    $ 277     $ 799     $ 592  

See accompanying notes to statutory financial statements.

 

F-7

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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, 2021 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 Advisors, LLC (“NIA”). NLAIC primarily offers individual annuity contracts including fixed annuity contracts, group annuity contracts including pension risk transfer contacts, 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 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, 2021 and 2020, 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 certain investment and derivative valuations and future policy benefits and claims. 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-8

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

Effective January 1, 2021, NLIC and NLAIC elected to apply a prescribed practice promulgated under Ohio Administrative Code Section 3901-1-67 (“OAC 3901-1-67”) to its derivative instruments hedging indexed products and indexed annuity reserve liabilities in order to better align the measurement of indexed product reserves and the derivatives that hedge them. Under OAC 3901-1-67, derivative instruments are carried at amortized cost with the initial hedge cost amortized over the term and asset payoffs realized at the end of the term being reported through net investment income, rather than the derivative instruments being carried at fair value with asset payoffs realized over the term through net realized capital gains and losses. Additionally, the cash surrender value reserves for indexed annuity products only reflect index interest credits at the end of the crediting term as compared to partial index interest credits accumulating throughout the crediting term in increase in reserves for future policy benefits and claims.

The Company’s subsidiary, Eagle, applies one prescribed practice with multiple applications as provided under the State of Ohio’s captive law, 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 NLIC and NLAIC using an alternative reserving basis 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.

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 and surplus at net admitted asset value for certain universal life and term life insurance policies.

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 net income between NAIC SAP and prescribed and permitted practices is shown below:

 

 

 

(in millions)   

SSAP

#

      F/S Page      State of
domicile		      December 31,  
   2021     2020      2019  

 

Net Income

 

              

Statutory Net Income

            OH      $ 811     $ 487      $ 629  

State Prescribed Practice:

                 

OAC 3901-1-67:

                 

Derivative instruments

      86        4        OH        9       -        -  

Reserves for indexed annuities

      51        4        OH        (20 )      -        -  

Tax impact

      101        4        OH        3       -        -  

 

NAIC SAP

             $ 803     $ 487      $ 629  

 

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,

  
   2021      2020  

Surplus

               

Statutory Capital and Surplus

            OH      $ 9,091      $ 9,105  

State Prescribed Practice:

               

Subsidiary valuation - Eagle: NLIC risks ceded

      51        2        OH        791        711  

Subsidiary valuation - Eagle: NLAIC risks ceded

      51        2        OH        (810 )       (523 ) 

OAC 3901-1-67:

               

Derivative instruments

      86        2,4        OH        13        -  

Reserves for indexed annuities

      51        3,4        OH        (22 )       -  

Tax impact

      101        2,4        OH        2        -  

Subsidiary Valuation - NLAIC

      51,86,101        2        OH        274        -  

State Permitted Practice:

               

Subsidiary valuation - Olentangy

      20        2        VT        (67 )       (67 ) 
   

NAIC SAP

             $ 9,272      $ 9,226  
   

Statutory accounting practices vary in some respects from U.S. generally accepted accounting principles (“GAAP”), including the following practices:

 

F-9

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

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;

 

  ●  

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;

 

F-10

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

  ●  

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;

 

  ●  

With the exception of derivatives applying the prescribed practice under OAC 3901-1-67, 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.

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 capital and 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”).

 

F-11

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

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”).

Future policy benefits for pension risk transfer (“PRT”) products have been established in accordance with the CARVM. Statutory reserves for PRT business written during or after 2020 are calculated as the present value of future benefit payments, using the prescribed 1994 Group Annuity Mortality (“GAM”) table along with the AA projection mortality improvement scale and prescribed valuation rates as specified in Chapter 22 of the Valuation Manual. For the PRT business written before 2020, the statutory reserves are calculated using prescribed GAM tables and valuation interest rates that vary by issue year, as specified in the Standard Valuation Law.

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.

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 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.

 

F-12

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

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.

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 when available, to determine the fair value of bonds and stocks for which market quotations or quotations on comparable securities or models are used. 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 certain 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.

 

F-13

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

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.

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.

 

F-14

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

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.

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.

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 sold $2.6 billion, $2.3 billion and $2.2 billion in Tax Credit Funds to unrelated third parties with outstanding guarantees as of December 31, 2021, 2020 and 2019, respectively. The Company guaranteed after-tax benefits to the third-party investors through periods ending in 2038. 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 $1.5 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.

 

F-15

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

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. With the exception of derivatives applying the prescribed practice under OAC 3901-1-67, 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 and internal models. These inputs include interest rate swap curves, credit spreads, interest rates, counterparty credit risk, equity volatility and equity index levels.

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.

 

F-16

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

Level 2. Unadjusted quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active 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 the observability of significant valuation inputs identified during these reviews may trigger reclassifications. Reclassifications are reported as transfers at the beginning of the reporting 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.

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. Goodwill was immaterial as of December 31, 2021 and 2020.

 

F-17

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

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 capital and 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.

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 2021 and 2020, and 50% of the number of life insurance policies in force in 2021 and 2020. 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 2021 and 2020.

Accounting Changes and Corrections of Errors

Effective January 1, 2021, the Company elected to apply OAC 3901-1-67 to its derivative instruments hedging indexed products and indexed annuity reserve liabilities. As a result of the Company’s election to apply OAC 3901-1-67 as of January 1, 2021, the Company’s admitted assets decreased $3 million, total liabilities decreased $2 million and capital and surplus decreased $1 million, which included a $3 million reduction to unassigned surplus from the cumulative effect of the change in accounting principle.

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.

 

F-18

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

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 disaggregated 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

Effective January 1, 2021, the Company adopted revisions to SSAP No. 32R, Preferred Stock (“SSAP No. 32R”). The adopted revisions updated the definition for redeemable and perpetual preferred stock and furthermore, updated the valuation classification for perpetual preferred stock to fair value. Previously, perpetual preferred stock could have been valued at amortized cost or fair value based on the rating of the security. Per SSAP No. 32R, any valuation classification changes from amortized cost to fair value are to be recognized in statutory surplus. Going forward, changes to fair value will be recognized as a change in net unrealized capital gains and losses to in statutory surplus. As a result of this change, the Company recorded an increase to statutory capital and surplus of $9 million as of January 1, 2021.

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. In response to the COVID-19 pandemic, governments have enacted various measures to reduce the spread of the virus. The COVID-19 pandemic conditions have created 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. None of the aforementioned items have had a material impact on the overall financial condition of the Company. While many of the government-imposed measures have eased in 2021, 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.

Subsequent Events

The Company evaluated subsequent events through March 18 2022, the date the statutory financial statements were issued.

