NATIONWIDE VLI

SEPARATE

ACCOUNT-2

Annual Report

To

Policyholders

December 31, 2022

NATIONWIDE LIFE INSURANCE COMPANY

HOME OFFICE: COLUMBUS, OHIO

	KPMG LLP
	Suite 500 191 West Nationwide Blvd.
	Columbus, OH 43215-2568

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Nationwide Life Insurance Company and

Contract Owners of Nationwide VLI Separate Account-2:

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-2 (the Separate Account), as of the date listed in the Appendix, the related statements of operations for the year or period listed in the Appendix and changes in contract owners’ equity for the years or periods listed in the Appendix, and the related notes including the financial highlights in Note 8 (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each sub-account as of the date listed in the Appendix, the results of its operations for the year or period listed in the Appendix, the changes in its contract owners’ equity for the years or periods listed in the Appendix, and the financial highlights for each of the years or periods indicated in Note 8, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2022, 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 3, 2023

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

Appendix

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, 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 Small/Mid Cap Value Portfolio: Class A (ALVSVA)

ALLSPRING GLOBAL INVESTMENTS

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)

AMERICAN CENTURY INVESTMENTS

American Century Variable Portfolios, Inc. - American Century VP Balanced Fund: Class I (ACVB)

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 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)

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)

BNY MELLON INVESTMENT MANAGEMENT

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

BNY Mellon Variable Investment Fund - Growth and Income Portfolio: Initial Shares (DGI)

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 - Small Cap Stock Index Portfolio: Service Shares (DVSCS)

DELAWARE FUNDS BY MACQUARIE

Delaware VIP Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS)⁽¹⁾

DIMENSIONAL FUND ADVISORS INC.

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)

DWS INVESTMENT MANAGEMENT AMERICAS, INC.

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

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)

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Asset Manager Portfolio: Initial Class (FAMP)

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

Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Initial Class (FEIP)

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

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

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

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

Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Initial Class (FGP)

Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Initial Class (FHIP)

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

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

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

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Initial Class (FOP)

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

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

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

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

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

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

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

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

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 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 Trend Driven Allocation Fund: Service Shares (GVGMNS)

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

GUGGENHEIM INVESTMENTS

Rydex Variable Trust - Multi-Hedge Strategies Fund (RVARS) ⁽¹⁾

INVESCO INVESTMENTS

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

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

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)

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

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

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

Invesco - Invesco V.I. Conservative Balanced Fund: Series I (OVMS)

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 High Income: Class II (WRHIP)

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

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 Global Technology and Innovation Portfolio: Service Shares (JAGTS)

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

LORD ABBETT FUNDS

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

MASSACHUSETTS FINANCIAL SERVICES CO.

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

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

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

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

MORGAN STANLEY

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

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

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

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 & Income Fund: Class I (NCPGI)

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 Index Fund: Class I (NVIX)

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

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

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 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 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 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 - International Equity Portfolio: S Class Shares (AMINS)

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

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

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 - Low Duration Portfolio: Administrative Class (PMVLDA)

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)

T. ROWE PRICE

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: II (TRLT2)

VAN ECK ASSOCIATES CORPORATION

VanEck VIP Trust - VanEck VIP Emerging Markets Bond Fund: Initial Class (VWBF) ⁽¹⁾

VanEck VIP Trust - VanEck VIP Emerging Markets Bond Fund: Initial Class (VWEM) ⁽¹⁾

VanEck VIP Trust - VanEck VIP Global Resource Fund: Initial Class (VWHA) ⁽¹⁾

VIRTUS MUTUAL FUNDS

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

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, 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, 2022 and the period from March 31, 2021 (inception) to December 31, 2021.

AB FUNDS

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

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, 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, 2022 and the period from April 20, 2021 (inception) to December 31, 2021.

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, 2022, 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, 2022 and 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, 2022, 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, 2022 and the period from September 1, 2021 (inception) to December 31, 2021.

NATIONWIDE FUNDS GROUP

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

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, and the related statements of operations and changes in contract owners’ equity for the period from April 29, 2022 (inception) to December 31, 2022.

INVESCO INVESTMENTS

Invesco - Invesco V.I. Core Plus Bond Fund: Series I Shares (IVCPBI)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, and the related statements of operations and changes in contract owners’ equity for the period from May 16, 2022 (inception) to December 31, 2022.

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - Washington Mutual Investors Fund: Class 4 (AMVBC4)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, and the related statements of operations and changes in contract owners’ equity for the period from August 5, 2022 (inception) to December 31, 2022.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class 2 (FVSS2)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, and the related statements of operations and changes in contract owners’ equity for the period from October 20, 2022 (inception) to December 31, 2022.

PIMCO FUNDS

PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class (PVSTA)

Statement of operations for the period from January 1, 2022 to April 29, 2022 (merger) and the statements of changes in contract owners’ equity for the period from January 1, 2022 to April 29, 2022 (merger) and the year ended December 31, 2021.

INVESCO INVESTMENTS

Invesco - Invesco V.I. Core Bond Fund: Series I (OVB)

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

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2022

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
ALVDAA		27	$	266	$	213	$	-	$	213	$	4	$	209
ALVGIA		16,984		507,683		492,524		-		492,524		181		492,343
ALVIVB		5,289		79,272		68,229		-		68,229		1		68,228
ALVSVA		52,006		948,773		864,337		-		864,337		387		863,950
SVDF		32,518		918,816		553,785		11		553,796		-		553,796
SVOF		64,821		1,638,349		1,446,810		18		1,446,828		-		1,446,828
WFVSCG		55,618		634,604		419,913		-		419,913		523		419,390
ACVB		674,501		5,097,572		4,519,156		4,114		4,523,270		-		4,523,270
ACVCA		7,019		116,478		82,821		50		82,871		-		82,871
ACVI		57,019		667,442		543,394		109		543,503		-		543,503
ACVIG		216,920		1,945,531		1,555,314		-		1,555,314		247		1,555,067
ACVIP2		90,913		973,471		851,851		-		851,851		17		851,834
ACVMV1		68,369		1,421,908		1,445,996		-		1,445,996		602		1,445,394
ACVU1		7,334		175,320		141,841		3		141,844		-		141,844
AMVBC4		12,205		152,879		150,614		2		150,616		-		150,616
BRVHYI		86,128		633,475		555,526		2,780		558,306		-		558,306
MLVGA2		111,073		1,838,133		1,630,559		-		1,630,559		3,649		1,626,910
DGI		61,655		1,848,193		1,779,988		-		1,779,988		31		1,779,957
DSC		7,079		325,941		278,861		-		278,861		28		278,833
DSIF		821,672		37,743,189		47,500,886		1,590		47,502,476		-		47,502,476
DSRG		197,399		7,359,531		8,237,479		-		8,237,479		489		8,236,990
DVSCS		105,260		1,989,748		1,816,796		-		1,816,796		261		1,816,535
DWVSVS		5,768		220,106		212,361		5		212,366		-		212,366
DFVGMI		4,553		60,334		62,099		-		62,099		6		62,093
DFVIPS		10,696		118,302		96,901		-		96,901		3		96,898
DSGIBA		43,021		1,010,452		869,894		-		869,894		13		869,881
FQB		148,916		1,683,943		1,460,868		-		1,460,868		45		1,460,823
FVU2		9,616		100,766		81,352		-		81,352		3		81,349
FAMP		598,008		9,425,747		8,563,481		-		8,563,481		1,747		8,561,734
FCS		34,467		1,496,672		1,296,980		-		1,296,980		21		1,296,959
FEIP		1,648,536		36,871,508		38,839,499		-		38,839,499		5,241		38,834,258
FEMS		29,968		394,711		296,379		-		296,379		3		296,376
FF10S		32,494		422,252		374,983		15		374,998		-		374,998
FF20S		68,308		907,405		786,230		-		786,230		7		786,223
FF30S		143,283		2,140,628		1,960,106		-		1,960,106		134		1,959,972
FGP		1,143,547		78,597,556		81,775,036		-		81,775,036		5,768		81,769,268
FHIP		1,375,670		7,298,665		6,066,704		143		6,066,847		-		6,066,847
FIGBS		161,871		2,091,295		1,723,923		1,687		1,725,610		-		1,725,610
FMCS		177,013		6,042,736		5,708,664		-		5,708,664		412		5,708,252
FNRS2		92,678		2,082,411		2,319,724		-		2,319,724		11,955		2,307,769
FOP		161,790		3,075,422		3,510,848		-		3,510,848		134		3,510,714
FOS		179,162		3,868,173		3,866,319		-		3,866,319		220		3,866,099
FRESS		4,457		93,296		73,362		2		73,364		-		73,364
FVSS		64,321		911,553		921,081		-		921,081		29		921,052
FVSS2		2,905		42,044		42,240		-		42,240		3		42,237
FTVDM2		49,123		460,388		366,460		-		366,460		3		366,457
FTVFA2		42,293		234,059		186,511		2		186,513		-		186,513
FTVGI2		57,306		880,928		715,183		-		715,183		669		714,514
FTVIS2		78,337		1,187,255		1,153,898		-		1,153,898		1,317		1,152,581
FTVRDI		13,421		416,337		378,214		-		378,214		8		378,206
FTVSVI		183,128		2,831,559		2,439,265		-		2,439,265		145		2,439,120
TIF		2,765		38,967		34,391		11		34,402		-		34,402
TIF2		35,891		515,092		436,791		-		436,791		139		436,652

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2022

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
GVGMNS		1,611		20,203		16,090		1		16,091		-		16,091
GVMSAS		4,531		42,978		39,920		5		39,925		-		39,925
RVARS		2,058		54,950		52,540		7		52,547		-		52,547
ACEG		3,530		255,974		151,216		-		151,216		25		151,191
AVMCCI		3,242		28,631		27,818		-		27,818		2		27,816
IVBRA1		32,789		333,262		266,899		-		266,899		8		266,891
IVCPBI		500,471		2,938,431		2,782,619		-		2,782,619		706		2,781,913
OVAG		31,748		2,633,264		1,762,316		1,073		1,763,389		-		1,763,389
OVGS		565,297		21,775,744		17,580,737		-		17,580,737		671		17,580,066
OVIG		108,595		250,497		182,439		3		182,442		-		182,442
OVMS		302,592		4,251,514		4,212,079		-		4,212,079		320		4,211,759
OVSB		36,204		175,654		142,644		12		142,656		-		142,656
OVSC		39,883		964,753		920,508		-		920,508		38		920,470
WRASP		112,239		1,028,512		881,077		-		881,077		9		881,068
WRHIP		182,073		607,628		513,446		8		513,454		-		513,454
WRMCG		63,772		841,169		603,919		-		603,919		394		603,525
JABS		46,143		2,057,721		1,959,700		-		1,959,700		1,116		1,958,584
JACAS		124,091		4,903,402		3,779,807		-		3,779,807		88		3,779,719
JAEI		3,942		307,106		274,267		-		274,267		6		274,261
JAGTS		341,361		5,311,518		3,553,567		974		3,554,541		-		3,554,541
JAIGS		62,382		1,783,331		2,293,149		-		2,293,149		217		2,292,932
LOVTRC		12,316		203,500		171,802		2		171,804		-		171,804
MNDIC		38,366		765,744		433,919		-		433,919		5		433,914
MV2IGI		7,772		182,672		149,915		-		149,915		14		149,901
MV3MVI		50,437		533,829		463,516		-		463,516		3		463,513
MVFIC		160,605		3,220,459		3,461,035		-		3,461,035		33		3,461,002
MVIGIC		16,338		239,180		218,106		-		218,106		2		218,104
MSEM		67,750		500,323		364,497		6		364,503		-		364,503
MSVFI		59,156		657,731		499,867		-		499,867		14		499,853
MSVRE		40,727		749,492		528,633		-		528,633		30		528,603
DTRTFB		7,371		72,946		61,328		4		61,332		-		61,332
EIF		69,167		1,304,330		1,336,298		-		1,336,298		5,352		1,330,946
GBF		376,624		4,152,025		3,502,607		798		3,503,405		-		3,503,405
GEM		88,239		1,095,308		903,569		-		903,569		33		903,536
GIG		327,835		3,383,988		2,976,739		-		2,976,739		291		2,976,448
GVAAA2		135,024		3,401,633		3,364,802		342		3,365,144		-		3,365,144
GVABD2		27,046		315,435		282,358		-		282,358		1		282,357
GVAGG2		66,990		2,223,028		2,139,647		-		2,139,647		14		2,139,633
GVAGI2		15,596		842,251		857,645		-		857,645		2		857,643
GVAGR2		29,700		2,864,326		2,615,048		-		2,615,048		46		2,615,002
GVDMA		591,120		6,464,216		4,610,734		-		4,610,734		56		4,610,678
GVDMC		48,957		510,251		404,878		8		404,886		-		404,886
GVEX1		802,597		9,167,580		5,931,192		-		5,931,192		81		5,931,111
GVIDA		217,431		2,493,328		1,880,780		-		1,880,780		32		1,880,748
GVIDC		19,437		193,595		169,489		-		169,489		7		169,482
GVIDM		263,871		2,801,738		1,989,588		-		1,989,588		506		1,989,082
GVIX2		74,456		750,643		684,991		-		684,991		5		684,986
HIBF		129,465		835,282		704,292		2		704,294		-		704,294
IDPG		21		234		187		8		195		-		195
IDPGI		6		61		55		3		58		-		58
MCIF		297,572		6,271,232		5,162,878		-		5,162,878		98		5,162,780
MSBF		92,100		845,524		792,981		-		792,981		41		792,940
NCPG		5,499		62,629		60,980		5		60,985		-		60,985

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2022

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
NCPGI		861		9,823		9,015		-		9,015		3		9,012
NVAMV1		350,689		5,339,683		5,824,944		-		5,824,944		957		5,823,987
NVAMVX		168,494		2,462,812		2,793,634		-		2,793,634		59		2,793,575
NVBX		13,506		139,558		121,150		3		121,153		-		121,153
NVCBD1		50,903		548,403		457,110		-		457,110		7		457,103
NVCCA1		67,175		711,617		669,058		-		669,058		153		668,905
NVCCN1		5,921		63,690		57,846		-		57,846		136		57,710
NVCMA1		68,767		649,132		643,655		7		643,662		-		643,662
NVCMC1		9,971		105,864		101,706		7		101,713		-		101,713
NVCMD1		88,503		949,391		908,036		-		908,036		130		907,906
NVCRA1		34,576		370,183		380,685		-		380,685		129		380,556
NVCRB1		36,751		394,737		382,576		1		382,577		-		382,577
NVDBL2		7,434		88,988		86,081		-		86,081		5		86,076
NVDCA2		8,114		121,998		87,310		-		87,310		17		87,293
NVDCAP		12,886		192,932		137,883		-		137,883		4		137,879
NVFIII		698		6,418		6,484		6		6,490		-		6,490
NVGEII		1,217		19,540		16,301		2		16,303		-		16,303
NVIDMP		59,933		601,834		448,897		171		449,068		-		449,068
NVIX		53,915		527,433		497,092		-		497,092		4		497,088
NVLCP1		64,995		747,609		620,705		-		620,705		11		620,694
NVMIG1		385,560		4,005,970		2,641,086		-		2,641,086		56		2,641,030
NVMIVX		42,562		421,566		443,068		3		443,071		-		443,071
NVMLG1		445,643		3,833,535		3,106,135		-		3,106,135		11		3,106,124
NVMMG1		4,838,863		46,132,785		25,162,085		7,213		25,169,298		-		25,169,298
NVMMV2		2,437,216		23,008,180		20,716,336		-		20,716,336		550		20,715,786
NVNMO1		1,230,537		13,004,016		13,597,430		-		13,597,430		1,063		13,596,367
NVNSR1		13,902		190,138		157,237		-		157,237		7		157,230
NVOLG1		4,655,089		85,204,230		80,393,393		-		80,393,393		6,461		80,386,932
NVRE1		752,701		5,295,715		5,148,472		-		5,148,472		1,260		5,147,212
NVSIX2		73,237		621,705		506,802		-		506,802		4		506,798
NVSTB2		9,822		100,518		92,621		-		92,621		2		92,619
NVTIV3		3,799		36,545		39,814		23		39,837		-		39,837
SAM		14,614,842		14,614,842		14,614,842		-		14,614,842		802		14,614,040
SCF		1,016,961		19,024,443		16,434,094		-		16,434,094		1,183		16,432,911
SCGF		115,568		1,927,235		1,349,832		-		1,349,832		27		1,349,805
SCVF		409,412		4,121,880		3,467,722		-		3,467,722		352		3,467,370
TRF		2,587,722		36,739,563		56,929,893		-		56,929,893		932		56,928,961
AMCG		83,239		2,155,538		1,876,215		-		1,876,215		26		1,876,189
AMINS		3,688		30,537		23,417		-		23,417		-		23,417
AMMCGS		8,586		246,770		166,822		-		166,822		2		166,820
AMSRS		169,304		4,452,090		4,537,346		-		4,537,346		1,123		4,536,223
AMTB		144,623		1,517,653		1,379,708		-		1,379,708		380		1,379,328
NOTB3		2,190		15,240		9,242		-		9,242		5		9,237
NOTG3		586		4,936		3,180		-		3,180		8		3,172
NOTMG3		45		169		98		2		100		-		100
PMVAAA		35,615		367,270		307,003		-		307,003		6		306,997
PMVFBA		7,446		74,044		54,431		2		54,433		-		54,433
PMVLDA		92,918		947,686		880,861		-		880,861		14		880,847
PMVRSA		57,726		475,040		397,734		-		397,734		10		397,724
PVSTA		1,283		12,922		12,960		4		12,964		-		12,964
PVEIB		26,926		725,041		728,883		-		728,883		10,378		718,505
PVGOB		137,926		1,583,146		1,306,163		-		1,306,163		25		1,306,138
PVTIGB		17,499		240,649		225,563		-		225,563		152		225,411

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2022

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
TRHS2		83,780		4,036,545		4,400,120		-		4,400,120		5,346		4,394,774
TRLT2		9,255		44,426		42,293		4		42,297		-		42,297
VWBF		83,323		688,847		594,923		-		594,923		4		594,919
VWEM		224,469		2,791,835		1,952,879		-		1,952,879		198		1,952,681
VWHA		114,518		2,616,790		3,251,180		-		3,251,180		937		3,250,243
VRVDRI		3,608		86,245		65,127		1		65,128		-		65,128

* 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, 2022, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	ALVDAA			ALVGIA			ALVIVB			ALVSVA			SVDF			SVOF			WFVSCG			ACVB
Reinvested dividends	$	8			6,915			2,885			10,073			-			-			-			59,327
Mortality and expense risk charges (note 3)		(2	)		(2,142	)		(354	)		(3,849	)		(3,689	)		(11,824	)		(2,558	)		(34,257	)
Net investment income (loss)		6			4,773			2,531			6,224			(3,689	)		(11,824	)		(2,558	)		25,070
Realized gain (loss) on investments		(23	)		2,175			(774	)		40,589			(6,825	)		9,110			(21,039	)		6,322
Change in unrealized gain (loss) on investments		(144	)		(109,871	)		(13,954	)		(362,348	)		(537,620	)		(712,687	)		(326,589	)		(1,831,544	)
Net gain (loss) on investments		(167	)		(107,696	)		(14,728	)		(321,759	)		(544,445	)		(703,577	)		(347,628	)		(1,825,222	)
Reinvested capital gains		85			78,701			-			135,835			213,406			306,987			85,952			770,202
Net increase (decrease) in contract owners’ equity resulting from operations	$	(76	)		(24,222	)		(12,197	)		(179,700	)		(334,728	)		(408,414	)		(264,234	)		(1,029,950	)
Investment Activity*:	ACVCA			ACVI			ACVIG			ACVIP2			ACVMV1			ACVU1			AMVBC4			BRVHYI
Reinvested dividends	$	-			8,709			29,117			48,073			30,400			-			2,060			29,231
Mortality and expense risk charges (note 3)		(629	)		(2,916	)		(7,619	)		(4,460	)		(6,352	)		(1,568	)		(76	)		(2,799	)
Net investment income (loss)		(629	)		5,793			21,498			43,613			24,048			(1,568	)		1,984			26,432
Realized gain (loss) on investments		(458	)		(3,870	)		(14,332	)		(234	)		4,918			2,157			9			(2,342	)
Change in unrealized gain (loss) on investments		(44,929	)		(286,350	)		(651,086	)		(181,010	)		(235,178	)		(89,780	)		(2,265	)		(89,252	)
Net gain (loss) on investments		(45,387	)		(290,220	)		(665,418	)		(181,244	)		(230,260	)		(87,623	)		(2,256	)		(91,594	)
Reinvested capital gains		12,563			91,671			398,617			4,965			173,920			17,593			4			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(33,453	)		(192,756	)		(245,303	)		(132,666	)		(32,292	)		(71,598	)		(268	)		(65,162	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	MLVGA2			DCAP			DGI			DSC			DSIF			DSRG			DVSCS			DWVSVS
Reinvested dividends	$	-			-			14,947			-			693,798			48,603			18,304			1,204
Mortality and expense risk charges (note 3)		(8,962	)		(3	)		(8,013	)		(1,540	)		(238,082	)		(47,443	)		(10,334	)		(1,183	)
Net investment income (loss)		(8,962	)		(3	)		6,934			(1,540	)		455,716			1,160			7,970			21
Realized gain (loss) on investments		(7,097	)		-			11			(2,422	)		2,601,764			339,502			(8,736	)		26,693
Change in unrealized gain (loss) on investments		(340,750	)		-			(706,545	)		(114,347	)		(18,939,489	)		(3,616,991	)		(644,305	)		(74,019	)
Net gain (loss) on investments		(347,847	)		-			(706,534	)		(116,769	)		(16,337,725	)		(3,277,489	)		(653,041	)		(47,326	)
Reinvested capital gains		23,043			-			371,512			60,382			4,471,278			665,660			245,096			16,056
Net increase (decrease) in contract owners’ equity resulting from operations	$	(333,766	)		(3	)		(328,088	)		(57,927	)		(11,410,731	)		(2,610,669	)		(399,975	)		(31,249	)
Investment Activity*:	DFVGMI			DFVIPS			DSGIBA			FQB			FVU2			FAMP			FCS			FEIP
Reinvested dividends	$	937			8,279			26,850			42,932			1,534			189,598			5,794			748,697
Mortality and expense risk charges (note 3)		(317	)		(800	)		(4,045	)		(10,851	)		(416	)		(56,332	)		(7,064	)		(197,992	)
Net investment income (loss)		620			7,479			22,805			32,081			1,118			133,266			(1,270	)		550,705
Realized gain (loss) on investments		107			4,789			(2,362	)		(17,681	)		2,064			(146,283	)		9,618			728,147
Change in unrealized gain (loss) on investments		(9,671	)		(31,976	)		(227,366	)		(211,588	)		(35,371	)		(2,731,363	)		(543,207	)		(4,982,428	)
Net gain (loss) on investments		(9,564	)		(27,187	)		(229,728	)		(229,269	)		(33,307	)		(2,877,646	)		(533,589	)		(4,254,281	)
Reinvested capital gains		915			-			77,900			25,518			19,233			751,818			68,754			1,314,110
Net increase (decrease) in contract owners’ equity resulting from operations	$	(8,029	)		(19,708	)		(129,023	)		(171,670	)		(12,956	)		(1,992,562	)		(466,105	)		(2,389,466	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	FEMS			FF10S			FF20S			FF30S			FGP			FHIP			FIGBS			FMCS
Reinvested dividends	$	4,909			8,289			18,177			37,658			569,674			325,828			40,682			24,113
Mortality and expense risk charges (note 3)		(1,602	)		(1,991	)		(4,828	)		(10,345	)		(460,780	)		(31,476	)		(8,592	)		(28,965	)
Net investment income (loss)		3,307			6,298			13,349			27,313			108,894			294,352			32,090			(4,852	)
Realized gain (loss) on investments		(7,338	)		(454	)		(10,257	)		18,147			3,651,712			(93,483	)		(86,574	)		30,533
Change in unrealized gain (loss) on investments		(77,237	)		(93,035	)		(291,819	)		(568,800	)		(38,817,149	)		(1,047,577	)		(388,611	)		(1,508,646	)
Net gain (loss) on investments		(84,575	)		(93,489	)		(302,076	)		(550,653	)		(35,165,437	)		(1,141,060	)		(475,185	)		(1,478,113	)
Reinvested capital gains		-			24,279			102,524			132,374			6,865,689			-			121,921			397,361
Net increase (decrease) in contract owners’ equity resulting from operations	$	(81,268	)		(62,912	)		(186,203	)		(390,966	)		(28,190,854	)		(846,708	)		(321,174	)		(1,085,604	)
Investment Activity*:	FNRS2			FOP			FOS			FRESS			FVSS			FVSS2			FTVDM2			FTVFA2
Reinvested dividends	$	44,483			39,756			40,073			1,059			9,986			380			11,533			3,055
Mortality and expense risk charges (note 3)		(8,796	)		(15,493	)		(21,587	)		(414	)		(6,140	)		(77	)		(1,993	)		(981	)
Net investment income (loss)		35,687			24,263			18,486			645			3,846			303			9,540			2,074
Realized gain (loss) on investments		344,634			147,269			59,064			4,412			30,795			(1,114	)		(8,354	)		(5,183	)
Change in unrealized gain (loss) on investments		195,752			(1,436,767	)		(1,486,949	)		(36,597	)		(176,459	)		196			(147,172	)		(51,478	)
Net gain (loss) on investments		540,386			(1,289,498	)		(1,427,885	)		(32,185	)		(145,664	)		(918	)		(155,526	)		(56,661	)
Reinvested capital gains		-			35,441			39,439			1,803			46,284			1,614			33,325			18,363
Net increase (decrease) in contract owners’ equity resulting from operations	$	576,073			(1,229,794	)		(1,369,960	)		(29,737	)		(95,534	)		999			(112,661	)		(36,224	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	FTVGI2			FTVIS2			FTVRDI			FTVSVI			TIF			TIF2			GVGMNS			GVMSAS
Reinvested dividends	$	-			61,596			4,025			31,730			1,170			13,447			-			1,373
Mortality and expense risk charges (note 3)		(3,834	)		(6,150	)		-			(12,350	)		(158	)		(1,827	)		(96	)		(128	)
Net investment income (loss)		(3,834	)		55,446			4,025			19,380			1,012			11,620			(96	)		1,245
Realized gain (loss) on investments		(116,308	)		(7,815	)		2,437			(81,277	)		(288	)		(7,758	)		471			(62	)
Change in unrealized gain (loss) on investments		72,696			(154,133	)		(96,437	)		(698,574	)		(3,780	)		(42,771	)		(5,482	)		(2,958	)
Net gain (loss) on investments		(43,612	)		(161,948	)		(94,000	)		(779,851	)		(4,068	)		(50,529	)		(5,011	)		(3,020	)
Reinvested capital gains		-			25,002			46,166			455,626			-			-			657			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(47,446	)		(81,500	)		(43,809	)		(304,845	)		(3,056	)		(38,909	)		(4,450	)		(1,775	)
Investment Activity*:	RVARS			ACEG			AVMCCI			IVBRA1			IVCPBI			OVAG			OVGS			OVIG
Reinvested dividends	$	535			-			18			21,429			16,821			-			-			-
Mortality and expense risk charges (note 3)		(280	)		(631	)		(95	)		(1,530	)		(11,919	)		(12,254	)		(97,958	)		(962	)
Net investment income (loss)		255			(631	)		(77	)		19,899			4,902			(12,254	)		(97,958	)		(962	)
Realized gain (loss) on investments		3,005			14,903			4,997			(11,119	)		(6,515	)		88,148			(25,528	)		(26,574	)
Change in unrealized gain (loss) on investments		(5,717	)		(138,695	)		(10,218	)		(70,793	)		(155,812	)		(1,527,233	)		(11,925,283	)		(90,704	)
Net gain (loss) on investments		(2,712	)		(123,792	)		(5,221	)		(81,912	)		(162,327	)		(1,439,085	)		(11,950,811	)		(117,278	)
Reinvested capital gains		465			46,603			1,057			9,985			1,824			538,985			3,418,024			36,199
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1,992	)		(77,820	)		(4,241	)		(52,028	)		(155,601	)		(912,354	)		(8,630,745	)		(82,041	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	OVMS			OVSB			OVSC			WRASP			WRHIP			WRMCG			JABS			JACAS
Reinvested dividends	$	62,995			-			5,288			14,546			35,854			-			21,101			2,190
Mortality and expense risk charges (note 3)		(23,251	)		(676	)		(4,925	)		(5,020	)		(2,757	)		(3,759	)		(11,250	)		(21,831	)
Net investment income (loss)		39,744			(676	)		363			9,526			33,097			(3,759	)		9,851			(19,641	)
Realized gain (loss) on investments		18,088			(3,588	)		23,694			(6,735	)		(5,891	)		3,973			103,333			322,322
Change in unrealized gain (loss) on investments		(1,327,829	)		(15,865	)		(331,801	)		(243,510	)		(96,101	)		(481,492	)		(652,964	)		(3,223,699	)
Net gain (loss) on investments		(1,309,741	)		(19,453	)		(308,107	)		(250,245	)		(101,992	)		(477,519	)		(549,631	)		(2,901,377	)
Reinvested capital gains		343,269			-			114,743			74,019			-			160,166			67,973			737,440
Net increase (decrease) in contract owners’ equity resulting from operations	$	(926,728	)		(20,129	)		(193,001	)		(166,700	)		(68,895	)		(321,112	)		(471,807	)		(2,183,578	)
Investment Activity*:	JAEI			JAGTS			JAIGS			LOVTRC			MNDIC			MV2IGI			MV3MVI			MVFIC
Reinvested dividends	$	547			-			39,013			6,031			-			173			4,650			48,925
Mortality and expense risk charges (note 3)		(1,395	)		(21,386	)		(11,869	)		(931	)		(2,488	)		(829	)		(2,283	)		(15,102	)
Net investment income (loss)		(848	)		(21,386	)		27,144			5,100			(2,488	)		(656	)		2,367			33,823
Realized gain (loss) on investments		3,110			132,678			143,134			(891	)		(15,245	)		22,587			(2,663	)		47,933
Change in unrealized gain (loss) on investments		(101,307	)		(3,210,592	)		(424,709	)		(34,136	)		(337,610	)		(113,794	)		(82,703	)		(527,411	)
Net gain (loss) on investments		(98,197	)		(3,077,914	)		(281,575	)		(35,027	)		(352,855	)		(91,207	)		(85,366	)		(479,478	)
Reinvested capital gains		44,230			781,559			-			399			144,210			22,352			38,766			208,518
Net increase (decrease) in contract owners’ equity resulting from operations	$	(54,815	)		(2,317,741	)		(254,431	)		(29,528	)		(211,133	)		(69,511	)		(44,233	)		(237,137	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	MVIGIC			MSEM			MSVFI			MSVRE			DTRTFB			EIF			GBF			GEM
Reinvested dividends	$	1,332			29,356			21,222			7,552			1,860			20,352			76,951			8,953
Mortality and expense risk charges (note 3)		(1,080	)		(1,934	)		(2,449	)		(2,651	)		(316	)		(6,154	)		(18,550	)		(4,379	)
Net investment income (loss)		252			27,422			18,773			4,901			1,544			14,198			58,401			4,574
Realized gain (loss) on investments		430			(19,749	)		(7,687	)		(2,455	)		(543	)		26,904			(88,459	)		10,715
Change in unrealized gain (loss) on investments		(51,032	)		(99,723	)		(108,738	)		(335,126	)		(10,473	)		(239,642	)		(518,253	)		(323,547	)
Net gain (loss) on investments		(50,602	)		(119,472	)		(116,425	)		(337,581	)		(11,016	)		(212,738	)		(606,712	)		(312,832	)
Reinvested capital gains		12,636			-			9,475			132,148			-			137,623			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(37,714	)		(92,050	)		(88,177	)		(200,532	)		(9,472	)		(60,917	)		(548,311	)		(308,258	)
Investment Activity*:	GIG			GVAAA2			GVABD2			GVAGG2			GVAGI2			GVAGR2			GVDMA			GVDMC
Reinvested dividends	$	115,133			-			-			-			-			-			-			-
Mortality and expense risk charges (note 3)		(14,253	)		(18,535	)		(1,568	)		(10,881	)		(4,130	)		(15,044	)		(23,433	)		(2,943	)
Net investment income (loss)		100,880			(18,535	)		(1,568	)		(10,881	)		(4,130	)		(15,044	)		(23,433	)		(2,943	)
Realized gain (loss) on investments		3,972			47,053			(1,985	)		44,670			5,556			188,623			73,427			(8,083	)
Change in unrealized gain (loss) on investments		(1,035,785	)		(787,623	)		(47,669	)		(930,514	)		(191,963	)		(1,803,209	)		(2,777,133	)		(142,874	)
Net gain (loss) on investments		(1,031,813	)		(740,570	)		(49,654	)		(885,844	)		(186,407	)		(1,614,586	)		(2,703,706	)		(150,957	)
Reinvested capital gains		385,848			140,250			6,072			135,359			20,903			362,814			1,626,845			78,029
Net increase (decrease) in contract owners’ equity resulting from operations	$	(545,085	)		(618,855	)		(45,150	)		(761,366	)		(169,634	)		(1,266,816	)		(1,100,294	)		(75,871	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	GVEX1			GVIDA			GVIDC			GVIDM			GVIX2			HIBF			IDPG			IDPGI
Reinvested dividends	$	78,205			-			-			-			25,515			40,682			-			-
Mortality and expense risk charges (note 3)		(31,190	)		(10,930	)		(875	)		(8,336	)		(3,413	)		(3,029	)		-			-
Net investment income (loss)		47,015			(10,930	)		(875	)		(8,336	)		22,102			37,653			-			-
Realized gain (loss) on investments		24,645			(9,986	)		(1,481	)		(98,034	)		4,017			(8,456	)		(17	)		-
Change in unrealized gain (loss) on investments		(5,417,598	)		(977,867	)		(37,056	)		(1,004,274	)		(146,233	)		(131,063	)		(68	)		(7	)
Net gain (loss) on investments		(5,392,953	)		(987,853	)		(38,537	)		(1,102,308	)		(142,216	)		(139,519	)		(85	)		(7	)
Reinvested capital gains		3,990,977			534,389			13,713			649,239			-			-			39			6
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1,354,961	)		(464,394	)		(25,699	)		(461,405	)		(120,114	)		(101,866	)		(46	)		(1	)
Investment Activity*:	MCIF			MSBF			NCPG			NCPGI			NVAMV1			NVAMVX			NVBX			NVCBD1
Reinvested dividends	$	63,962			29,897			-			-			69,910			37,282			2,924			11,237
Mortality and expense risk charges (note 3)		(28,100	)		(4,265	)		(173	)		(38	)		(28,286	)		(12,558	)		(835	)		(2,825	)
Net investment income (loss)		35,862			25,632			(173	)		(38	)		41,624			24,724			2,089			8,412
Realized gain (loss) on investments		48,191			(765	)		(232	)		(41	)		71,183			70,978			(16,292	)		(24,022	)
Change in unrealized gain (loss) on investments		(2,365,904	)		(50,921	)		(1,759	)		(818	)		(1,040,137	)		(494,069	)		(14,536	)		(65,545	)
Net gain (loss) on investments		(2,317,713	)		(51,686	)		(1,991	)		(859	)		(968,954	)		(423,091	)		(30,828	)		(89,567	)
Reinvested capital gains		1,391,466			-			-			-			812,861			366,365			949			502
Net increase (decrease) in contract owners’ equity resulting from operations	$	(890,385	)		(26,054	)		(2,164	)		(897	)		(114,469	)		(32,002	)		(27,790	)		(80,653	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	NVCCA1			NVCCN1			NVCMA1			NVCMC1			NVCMD1			NVCRA1			NVCRB1			NVDBL2
Reinvested dividends	$	-			-			-			-			-			-			-			-
Mortality and expense risk charges (note 3)		(3,601	)		(310	)		(3,484	)		(589	)		(4,668	)		(1,811	)		(2,081	)		(497	)
Net investment income (loss)		(3,601	)		(310	)		(3,484	)		(589	)		(4,668	)		(1,811	)		(2,081	)		(497	)
Realized gain (loss) on investments		(15,479	)		(2,004	)		3,329			(910	)		(14,242	)		5,613			4,330			(91,425	)
Change in unrealized gain (loss) on investments		(133,320	)		(6,927	)		(123,215	)		(20,212	)		(176,292	)		(54,696	)		(82,971	)		(46,549	)
Net gain (loss) on investments		(148,799	)		(8,931	)		(119,886	)		(21,122	)		(190,534	)		(49,083	)		(78,641	)		(137,974	)
Reinvested capital gains		30,627			1,548			12,595			3,047			28,447			1,482			13,419			80,831
Net increase (decrease) in contract owners’ equity resulting from operations	$	(121,773	)		(7,693	)		(110,775	)		(18,664	)		(166,755	)		(49,412	)		(67,303	)		(57,640	)
Investment Activity*:	NVDCA2			NVDCAP			NVFIII			NVGEII			NVIDMP			NVIX			NVLCP1			NVMIG1
Reinvested dividends	$	-			-			120			259			-			18,818			17,720			-
Mortality and expense risk charges (note 3)		(585	)		(772	)		(39	)		(86	)		(2,593	)		(2,366	)		(4,039	)		(15,707	)
Net investment income (loss)		(585	)		(772	)		81			173			(2,593	)		16,452			13,681			(15,707	)
Realized gain (loss) on investments		(2,192	)		3,082			(874	)		(89	)		(32,826	)		(3,679	)		(44,161	)		(231,876	)
Change in unrealized gain (loss) on investments		(50,396	)		(85,726	)		224			(3,559	)		(198,679	)		(87,169	)		(103,526	)		(1,649,998	)
Net gain (loss) on investments		(52,588	)		(82,644	)		(650	)		(3,648	)		(231,505	)		(90,848	)		(147,687	)		(1,881,874	)
Reinvested capital gains		32,163			49,589			-			-			146,562			-			9,708			114,097
Net increase (decrease) in contract owners’ equity resulting from operations	$	(21,010	)		(33,827	)		(569	)		(3,475	)		(87,536	)		(74,396	)		(124,298	)		(1,783,484	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	NVMIVX			NVMLG1			NVMMG1			NVMMV2			NVNMO1			NVNSR1			NVOLG1			NVRE1
Reinvested dividends	$	16,159			169,147			-			291,140			56,617			870			782,935			92,668
Mortality and expense risk charges (note 3)		(2,137	)		(15,148	)		(144,997	)		(106,802	)		(70,811	)		(852	)		(424,127	)		(31,157	)
Net investment income (loss)		14,022			153,999			(144,997	)		184,338			(14,194	)		18			358,808			61,511
Realized gain (loss) on investments		3,983			(174,980	)		(1,436,468	)		(343,568	)		281,839			(208	)		207,603			205,527
Change in unrealized gain (loss) on investments		(46,368	)		(1,109,156	)		(22,326,532	)		(2,121,270	)		(4,934,309	)		(59,183	)		(30,926,283	)		(3,054,282	)
Net gain (loss) on investments		(42,385	)		(1,284,136	)		(23,763,000	)		(2,464,838	)		(4,652,470	)		(59,391	)		(30,718,680	)		(2,848,755	)
Reinvested capital gains		-			602,176			7,793,559			1,580,186			1,611,276			11,471			5,786,954			444,717
Net increase (decrease) in contract owners’ equity resulting from operations	$	(28,363	)		(527,961	)		(16,114,438	)		(700,314	)		(3,055,388	)		(47,902	)		(24,572,918	)		(2,342,527	)
Investment Activity*:	NVSIX2			NVSTB2			NVTIV3			SAM			SCF			SCGF			SCVF			TRF
Reinvested dividends	$	4,457			2,478			1,350			181,555			79,878			-			12,484			682,302
Mortality and expense risk charges (note 3)		(2,442	)		(919	)		(205	)		(60,307	)		(87,988	)		(6,600	)		(18,326	)		(306,604	)
Net investment income (loss)		2,015			1,559			1,145			121,248			(8,110	)		(6,600	)		(5,842	)		375,698
Realized gain (loss) on investments		3,213			(11,548	)		(81	)		-			(195,109	)		(3,918	)		(188,377	)		1,828,145
Change in unrealized gain (loss) on investments		(192,774	)		(4,266	)		(3,358	)		-			(7,841,878	)		(969,534	)		(918,466	)		(14,213,636	)
Net gain (loss) on investments		(189,561	)		(15,814	)		(3,439	)		-			(8,036,987	)		(973,452	)		(1,106,843	)		(12,385,491	)
Reinvested capital gains		58,126			-			-			303			3,942,075			226,118			553,451			6,049,762
Net increase (decrease) in contract owners’ equity resulting from operations	$	(129,420	)		(14,255	)		(2,294	)		121,551			(4,103,022	)		(753,934	)		(559,234	)		(5,960,031	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	AMCG			AMINS			AMMCGS			AMRS			AMSRS			AMTB			NOTB3			NOTG3
Reinvested dividends	$	-			389			-			-			21,338			53,905			1,873			298
Mortality and expense risk charges (note 3)		(7,084	)		-			(802	)		-			(10,271	)		(5,760	)		(49	)		(18	)
Net investment income (loss)		(7,084	)		389			(802	)		-			11,067			48,145			1,824			280
Realized gain (loss) on investments		34,925			(2	)		7,166			760			21,941			(4,968	)		(169	)		(13	)
Change in unrealized gain (loss) on investments		(1,196,361	)		(17,141	)		(109,724	)		(1,034	)		(1,544,626	)		(124,684	)		(7,002	)		(2,244	)
Net gain (loss) on investments		(1,161,436	)		(17,143	)		(102,558	)		(274	)		(1,522,685	)		(129,652	)		(7,171	)		(2,257	)
Reinvested capital gains		381,582			9,821			38,137			-			453,209			-			3,970			1,391
Net increase (decrease) in contract owners’ equity resulting from operations	$	(786,938	)		(6,933	)		(65,223	)		(274	)		(1,058,409	)		(81,507	)		(1,377	)		(586	)
Investment Activity*:	NOTMG3			PMVAAA			PMVFBA			PMVLDA			PMVRSA			PVSTA			PVEIB			PVGOB
Reinvested dividends	$	15			22,675			1,072			15,642			60,681			80			10,470			-
Mortality and expense risk charges (note 3)		-			(1,470	)		(357	)		(3,186	)		(1,581	)		(13	)		(3,620	)		(7,690	)
Net investment income (loss)		15			21,205			715			12,456			59,100			67			6,850			(7,690	)
Realized gain (loss) on investments		(2	)		(1,481	)		(9,012	)		(13,959	)		(9,095	)		-			25,323			24,960
Change in unrealized gain (loss) on investments		(82	)		(77,683	)		(8,781	)		(64,954	)		(79,563	)		39			(119,711	)		(893,432	)
Net gain (loss) on investments		(84	)		(79,164	)		(17,793	)		(78,913	)		(88,658	)		39			(94,388	)		(868,472	)
Reinvested capital gains		56			21,986			-			-			-			-			60,655			272,511
Net increase (decrease) in contract owners’ equity resulting from operations	$	(13	)		(35,973	)		(17,078	)		(66,457	)		(29,558	)		106			(26,883	)		(603,651	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	PVTIGB			TRHS2			TRLT2			VWBF			VWEM			VWHA			VRVDRI			OVB
Reinvested dividends	$	3,524			-			724			26,597			5,698			55,859			992			101,729
Mortality and expense risk charges (note 3)		(1,048	)		(22,289	)		-			(3,346	)		(10,471	)		(16,539	)		(351	)		(6,659	)
Net investment income (loss)		2,476			(22,289	)		724			23,251			(4,773	)		39,320			641			95,070
Realized gain (loss) on investments		(2,236	)		331,481			(3	)		(9,631	)		(26,778	)		197,082			(128	)		(528,596	)
Change in unrealized gain (loss) on investments		(65,710	)		(1,150,206	)		(2,923	)		(63,211	)		(1,054,798	)		(52,002	)		(26,727	)		88,947
Net gain (loss) on investments		(67,946	)		(818,725	)		(2,926	)		(72,842	)		(1,081,576	)		145,080			(26,855	)		(439,649	)
Reinvested capital gains		25,224			74,483			67			-			395,402			-			1,851			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(40,246	)		(766,531	)		(2,135	)		(49,591	)		(690,947	)		184,400			(24,363	)		(344,579	)