Effective January 1, 2022, Harleysville Life Insurance Company (“HLIC”), an Ohio domiciled stock life insurance company and subsidiary of NMIC that offers universal and traditional life insurance, disability income insurance and fixed annuity contracts on a non-participating basis, completed a merger agreement with NLAIC. Pursuant to the merger agreement, the operations of HLIC merged with and into NLAIC, with NLAIC continuing as the surviving entity. There was not a material impact on the Company’s surplus as a result of the merger.

 

F-19

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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
account1		     Separate
account with
guarantees		      Separate
account non-
guaranteed		      Total     % of
Total		  

December 31, 2021

             

Subject to discretionary withdrawal:

             

With market value adjustment

    $     622       125        -      $ 747       1 % 

At book value less current surrender charge of 5% or more

      209       -        -        209       0 % 

At fair value

      12       -        73,141        73,153       93 % 

Total with market value adjustment or at fair value

    $ 843     $ 125      $ 73,141      $     74,109       94 % 

At book value without adjustment (minimal or no charge or adjustment)

      3,295       -        6        3,301       4 % 

Not subject to discretionary withdrawal

      1,749       -        69        1,818       2 % 

Total, gross

    $ 5,887     $ 125      $ 73,216      $ 79,228       100 % 

Less: Reinsurance ceded

      (114 )      -        -        (114 )         

Total, net

    $ 5,773     $ 125      $ 73,216      $ 79,114          
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)’    $ 53     $ -      $ -      $ 53          
            

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          
  1 

Includes reserves applying the prescribed practice under OAC 3901-1-67, as disclosed in Note 2.

 

F-20

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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
account1		     Separate
account with
guarantees		      Separate
account non-
guaranteed		      Total     % of
Total		  

December 31, 2021

             

Subject to discretionary withdrawal:

             

With market value adjustment

    $     18,205       2,389        -      $     20,594       44 % 

At book value less current surrender charge of 5% or more

      6       -        -        6       0 % 

At fair value

      -       -        20,679        20,679       44 % 

Total with market value adjustment or at fair value

    $ 18,211     $ 2,389      $ 20,679      $ 41,279       88 % 

At book value without adjustment (minimal or no charge or adjustment)

      5,227       -        -        5,227       11 % 

Not subject to discretionary withdrawal

      673       -        3        676       1 % 

Total, gross

    $ 24,111     $ 2,389      $ 20,682      $ 47,182       100 % 

Less: Reinsurance ceded

      (55 )      -        -        (55 )         

Total, net

    $ 24,056     $ 2,389      $ 20,682      $ 47,127          
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)’    $ 6     $ -      $ -      $ 6          
                                            

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          
  1 

Includes reserves applying the prescribed practice under OAC 3901-1-67, as disclosed in Note 2.

 

F-21

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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, 2021

            

Subject to discretionary withdrawal:

            

With market value adjustment

    $ 2      $ -      $ 2        0 % 

At fair value

      -        -        -        0 % 

Total with market value adjustment or at fair value

    $ 2      $ -      $ 2        0 % 

At book value without adjustment (minimal or no charge or adjustment)

      665        3        668        17 % 

Not subject to discretionary withdrawal

      3,132        17        3,149        83 % 

Total, gross

    $ 3,799      $ 20      $ 3,819        100 % 

Less: Reinsurance ceded

      -        -        -           

Total, net

    $ 3,799      $ 20      $ 3,819           
                                     

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           

The following table is a reconciliation of total annuity actuarial reserves and deposit fund liabilities, as of the dates indicated:

 

      December 31,  
(in millions)    2021      2020  

Life, accident and health annual statement:

      

Annuities, net (excluding supplemental contracts with life contingencies)

    $ 29,815      $ 29,445  

Supplemental contracts with life contingencies, net

      15        16  

Deposit-type contracts

      3,799        3,282  

Subtotal

    $ 33,629      $ 32,743  

Separate accounts annual statement:

      

Annuities, net (excluding supplemental contracts with life contingencies)

    $ 96,412      $ 88,378  

Other contract deposit funds

      20        16  

Subtotal

    $ 96,432      $ 88,394  

Total annuity actuarial reserves and deposit fund liabilities, net

    $     130,061      $     121,137  

 

F-22

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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 - nonguaranteed  
(in millions)    Account
value		     Cash value     Reserve     Account
value		      Cash value      Reserve  

December 31, 2021

               

Subject to discretionary withdrawal,surrender
values or policy loans:

               

Term policies with cash value

    $ -     $ 11     $ 11     $ -      $ -      $ -  

Universal life

      2,609       2,624       2,783       -        -        -  

Universal life with secondary guarantees

      395       320       855       -        -        -  

Indexed universal life with secondary guarantees

      232       174       251       -        -        -  

Other permanent cash value life insurance

      -       1,271       2,539       -        -        -  

Variable life

      2,334       2,403       2,503       27,487        27,480        27,480  

Miscellaneous reserves

      -       -       -       -        -        6  

Subtotal

    $         5,570     $         6,803     $         8,942     $         27,487      $         27,480      $         27,486  

Not subject to discretionary withdrawal or no
cash value:

               

Term policies without cash value

      -       -       241       -        -        -  

Accidental death benefits

      -       -       1       -        -        -  

Disability - active lives

      -       -       14       -        -        -  

Disability - disabled lives

      -       -       58       -        -        -  

Miscellaneous reserves

      -       -       33       -        -        -  

Total, gross

    $ 5,570     $ 6,803     $ 9,289     $ 27,487      $ 27,480      $ 27,486  

Less: reinsurance ceded

      (9 )      (9 )      (209 )      -        -        -  

Total, net

    $ 5,561     $ 6,794     $ 9,080     $ 27,487      $ 27,480      $ 27,486  

 

F-23

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

      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.

The following table is a reconciliation of life actuarial reserves, as of the dates indicated:

 

      December 31,  
(in millions)    2021      2020  

Life, accident and health annual statement:

      

Life Insurance, net

    $ 8,986      $ 8,400  

Accidental death benefits, net

      1        1  

Disability - active lives, net

      13        12  

Disability - disabled lives, net

      51        51  

Miscellaneous reserves, net

      29        26  

Subtotal

    $ 9,080      $ 8,490  

Separate accounts annual statement:

      

Life insurance1

    $ 27,788      $ 24,884  

Miscellaneous reserves

      6        9  

Subtotal

    $ 27,794      $ 24,893  

Total life actuarial reserves, net

    $     36,874      $     33,383  
  1

In 2021, life insurance account value, cash value and reserve includes separate accounts with guarantees of $308 million for universal life. In 2020, life insurance account value, cash value and reserve includes separate accounts with guarantees of 302 million for universal life.

 

F-24

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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, 2021:

 

(in millions)                                  
Managing general agent/ third party reserve    FEIN number      Exclusive
contract		   

Types of

business

written

    Types of
authority
granted1		    Total Direct
Premium		  

AccuRisk Solutions, LLC

      31-1777676      Not Exclusive    Accident & health    C / CA / B / P / U      109  

Fringe Insurance Benefits, Inc.

      74-2616364      Not Exclusive    Accident & health    B /P / U      55  

Gilsbar, Inc.

      72-0519951      Not Exclusive    Accident & health    B / P / U      24  

IRC

      74-2824053      Not Exclusive    Accident & health    C / CA / B / P / U      27  

K&K Insurance Group, Inc.

      35-1003799      Not Exclusive    Accident & health    C / CA / B / P / U      12  

Matrix

      01-0544915      Not Exclusive    Accident & health    C / CA / B / P / U      12  

Merchants Benefit Administration, Inc.

      86-0875918      Exclusive    Accident & health    B / C / CA / P      22  

PRAM Insurance Services, Inc.

      33-0367265      Not Exclusive    Accident & health    C / CA / B / P / U      4  

RMTS - Manufacturers & Traders Trust Co.

      20-1049240      Not Exclusive    Accident & health    C / CA / B / P / U      24  

Roundstone Management, Ltd.

      27-0371422      Not Exclusive    Accident & health    C / CA / B / P / U      78  

Star Line Group

      04-3499188      Not Exclusive    Accident & health    C / CA / B / P / U      5  

TMS RE Inc

      65-0644164      Not Exclusive    Accident & health    C / CA / B / P / U      61  

United Group Programs Inc.

      59-1896277      Not Exclusive    Accident & health    C / CA / B / P / U      10  

USMGU

      46-4619917      Not Exclusive    Accident & health    C / CA / B / P / U      1  

Total Direct Premiums Written and Produced

         $ 444  
  1

Authority code key includes: C– claims payment, CA– claims adjustment, B- binding authority, P-premium collection, U- underwriting.

 

F-25

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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, 2021      December 31, 2020  
(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

    $ 79,416      $ -      $ 71,875      $ -  

Group annuities

      18,091        -        17,550        -  

Life insurance

      27,865        -        24,982        -  

Total

    $ 125,372      $ -      $ 114,407      $ -  

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

  
2021    $ 12      $ 674  
2020    $ 26      $ 631  
2019    $ 58      $ 612  
2018    $ 18      $ 594  
2017    $ 13      $ 559  

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-26

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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, 2021

               

Premiums, considerations or deposits

    $ -      $ 221      $ -      $ 8,088      $ 8,309  

Reserves

               

For accounts with assets at:

               

Fair value

    $ -      $ 2,368      $ 146      $ 121,404      $ 123,918  

Amortized cost

      -        308        -        -        308  

Total reserves

    $ -      $ 2,676      $ 146      $ 121,404      $ 124,226  

By withdrawal characteristics:

               

With market value adjustment

    $ -      $ 2,368      $ 146      $ -      $ 2,514  

At book value without market value adjustment and with current surrender charge of 5% or more

   

 

-

 

   

 

-

 

   

 

-

 

   

 

-

 

   

 

-

 

At fair value

      -        -        -        121,307        121,307  

At book value without market value adjustment and with current surrender charge less than 5%

      -        308        -        9        317  

Subtotal

    $ -      $ 2,676      $ 146      $ 121,316      $     124,138  

Not subject to discretionary withdrawal

      -        -        -        88        88  

Total reserves1

    $     -      $ 2,676      $ 146      $ 121,404      $ 124,226  
  1

The total reserves balance does not equal the liabilities related to separate accounts of $125.4 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.

 

F-27

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

(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.

The following table is a reconciliation of net transfers from separate accounts, as of the dates indicated:

 

              December 31,          
(in millions)    2021      2020      2019  

Transfers as reported in the statutory statements of operations of the separate accounts:

         

Transfers to separate accounts

    $         8,309      $         5,809      $         6,142  

Transfers from separate accounts

      (10,860 )       (8,921 )       (9,470 ) 

Net transfers from separate accounts

    $ (2,551 )     $ (3,112 )     $ (3,328 ) 

Reconciling adjustments:

         

Exchange accounts offsetting in the general account

      (552 )       (337 )       (321 ) 

Fees not included in general account transfers

      68        (67 )       (68 ) 

Other miscellaneous adjustments not included in the general account balance

      33        (28 )       (30 ) 

Transfers as reported in the statutory statements of operations

    $ (3,002 )     $ (3,544 )     $ (3,747 ) 

 

F-28

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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, 2021

            

Bonds:

            

U.S. Government

    $ 12      $ -      $ -      $ 12    

States, territories and possessions

      463        44        1        506    

Political subdivisions

      376        66        -        442    

Special revenues

      2,882        489        2        3,369    

Industrial and miscellaneous

      28,233        2,649        86        30,796    

Loan-backed and structured securities

      5,965        183        31        6,117    

Total bonds

    $         37,931      $         3,431      $         120      $         41,242    

Common stocks unaffiliated

    $ 225      $ -      $ -      $ 225    

Preferred stocks unaffiliated

      50        -        -        50    

Total unaffiliated stocks1

    $ 275      $ -      $ -      $ 275    

Total bonds and unaffiliated stocks1

    $ 38,206      $ 3,431      $ 120      $ 41,517    
           

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    

 

1

Excludes affiliated common stocks with a carrying value of $2.7 billion and $2.6 billion as of December 31, 2021 and 2020, respectively. Affiliated common stocks include investment in NLAIC and JNF of $2.6 billion and $186 million as of December 31, 2021, respectively, and $2.4 billion and $180 million as of December 31, 2020, 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, 2021 and 2020.