* 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, 2022, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	ALVDAA						ALVGIA						ALVIVB						ALVSVA
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	6			-			4,773			1,813			2,531			1,074			6,224			4,466
Realized gain (loss) on investments		(23	)		40			2,175			3,624			(774	)		177			40,589			25,235
Change in unrealized gain (loss) on investments		(144	)		70			(109,871	)		104,075			(13,954	)		2,911			(362,348	)		277,918
Reinvested capital gains		85			-			78,701			-			-			-			135,835			-
Net increase (decrease) in contract owners’ equity resulting from operations		(76	)		110			(24,222	)		109,512			(12,197	)		4,162			(179,700	)		307,619
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		149			168			19,722			14,765			1,064			-			28,266			27,255
Transfers between funds		144,398			6,269			33,874			13,001			67			84,424			(209,690	)		176,434
Surrenders (notes 2, 3, 4, 5 and 6)		(150,577	)		(502	)		(42,455	)		(32,380	)		(4,567	)		(4,724	)		(63,724	)		(84,949	)
Adjustments to maintain reserves		(15	)		17			(62	)		19			2			(3	)		(11	)		16
Net equity transactions		(6,045	)		5,952			11,079			(4,595	)		(3,434	)		79,697			(245,159	)		118,756
Net change in contract owners’ equity		(6,121	)		6,062			(13,143	)		104,917			(15,631	)		83,859			(424,859	)		426,375
Contract owners’ equity at beginning of period		6,330			268			505,486			400,569			83,859			-			1,288,809			862,434
Contract owners’ equity at end of period	$	209			6,330			492,343			505,486			68,228			83,859			863,950			1,288,809
CHANGE IN UNITS:
Beginning units		380			18			9,858			9,985			8,354			-			18,510			16,852
Units purchased		27			409			1,168			1,048			118			8,832			2,287			3,525
Units surrendered		(391	)		(47	)		(955	)		(1,175	)		(548	)		(478	)		(6,010	)		(1,867	)
Ending units		16			380			10,071			9,858			7,924			8,354			14,787			18,510

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	SVDF						SVOF						WFVSCG						ACVB
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(3,689	)		(6,911	)		(11,824	)		(12,533	)		(2,558	)		(3,731	)		25,070			1,605
Realized gain (loss) on investments		(6,825	)		87,982			9,110			67,448			(21,039	)		37,022			6,322			126,548
Change in unrealized gain (loss) on investments		(537,620	)		(210,347	)		(712,687	)		230,847			(326,589	)		(71,588	)		(1,831,544	)		407,623
Reinvested capital gains		213,406			81,564			306,987			87,776			85,952			78,724			770,202			263,950
Net increase (decrease) in contract owners’ equity resulting from operations		(334,728	)		(47,712	)		(408,414	)		373,538			(264,234	)		40,427			(1,029,950	)		799,726
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		7,727			7,069			1,065			3,228			7,262			48,758			74,264			87,553
Transfers between funds		22,943			(36,233	)		(4	)		(11,881	)		(91,996	)		18,567			(78,719	)		(47,403	)
Surrenders (notes 2, 3, 4, 5 and 6)		(15,135	)		(220,188	)		(65,135	)		(38,168	)		(34,641	)		(50,320	)		(347,051	)		(512,165	)
Adjustments to maintain reserves		120			2,555			146			(23,068	)		8			52			(335	)		172
Net equity transactions		15,655			(246,797	)		(63,928	)		(69,889	)		(119,367	)		17,057			(351,841	)		(471,843	)
Net change in contract owners’ equity		(319,073	)		(294,509	)		(472,342	)		303,649			(383,601	)		57,484			(1,381,791	)		327,883
Contract owners’ equity at beginning of period		872,869			1,167,378			1,919,170			1,615,521			802,991			745,507			5,905,061			5,577,178
Contract owners’ equity at end of period	$	553,796			872,869			1,446,828			1,919,170			419,390			802,991			4,523,270			5,905,061
CHANGE IN UNITS:
Beginning units		8,668			11,375			31,262			32,172			11,907			11,808			133,333			142,764
Units purchased		610			232			153			47			415			1,674			2,264			3,963
Units surrendered		(327	)		(2,939	)		(1,518	)		(957	)		(2,795	)		(1,575	)		(8,566	)		(13,394	)
Ending units		8,951			8,668			29,897			31,262			9,527			11,907			127,031			133,333

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	ACVCA						ACVI						ACVIG						ACVIP2
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(629	)		(10,090	)		5,793			(2,544	)		21,498			11,379			43,613			17,443
Realized gain (loss) on investments		(458	)		611,464			(3,870	)		4,710			(14,332	)		13,869			(234	)		4,689
Change in unrealized gain (loss) on investments		(44,929	)		(512,887	)		(286,350	)		35,687			(651,086	)		84,258			(181,010	)		14,000
Reinvested capital gains		12,563			234,864			91,671			20,998			398,617			268,997			4,965			-
Net increase (decrease) in contract owners’ equity resulting from operations		(33,453	)		323,351			(192,756	)		58,851			(245,303	)		378,503			(132,666	)		36,132
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		498			16,099			3,022			3,001			36,302			47,895			30,132			30,702
Transfers between funds		-			(2,077,835	)		4,818			621			(42,252	)		8,859			523,687			183,983
Surrenders (notes 2, 3, 4, 5 and 6)		(1,313	)		(26,592	)		(40,035	)		(12,474	)		(131,912	)		(176,979	)		(284,752	)		(50,066	)
Adjustments to maintain reserves		51			(22,538	)		172			(25,688	)		(94	)		43			(10	)		(3	)
Net equity transactions		(764	)		(2,110,866	)		(32,023	)		(34,540	)		(137,956	)		(120,182	)		269,057			164,616
Net change in contract owners’ equity		(34,217	)		(1,787,515	)		(224,779	)		24,311			(383,259	)		258,321			136,391			200,748
Contract owners’ equity at beginning of period		117,088			1,904,603			768,282			743,971			1,938,326			1,680,005			715,443			514,695
Contract owners’ equity at end of period	$	82,871			117,088			543,503			768,282			1,555,067			1,938,326			851,834			715,443
CHANGE IN UNITS:
Beginning units		605			37,563			25,642			26,458			44,127			46,981			37,790			28,701
Units purchased		8			467			343			141			2,899			2,468			24,643			13,895
Units surrendered		(16	)		(37,425	)		(1,183	)		(957	)		(6,450	)		(5,322	)		(10,268	)		(4,806	)
Ending units		597			605			24,802			25,642			40,576			44,127			52,165			37,790