 

F-29

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

The following table summarizes the carrying value and fair value of bonds, by contractual maturity, as of December 31, 2021. 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

    $ 1,376      $ 1,398  

Due after one year through five years

      7,602        8,013  

Due after five years through ten years

      9,671        10,182  

Due after ten years

      13,317        15,531  

Total bonds excluding loan-backed and structured securities

    $ 31,966      $ 35,124  

Loan-backed and structured securities

      5,965        6,118  

Total bonds

    $ 37,931      $ 41,242  

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, 2021

                  

Bonds:

                  

U.S. Government

    $ 3      $ -      $ -      $ -      $ 3      $ -    

States, territories and possessions

      77        1        1        -        78        1    

Special revenues

      76        2        -        -        76        2    

Industrial and miscellaneous

      3,355        74        455        48        3,810        122    

Loan-backed and structured securities

      2,005        14        332        19        2,337        33    

Total bonds

    $ 5,516      $ 91      $ 788      $ 67      $ 6,304      $ 158    

Common stocks unaffiliated

    $ -      $ -      $ 23      $ 2      $ 23      $ 2    

Preferred stocks unaffiliated

      14        -        -        -        14        -    

Total unaffiliated stocks

    $ 14      $ -      $ 23      $ 2      $ 37      $ 2    

Total bonds and unaffiliated stocks

    $ 5,530      $ 91      $ 811      $ 69      $ 6,341      $ 160    
                                                       

December 31, 2020

                                                      

Bonds:

                  

U.S. Government

    $ -      $ -      $ -      $ -      $ -      $ -    

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 unaffiliated stocks

    $ 30      $ 4      $ -      $ -      $ 30        4    

Total bonds and unaffiliated stocks

    $ 2,135      $ 46      $ 1,278      $ 61      $ 3,413      $ 107    

As of December 31, 2021, 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, 2021 and 2020.

 

F-30

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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)    2021      2020  

Amortized cost:

      

Loans with non-specific reserves

    $         8,219      $         7,819  

Loans with specific reserves

      9        12  

Total amortized cost

    $     8,228      $     7,831  

Valuation allowance:

      

Non-specific reserves

    $ 42      $ 45  

Specific reserves

      1        3  

Total valuation allowance1

    $ 43      $ 48  

Mortgage loans, net of allowance

    $ 8,185      $ 7,783  

 

  1

Changes in the valuation allowance are due to current period provisions. These changes in the valuation allowance for the years ended December 31, 2021, 2020, and 2019 were immaterial.

As of December 31, 2021 and 2020, 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, 2021

                

Apartment

    $     3,441     $ 33     $     3,474        $     3,445     $ 29     $     3,474     

Industrial

      1,137       -       1,137          1,137       -       1,137     

Office

      1,226       25       1,251          1,231       20       1,251     

Retail

      2,067       41       2,108          2,068       40       2,108     

Other

      171       -       171            171       -       171     

Total1

    $ 8,042     $ 99     $ 8,141          $ 8,052     $ 89     $ 8,141     

Weighted average DSC ratio

      2.22       1.31       2.21          2.22       0.90       2.21     

Weighted average LTV ratio

      58 %      94 %      59 %           59 %      78 %      59%  
                                                       

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%  

 

  1

Excludes $87 million and $85 million of commercial mortgage loans that were under development as of December 31, 2021 and 2020, respectively.

As of December 31, 2021 and 2020, the Company has a diversified mortgage loan portfolio with no more than 24%, 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 2021 were 4.1% and 1.9%, respectively, and for those originated or acquired during 2020 were 4.3% and 1.9%, respectively. As of December 31, 2021 and 2020, the maximum LTV ratio of any one loan at the time of loan origination was 80%. As of December 31, 2021 and 2020, 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-31

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

Securities Lending

The fair value of loaned securities was $547 million and $244 million as of December 31, 2021 and 2020, respectively. The Company held $170 million and $101 million of cash collateral on securities lending as of December 31, 2021 and 2020, respectively. As of December 31, 2021, the carrying value and fair value of reinvested collateral assets was $170 million. As of December 31, 2020, the carrying value and fair value of reinvested collateral assets was $101 million. The fair value of bonds acquired with reinvested collateral assets was $173 million and $103 million as of December 31, 2021 and 2020, respectively. There are no securities lending transactions that extend beyond one year as of the reporting date. The Company received $388 million and $148 million of non-cash collateral on securities lending as of December 31, 2021 and 2020, respectively.

Net Investment Income

The following table summarizes net investment income by investment type, for the years ended:

 

      December 31,  
(in millions)    2021      2020      2019  

Bonds

    $ 1,417      $ 1,419      $ 1,408  

Mortgage loans

      358        339        353  

Other invested assets

      499        384        225  

Policy loans

      43        43        45  

Derivative instruments1

      31        25        23  

Other

      12        16        28  

Gross investment income

    $ 2,360      $ 2,226      $ 2,082  

Investment expenses

      (129 )       (119 )       (108 ) 

Net investment income

    $ 2,231      $ 2,107      $ 1,974  

 

1

Includes net investment income applying the prescribed practice under OAC 3901-1-67, as disclosed in Note 2.

There was no investment income due and accrued that was nonadmitted as of December 31, 2021 and 2020.

Net Realized Capital Gains and Losses

The following table summarizes net realized capital gains and losses for the years ended:

 

      December 31,  
(in millions)    2021     2020     2019  

Gross gains on sales

    $     106     $ 36      $ 71   

Gross losses on sales

      (32 )      (42 )      (21 ) 

Net realized gains (losses) on sales

    $ 74     $ (6 )    $ 50   

Net realized derivative losses1

      (679 )      (521 )      (515 ) 

Other-than-temporary impairments

      (4 )      (78 )      (5 ) 

Total net realized losses

    $ (609 )      $    (605)      $ (470 ) 

Tax expense (benefit) on net losses

      59       (26 )                7   

Net realized capital losses, net of tax

    $ (668 )    $ (579 )    $ (477 ) 

Less: Realized losses transferred to the IMR

      15       (4 )      -   

Net realized capital losses, net of tax and transfers to the IMR

    $ (683 )    $ (575 )    $ (477 ) 

 

1

Includes impacts to derivative instruments applying the prescribed practice under OAC 3901-1-67, as disclosed in Note 2.

For the year ended December 31, 2021, gross realized gains and gross realized losses on sales of bonds were $80 million and $31 million, respectively. 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.

The Company did not enter into any material repurchase transactions that would be considered wash sales during the years ended December 31, 2021 and 2020.

Investment Commitments

The Company had unfunded commitments related to its investment in limited partnerships and limited liability companies totaling $793 million and $483 million as of December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, there were $89 million and $21 million of commitments to purchase private placement bonds and $0 and $114 million of outstanding commitments to fund mortgage loans, respectively.

 

F-32

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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 futures and options.

Indexed crediting risk management. The Company issues a variety of insurance and annuity products with indexed crediting features that expose the Company to risks related to the performance of an underlying index. To mitigate these risks, the Company enters into a variety of derivatives including index options, total return swaps and futures. The underlying indices can have exposure to equites, commodities and fixed income securities.

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, 2021 and 2020, 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, 2021

               

Interest rate swaps

    $ 7      $ -      $ -      $ -       $ -   

Options

      25        1        1        -         -   

Cross currency swaps

      1,465        32        101        (13)        1   

Futures

      2,715        -        -                -         -   

Total derivatives¹

    $     4,212      $ 33      $ 102      $ (13)      $ 1  
                                              

December 31, 2020

               

Interest rate swaps

    $ 7      $ (1)      $ -      $ (1)      $ (1)  

Options

      -        -        -        -         -   

Cross currency swaps

      1,524        (36)        75        (49)        -   

Futures

      3,342        -        -        -         -   

Total derivatives¹

    $ 4,873      $ (37)      $     75      $ (50)      $ (1)  
  1

Fair value balance excludes immaterial accrued interest on derivative assets for December 31, 2021 and 2020.

 

F-33

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

Of the $102 million and $75 million of fair value of derivative assets as of December 31, 2021 and 2020, $13 million and $24 million were subject to master netting agreements as of December 31, 2021 and 2020, the Company received $92 million and $35 million of cash collateral and $17 million and $22 million in pledged securities, respectively, resulting in an immaterial uncollateralized position as of December 31, 2021 and 2020. Of the $13 million and $50 million of fair value of derivative liabilities as of December 31, 2021 and 2020, $13 million and $24 million were subject to master netting agreements as of December 31, 2021 and 2020, the Company posted $0 and $28 million of cash collateral, respectively, resulting in an immaterial uncollateralized position as of December 31, 2021 and 2020. Securities received as collateral are recorded off-balance sheet and exclude initial margin posted on derivatives of $171 million and $280 million as of December 31, 2021 and 2020, respectively.

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 gains (losses) recorded in capital
and surplus		  
     December 31,      December 31,  
(in millions)    2021      2020      2019      2021      2020      2019  

Options

    $ -       $ -       $ 3      $ -       $ (1 )     $ 4    

Cross currency swaps

      1         4         (1 )       69        (102 )       (13 )   

Futures

      (680 )       (525 )       (517 )       27        1        (169 )   

Total

    $ (679 )     $ (521 )     $ (515 )     $ 96      $ (102 )     $ (178 )   

 

(7)

Fair Value Measurements

The following table summarizes assets and liabilities held at fair value as of December 31, 2021:

 

                                                                                                                            
(in millions)    Level 1      Level 2      Level 3      Net Asset
Value (NAV)		      Total  

Assets

               

Bonds

    $ -      $ 7      $ 1      $ -      $ 8    

Common stocks unaffiliated

      82        143        -        -        225    

Preferred stocks unaffiliated

      -        44        6        -        50    

Separate account assets

      119,549        2,087        49        3,354        125,039    

Assets at fair value

    $ 119,631      $ 2,281      $ 56      $ 3,354      $ 125,322    

The following table presents the rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2021:

 

                                                                                                                            
(in millions)    Bonds     

Common

stocks
unaffiliated

     

Preferred

stocks
unaffiliated

      Separate
account
assets		     

Assets

at fair
value

  

Balance as of December 31, 2020

    $ 1       $ 1       $ -       $ 58      $ 60  

Net gains (losses):

               

In operations

      -         -         -         -        -  

In surplus

      -         -         1        6        7  

Purchases

          1         -         1        -        2  

Sales

      (1 )       -         -         (15 )       (16 ) 

Transfers into Level 3

      -         -         4        -        4  

Transfers out of Level 3

      -         (1 )       -         -        (1 ) 

Balance as of December 31, 2021

    $ 1       $ -       $ 6       $ 49      $ 56   

Preferred stocks unaffiliated transfers into Level 3 are primarily related to the Company’s adoption of SSAP No. 32R. Refer to Note 2 for more information.

 

F-34

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

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    

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.

Bond 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-35

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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, 2021

               

Assets:

               

Bonds1,2,3

    $ 2      $ 35,874      $ 5,358      $ 41,234      $ 37,923    

Mortgage loans, net of allowance

      -        -        8,340        8,340        8,185    

Policy loans

      -        -        913        913        913    

Derivative assets

      -        101        1        102        64    

Cash, cash equivalents and short-term investments

      127        509        -        636        636    

Securities lending collateral assets

      170        -        -        170        170    

Separate account assets

      3        374        3        380        333    

Total assets

    $ 302      $ 36,858      $ 14,615      $ 51,775      $ 48,224    

Liabilities:

               

Investment contracts

    $ -      $ -      $ 2,720      $ 2,720      $ 2,715    

Derivative liabilities

      -        13        -        13        31    

Total liabilities

    $ -      $ 13      $ 2,720      $ 2,733      $ 2,746    
                                              

December 31, 2020

               

Assets:

               

Bonds3

    $ 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

    $ -      $ -      $ 2,097      $ 2,097      $ 2,076    

Derivative liabilities

      -        48        -        48        86    

Total liabilities

    $ -      $ 48      $ 2,097      $ 2,145      $ 2,162    

 

  1

The Company changed pricing services for certain investments in 2021 resulting in the Company applying a practical expedient within SSAP No. 100, Fair Value, that resulted in those investments being classified in Level 2.

  2

The Company changed to a pricing service for certain investments in 2021. The service incorporates a proprietary input which resulted in these investments being classified in Level 3.

  3

Level 3 is primarily composed of industrial and miscellaneous bonds.

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-36

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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, 2021  
(in millions)    Ordinary      Capital      Total  

Total gross deferred tax assets

    $ 759      $ 30      $ 789   

Statutory valuation allowance adjustment

      -        -        -   

Adjusted gross deferred tax assets

    $ 759      $ 30      $ 789   

Less: Deferred tax assets nonadmitted

      (71 )       (12 )       (83)  

Net admitted deferred tax assets

    $ 688      $ 18      $ 706   

Less: Deferred tax liabilities

      (81 )       (7 )       (88)  

Net admitted deferred tax assets

    $ 607      $ 11      $ 618   
                            
     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   

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)    2021      2020      Change  

Adjusted gross deferred tax assets

    $ 789      $ 786      $ 3   

Total deferred tax liabilities

      (88 )       (103 )       15   

Net deferred tax assets

    $ 701      $ 683      $ 18   

Less: Tax effect of unrealized gains

            (30 )   

Less: Prior period adjustment

                        (2 )   

Change in deferred income tax

                      $ 50   

 

F-37

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

The following tables summarize components of the admitted deferred tax assets calculation, as of the dates indicated:

 

      December 31, 2021  
(in millions)    Ordinary      Capital      Total  

Federal income taxes recoverable through loss carryback

    $ -      $ 11      $ 11  

Adjusted gross deferred tax assets expected to be realized1

      607        -        607  

Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities

      81        7        88  

Admitted deferred tax assets

    $ 688      $ 18      $       706  

 

      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  
  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 date or the adjusted gross deferred tax assets allowed per the limitation threshold. For the years ended December 31, 2021 and 2020, the threshold limitation for adjusted capital and surplus was $1.3 billion.