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	ACVMV1						ACVU1						AMVBC4					BRVHYI
	2022			2021			2022			2021			2022			2021		2022			2021
Investment activity*:
Net investment income (loss)	$	24,048			9,096			(1,568	)		(1,869	)		1,984			-		26,432			28,325
Realized gain (loss) on investments		4,918			28,801			2,157			5,488			9			-		(2,342	)		5,807
Change in unrealized gain (loss) on investments		(235,178	)		245,739			(89,780	)		22,428			(2,265	)		-		(89,252	)		(2,946	)
Reinvested capital gains		173,920			-			17,593			13,032			4			-		-			1,689
Net increase (decrease) in contract owners’ equity resulting from operations		(32,292	)		283,636			(71,598	)		39,079			(268	)		-		(65,162	)		32,875
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		26,811			70,765			-			-			151			-		7,270			5,602
Transfers between funds		235,318			(127,664	)		1,035			(4,221	)		150,911			-		41,180			(42,223	)
Surrenders (notes 2, 3, 4, 5 and 6)		(159,246	)		(252,131	)		(2,297	)		(2,288	)		(180	)		-		(22,688	)		(74,161	)
Adjustments to maintain reserves		50			(20	)		35			(53	)		2			-		567			(432	)
Net equity transactions		102,933			(309,050	)		(1,227	)		(6,562	)		150,884			-		26,329			(111,214	)
Net change in contract owners’ equity		70,641			(25,414	)		(72,825	)		32,517			150,616			-		(38,833	)		(78,339	)
Contract owners’ equity at beginning of period		1,374,753			1,400,167			214,669			182,152			-			-		597,139			675,478
Contract owners’ equity at end of period	$	1,445,394			1,374,753			141,844			214,669			150,616			-		558,306			597,139
CHANGE IN UNITS:
Beginning units		28,736			35,934			3,342			3,458			-			-		46,618			55,269
Units purchased		6,335			1,412			-			-			15,287			-		4,437			2,438
Units surrendered		(4,441	)		(8,610	)		(42	)		(116	)		(18	)		-		(2,193	)		(11,089	)
Ending units		30,630			28,736			3,300			3,342			15,269			-		48,862			46,618

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	MLVGA2						DCAP						DGI						DSC
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(8,962	)		5,192			(3	)		335			6,934			651			(1,540	)		(1,483	)
Realized gain (loss) on investments		(7,097	)		33,286			-			1,587,587			11			44,497			(2,422	)		(2,210	)
Change in unrealized gain (loss) on investments		(340,750	)		(191,848	)		-			(853,855	)		(706,545	)		269,274			(114,347	)		50,106
Reinvested capital gains		23,043			267,604			-			532,329			371,512			129,681			60,382			-
Net increase (decrease) in contract owners’ equity resulting from operations		(333,766	)		114,234			(3	)		1,266,396			(328,088	)		444,103			(57,927	)		46,413
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		61,630			59,083			(29	)		68,200			26,600			24,798			11,833			10,398
Transfers between funds		155,666			56,449			214			(6,199,232	)		26,700			11,916			(500	)		17,438
Surrenders (notes 2, 3, 4, 5 and 6)		(213,581	)		(196,512	)		(182	)		(315,116	)		(98,665	)		(125,339	)		(15,645	)		(24,655	)
Adjustments to maintain reserves		(3,558	)		38			-			(269	)		(28	)		(9	)		(25	)		21
Net equity transactions		157			(80,942	)		3			(6,446,417	)		(45,393	)		(88,634	)		(4,337	)		3,202
Net change in contract owners’ equity		(333,609	)		33,292			-			(5,180,021	)		(373,481	)		355,469			(62,264	)		49,615
Contract owners’ equity at beginning of period		1,960,519			1,927,227			-			5,180,021			2,153,438			1,797,969			341,097			291,482
Contract owners’ equity at end of period	$	1,626,910			1,960,519			-			-			1,779,957			2,153,438			278,833			341,097
CHANGE IN UNITS:
Beginning units		76,589			79,733			-			97,929			33,410			35,089			8,453			8,427
Units purchased		11,363			7,211			-			1,989			1,269			2,672			479			1,659
Units surrendered		(11,961	)		(10,355	)		-			(99,918	)		(2,189	)		(4,351	)		(605	)		(1,633	)
Ending units		75,991			76,589			-			-			32,490			33,410			8,327			8,453

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	DSIF						DSRG						DVSCS						DWVSVS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	455,716			384,906			1,160			24,355			7,970			3,756			21			321
Realized gain (loss) on investments		2,601,764			2,805,344			339,502			402,078			(8,736	)		58,640			26,693			5,470
Change in unrealized gain (loss) on investments		(18,939,489	)		8,286,194			(3,616,991	)		1,802,934			(644,305	)		451,784			(74,019	)		83,110
Reinvested capital gains		4,471,278			2,502,517			665,660			235,490			245,096			34,142			16,056			-
Net increase (decrease) in contract owners’ equity resulting from operations		(11,410,731	)		13,978,961			(2,610,669	)		2,464,857			(399,975	)		548,322			(31,249	)		88,901
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		984,513			1,002,790			217,508			230,482			31,779			35,229			2,527			1,944
Transfers between funds		(248,691	)		(259,632	)		(23,380	)		37,697			(32,162	)		(216,305	)		(152,943	)		63,733
Surrenders (notes 2, 3, 4, 5 and 6)		(4,174,664	)		(4,445,784	)		(808,234	)		(937,206	)		(170,707	)		(178,797	)		(13,598	)		(25,500	)
Adjustments to maintain reserves		(285	)		(24,960	)		(171	)		(1,123	)		(25	)		21			14			(11	)
Net equity transactions		(3,439,127	)		(3,727,586	)		(614,277	)		(670,150	)		(171,115	)		(359,852	)		(164,000	)		40,166
Net change in contract owners’ equity		(14,849,858	)		10,251,375			(3,224,946	)		1,794,707			(571,090	)		188,470			(195,249	)		129,067
Contract owners’ equity at beginning of period		62,352,334			52,100,959			11,461,936			9,667,229			2,387,625			2,199,155			407,615			278,548
Contract owners’ equity at end of period	$	47,502,476			62,352,334			8,236,990			11,461,936			1,816,535			2,387,625			212,366			407,615
CHANGE IN UNITS:
Beginning units		509,290			548,003			116,545			123,939			42,049			48,520			17,155			15,625
Units purchased		17,353			23,977			4,864			9,104			1,295			1,647			1,069			2,815
Units surrendered		(56,716	)		(62,690	)		(11,546	)		(16,498	)		(4,754	)		(8,118	)		(7,976	)		(1,285	)
Ending units		469,927			509,290			109,863			116,545			38,590			42,049			10,248			17,155

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	DFVGMI						DFVIPS						DSGIBA						FQB
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	620			660			7,479			7,225			22,805			12,489			32,081			29,446
Realized gain (loss) on investments		107			183			4,789			20,985			(2,362	)		(1,002	)		(17,681	)		6,231
Change in unrealized gain (loss) on investments		(9,671	)		5,397			(31,976	)		(17,429	)		(227,366	)		45,213			(211,588	)		(86,419	)
Reinvested capital gains		915			2,237			-			1,533			77,900			9,591			25,518			14,523
Net increase (decrease) in contract owners’ equity resulting from operations		(8,029	)		8,477			(19,708	)		12,314			(129,023	)		66,291			(171,670	)		(36,219	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		892			891			1,313			1,396			5,576			4,716			19,612			18,040
Transfers between funds		-			-			23,523			377			330,628			(34,047	)		184,892			5,220
Surrenders (notes 2, 3, 4, 5 and 6)		(1,303	)		(1,169	)		(96,266	)		(109,609	)		(12,570	)		(6,271	)		(201,233	)		(126,167	)
Adjustments to maintain reserves		(12	)		3			(3	)		(2	)		(16	)		6			(35	)		(28	)
Net equity transactions		(423	)		(275	)		(71,433	)		(107,838	)		323,618			(35,596	)		3,236			(102,935	)
Net change in contract owners’ equity		(8,452	)		8,202			(91,141	)		(95,524	)		194,595			30,695			(168,434	)		(139,154	)
Contract owners’ equity at beginning of period		70,545			62,343			188,039			283,563			675,286			644,591			1,629,257			1,768,411
Contract owners’ equity at end of period	$	62,093			70,545			96,898			188,039			869,881			675,286			1,460,823			1,629,257
CHANGE IN UNITS:
Beginning units		4,734			4,754			14,868			23,554			42,981			45,291			81,539			86,638
Units purchased		66			62			3,383			577			23,525			578			11,460			2,473
Units surrendered		(97	)		(82	)		(9,456	)		(9,263	)		(1,061	)		(2,888	)		(12,633	)		(7,572	)
Ending units		4,703			4,734			8,795			14,868			65,445			42,981			80,366			81,539

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FVU2						FAMP						FCS						FEIP
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	1,118			1,174			133,266			131,734			(1,270	)		(6,594	)		550,705			580,506
Realized gain (loss) on investments		2,064			2,156			(146,283	)		260,010			9,618			22,225			728,147			1,462,124
Change in unrealized gain (loss) on investments		(35,371	)		12,141			(2,731,363	)		672,703			(543,207	)		144,480			(4,982,428	)		2,340,684
Reinvested capital gains		19,233			-			751,818			71,004			68,754			180,674			1,314,110			4,659,578
Net increase (decrease) in contract owners’ equity resulting from operations		(12,956	)		15,471			(1,992,562	)		1,135,451			(466,105	)		340,785			(2,389,466	)		9,042,892
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		4,235			4,067			268,236			306,007			32,653			91,809			916,492			1,092,827
Transfers between funds		(12,978	)		1,518			(156,697	)		1,838,082			34,323			260,785			(98,700	)		(65,317	)
Surrenders (notes 2, 3, 4, 5 and 6)		2,185			(1,122	)		(2,591,170	)		(1,080,630	)		(35,329	)		(33,235	)		(3,644,661	)		(4,740,874	)
Adjustments to maintain reserves		1			1			(114	)		(6,485	)		(47	)		13			102			(39,742	)
Net equity transactions		(6,557	)		4,464			(2,479,745	)		1,056,974			31,600			319,372			(2,826,767	)		(3,753,106	)
Net change in contract owners’ equity		(19,513	)		19,935			(4,472,307	)		2,192,425			(434,505	)		660,157			(5,216,233	)		5,289,786
Contract owners’ equity at beginning of period		100,862			80,927			13,034,041			10,841,616			1,731,464			1,071,307			44,050,491			38,760,705
Contract owners’ equity at end of period	$	81,349			100,862			8,561,734			13,034,041			1,296,959			1,731,464			38,834,258			44,050,491
CHANGE IN UNITS:
Beginning units		7,832			7,410			251,612			186,706			94,784			74,520			316,423			360,367
Units purchased		830			1,709			7,128			92,062			7,370			22,572			13,025			21,362
Units surrendered		(1,301	)		(1,287	)		(103,180	)		(27,156	)		(5,237	)		(2,308	)		(38,038	)		(65,306	)
Ending units		7,361			7,832			155,560			251,612			96,917			94,784			291,410			316,423

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FEMS						FF10S						FF20S						FF30S
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	3,307			6,172			6,298			2,245			13,349			5,348			27,313			12,590
Realized gain (loss) on investments		(7,338	)		21,351			(454	)		16,229			(10,257	)		14,213			18,147			18,560
Change in unrealized gain (loss) on investments		(77,237	)		(84,814	)		(93,035	)		(11,492	)		(291,819	)		18,452			(568,800	)		69,851
Reinvested capital gains		-			43,398			24,279			14,104			102,524			60,831			132,374			74,397
Net increase (decrease) in contract owners’ equity resulting from operations		(81,268	)		(13,893	)		(62,912	)		21,086			(186,203	)		98,844			(390,966	)		175,398
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		12,245			13,306			2,672			71,418			29,118			35,825			43,084			42,261
Transfers between funds		(20,986	)		91,753			(5,463	)		(7,832	)		(153,705	)		9,306			156,068			561,229
Surrenders (notes 2, 3, 4, 5 and 6)		(12,199	)		(20,126	)		(16,419	)		(87,752	)		(65,540	)		(105,769	)		(90,215	)		(51,503	)
Adjustments to maintain reserves		(14	)		10			14			(9	)		(2	)		8			(37	)		6
Net equity transactions		(20,954	)		84,943			(19,196	)		(24,175	)		(190,129	)		(60,630	)		108,900			551,993
Net change in contract owners’ equity		(102,222	)		71,050			(82,108	)		(3,089	)		(376,332	)		38,214			(282,066	)		727,391
Contract owners’ equity at beginning of period		398,598			327,548			457,106			460,195			1,162,555			1,124,341			2,242,038			1,514,647
Contract owners’ equity at end of period	$	296,376			398,598			374,998			457,106			786,223			1,162,555			1,959,972			2,242,038
CHANGE IN UNITS:
Beginning units		29,407			23,496			17,803			18,901			39,348			41,470			65,924			49,877
Units purchased		3,650			6,951			243			3,346			2,540			3,580			7,744			20,771
Units surrendered		(5,498	)		(1,040	)		(1,077	)		(4,444	)		(10,096	)		(5,702	)		(3,938	)		(4,724	)
Ending units		27,559			29,407			16,969			17,803			31,792			39,348			69,730			65,924

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FGP						FHIP						FIGBS						FMCS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	108,894			(562,759	)		294,352			353,042			32,090			39,480			(4,852	)		1,493
Realized gain (loss) on investments		3,651,712			7,020,926			(93,483	)		(39,474	)		(86,574	)		17,673			30,533			113,081
Change in unrealized gain (loss) on investments		(38,817,149	)		(6,870,865	)		(1,047,577	)		(33,184	)		(388,611	)		(161,431	)		(1,508,646	)		299,136
Reinvested capital gains		6,865,689			22,736,151			-			-			121,921			71,530			397,361			1,115,101
Net increase (decrease) in contract owners’ equity resulting from operations		(28,190,854	)		22,323,453			(846,708	)		280,384			(321,174	)		(32,748	)		(1,085,604	)		1,528,811
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,536,836			1,685,790			236,093			245,952			36,408			37,834			149,306			145,267
Transfers between funds		(296,894	)		(608,466	)		(66,609	)		100,935			(375,630	)		25,941			(234,102	)		(69,105	)
Surrenders (notes 2, 3, 4, 5 and 6)		(6,834,173	)		(10,214,994	)		(551,864	)		(647,017	)		(196,307	)		(181,482	)		(483,397	)		(499,552	)
Adjustments to maintain reserves		(992	)		(46,641	)		26			(6,635	)		(46	)		(17	)		1,050			62
Net equity transactions		(5,595,223	)		(9,184,311	)		(382,354	)		(306,765	)		(535,575	)		(117,724	)		(567,143	)		(423,328	)
Net change in contract owners’ equity		(33,786,077	)		13,139,142			(1,229,062	)		(26,381	)		(856,749	)		(150,472	)		(1,652,747	)		1,105,483
Contract owners’ equity at beginning of period		115,555,345			102,416,203			7,295,909			7,322,290			2,582,359			2,732,831			7,360,999			6,255,516
Contract owners’ equity at end of period	$	81,769,268			115,555,345			6,066,847			7,295,909			1,725,610			2,582,359			5,708,252			7,360,999
CHANGE IN UNITS:
Beginning units		488,388			542,351			126,707			132,097			130,864			137,001			88,946			94,515
Units purchased		12,803			21,236			6,901			12,380			12,432			9,564			4,578			3,955
Units surrendered		(43,428	)		(75,199	)		(15,049	)		(17,770	)		(42,475	)		(15,701	)		(12,160	)		(9,524	)
Ending units		457,763			488,388			118,559			126,707			100,821			130,864			81,364			88,946

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FNRS2						FOP						FOS						FRESS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	35,687			18,269			24,263			4,633			18,486			(4,250	)		645			347
Realized gain (loss) on investments		344,634			(126,095	)		147,269			204,680			59,064			146,570			4,412			5,879
Change in unrealized gain (loss) on investments		195,752			487,812			(1,436,767	)		276,609			(1,486,949	)		379,398			(36,597	)		16,188
Reinvested capital gains		-			-			35,441			361,967			39,439			392,239			1,803			439
Net increase (decrease) in contract owners’ equity resulting from operations		576,073			379,986			(1,229,794	)		847,889			(1,369,960	)		913,957			(29,737	)		22,853
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		255,272			65,669			5,344			5,225			205,268			297,002			2,309			4,219
Transfers between funds		499,491			235,694			(37,841	)		(64,591	)		2,813			(45,822	)		12,675			9,532
Surrenders (notes 2, 3, 4, 5 and 6)		(232,223	)		(148,994	)		(203,639	)		(555,346	)		(507,543	)		(508,455	)		(4,167	)		(13,495	)
Adjustments to maintain reserves		1,733			18			31			(5,193	)		(165	)		30			9			(3	)
Net equity transactions		524,273			152,387			(236,105	)		(619,905	)		(299,627	)		(257,245	)		10,826			253
Net change in contract owners’ equity		1,100,346			532,373			(1,465,899	)		227,984			(1,669,587	)		656,712			(18,911	)		23,106
Contract owners’ equity at beginning of period		1,207,423			675,050			4,976,613			4,748,629			5,535,686			4,878,974			92,275			69,169
Contract owners’ equity at end of period	$	2,307,769			1,207,423			3,510,714			4,976,613			3,866,099			5,535,686			73,364			92,275
CHANGE IN UNITS:
Beginning units		74,766			64,509			90,173			105,502			327,130			343,121			6,143			6,354
Units purchased		42,741			26,917			828			1,650			33,229			37,221			2,285			1,559
Units surrendered		(29,342	)		(16,660	)		(7,487	)		(16,979	)		(55,758	)		(53,212	)		(1,647	)		(1,770	)
Ending units		88,165			74,766			83,514			90,173			304,601			327,130			6,781			6,143