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 as of December 31, 2021 and 2020. The ratio percentage used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was 1,125% and 1,176% as of December 31, 2021 and 2020, respectively.

The following tables summarize the impact of tax planning strategies, as of the dates indicated:

 

      December 31, 2021  
      Ordinary     Capital     Total  

Adjusted gross deferred tax assets

      0.00 %      0.00 %      0.00 % 

Net admitted adjusted gross deferred tax assets

      8.36 %      0.00 %      8.36 % 
                          
      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 % 

The Company’s tax planning strategies included the use of affiliated reinsurance for the years ended December 31, 2021 and 2020.

There are no temporary differences for which deferred tax liabilities are not recognized for the years ended December 31, 2021 and 2020.

 

F-38

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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)    2021      2020      Change  

Deferred tax assets

         

Ordinary:

         

Future policy benefits and claims

    $ 90      $ 108      $ (18 ) 

Investments

      128        116        12  

Deferred acquisition costs

      214        202        12  

Policyholders’ dividends accumulation

      4        5        (1 ) 

Compensation and benefits accrual

      11        10        1  

Tax credit carry-forward

      299        316        (17 ) 

Other

      13        13        -  

Subtotal

    $ 759      $ 770      $ (11 ) 

Nonadmitted

      (71 )       (41 )       (30 ) 

Admitted ordinary deferred tax assets

    $ 688      $ 729      $ (41 ) 

Capital:

         

Investments

      30        16        14  

Subtotal

    $ 30      $ 16      $ 14  

Nonadmitted

      (12 )       -        (12 ) 

Admitted capital deferred tax assets

    $ 18      $ 16      $ 2  

Admitted deferred tax assets

    $ 706      $ 745      $ (39 ) 
        

Deferred tax liabilities

         

Ordinary:

         

Investments

    $ (12 )     $ (2 )     $ (10 ) 

Deferred and uncollected premium

      (6 )       (6 )       -  

Future policy benefits and claims

      (38 )       (57 )       19  

Deferred acquisition costs

      (14 )       (28 )       14  

Marketing allowance and trail commission

      (10 )       -        (10 ) 

Other

      (1 )       (1 )       -  

Subtotal

    $ (81 )     $ (94 )     $ 13  

Capital:

         

Investments

      (7 )       (9 )       2  

Subtotal

    $ (7 )     $ (9 )     $ 2  

Deferred tax liabilities

    $ (88 )     $ (103 )     $ 15  

Net deferred tax assets

    $         618      $         642      $           (24 ) 

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, 2021 and 2020.

 

F-39

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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)    2021     2020     2019  

Current income tax (benefit) expense

    $ 50     $ (22 )    $ (66 ) 

Change in deferred income tax (without tax on unrealized gains and losses)

      (50 )      (41 )      29  

Total income tax (benefit) reported

    $ -     $ (63 )    $ (37 ) 
                          

Income before income and capital gains taxes

    $ 861     $ 465     $ 563  

Federal statutory tax rate

      21 %      21 %      21 % 

Expected income tax expense at statutory tax rate

    $ 181     $ 98     $ 118  

(Decrease) increase in actual tax reported resulting from:

       

Dividends received deduction

      (137 )      (117 )      (101 ) 

Change in tax reserves

      -       16       -  

Tax credits

      (47 )      (48 )      (53 ) 

Loss carryback rate differential

      -       (10 )      -  

Other

      3       (2 )      (1 ) 

Total income tax (benefit) reported

    $         -     $           (63 )    $           (37 ) 

The Company incurred $10 million in federal income tax expense in 2021 which is available for recoupment in the event of future net losses.

The following table summarizes operating loss or tax credit carry-forwards available as of December 31, 2021:

 

(in millions)    Amount      Origination      Expiration  

Business credits

    $ 15        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  

Business credits

    $             27        2021        2041  

 

F-40

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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 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.

Registered Investment Advisors Services, Inc.

Retention Alternatives SAC Ltd.

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, 2021 and 2020.

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.

 

(9)

Short-Term Debt and Federal Home Loan Bank Funding Agreement

Short-Term Debt

The Company participated in a commercial paper program with a limit of $750 million, which was terminated in 2021. There were no amounts outstanding under the program as of December 31, 2020.

As of December 31, 2020, the Company had access to borrow up to $300 million from the FHLB to provide financing for operations that expired in March 2021. As of December 31, 2020, the Company had $4.3 billion in eligible collateral and no amounts outstanding under the agreement. In February 2021, the Company terminated this agreement and entered into a new agreement with the FHLB, which expired February 4, 2022, that allowed the Company and NLAIC access to collectively borrow up to $1.1 billion in the aggregate, which would be collateralized by pledged securities. As of December 31, 2021, the Company had $3.6 billion in eligible collateral and no amounts outstanding under the agreement. In February 2022, this agreement was extended through February 3, 2023.

 

F-41

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

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, 2021 and 2020.

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, 2021 and 2020.

The amount of interest paid on short-term debt was immaterial in 2021, 2020 and 2019.

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 $25 million and $30 million in membership stock as of December 31, 2021 and 2020, respectively. As part of the agreement, the Company purchased and held an additional $118 million and $58 million in activity stock as of December 31, 2021 and 2020, 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 $2.7 billion and $2.1 billion as of December 31, 2021 and 2020, 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 $3.1 billion (1.7 % of total admitted assets) as of December 31, 2021 and $2.4 billion (1.5% of total admitted assets) as of December 31, 2020, which are included in the general account in bonds and mortgage loans on the statutory statements of admitted assets, liabilities, capital and surplus.

 

(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, 2021

                    

12/19/2001

      7.50 %    $ 300      $ 300      $ 22      $ 450      $ -        12/31/2031  

6/27/2002

      8.15 %      300        300        25        473        -        6/27/2032  

12/23/2003

      6.75 %      100        100        7        119        -        12/23/2033  

12/20/2019

      4.21 %      400        400        17        34        -        12/19/2059  

Total

            $ 1,100      $ 1,100      $ 71      $ 1,076      $ -           
                                                               

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      $                 -           

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.

 

F-42

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

(11)

Reinsurance

The Company has 100% coinsurance agreement with funds withheld with Eagle to cede specified GMDB and GLWB obligations provided under substantially all of the variable annuity contracts and certain fixed indexed 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 2021, 2020 and 2019 included premiums of $607 million, $627 million and $529 million, respectively, benefits and claims, net of third party reinsurance recoveries of $8 million, $23 million, and $17 million respectively, net investment earnings on funds withheld assets of $40 million, $49 million and $33 million, respectively, and an expense allowance for third party reinsurance premiums of $1 million, $1 million and $1 million, respectively. As of December 31, 2021 and 2020, the carrying value of the funds withheld assets recorded within funds held under coinsurance was $1.1 billion and $965 million, respectively, which consists of bonds and cash equivalents that had a carrying value of $954 million and $856 million, respectively, and mortgage loans that had a carrying value of $98 million and $108 million, respectively. As of December 31, 2021 and 2020, the Company’s reserve credit for guaranteed benefits ceded under the reinsurance agreements was $50 million and $65 million, respectively. Amounts payable to Eagle related to the reinsurance agreements were $204 million and $402 million as of as of December 31, 2021 and December 31, 2020, 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, $281 million and $279 million for the years ended December 31, 2021, 2020 and 2019, respectively, while benefits, claims and expenses ceded were $257 million, $260 million and $273 million, respectively.

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 2021, 2020 and 2019 and include premiums of $10 million, $12 million and $14 million, respectively, net investment income of $42 million, $46 million and $49 million, respectively, and benefits, claims and other expenses of $147 million, $171 million and $251 million, respectively. The reserve adjustment for 2021, 2020 and 2019 of $(151) million, $(172) million and $(246) million, respectively, represents changes in reserves related to this fixed block of business, offset by investment earnings on the underlying assets. Policy reserves under this agreement totaled $985 million and $1.1 billion as of December 31, 2021 and 2020, respectively, and amounts payable related to this agreement were $8 million for the years ended December 31, 2021 and 2020.

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 $35 million and $37 million as of December 31, 2021 and 2020, respectively. Total premiums assumed under this treaty were $12 million, $8 million and $11 million during 2021, 2020 and 2019, 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 $155 million and $158 million as of December 31, 2021 and 2020, 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, 2021 and 2020 were $382 million and $420 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, 2021. Total reserve credits taken on these contracts as of December 31, 2021 and 2020 totaled $96 million and $100 million for each year, from SBL, $32 million and $44 million, respectively, from SGLAR and $29 million and $36 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, 2021, 2020 and 2019 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, 2021, 2020 and 2019, the Company was allocated costs from NMIC and NSC totaling $288 million, $281 million and $220 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 $3.8 billion, $3.7 billion and $3.5 billion as of December 31, 2021, 2020 and 2019, respectively. Total revenues from these contracts were $121 million, $122 million and $120 million for the years ended December 31, 2021, 2020 and 2019, respectively, and include policy charges, net investment income from investments backing the contracts and administrative fees. Total interest credited to the account balances were $113 million, $115 million and $112 million for the years ended December 31, 2021, 2020 and 2019, 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, 2021, 2020 and 2019, the Company was allocated costs from NMIC of $12 million, $13 million and $11 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 $3 million, $2 million, and $2 million for the years ended December 31, 2021, 2020 and 2019, respectively.

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, 2021, 2020 and 2019, customer allocations to NFG funds totaled $76.8 billion, $69.2 billion and $66.8 billion, respectively. For the years ended December 31, 2021, 2020 and 2019, NFG paid the Company $265 million, $229 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 $509 million and $551 million as of December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, amounts on deposit with NCMC were comprised of $483 million and $547 million, respectively, 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, 2021, 2020 and 2019 was $74 million, $69 million and $71 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 July 2041. As of December 31, 2021 and 2020, the Company had mortgage loans outstanding of $358 million and $414 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, 2021 and 2020, the Company had no outstanding borrowings from affiliated entities under such agreements. During 2021 and 2020, there were no outstanding borrowings from affiliated entities at any given time. The amount the Company incurred for interest expense on intercompany repurchase agreements during 2021, 2020 and 2019 were immaterial.

During 2019, the Company received capital contributions of $600 million from NFS. In March 2022, the Company received a capital contribution of $50 million from NFS.

 

F-44

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 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 2021, 2020 and 2019, the Company paid capital contributions of $400 million, $500 million and $400 million, respectively, to NLAIC. During 2022, the Company paid additional capital contributions totaling $100 million to NLAIC through the subsequent event date.

The company has an unsecured promissory note and revolving line of credit with JNLNY whereby JNLNY can borrow up to $5 million. No amounts have been drawn on the note as of December 31, 2021 or through the subsequent event date.

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, 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.

During 2021 and 2020 Eagle declared distributions to the Company based on their earned surplus position. On February 10, 2022, the Company received a dividend distribution of $168 million that was declared on December 31, 2021. The dividend receivable was recorded in accrued investment income as of December 31, 2021. On November 10, 2021, the Company received a dividend distribution of $45 million that was declared on September 30, 2021. On August 10, 2021, the Company received a dividend distribution of $20 million that was declared on June 30, 2021. On May 10, 2021, the Company received a dividend distribution of $191 million that was declared on March 31, 2021. 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 as of December 31, 2020. 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 December 22, 2021, the Company and NLAIC entered into a short-term loan where NLAIC borrowed $80 million from the Company. NLAIC repaid the short-term loan in full on January 4, 2022.

In March 2022, the Company executed a $850 million unsecured promissory note and revolving line of credit agreement with Nationwide SBL, LLC, an affiliate, at an interest rate of 1-month LIBOR plus 1.25% with a maturity date of March 1, 2023.

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 $71 million and $90 million as of December 31, 2021 and 2020, 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).

 

F-45

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

(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.

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, 2021 and 2020 were approximately $7 million and $8 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. In March 2021, the Company paid an ordinary dividend of $550 million to NFS. No dividends were paid by the Company to NFS for the years ended December 31, 2020 and 2019. The Company’s statutory capital and surplus as of December 31, 2021, was $9.1 billion and statutory net income for 2021 was $811 million. As of January 1, 2022, the Company has the ability to pay dividends to NFS totaling $359 million without obtaining prior approval.