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FVSS						FVSS2					FTVDM2						FTVFA2
	2022			2021			2022			2021		2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	3,846			9,911			303			-		9,540			2,200			2,074			2,510
Realized gain (loss) on investments		30,795			35,175			(1,114	)		-		(8,354	)		14,252			(5,183	)		(5,430	)
Change in unrealized gain (loss) on investments		(176,459	)		139,855			196			-		(147,172	)		(60,879	)		(51,478	)		25,114
Reinvested capital gains		46,284			99,141			1,614			-		33,325			11,310			18,363			-
Net increase (decrease) in contract owners’ equity resulting from operations		(95,534	)		284,082			999			-		(112,661	)		(33,117	)		(36,224	)		22,194
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		17,188			56,331			-			-		13,910			14,955			11,105			10,531
Transfers between funds		(107,249	)		270,808			41,474			-		(4,292	)		(1,739	)		4,648			(5,477	)
Surrenders (notes 2, 3, 4, 5 and 6)		(146,392	)		(181,403	)		(233	)		-		(45,026	)		(26,030	)		(14,785	)		(12,705	)
Adjustments to maintain reserves		12			2			(3	)		-		1			(5	)		4			(1	)
Net equity transactions		(236,441	)		145,738			41,238			-		(35,407	)		(12,819	)		972			(7,652	)
Net change in contract owners’ equity		(331,975	)		429,820			42,237			-		(148,068	)		(45,936	)		(35,252	)		14,542
Contract owners’ equity at beginning of period		1,253,027			823,207			-			-		514,525			560,461			221,765			207,223
Contract owners’ equity at end of period	$	921,052			1,253,027			42,237			-		366,457			514,525			186,513			221,765
CHANGE IN UNITS:
Beginning units		26,130			22,769			-			-		36,257			37,053			10,730			11,163
Units purchased		1,630			7,663			4,395			-		2,896			2,894			926			1,252
Units surrendered		(7,066	)		(4,302	)		(24	)		-		(5,885	)		(3,690	)		(857	)		(1,685	)
Ending units		20,694			26,130			4,371			-		33,268			36,257			10,799			10,730

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FTVGI2						FTVIS2						FTVRDI						FTVSVI
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(3,834	)		(5,275	)		55,446			54,694			4,025			31,045			19,380			18,719
Realized gain (loss) on investments		(116,308	)		(22,467	)		(7,815	)		(2,072	)		2,437			1,454,868			(81,277	)		(49,607	)
Change in unrealized gain (loss) on investments		72,696			(37,163	)		(154,133	)		143,375			(96,437	)		(571,422	)		(698,574	)		549,205
Reinvested capital gains		-			-			25,002			-			46,166			152,518			455,626			72,463
Net increase (decrease) in contract owners’ equity resulting from operations		(47,446	)		(64,905	)		(81,500	)		195,997			(43,809	)		1,067,009			(304,845	)		590,780
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		30,050			31,003			48,578			53,183			2,561			106,015			42,315			42,027
Transfers between funds		(80,325	)		43,452			(7,569	)		(33,301	)		14,390			(4,695,643	)		(86,399	)		125,194
Surrenders (notes 2, 3, 4, 5 and 6)		(304,631	)		(54,455	)		(168,299	)		(104,545	)		(13,418	)		(472,902	)		(230,467	)		(113,047	)
Adjustments to maintain reserves		(674	)		(1	)		(1,325	)		(1	)		(40	)		36			(34	)		16
Net equity transactions		(355,580	)		19,999			(128,615	)		(84,664	)		3,493			(5,062,494	)		(274,585	)		54,190
Net change in contract owners’ equity		(403,026	)		(44,906	)		(210,115	)		111,333			(40,316	)		(3,995,485	)		(579,430	)		644,970
Contract owners’ equity at beginning of period		1,117,540			1,162,446			1,362,696			1,251,363			418,522			4,414,007			3,018,550			2,373,580
Contract owners’ equity at end of period	$	714,514			1,117,540			1,152,581			1,362,696			378,206			418,522			2,439,120			3,018,550
CHANGE IN UNITS:
Beginning units		122,131			120,198			56,464			60,300			5,919			86,192			45,870			45,146
Units purchased		10,940			10,818			5,703			3,952			297			1,857			1,637			4,019
Units surrendered		(50,567	)		(8,885	)		(11,372	)		(7,788	)		(250	)		(82,130	)		(6,162	)		(3,295	)
Ending units		82,504			122,131			50,795			56,464			5,966			5,919			41,345			45,870

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	TIF						TIF2						GVGMNS						GVMSAS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	1,012			675			11,620			7,070			(96	)		(224	)		1,245			62
Realized gain (loss) on investments		(288	)		192			(7,758	)		(4,281	)		471			1,334			(62	)		829
Change in unrealized gain (loss) on investments		(3,780	)		784			(42,771	)		17,452			(5,482	)		758			(2,958	)		(672	)
Reinvested capital gains		-			-			-			-			657			4,623			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(3,056	)		1,651			(38,909	)		20,241			(4,450	)		6,491			(1,775	)		219
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			-			16,352			13,832			-			254			-			118
Transfers between funds		-			-			10,873			(53,363	)		(38,077	)		20,324			35,200			127
Surrenders (notes 2, 3, 4, 5 and 6)		(3,942	)		(1,156	)		(30,383	)		(17,844	)		(597	)		(10,399	)		(604	)		(158	)
Adjustments to maintain reserves		17			8			1			(7	)		2			(6	)		4			(2	)
Net equity transactions		(3,925	)		(1,148	)		(3,157	)		(57,382	)		(38,672	)		10,173			34,600			85
Net change in contract owners’ equity		(6,981	)		503			(42,066	)		(37,141	)		(43,122	)		16,664			32,825			304
Contract owners’ equity at beginning of period		41,383			40,880			478,718			515,859			59,213			42,549			7,100			6,796
Contract owners’ equity at end of period	$	34,402			41,383			436,652			478,718			16,091			59,213			39,925			7,100
CHANGE IN UNITS:
Beginning units		1,513			1,555			49,423			55,282			3,546			2,962			626			625
Units purchased		-			-			3,847			2,627			-			1,257			3,216			15
Units surrendered		(150	)		(42	)		(4,287	)		(8,486	)		(2,348	)		(673	)		(57	)		(14	)
Ending units		1,363			1,513			48,983			49,423			1,198			3,546			3,785			626

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	RVARS						ACEG						AVMCCI						IVBRA1
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	255			(377	)		(631	)		(1,573	)		(77	)		(32	)		19,899			10,009
Realized gain (loss) on investments		3,005			1,344			14,903			49,523			4,997			(14	)		(11,119	)		(128	)
Change in unrealized gain (loss) on investments		(5,717	)		1,400			(138,695	)		(44,204	)		(10,218	)		7,710			(70,793	)		10,168
Reinvested capital gains		465			1,861			46,603			41,286			1,057			-			9,985			11,834
Net increase (decrease) in contract owners’ equity resulting from operations		(1,992	)		4,228			(77,820	)		45,032			(4,241	)		7,664			(52,028	)		31,883
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		903			2,052			2,134			4,245			4,042			1,316			184,062			22,807
Transfers between funds		(25,437	)		12,933			(68,388	)		(155,203	)		(10,022	)		(14	)		171			-
Surrenders (notes 2, 3, 4, 5 and 6)		(1,499	)		(2,993	)		(13,030	)		(23,150	)		(4,189	)		(522	)		(248,601	)		(29,533	)
Adjustments to maintain reserves		-			-			(21	)		(11	)		(13	)		9			(12	)		2
Net equity transactions		(26,033	)		11,992			(79,305	)		(174,119	)		(10,182	)		789			(64,380	)		(6,724	)
Net change in contract owners’ equity		(28,025	)		16,220			(157,125	)		(129,087	)		(14,423	)		8,453			(116,408	)		25,159
Contract owners’ equity at beginning of period		80,572			64,352			308,316			437,403			42,239			33,786			383,299			358,140
Contract owners’ equity at end of period	$	52,547			80,572			151,191			308,316			27,816			42,239			266,891			383,299
CHANGE IN UNITS:
Beginning units		6,620			5,688			7,506			11,929			1,757			1,724			25,164			25,632
Units purchased		1,159			1,777			269			248			1,312			58			13,059			1,978
Units surrendered		(3,285	)		(845	)		(2,442	)		(4,671	)		(1,710	)		(25	)		(17,661	)		(2,446	)
Ending units		4,494			6,620			5,333			7,506			1,359			1,757			20,562			25,164

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	IVCPBI					MSVMV					OVAG						OVGI
	2022			2021		2022		2021			2022			2021			2022		2021
Investment activity*:
Net investment income (loss)	$	4,902			-		-		-			(12,254	)		(17,855	)		-		3,629
Realized gain (loss) on investments		(6,515	)		-		-		127			88,148			222,330			-		266,517
Change in unrealized gain (loss) on investments		(155,812	)		-		-		-			(1,527,233	)		(5,515	)		-		(63,894	)
Reinvested capital gains		1,824			-		-		-			538,985			282,362			-		64,472
Net increase (decrease) in contract owners’ equity resulting from operations		(155,601	)		-		-		127			(912,354	)		481,322			-		270,724
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		84,601			-		-		-			35,428			36,035			-		9,933
Transfers between funds		3,002,033			-		-		-			(303,454	)		16,259			-		(1,145,859	)
Surrenders (notes 2, 3, 4, 5 and 6)		(149,144	)		-		-		(127	)		(150,570	)		(276,178	)		-		(166,389	)
Adjustments to maintain reserves		24			-		-		-			(154	)		3			-		(43	)
Net equity transactions		2,937,514			-		-		(127	)		(418,750	)		(223,881	)		-		(1,302,358	)
Net change in contract owners’ equity		2,781,913			-		-		-			(1,331,104	)		257,441			-		(1,031,634	)
Contract owners’ equity at beginning of period		-			-		-		-			3,094,493			2,837,052			-		1,031,634
Contract owners’ equity at end of period	$	2,781,913			-		-		-			1,763,389			3,094,493			-		-
CHANGE IN UNITS:
Beginning units		-			-		-		-			112,976			122,828			-		33,220
Units purchased		319,719			-		-		-			17,968			4,650			-		1,194
Units surrendered		(26,283	)		-		-		-			(35,968	)		(14,502	)		-		(34,414	)
Ending units		293,436			-		-		-			94,976			112,976			-		-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	OVGS						OVIG						OVMS						OVSB
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(97,958	)		(136,328	)		(962	)		(1,738	)		39,744			53,245			(676	)		7,585
Realized gain (loss) on investments		(25,528	)		742,904			(26,574	)		30,667			18,088			91,003			(3,588	)		(250	)
Change in unrealized gain (loss) on investments		(11,925,283	)		1,758,946			(90,704	)		(19,649	)		(1,327,829	)		109,131			(15,865	)		(14,216	)
Reinvested capital gains		3,418,024			1,393,607			36,199			24,521			343,269			278,281			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(8,630,745	)		3,759,129			(82,041	)		33,801			(926,728	)		531,660			(20,129	)		(6,881	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		378,085			407,291			1,758			3,128			150,575			177,366			7,275			7,194
Transfers between funds		(140,096	)		(482,524	)		(57,291	)		(3,336	)		7,593			11,868			(1,969	)		10,324
Surrenders (notes 2, 3, 4, 5 and 6)		(1,221,020	)		(2,299,238	)		(12,506	)		(50,896	)		(516,891	)		(719,059	)		(18,784	)		(7,815	)
Adjustments to maintain reserves		126			(51,460	)		(18	)		9			38			(5,826	)		16			4
Net equity transactions		(982,905	)		(2,425,931	)		(68,057	)		(51,095	)		(358,685	)		(535,651	)		(13,462	)		9,707
Net change in contract owners’ equity		(9,613,650	)		1,333,198			(150,098	)		(17,294	)		(1,285,413	)		(3,991	)		(33,591	)		2,826
Contract owners’ equity at beginning of period		27,193,716			25,860,518			332,540			349,834			5,497,172			5,501,163			176,247			173,421
Contract owners’ equity at end of period	$	17,580,066			27,193,716			182,442			332,540			4,211,759			5,497,172			142,656			176,247
CHANGE IN UNITS:
Beginning units		199,554			218,105			21,399			24,708			96,127			108,134			15,026			14,219
Units purchased		8,967			7,551			10,186			1,362			5,094			7,171			840			1,803
Units surrendered		(17,454	)		(26,102	)		(15,392	)		(4,671	)		(12,274	)		(19,178	)		(2,073	)		(996	)
Ending units		191,067			199,554			16,193			21,399			88,947			96,127			13,793			15,026

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	OVSC						WRASP						WRHIP						WRMCG
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	363			(1,480	)		9,526			11,491			33,097			29,262			(3,759	)		(5,675	)
Realized gain (loss) on investments		23,694			22,928			(6,735	)		7,544			(5,891	)		(1,730	)		3,973			70,990
Change in unrealized gain (loss) on investments		(331,801	)		128,926			(243,510	)		(29,695	)		(96,101	)		298			(481,492	)		(30,143	)
Reinvested capital gains		114,743			73,833			74,019			111,569			-			-			160,166			128,011
Net increase (decrease) in contract owners’ equity resulting from operations		(193,001	)		224,207			(166,700	)		100,909			(68,895	)		27,830			(321,112	)		163,183
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		21,653			20,693			37,701			37,123			6,129			8,592			54,117			24,384
Transfers between funds		(40,429	)		18,786			(22,411	)		(18,983	)		96,483			4,769			(74,795	)		56,013
Surrenders (notes 2, 3, 4, 5 and 6)		(83,103	)		(58,101	)		(78,212	)		(64,765	)		(22,838	)		(36,672	)		(138,792	)		(159,800	)
Adjustments to maintain reserves		(129	)		62			(24	)		21			-			(3	)		(6	)		(7	)
Net equity transactions		(102,008	)		(18,560	)		(62,946	)		(46,604	)		79,774			(23,314	)		(159,476	)		(79,410	)
Net change in contract owners’ equity		(295,009	)		205,647			(229,646	)		54,305			10,879			4,516			(480,588	)		83,773
Contract owners’ equity at beginning of period		1,215,479			1,009,832			1,110,714			1,056,409			502,575			498,059			1,084,113			1,000,340
Contract owners’ equity at end of period	$	920,470			1,215,479			881,068			1,110,714			513,454			502,575			603,525			1,084,113
CHANGE IN UNITS:
Beginning units		15,891			16,144			45,591			47,675			30,323			31,725			26,394			28,209
Units purchased		509			1,485			2,419			2,870			7,344			2,065			3,162			3,064
Units surrendered		(2,033	)		(1,738	)		(5,361	)		(4,954	)		(2,709	)		(3,467	)		(8,201	)		(4,879	)
Ending units		14,367			15,891			42,649			45,591			34,958			30,323			21,355			26,394

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	JABS						JACAS						JAEI						JAGTS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	9,851			4,498			(19,641	)		(32,318	)		(848	)		(644	)		(21,386	)		(25,351	)
Realized gain (loss) on investments		103,333			139,143			322,322			359,672			3,110			21,373			132,678			679,577
Change in unrealized gain (loss) on investments		(652,964	)		195,339			(3,223,699	)		155,742			(101,307	)		3,391			(3,210,592	)		(504,176	)
Reinvested capital gains		67,973			16,607			737,440			842,388			44,230			28,353			781,559			871,492
Net increase (decrease) in contract owners’ equity resulting from operations		(471,807	)		355,587			(2,183,578	)		1,325,484			(54,815	)		52,473			(2,317,741	)		1,021,542
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		24,259			35,304			72,520			128,355			13,395			5,553			53,226			65,106
Transfers between funds		33,919			103,418			(473,361	)		(184,897	)		(2,508	)		(32,135	)		(603,719	)		(72,325	)
Surrenders (notes 2, 3, 4, 5 and 6)		(294,458	)		(116,048	)		(639,745	)		(547,435	)		(17,540	)		(51,134	)		(215,893	)		(604,556	)
Adjustments to maintain reserves		34			(2	)		(167	)		74			(26	)		1			(178	)		9
Net equity transactions		(236,246	)		22,672			(1,040,753	)		(603,903	)		(6,679	)		(77,715	)		(766,564	)		(611,766	)
Net change in contract owners’ equity		(708,053	)		378,259			(3,224,331	)		721,581			(61,494	)		(25,242	)		(3,084,305	)		409,776
Contract owners’ equity at beginning of period		2,666,637			2,288,378			7,004,050			6,282,469			335,755			360,997			6,638,846			6,229,070
Contract owners’ equity at end of period	$	1,958,584			2,666,637			3,779,719			7,004,050			274,261			335,755			3,554,541			6,638,846
CHANGE IN UNITS:
Beginning units		54,321			53,935			125,075			136,791			15,706			19,633			172,644			189,428
Units purchased		5,159			7,106			4,973			6,083			1,005			324			14,329			10,175
Units surrendered		(11,383	)		(6,720	)		(27,408	)		(17,799	)		(1,371	)		(4,251	)		(39,183	)		(26,959	)
Ending units		48,097			54,321			102,640			125,075			15,340			15,706			147,790			172,644

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	JAIGS						LOVTRC						MNDIC						MV2IGI
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	27,144			15,100			5,100			2,426			(2,488	)		(4,094	)		(656	)		(106	)
Realized gain (loss) on investments		143,134			38,547			(891	)		34			(15,245	)		50,499			22,587			4,470
Change in unrealized gain (loss) on investments		(424,709	)		289,484			(34,136	)		(4,900	)		(337,610	)		(151,916	)		(113,794	)		35,073
Reinvested capital gains		-			-			399			1,178			144,210			121,295			22,352			53,038
Net increase (decrease) in contract owners’ equity resulting from operations		(254,431	)		343,131			(29,528	)		(1,262	)		(211,133	)		15,784			(69,511	)		92,475
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		79,757			82,821			5,582			4,075			61,013			71,157			14,998			4,438
Transfers between funds		(316,382	)		68,441			(1,372	)		39,163			(31,608	)		(37,851	)		(194,680	)		(6,052	)
Surrenders (notes 2, 3, 4, 5 and 6)		(237,856	)		(191,142	)		(8,322	)		(7,330	)		(103,160	)		(128,548	)		(50,310	)		(6,425	)
Adjustments to maintain reserves		(57	)		9			(9	)		17			(28	)		(8	)		8			(23	)
Net equity transactions		(474,538	)		(39,871	)		(4,121	)		35,925			(73,783	)		(95,250	)		(229,984	)		(8,062	)
Net change in contract owners’ equity		(728,969	)		303,260			(33,649	)		34,663			(284,916	)		(79,466	)		(299,495	)		84,413
Contract owners’ equity at beginning of period		3,021,901			2,718,641			205,453			170,790			718,830			798,296			449,396			364,983
Contract owners’ equity at end of period	$	2,292,932			3,021,901			171,804			205,453			433,914			718,830			149,901			449,396
CHANGE IN UNITS:
Beginning units		144,981			147,441			17,601			14,523			19,804			22,300			15,652			15,971
Units purchased		8,810			19,241			665			3,712			2,346			1,903			1,072			541
Units surrendered		(32,432	)		(21,701	)		(1,054	)		(634	)		(5,044	)		(4,399	)		(10,122	)		(860	)
Ending units		121,359			144,981			17,212			17,601			17,106			19,804			6,602			15,652

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	MV3MVI						MVFIC						MVIGIC						MSEM
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	2,367			527			33,823			31,013			252			64			27,422			24,122
Realized gain (loss) on investments		(2,663	)		134			47,933			109,305			430			2,712			(19,749	)		(2,780	)
Change in unrealized gain (loss) on investments		(82,703	)		12,390			(527,411	)		562,539			(51,032	)		4,791			(99,723	)		(34,295	)
Reinvested capital gains		38,766			776			208,518			78,956			12,636			10,069			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(44,233	)		13,827			(237,137	)		781,813			(37,714	)		17,636			(92,050	)		(12,953	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		837			41,602			30,097			38,486			1,790			3,297			17,023			18,684
Transfers between funds		369,156			135,096			242,175			(95,940	)		9,208			83,645			(14,322	)		4,890
Surrenders (notes 2, 3, 4, 5 and 6)		(51,452	)		(1,318	)		(279,245	)		(304,294	)		(1,503	)		(7,164	)		(44,344	)		(50,625	)
Adjustments to maintain reserves		4			(6	)		(54	)		42			(10	)		5			22			4
Net equity transactions		318,545			175,374			(7,027	)		(361,706	)		9,485			79,783			(41,621	)		(27,047	)
Net change in contract owners’ equity		274,312			189,201			(244,164	)		420,107			(28,229	)		97,419			(133,671	)		(40,000	)
Contract owners’ equity at beginning of period		189,201			-			3,705,166			3,285,059			246,333			148,914			498,174			538,174
Contract owners’ equity at end of period	$	463,513			189,201			3,461,002			3,705,166			218,104			246,333			364,503			498,174
CHANGE IN UNITS:
Beginning units		10,573			-			62,829			69,661			17,992			11,825			13,014			13,742
Units purchased		21,739			10,651			6,006			1,778			1,232			6,762			1,180			1,305
Units surrendered		(3,773	)		(78	)		(6,426	)		(8,610	)		(398	)		(595	)		(2,429	)		(2,033	)
Ending units		28,539			10,573			62,409			62,829			18,826			17,992			11,765			13,014

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	MSVFI						MSVRE						DTRTFB						EIF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	18,773			20,598			4,901			10,299			1,544			920			14,198			10,646
Realized gain (loss) on investments		(7,687	)		222			(2,455	)		(503	)		(543	)		16			26,904			19,792
Change in unrealized gain (loss) on investments		(108,738	)		(63,751	)		(335,126	)		207,752			(10,473	)		(1,350	)		(239,642	)		166,994
Reinvested capital gains		9,475			38,614			132,148			-			-			147			137,623			13,214
Net increase (decrease) in contract owners’ equity resulting from operations		(88,177	)		(4,317	)		(200,532	)		217,548			(9,472	)		(267	)		(60,917	)		210,646
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		6,936			6,664			11,431			11,660			8,405			1,136			26,163			15,760
Transfers between funds		(1,875	)		29,799			(2,061	)		(2,241	)		11,971			38,540			66,541			123,714
Surrenders (notes 2, 3, 4, 5 and 6)		(16,983	)		(11,527	)		(30,159	)		(147,586	)		(1,413	)		(507	)		(72,328	)		(52,184	)
Adjustments to maintain reserves		(38	)		11			(30	)		(552	)		2			4			189			26
Net equity transactions		(11,960	)		24,947			(20,819	)		(138,719	)		18,965			39,173			20,565			87,316
Net change in contract owners’ equity		(100,137	)		20,630			(221,351	)		78,829			9,493			38,906			(40,352	)		297,962
Contract owners’ equity at beginning of period		599,990			579,360			749,954			671,125			51,839			12,933			1,371,298			1,073,336
Contract owners’ equity at end of period	$	499,853			599,990			528,603			749,954			61,332			51,839			1,330,946			1,371,298
CHANGE IN UNITS:
Beginning units		30,886			29,587			9,437			12,611			4,710			1,164			27,616			26,048
Units purchased		1,766			2,751			148			110			1,886			3,592			2,886			3,237
Units surrendered		(2,438	)		(1,452	)		(391	)		(3,284	)		(143	)		(46	)		(2,565	)		(1,669	)
Ending units		30,214			30,886			9,194			9,437			6,453			4,710			27,937			27,616

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	GBF						GEM						GIG						GVAAA2
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	58,401			50,788			4,574			6,700			100,880			78,507			(18,535	)		26,333
Realized gain (loss) on investments		(88,459	)		(44,067	)		10,715			31,984			3,972			54,747			47,053			51,065
Change in unrealized gain (loss) on investments		(518,253	)		(125,841	)		(323,547	)		(143,990	)		(1,035,785	)		290,831			(787,623	)		479,310
Reinvested capital gains		-			-			-			-			385,848			-			140,250			26,423
Net increase (decrease) in contract owners’ equity resulting from operations		(548,311	)		(119,120	)		(308,258	)		(105,306	)		(545,085	)		424,085			(618,855	)		583,131
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		164,715			171,936			40,683			36,500			82,401			91,942			68,934			73,066
Transfers between funds		23,808			40,178			(11,763	)		9,150			(13,204	)		76,515			(18,841	)		(55,565	)
Surrenders (notes 2, 3, 4, 5 and 6)		(431,781	)		(549,358	)		(80,263	)		(85,196	)		(328,416	)		(323,271	)		(589,714	)		(307,251	)
Adjustments to maintain reserves		(19	)		(3,248	)		(1	)		(40	)		(39	)		(10	)		(64	)		19
Net equity transactions		(243,277	)		(340,492	)		(51,344	)		(39,586	)		(259,258	)		(154,824	)		(539,685	)		(289,731	)
Net change in contract owners’ equity		(791,588	)		(459,612	)		(359,602	)		(144,892	)		(804,343	)		269,261			(1,158,540	)		293,400
Contract owners’ equity at beginning of period		4,294,993			4,754,605			1,263,138			1,408,030			3,780,791			3,511,530			4,523,684			4,230,284
Contract owners’ equity at end of period	$	3,503,405			4,294,993			903,536			1,263,138			2,976,448			3,780,791			3,365,144			4,523,684
CHANGE IN UNITS:
Beginning units		113,439			124,840			39,779			41,039			163,271			170,262			158,231			168,891
Units purchased		11,020			10,878			3,106			3,117			8,221			13,419			3,799			6,392
Units surrendered		(18,964	)		(22,279	)		(4,905	)		(4,377	)		(21,392	)		(20,410	)		(24,756	)		(17,052	)
Ending units		105,495			113,439			37,980			39,779			150,100			163,271			137,274			158,231

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	GVABD2						GVAGG2						GVAGI2						GVAGR2
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(1,568	)		5,656			(10,881	)		(13,885	)		(4,130	)		5,086			(15,044	)		(18,674	)
Realized gain (loss) on investments		(1,985	)		4,678			44,670			117,263			5,556			9,357			188,623			230,631
Change in unrealized gain (loss) on investments		(47,669	)		(17,396	)		(930,514	)		223,661			(191,963	)		160,830			(1,803,209	)		471,467
Reinvested capital gains		6,072			2,145			135,359			76,342			20,903			16,580			362,814			64,213
Net increase (decrease) in contract owners’ equity resulting from operations		(45,150	)		(4,917	)		(761,366	)		403,381			(169,634	)		191,853			(1,266,816	)		747,637
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		15,208			7,692			34,295			100,724			33,206			14,571			85,256			100,334
Transfers between funds		(12,459	)		35,444			102,422			6,419			69,720			(2,330	)		(381,959	)		142,574
Surrenders (notes 2, 3, 4, 5 and 6)		(35,705	)		(72,512	)		(147,269	)		(276,864	)		(58,995	)		(85,059	)		(139,804	)		(353,167	)
Adjustments to maintain reserves		(3	)		17			(37	)		6			(5	)		(7	)		(75	)		41
Net equity transactions		(32,959	)		(29,359	)		(10,589	)		(169,715	)		43,926			(72,825	)		(436,582	)		(110,218	)
Net change in contract owners’ equity		(78,109	)		(34,276	)		(771,955	)		233,666			(125,708	)		119,028			(1,703,398	)		637,419
Contract owners’ equity at beginning of period		360,466			394,742			2,911,588			2,677,922			983,351			864,323			4,318,400			3,680,981
Contract owners’ equity at end of period	$	282,357			360,466			2,139,633			2,911,588			857,643			983,351			2,615,002			4,318,400
CHANGE IN UNITS:
Beginning units		23,988			25,959			70,157			74,600			30,103			32,579			79,020			81,590
Units purchased		1,636			3,609			7,004			4,981			4,113			1,010			4,314			7,184
Units surrendered		(3,961	)		(5,580	)		(8,083	)		(9,424	)		(2,591	)		(3,486	)		(14,150	)		(9,754	)
Ending units		21,663			23,988			69,078			70,157			31,625			30,103			69,184			79,020

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	GVDMA						GVDMC						GVEX1						GVIDA
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(23,433	)		(19,503	)		(2,943	)		(2,464	)		47,015			105,579			(10,930	)		(9,999	)
Realized gain (loss) on investments		73,427			154,134			(8,083	)		4,818			24,645			242,066			(9,986	)		27,199
Change in unrealized gain (loss) on investments		(2,777,133	)		503,088			(142,874	)		28,012			(5,417,598	)		1,108,443			(977,867	)		269,276
Reinvested capital gains		1,626,845			90,212			78,029			4,840			3,990,977			46,192			534,389			40,360
Net increase (decrease) in contract owners’ equity resulting from operations		(1,100,294	)		727,931			(75,871	)		35,206			(1,354,961	)		1,502,280			(464,394	)		326,836
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		145,760			147,769			33,845			23,998			166,209			158,945			60,967			58,163
Transfers between funds		(182,841	)		(28,805	)		(21,254	)		(14,181	)		530,435			520,776			19,916			23,649
Surrenders (notes 2, 3, 4, 5 and 6)		(291,997	)		(466,735	)		(55,650	)		(134,412	)		(433,353	)		(214,370	)		(167,653	)		(209,793	)
Adjustments to maintain reserves		(109	)		19			(25	)		16			(94	)		7			(48	)		7
Net equity transactions		(329,187	)		(347,752	)		(43,084	)		(124,579	)		263,197			465,358			(86,818	)		(127,974	)
Net change in contract owners’ equity		(1,429,481	)		380,179			(118,955	)		(89,373	)		(1,091,764	)		1,967,638			(551,212	)		198,862
Contract owners’ equity at beginning of period		6,040,159			5,659,980			523,841			613,214			7,022,875			5,055,237			2,431,960			2,233,098
Contract owners’ equity at end of period	$	4,610,678			6,040,159			404,886			523,841			5,931,111			7,022,875			1,880,748			2,431,960
CHANGE IN UNITS:
Beginning units		166,929			177,165			21,606			26,517			216,554			194,819			62,680			66,189
Units purchased		6,030			10,109			2,025			1,567			30,572			30,482			3,717			4,535
Units surrendered		(16,431	)		(20,345	)		(3,989	)		(6,478	)		(19,491	)		(8,747	)		(6,351	)		(8,044	)
Ending units		156,528			166,929			19,642			21,606			227,635			216,554			60,046			62,680

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	GVIDC						GVIDM						GVIX2						HIBF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(875	)		(570	)		(8,336	)		(5,650	)		22,102			18,516			37,653			36,920
Realized gain (loss) on investments		(1,481	)		1,005			(98,034	)		31,081			4,017			8,446			(8,456	)		13,874
Change in unrealized gain (loss) on investments		(37,056	)		3,253			(1,004,274	)		215,938			(146,233	)		52,450			(131,063	)		(2,216	)
Reinvested capital gains		13,713			1,405			649,239			32,445			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(25,699	)		5,093			(461,405	)		273,814			(120,114	)		79,412			(101,866	)		48,578
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		4,269			11,466			48,773			48,804			17,072			14,590			24,493			27,328
Transfers between funds		45,562			(257	)		(4,180	)		(31,927	)		26,479			(14,195	)		(9,154	)		(277,006	)
Surrenders (notes 2, 3, 4, 5 and 6)		(64,563	)		(18,779	)		(409,548	)		(423,340	)		(72,037	)		(24,347	)		(62,834	)		(78,132	)
Adjustments to maintain reserves		3			(19	)		(37	)		50			(24	)		10			21			(10	)
Net equity transactions		(14,729	)		(7,589	)		(364,992	)		(406,413	)		(28,510	)		(23,942	)		(47,474	)		(327,820	)
Net change in contract owners’ equity		(40,428	)		(2,496	)		(826,397	)		(132,599	)		(148,624	)		55,470			(149,340	)		(279,242	)
Contract owners’ equity at beginning of period		209,910			212,406			2,815,479			2,948,078			833,610			778,140			853,634			1,132,876
Contract owners’ equity at end of period	$	169,482			209,910			1,989,082			2,815,479			684,986			833,610			704,294			853,634
CHANGE IN UNITS:
Beginning units		10,553			10,931			90,680			104,838			60,384			61,991			28,295			39,381
Units purchased		2,762			663			1,629			4,592			4,186			1,284			1,998			1,360
Units surrendered		(3,538	)		(1,041	)		(15,339	)		(18,750	)		(6,231	)		(2,891	)		(3,707	)		(12,446	)
Ending units		9,777			10,553			76,970			90,680			58,339			60,384			26,586			28,295

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	IDPG						IDPGI					MCIF						MSBF
	2022			2021			2022			2021		2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			(1	)		-			-		35,862			43,510			25,632			47,667
Realized gain (loss) on investments		(17	)		3			-			-		48,191			63,880			(765	)		8,761
Change in unrealized gain (loss) on investments		(68	)		31			(7	)		-		(2,365,904	)		1,197,179			(50,921	)		(10,050	)
Reinvested capital gains		39			14			6			-		1,391,466			115,943			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(46	)		47			(1	)		-		(890,385	)		1,420,512			(26,054	)		46,378
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			-			56			-		65,278			67,539			23,040			13,549
Transfers between funds		-			-			-			-		(90,343	)		(221,831	)		(23,840	)		55,282
Surrenders (notes 2, 3, 4, 5 and 6)		(115	)		(145	)		(1	)		-		(791,600	)		(724,622	)		(149,185	)		(133,684	)
Adjustments to maintain reserves		2			(3	)		4			-		(159	)		121			(39	)		16
Net equity transactions		(113	)		(148	)		59			-		(816,824	)		(878,793	)		(150,024	)		(64,837	)
Net change in contract owners’ equity		(159	)		(101	)		58			-		(1,707,209	)		541,719			(176,078	)		(18,459	)
Contract owners’ equity at beginning of period		354			455			-			-		6,869,989			6,328,270			969,018			987,477
Contract owners’ equity at end of period	$	195			354			58			-		5,162,780			6,869,989			792,940			969,018
CHANGE IN UNITS:
Beginning units		23			33			-			-		109,885			125,839			38,558			41,052
Units purchased		-			-			5			-		3,792			3,656			5,048			3,730
Units surrendered		(8	)		(10	)		-			-		(18,311	)		(19,610	)		(11,762	)		(6,224	)
Ending units		15			23			5			-		95,366			109,885			31,844			38,558