 

F-46

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2021, 2020 and 2019 Statutory Financial Statements

 

 

 

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-47

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, 2021:

 

(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

      117        139        117  

Obligations of states and political subdivisions

      3,506        4,089        3,506  

Foreign governments

      197        200        197  

Public utilities

      3,722        4,037        3,715  

All other corporate, mortgage-backed and asset-backed securities

      30,420        32,776        30,394  

Total fixed maturity securities

    $ 37,964      $             41,243      $ 37,931  

Equity securities:

         

Common Stocks:

         

Banks, trust and insurance companies

      56        59        59  

Industrial, miscellaneous and all other

      168        167        167  

Nonredeemable preferred stocks

      45        50        50  

Total equity securities1

    $ 269      $ 276      $ 276  

Mortgage loans2

      8,229           8,185  

Short-term investments

      636           636  

Policy loans

      914           913  

Other long-term investments3

      1,323                 1,324  

Total invested assets

    $             49,335               $             49,265  
1

Amount does not agree to the statutory statements of admitted assets, liabilities, capital and surplus as investments in related parties of $2.7 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 $134 million are excluded.

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 III     Supplementary Insurance Information

As of December 31, 2021, 2020 and 2019 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		  

2021

               

Life Insurance

       $ 5,306            $ 425  

Annuities

         8,026              6,686  

Retirement Solutions

         22,446              4,377  

Corporate Solutions and Other

         6,721              1,176  

 

      

 

 

           

 

 

  

Total

       $ 42,499            $ 12,664  

 

      

 

 

           

 

 

  

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  

 

      

 

 

           

 

 

  

 

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		  

2021

               

Life Insurance

    $ 254      $ 311         $ 107     

Annuities

      337        9,489           41     

Retirement Solutions

      861        6,895           122     

Corporate Solutions and Other

      779        1,304           169     

 

        

 

 

     

Total

    $ 2,231      $ 17,999         $ 439     

 

        

 

 

     

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     

 

        

 

 

     
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-49

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

 

 

 

Schedule IV    Reinsurance

As of December 31, 2021, 2020 and 2019 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  

2021

           

Life insurance in force

    $ 144,115      $ (29,120 )    $ 653      $ 115,648  

Premiums:

           

Life Insurance1

    $ 1,624      $ (140 )    $ 12      $ 1,496  

Accident and health insurance

      445        (444 )               1  

Total

    $ 2,069      $ (584 )    $ 12      $ 1,497  
                                    

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  
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-50

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

 

 

 

Schedule V     Valuation and Qualifying Accounts

Years ended December 31, 2021, 2020 and 2019:

 

(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  

2021

          

Valuation allowances - mortgage loans

    $ 48      $ (4 )    $ (1 )    $ 43  
                                   

2020

          

Valuation allowances - mortgage loans

    $ 34      $ 14     $ -     $ 48  
                                   

2019

          

Valuation allowances - mortgage loans

    $ 25      $ 9     $ -     $ 34  
1

Amounts generally represent recoveries, payoffs and sales.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

 

 

F-51

PART C. OTHER INFORMATION
Item 30. Exhibits
g) 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 31. 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 Carter, John L.
Executive Vice President-Chief Human Resources Officer Clements, Vinita J.
Executive Vice President-Chief Information Officer Fowler, James R.
Executive Vice President and Director Frommeyer, Timothy G.
Senior Vice President-NF Strategic Customer Solutions Ambrozy, Tina S.
Senior Vice President-Marketing Management - Financial Services Bair, Ann S.
Senior Vice President-Head of Taxation Biesecker, Pamela A.
Senior Vice President-Chief Investment Officer Coleman, Joel L.
Senior Vice President-Chief Compliance Officer Dankovic, Rae Ann
Senior Vice President-External Affairs English, Steven M.
Senior Vice President-Chief Financial Officer - Nationwide Financial and Director Ginnan, Steven A.
Senior Vice President-Annuity Distribution Guymon, Rona
Senior Vice President-Nationwide Annuity and Director Henderson, Eric S.
Senior Vice President and Treasurer LaPaul, David
Senior Vice President-IT Chief Financial Officer, Procurement & BTO O'Brien, Kevin G.

 

Senior Vice President-Corporate Solutions Perez, Juan J.
Senior Vice President-Retirement Solutions Sales Hawley, Craig A.
Senior Vice President-Chief Technology Officer - Nationwide Financial Richardson, Michael A.
Senior Vice President-Nationwide Retirement Institute Rodriguez, Kristi L.
Senior Vice President-Finance & Strategy Legal and Corporate Secretary Skingle, Denise L.
Senior Vice President-Nationwide Life and Director Snyder, Holly R.
Senior Vice President-Investment Management Group Spangler, Michael S.
Senior Vice President-Retirement Solutions Stevenson, Eric
Director Walker, Kirt A.
Item 32. 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
525 Cleveland Avenue, LLC Ohio This is a limited liability company organized under the laws of the State of Ohio. The company was formed to provide remedial real property cleanup prior to sale.
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.
Jefferson National Life Annuity Account G2,3   A separate account issuing variable annuity products.

 

Company Jurisdiction
of Domicile 		Brief Description of Business
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.
Nationwide VA Separate Account-D2,3 Ohio A separate account issuing variable annuity contracts.

 

Company Jurisdiction
of Domicile 		Brief Description of Business
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 33. 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 34. 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 Ambrozy, Tina S.
Senior Vice President-Head of Taxation Biesecker, Pamela A.
Senior Vice President and Secretary Skingle, Denise L.
Vice President-Tax Eppley, Daniel P.
Vice President and Assistant Secretary Garman, David A.
Vice President-Chief Compliance Officer Rabenstine, James J.
Vice President-CFO – Life Insurance Wild, Keith D.
Associate Vice President and Assistant Treasurer Conner, David A.
Associate Vice President and Assistant Treasurer Hacker, Hope C.
Associate Vice President and Assistant Treasurer Reese, John A.
Associate Vice President and Treasurer Roswell, Ewan T.
Assistant Secretary Bowman, Heidi
Assistant Secretary Dokko, David
Assistant Secretary Hartman, Mark E.
Assistant Secretary Hinze, Keith W.
Director Henderson, Eric S.
Director Stevenson, Eric
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 		  Compensation on
Redemption 		  Brokerage
Commissions 		  Other
Compensation
Nationwide Investment Services Corporation
   N/A   N/A   N/A   N/A
Item 35. Location of Accounts and Records
Steven A. Ginnan
Nationwide Life Insurance Company
One Nationwide Plaza
Columbus, OH 43215
Item 36. Management Services
Not Applicable
Item 37. 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
Pursuant to the requirements of 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 duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Columbus, and State of Ohio, on April 26, 2022.
Nationwide VLI Separate Account-4
(Registrant)
Nationwide Life Insurance Company
(Depositor)
By: /s/ Jamie Ruff Casto
Jamie Ruff Casto
Attorney-in-Fact
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated, on April 26, 2022.
JOHN L. CARTER  
John L. Carter, President and Chief Operating Officer and Director  
HOLLY R. SNYDER  
Holly R. Snyder, Senior 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