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NCPG						NCPGI						NVAMV1						NVAMVX
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(173	)		(1	)		(38	)		-			41,624			46,491			24,724			21,654
Realized gain (loss) on investments		(232	)		-			(41	)		1			71,183			(52,722	)		70,978			70,474
Change in unrealized gain (loss) on investments		(1,759	)		110			(818	)		6			(1,040,137	)		1,787,376			(494,069	)		565,211
Reinvested capital gains		-			-			-			-			812,861			-			366,365			-
Net increase (decrease) in contract owners’ equity resulting from operations		(2,164	)		109			(897	)		7			(114,469	)		1,781,145			(32,002	)		657,339
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		56			19			(117	)		24			-			139			200,461			199,859
Transfers between funds		54,278			9,419			10,704			-			(220,031	)		(239,059	)		(93,720	)		44,999
Surrenders (notes 2, 3, 4, 5 and 6)		(737	)		-			(766	)		(4	)		(395,387	)		(546,468	)		49,788			(104,194	)
Adjustments to maintain reserves		2			3			5			(7	)		(15	)		(64	)		24			36
Net equity transactions		53,599			9,441			9,826			13			(615,433	)		(785,452	)		156,553			140,700
Net change in contract owners’ equity		51,435			9,550			8,929			20			(729,902	)		995,693			124,551			798,039
Contract owners’ equity at beginning of period		9,550			-			83			63			6,553,889			5,558,196			2,669,024			1,870,985
Contract owners’ equity at end of period	$	60,985			9,550			9,012			83			5,823,987			6,553,889			2,793,575			2,669,024
CHANGE IN UNITS:
Beginning units		613			-			6			5			144,197			163,921			168,203			158,052
Units purchased		4,684			613			800			2			137			1,207			39,823			30,428
Units surrendered		(664	)		-			(61	)		(1	)		(14,103	)		(20,931	)		(29,307	)		(20,277	)
Ending units		4,633			613			745			6			130,231			144,197			178,719			168,203

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVBX						NVCBD1						NVCCA1						NVCCN1
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	2,089			3,713			8,412			7,220			(3,601	)		(1,874	)		(310	)		(639	)
Realized gain (loss) on investments		(16,292	)		2,284			(24,022	)		7,317			(15,479	)		(1,741	)		(2,004	)		16,782
Change in unrealized gain (loss) on investments		(14,536	)		(13,420	)		(65,545	)		(44,863	)		(133,320	)		110,509			(6,927	)		(3,197	)
Reinvested capital gains		949			923			502			16,595			30,627			-			1,548			118
Net increase (decrease) in contract owners’ equity resulting from operations		(27,790	)		(6,500	)		(80,653	)		(13,731	)		(121,773	)		106,894			(7,693	)		13,064
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		5,313			4,475			3,704			2,828			13,269			16,056			4,242			4,377
Transfers between funds		(75,041	)		(5,229	)		6,604			13,562			31,907			-			30,064			666,215
Surrenders (notes 2, 3, 4, 5 and 6)		(10,951	)		(22,084	)		(30,941	)		(145,579	)		(41,230	)		(52,588	)		(12,107	)		(730,601	)
Adjustments to maintain reserves		(3	)		(5	)		(1	)		(6	)		304			(19	)		284			10
Net equity transactions		(80,682	)		(22,843	)		(20,634	)		(129,195	)		4,250			(36,551	)		22,483			(59,999	)
Net change in contract owners’ equity		(108,472	)		(29,343	)		(101,287	)		(142,926	)		(117,523	)		70,343			14,790			(46,935	)
Contract owners’ equity at beginning of period		229,625			258,968			558,390			701,316			786,428			716,085			42,920			89,855
Contract owners’ equity at end of period	$	121,153			229,625			457,103			558,390			668,905			786,428			57,710			42,920
CHANGE IN UNITS:
Beginning units		19,400			21,326			35,198			44,198			33,834			35,502			2,619			5,528
Units purchased		3,531			1,055			8,884			4,284			5,480			1,097			3,248			45,179
Units surrendered		(11,049	)		(2,981	)		(9,985	)		(13,284	)		(5,309	)		(2,765	)		(1,859	)		(48,088	)
Ending units		11,882			19,400			34,097			35,198			34,005			33,834			4,008			2,619

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVCMA1						NVCMC1						NVCMD1						NVCRA1
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(3,484	)		(2,065	)		(589	)		(377	)		(4,668	)		(2,234	)		(1,811	)		(1,152	)
Realized gain (loss) on investments		3,329			14,277			(910	)		755			(14,242	)		3,644			5,613			21,546
Change in unrealized gain (loss) on investments		(123,215	)		94,959			(20,212	)		11,369			(176,292	)		137,562			(54,696	)		36,128
Reinvested capital gains		12,595			-			3,047			35			28,447			-			1,482			-
Net increase (decrease) in contract owners’ equity resulting from operations		(110,775	)		107,171			(18,664	)		11,782			(166,755	)		138,972			(49,412	)		56,522
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		21,234			24,900			6,779			9,606			35,248			39,719			27,432			15,220
Transfers between funds		67,765			77,468			-			-			2,619			40,137			97,632			(2,666	)
Surrenders (notes 2, 3, 4, 5 and 6)		(44,731	)		(117,288	)		(29,481	)		(17,616	)		(146,921	)		(117,995	)		(17,115	)		(29,306	)
Adjustments to maintain reserves		1			1			(4	)		22			247			12			288			(1	)
Net equity transactions		44,269			(14,919	)		(22,706	)		(7,988	)		(108,807	)		(38,127	)		108,237			(16,753	)
Net change in contract owners’ equity		(66,506	)		92,252			(41,370	)		3,794			(275,562	)		100,845			58,825			39,769
Contract owners’ equity at beginning of period		710,168			617,916			143,083			139,289			1,183,468			1,082,623			321,731			281,962
Contract owners’ equity at end of period	$	643,662			710,168			101,713			143,083			907,906			1,183,468			380,556			321,731
CHANGE IN UNITS:
Beginning units		29,332			30,052			7,438			7,909			53,754			55,576			12,806			13,489
Units purchased		4,622			6,137			528			1,410			3,037			5,138			6,389			2,792
Units surrendered		(2,525	)		(6,857	)		(1,876	)		(1,881	)		(8,598	)		(6,960	)		(1,252	)		(3,475	)
Ending units		31,429			29,332			6,090			7,438			48,193			53,754			17,943			12,806

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVCRB1						NVDBL2						NVDCA2						NVDCAP
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(2,081	)		(1,256	)		(497	)		158			(585	)		(589	)		(772	)		(279	)
Realized gain (loss) on investments		4,330			7,693			(91,425	)		12,796			(2,192	)		5,210			3,082			1,753
Change in unrealized gain (loss) on investments		(82,971	)		43,305			(46,549	)		22,029			(50,396	)		8,674			(85,726	)		17,051
Reinvested capital gains		13,419			-			80,831			5,000			32,163			1,811			49,589			2,848
Net increase (decrease) in contract owners’ equity resulting from operations		(67,303	)		49,742			(57,640	)		39,983			(21,010	)		15,106			(33,827	)		21,373
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		8,751			9,803			1,797			1,794			-			-			5,284			4,159
Transfers between funds		(54	)		(995	)		136			203			-			(1,248	)		(42,613	)		1,226
Surrenders (notes 2, 3, 4, 5 and 6)		(62,004	)		(18,769	)		(305,417	)		(107,811	)		(10,775	)		(35,022	)		(6,476	)		7,919
Adjustments to maintain reserves		(9	)		(10	)		14			(11	)		(19	)		2			(2	)		5
Net equity transactions		(53,316	)		(9,971	)		(303,470	)		(105,825	)		(10,794	)		(36,268	)		(43,807	)		13,309
Net change in contract owners’ equity		(120,619	)		39,771			(361,110	)		(65,842	)		(31,804	)		(21,162	)		(77,634	)		34,682
Contract owners’ equity at beginning of period		503,196			463,425			447,186			513,028			119,097			140,259			215,513			180,831
Contract owners’ equity at end of period	$	382,577			503,196			86,076			447,186			87,293			119,097			137,879			215,513
CHANGE IN UNITS:
Beginning units		24,646			25,113			17,731			22,166			3,891			5,098			17,825			16,724
Units purchased		532			989			105			99			-			2			566			1,654
Units surrendered		(3,379	)		(1,456	)		(13,584	)		(4,534	)		(407	)		(1,209	)		(4,498	)		(553	)
Ending units		21,799			24,646			4,252			17,731			3,484			3,891			13,893			17,825

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVFIII						NVGEII						NVIDMP						NVIX
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	81			(28	)		173			56			(2,593	)		(375	)		16,452			13,879
Realized gain (loss) on investments		(874	)		602			(89	)		633			(32,826	)		3,750			(3,679	)		1,163
Change in unrealized gain (loss) on investments		224			(1,249	)		(3,559	)		74			(198,679	)		29,685			(87,169	)		34,245
Reinvested capital gains		-			2			-			4			146,562			5,140			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(569	)		(673	)		(3,475	)		767			(87,536	)		38,200			(74,396	)		49,287
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,229			7,316			170			1,535			113,792			148,057			22,474			22,610
Transfers between funds		(383	)		(65,888	)		12,862			4,757			(7,461	)		(551	)		(8,961	)		40,063
Surrenders (notes 2, 3, 4, 5 and 6)		(458	)		6,852			(963	)		(513	)		(86,155	)		(5,835	)		(15,388	)		(13,661	)
Adjustments to maintain reserves		7			(5	)		8			(5	)		(23	)		4			(3	)		(7	)
Net equity transactions		395			(51,725	)		12,077			5,774			20,153			141,675			(1,878	)		49,005
Net change in contract owners’ equity		(174	)		(52,398	)		8,602			6,541			(67,383	)		179,875			(76,274	)		98,292
Contract owners’ equity at beginning of period		6,664			59,062			7,701			1,160			516,451			336,576			573,362			475,070
Contract owners’ equity at end of period	$	6,490			6,664			16,303			7,701			449,068			516,451			497,088			573,362
CHANGE IN UNITS:
Beginning units		609			5,262			509			93			43,886			31,414			41,481			37,902
Units purchased		126			1,864			860			452			17,427			20,205			6,777			4,607
Units surrendered		(44	)		(6,517	)		(74	)		(36	)		(15,352	)		(7,733	)		(6,089	)		(1,028	)
Ending units		691			609			1,295			509			45,961			43,886			42,169			41,481

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVLCP1						NVMIG1						NVMIVX						NVMLG1
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	13,681			15,500			(15,707	)		(8,985	)		14,022			11,295			153,999			(14,883	)
Realized gain (loss) on investments		(44,161	)		(1,400	)		(231,876	)		17,391			3,983			3,610			(174,980	)		(223,935	)
Change in unrealized gain (loss) on investments		(103,526	)		(22,955	)		(1,649,998	)		(218,803	)		(46,368	)		18,911			(1,109,156	)		773,627
Reinvested capital gains		9,708			7,389			114,097			172,858			-			-			602,176			614,102
Net increase (decrease) in contract owners’ equity resulting from operations		(124,298	)		(1,466	)		(1,783,484	)		(37,539	)		(28,363	)		33,816			(527,961	)		1,148,911
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		21,071			6,664			99,787			107,353			20,998			15,204			76,263			41,818
Transfers between funds		(178,533	)		826,252			(74,837	)		22,169			69,796			23,453			(224,901	)		12,602
Surrenders (notes 2, 3, 4, 5 and 6)		(31,799	)		(35,666	)		(420,605	)		(637,715	)		(23,034	)		(15,371	)		(215,401	)		(262,889	)
Adjustments to maintain reserves		(7	)		(19	)		(35	)		11			-			5			1			(33	)
Net equity transactions		(189,268	)		797,231			(395,690	)		(508,182	)		67,760			23,291			(364,038	)		(208,502	)
Net change in contract owners’ equity		(313,566	)		795,765			(2,179,174	)		(545,721	)		39,397			57,107			(891,999	)		940,409
Contract owners’ equity at beginning of period		934,260			138,495			4,820,204			5,365,925			403,674			346,567			3,998,123			3,057,714
Contract owners’ equity at end of period	$	620,694			934,260			2,641,030			4,820,204			443,071			403,674			3,106,124			3,998,123
CHANGE IN UNITS:
Beginning units		53,350			7,814			251,824			275,974			31,178			29,447			83,106			88,991
Units purchased		3,621			47,571			18,964			15,863			9,092			4,012			16,399			3,247
Units surrendered		(15,799	)		(2,035	)		(47,666	)		(40,013	)		(3,732	)		(2,281	)		(24,988	)		(9,132	)
Ending units		41,172			53,350			223,122			251,824			36,538			31,178			74,517			83,106

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVMMG1						NVMMV2						NVNMO1						NVNSR1
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(144,997	)		(178,623	)		184,338			50,000			(14,194	)		(31,875	)		18			(223	)
Realized gain (loss) on investments		(1,436,468	)		438,503			(343,568	)		(677,071	)		281,839			663,818			(208	)		3,743
Change in unrealized gain (loss) on investments		(22,326,532	)		(8,682,555	)		(2,121,270	)		5,137,429			(4,934,309	)		2,837,683			(59,183	)		15,651
Reinvested capital gains		7,793,559			5,926,648			1,580,186			-			1,611,276			335,784			11,471			19,925
Net increase (decrease) in contract owners’ equity resulting from operations		(16,114,438	)		(2,496,027	)		(700,314	)		4,510,358			(3,055,388	)		3,805,410			(47,902	)		39,096
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		702,728			644,988			394,779			419,480			290,331			338,886			1,987			876
Transfers between funds		(75,652	)		1,662,699			(342,623	)		(99,297	)		(207,393	)		32,817			335			13,325
Surrenders (notes 2, 3, 4, 5 and 6)		(2,556,074	)		(4,103,314	)		(1,348,405	)		(1,723,674	)		(1,070,871	)		(1,766,295	)		(2,589	)		1,242
Adjustments to maintain reserves		(1,258	)		(259	)		140			(108	)		(133	)		(686	)		(6	)		5
Net equity transactions		(1,930,256	)		(1,795,886	)		(1,296,109	)		(1,403,599	)		(988,066	)		(1,395,278	)		(273	)		15,448
Net change in contract owners’ equity		(18,044,694	)		(4,291,913	)		(1,996,423	)		3,106,759			(4,043,454	)		2,410,132			(48,175	)		54,544
Contract owners’ equity at beginning of period		43,213,992			47,505,905			22,712,209			19,605,450			17,639,821			15,229,689			205,405			150,861
Contract owners’ equity at end of period	$	25,169,298			43,213,992			20,715,786			22,712,209			13,596,367			17,639,821			157,230			205,405
CHANGE IN UNITS:
Beginning units		1,080,260			1,127,495			746,061			795,881			528,004			574,688			5,950			5,515
Units purchased		46,812			102,693			24,073			44,847			17,596			29,895			81			751
Units surrendered		(113,081	)		(149,928	)		(67,633	)		(94,667	)		(52,314	)		(76,579	)		(93	)		(316	)
Ending units		1,013,991			1,080,260			702,501			746,061			493,286			528,004			5,938			5,950

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVOLG1						NVRE1						NVSIX2						NVSTB2
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	358,808			49,248			61,511			42,515			2,015			2,024			1,559			966
Realized gain (loss) on investments		207,603			(53,949	)		205,527			49,197			3,213			(46,395	)		(11,548	)		(167	)
Change in unrealized gain (loss) on investments		(30,926,283	)		22,213,265			(3,054,282	)		2,618,711			(192,774	)		87,697			(4,266	)		(3,323	)
Reinvested capital gains		5,786,954			1,553,658			444,717			-			58,126			12,431			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(24,572,918	)		23,762,222			(2,342,527	)		2,710,423			(129,420	)		55,757			(14,255	)		(2,524	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,616,875			1,524,103			148,903			190,465			13,821			16,133			3,283			3,762
Transfers between funds		(611,574	)		11,569,221			(247,467	)		82,455			47,160			175,572			(86,273	)		(22,299	)
Surrenders (notes 2, 3, 4, 5 and 6)		(8,110,222	)		(7,295,853	)		(808,044	)		(667,184	)		(37,325	)		(54,715	)		(11,805	)		(15,187	)
Adjustments to maintain reserves		(27	)		(1,246	)		357			48			(30	)		4			3			(8	)
Net equity transactions		(7,104,948	)		5,796,225			(906,251	)		(394,216	)		23,626			136,994			(94,792	)		(33,732	)
Net change in contract owners’ equity		(31,677,866	)		29,558,447			(3,248,778	)		2,316,207			(105,794	)		192,751			(109,047	)		(36,256	)
Contract owners’ equity at beginning of period		112,064,798			82,506,351			8,395,990			6,079,783			612,592			419,841			201,666			237,922
Contract owners’ equity at end of period	$	80,386,932			112,064,798			5,147,212			8,395,990			506,798			612,592			92,619			201,666
CHANGE IN UNITS:
Beginning units		1,664,986			1,591,211			302,132			319,829			24,362			18,982			16,888			19,701
Units purchased		57,320			251,090			15,798			27,390			4,784			7,926			2,919			1,704
Units surrendered		(183,162	)		(177,315	)		(57,819	)		(45,087	)		(3,595	)		(2,546	)		(11,517	)		(4,517	)
Ending units		1,539,144			1,664,986			260,111			302,132			25,551			24,362			8,290			16,888

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NVTIV3						SAM						SCF						SCGF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	1,145			719			121,248			(62,149	)		(8,110	)		(103,772	)		(6,600	)		(11,589	)
Realized gain (loss) on investments		(81	)		(345	)		-			-			(195,109	)		770,513			(3,918	)		9,295
Change in unrealized gain (loss) on investments		(3,358	)		5,363			-			-			(7,841,878	)		4,498,414			(969,534	)		19,407
Reinvested capital gains		-			-			303			-			3,942,075			215,933			226,118			235,502
Net increase (decrease) in contract owners’ equity resulting from operations		(2,294	)		5,737			121,551			(62,149	)		(4,103,022	)		5,381,088			(753,934	)		252,615
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		2,895			-			1,318,448			1,033,275			301,016			324,273			21,944			28,249
Transfers between funds		-			-			4,020,306			(2,178,878	)		(160,798	)		(98,537	)		(420,604	)		(168,908	)
Surrenders (notes 2, 3, 4, 5 and 6)		(2,829	)		(18,785	)		(2,003,124	)		(3,568,411	)		(1,480,234	)		(1,954,524	)		(198,905	)		(105,661	)
Adjustments to maintain reserves		24			(6	)		(1,141	)		89,210			456			(78,762	)		(10	)		(25	)
Net equity transactions		90			(18,791	)		3,334,489			(4,624,804	)		(1,339,560	)		(1,807,550	)		(597,575	)		(246,345	)
Net change in contract owners’ equity		(2,204	)		(13,054	)		3,456,040			(4,686,953	)		(5,442,582	)		3,573,538			(1,351,509	)		6,270
Contract owners’ equity at beginning of period		42,041			55,095			11,158,000			15,844,953			21,875,493			18,301,955			2,701,314			2,695,044
Contract owners’ equity at end of period	$	39,837			42,041			14,614,040			11,158,000			16,432,911			21,875,493			1,349,805			2,701,314
CHANGE IN UNITS:
Beginning units		2,146			3,111			633,266			983,748			156,064			170,516			86,854			95,021
Units purchased		171			-			489,003			101,415			4,971			8,444			13,367			2,320
Units surrendered		(157	)		(965	)		(303,402	)		(451,897	)		(16,223	)		(22,896	)		(37,663	)		(10,487	)
Ending units		2,160			2,146			818,867			633,266			144,812			156,064			62,558			86,854

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	SCVF						TRF						AMCG						AMINS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(5,842	)		(20,099	)		375,698			145,040			(7,084	)		(9,517	)		389			96
Realized gain (loss) on investments		(188,377	)		(85,752	)		1,828,145			3,194,243			34,925			34,840			(2	)		158
Change in unrealized gain (loss) on investments		(918,466	)		1,164,970			(14,213,636	)		5,988,877			(1,196,361	)		(2,056	)		(17,141	)		2,943
Reinvested capital gains		553,451			-			6,049,762			2,867,346			381,582			290,046			9,821			440
Net increase (decrease) in contract owners’ equity resulting from operations		(559,234	)		1,059,119			(5,960,031	)		12,195,506			(786,938	)		313,313			(6,933	)		3,637
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		144,515			118,652			1,931,551			1,983,568			11,186			11,290			206			103
Transfers between funds		(262,909	)		172,820			(12,958	)		(52,923	)		5,817			(1,927	)		-			-
Surrenders (notes 2, 3, 4, 5 and 6)		(297,301	)		(231,390	)		(5,648,326	)		(7,869,641	)		(122,486	)		(52,929	)		(444	)		(452	)
Adjustments to maintain reserves		(89	)		21			(394	)		(15,954	)		(28	)		4			4			(15	)
Net equity transactions		(415,784	)		60,103			(3,730,127	)		(5,954,950	)		(105,511	)		(43,562	)		(234	)		(364	)
Net change in contract owners’ equity		(975,018	)		1,119,222			(9,690,158	)		6,240,556			(892,449	)		269,751			(7,167	)		3,273
Contract owners’ equity at beginning of period		4,442,388			3,323,166			66,619,119			60,378,563			2,768,638			2,498,887			30,584			27,311
Contract owners’ equity at end of period	$	3,467,370			4,442,388			56,928,961			66,619,119			1,876,189			2,768,638			23,417			30,584
CHANGE IN UNITS:
Beginning units		64,741			63,527			456,227			520,817			114,680			116,522			1,148			1,162
Units purchased		4,747			8,549			24,924			46,818			1,789			1,120			10			4
Units surrendered		(11,064	)		(7,335	)		(56,775	)		(111,408	)		(7,096	)		(2,962	)		(21	)		(18	)
Ending units		58,424			64,741			424,376			456,227			109,373			114,680			1,137			1,148

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	AMMCGS						AMRS						AMSRS						AMTB
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(802	)		(1,057	)		-			13			11,067			8,702			48,145			33,053
Realized gain (loss) on investments		7,166			3,141			760			1,252			21,941			41,792			(4,968	)		490
Change in unrealized gain (loss) on investments		(109,724	)		(3,473	)		(1,034	)		691			(1,544,626	)		929,476			(124,684	)		(27,714	)
Reinvested capital gains		38,137			27,028			-			-			453,209			102,788			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(65,223	)		25,639			(274	)		1,956			(1,058,409	)		1,082,758			(81,507	)		5,829
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,642			1,147			-			-			14,905			14,567			37,222			39,486
Transfers between funds		23,592			595			-			-			(20,765	)		(56,491	)		35,124			61,021
Surrenders (notes 2, 3, 4, 5 and 6)		(25,384	)		(6,062	)		(4,301	)		(4,681	)		(107,000	)		(70,232	)		(65,332	)		(286,861	)
Adjustments to maintain reserves		11			(21	)		(4	)		1			63			(109	)		25			(2,005	)
Net equity transactions		(139	)		(4,341	)		(4,305	)		(4,680	)		(112,797	)		(112,265	)		7,039			(188,359	)
Net change in contract owners’ equity		(65,362	)		21,298			(4,579	)		(2,724	)		(1,171,206	)		970,493			(74,468	)		(182,530	)
Contract owners’ equity at beginning of period		232,182			210,884			4,579			7,303			5,707,429			4,736,936			1,453,796			1,636,326
Contract owners’ equity at end of period	$	166,820			232,182			-			4,579			4,536,223			5,707,429			1,379,328			1,453,796
CHANGE IN UNITS:
Beginning units		2,864			2,929			132			279			135,780			138,566			62,402			72,881
Units purchased		471			217			-			-			1,189			1,195			5,710			4,596
Units surrendered		(432	)		(282	)		(132	)		(147	)		(5,534	)		(3,981	)		(5,004	)		(15,075	)
Ending units		2,903			2,864			-			132			131,435			135,780			63,108			62,402

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	NOTB3						NOTG3						NOTMG3						PMVAAA
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	1,824			55			280			23			15			1			21,205			26,943
Realized gain (loss) on investments		(169	)		35			(13	)		74			(2	)		1			(1,481	)		2,844
Change in unrealized gain (loss) on investments		(7,002	)		756			(2,244	)		308			(82	)		6			(77,683	)		5,476
Reinvested capital gains		3,970			-			1,391			-			56			-			21,986			-
Net increase (decrease) in contract owners’ equity resulting from operations		(1,377	)		846			(586	)		405			(13	)		8			(35,973	)		35,263
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			-			137			81			24			24			10,144			27,217
Transfers between funds		-			-			-			1,847			-			-			10,721			(27,835	)
Surrenders (notes 2, 3, 4, 5 and 6)		(512	)		(481	)		(630	)		(455	)		(6	)		(4	)		36,883			8,367
Adjustments to maintain reserves		(9	)		2			(3	)		7			7			(6	)		(6	)		11
Net equity transactions		(521	)		(479	)		(496	)		1,480			25			14			57,742			7,760
Net change in contract owners’ equity		(1,898	)		367			(1,082	)		1,885			12			22			21,769			43,023
Contract owners’ equity at beginning of period		11,135			10,768			4,254			2,369			88			66			285,228			242,205
Contract owners’ equity at end of period	$	9,237			11,135			3,172			4,254			100			88			306,997			285,228
CHANGE IN UNITS:
Beginning units		793			828			284			178			6			5			17,872			17,554
Units purchased		-			-			10			137			2			2			5,364			3,096
Units surrendered		(41	)		(35	)		(47	)		(31	)		-			(1	)		(1,283	)		(2,778	)
Ending units		752			793			247			284			8			6			21,953			17,872

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	PMVFBA						PMVLDA						PMVRSA						PMVTRA
	2022			2021			2022			2021			2022			2021			2022		2021
Investment activity*:
Net investment income (loss)	$	715			7,085			12,456			2,015			59,100			1,839			-		8,317
Realized gain (loss) on investments		(9,012	)		519			(13,959	)		(6,579	)		(9,095	)		7,395			-		(17,594	)
Change in unrealized gain (loss) on investments		(8,781	)		(19,297	)		(64,954	)		(12,031	)		(79,563	)		928			-		(34,217	)
Reinvested capital gains		-			224			-			-			-			-			-		32,121
Net increase (decrease) in contract owners’ equity resulting from operations		(17,078	)		(11,469	)		(66,457	)		(16,595	)		(29,558	)		10,162			-		(11,373	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		3,195			5,215			21,855			13,715			2,190			608			-		15,044
Transfers between funds		(51,584	)		(8,068	)		(267,981	)		(177,197	)		368,300			30,386			-		(600,262	)
Surrenders (notes 2, 3, 4, 5 and 6)		(4,554	)		(16,500	)		(53,826	)		(52,903	)		(8,738	)		(1,461	)		-		(26,317	)
Adjustments to maintain reserves		(9	)		4			(27	)		(6	)		1			(7	)		-		(16	)
Net equity transactions		(52,952	)		(19,349	)		(299,979	)		(216,391	)		361,753			29,526			-		(611,551	)
Net change in contract owners’ equity		(70,030	)		(30,818	)		(366,436	)		(232,986	)		332,195			39,688			-		(622,924	)
Contract owners’ equity at beginning of period		124,463			155,281			1,247,283			1,480,269			65,529			25,841			-		622,924
Contract owners’ equity at end of period	$	54,433			124,463			880,847			1,247,283			397,724			65,529			-		-
CHANGE IN UNITS:
Beginning units		9,201			10,566			94,932			111,242			8,113			4,245			-		45,592
Units purchased		335			448			6,859			3,162			55,270			4,065			-		1,868
Units surrendered		(4,544	)		(1,813	)		(30,877	)		(19,472	)		(17,836	)		(197	)		-		(47,460	)
Ending units		4,992			9,201			70,914			94,932			45,547			8,113			-		-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	PVSTA					PVEIB						PVGOB						PVTIGB
	2022			2021		2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	67			-		6,850			3,079			(7,690	)		(9,603	)		2,476			1,816
Realized gain (loss) on investments		-			-		25,323			2,939			24,960			137,470			(2,236	)		3,828
Change in unrealized gain (loss) on investments		39			-		(119,711	)		98,903			(893,432	)		68,370			(65,710	)		5,527
Reinvested capital gains		-			-		60,655			18,751			272,511			180,843			25,224			9,579
Net increase (decrease) in contract owners’ equity resulting from operations		106			-		(26,883	)		123,672			(603,651	)		377,080			(40,246	)		20,750
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		213			-		148,279			10,263			114,317			24,749			4,700			6,422
Transfers between funds		12,940			-		66,665			146,507			39,500			(277,634	)		9,829			(8,183	)
Surrenders (notes 2, 3, 4, 5 and 6)		(298	)		-		(151,611	)		(26,816	)		(183,834	)		(123,815	)		(14,969	)		(14,216	)
Adjustments to maintain reserves		3			-		474			19			(48	)		12			(15	)		39
Net equity transactions		12,858			-		63,807			129,973			(30,065	)		(376,688	)		(455	)		(15,938	)
Net change in contract owners’ equity		12,964			-		36,924			253,645			(633,716	)		392			(40,701	)		4,812
Contract owners’ equity at beginning of period		-			-		681,581			427,936			1,939,854			1,939,462			266,112			261,300
Contract owners’ equity at end of period	$	12,964			-		718,505			681,581			1,306,138			1,939,854			225,411			266,112
CHANGE IN UNITS:
Beginning units		-			-		38,227			30,397			62,945			76,808			8,871			9,438
Units purchased		1,318			-		14,514			8,977			8,019			1,319			930			255
Units surrendered		(30	)		-		(10,938	)		(1,147	)		(9,663	)		(15,182	)		(943	)		(822	)
Ending units		1,288			-		41,803			38,227			61,301			62,945			8,858			8,871

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	TRHS2						TRLT2						VWBF						VWEM
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	(22,289	)		(27,526	)		724			486			23,251			31,672			(4,773	)		13,260
Realized gain (loss) on investments		331,481			285,562			(3	)		183			(9,631	)		(8,684	)		(26,778	)		72,253
Change in unrealized gain (loss) on investments		(1,150,206	)		29,297			(2,923	)		(991	)		(63,211	)		(55,413	)		(1,054,798	)		(558,362	)
Reinvested capital gains		74,483			368,416			67			272			-			-			395,402			74,640
Net increase (decrease) in contract owners’ equity resulting from operations		(766,531	)		655,749			(2,135	)		(50	)		(49,591	)		(32,425	)		(690,947	)		(398,209	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		122,904			118,806			-			-			24,945			21,876			75,392			92,875
Transfers between funds		(78,092	)		(76,207	)		-			(3,662	)		(3,788	)		24,030			(25,130	)		(13,404	)
Surrenders (notes 2, 3, 4, 5 and 6)		(635,644	)		(424,701	)		(158	)		(164	)		(44,416	)		(48,920	)		(256,770	)		(274,121	)
Adjustments to maintain reserves		(30	)		92			6			(1	)		(4	)		37			(90	)		(35	)
Net equity transactions		(590,862	)		(382,010	)		(152	)		(3,827	)		(23,263	)		(2,977	)		(206,598	)		(194,685	)
Net change in contract owners’ equity		(1,357,393	)		273,739			(2,287	)		(3,877	)		(72,854	)		(35,402	)		(897,545	)		(592,894	)
Contract owners’ equity at beginning of period		5,752,167			5,478,428			44,584			48,461			667,773			703,175			2,850,226			3,443,120
Contract owners’ equity at end of period	$	4,394,774			5,752,167			42,297			44,584			594,919			667,773			1,952,681			2,850,226
CHANGE IN UNITS:
Beginning units		82,786			88,576			3,094			3,359			22,252			22,248			72,767			77,236
Units purchased		8,352			4,781			-			-			1,588			1,466			5,234			4,388
Units surrendered		(18,081	)		(10,571	)		(11	)		(265	)		(2,477	)		(1,462	)		(11,788	)		(8,857	)
Ending units		73,057			82,786			3,083			3,094			21,363			22,252			66,213			72,767

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	VWHA						VRVDRI						OVB
	2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	39,320			(2,086	)		641			101			95,070			54,726
Realized gain (loss) on investments		197,082			(8,422	)		(128	)		2,488			(528,596	)		9,422
Change in unrealized gain (loss) on investments		(52,002	)		501,229			(26,727	)		5,108			88,947			(285,919	)
Reinvested capital gains		-			-			1,851			352			-			137,697
Net increase (decrease) in contract owners’ equity resulting from operations		184,400			490,721			(24,363	)		8,049			(344,579	)		(84,074	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		86,149			86,727			562			1,719			49,241			132,280
Transfers between funds		264,816			(34,292	)		33,379			44,584			(3,050,256	)		71,751
Surrenders (notes 2, 3, 4, 5 and 6)		(316,733	)		(235,797	)		(1,934	)		(640	)		(240,659	)		(320,276	)
Adjustments to maintain reserves		152			(10,646	)		(6	)		12			(34	)		(5,644	)
Net equity transactions		34,384			(194,008	)		32,001			45,675			(3,241,708	)		(121,889	)
Net change in contract owners’ equity		218,784			296,713			7,638			53,724			(3,586,287	)		(205,963	)
Contract owners’ equity at beginning of period		3,031,459			2,734,746			57,490			3,766			3,586,287			3,792,250
Contract owners’ equity at end of period	$	3,250,243			3,031,459			65,128			57,490			-			3,586,287
CHANGE IN UNITS:
Beginning units		69,177			73,594			3,687			353			155,391			160,414
Units purchased		11,358			4,000			2,120			3,380			2,438			12,219
Units surrendered		(11,058	)		(8,417	)		(142	)		(46	)		(157,829	)		(17,242	)
Ending units		69,477			69,177			5,665			3,687			-			155,391

* 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, 2022, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

(1) Background and Summary of Significant Accounting Policies

(a) Organization and Nature of Operations

The Nationwide VLI Separate Account-2 (the Separate Account) was established pursuant to a resolution of the Board of Directors of Nationwide Life Insurance Company (the Company) on May 7, 1987. 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 Single Premium, Modified Single Premium, Flexible Premium and Last Survivor Flexible Premium 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.

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.

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 B (ALVIVB)

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

ALLSPRING GLOBAL INVESTMENTS

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)

AMERICAN CENTURY INVESTMENTS

American Century Variable Portfolios, Inc. - American Century VP Balanced Fund: Class I (ACVB)

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 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 FUNDS GROUP (THE)

American Funds Insurance Series(R) - Washington Mutual Investors Fund: Class 4 (AMVBC4)

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)

BNY MELLON INVESTMENT MANAGEMENT

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

BNY Mellon Variable Investment Fund - Growth and Income Portfolio: Initial Shares (DGI)

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 - Small Cap Stock Index Portfolio: Service Shares (DVSCS)

DELAWARE FUNDS BY MACQUARIE

Delaware VIP 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)

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

DWS INVESTMENT MANAGEMENT AMERICAS, INC.

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

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)

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Asset Manager Portfolio: Initial Class (FAMP)

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

Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Initial Class (FEIP)

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

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

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

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

Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Initial Class (FGP)

Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Initial Class (FHIP)

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

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

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

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Initial Class (FOP)

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)

Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class 2 (FVSS2)

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 2 (FTVGI2)

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

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 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 Trend Driven Allocation Fund: Service Shares (GVGMNS)

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

GUGGENHEIM INVESTMENTS

Rydex Variable Trust - Multi-Hedge Strategies Fund (RVARS)

INVESCO INVESTMENTS

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

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

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

Invesco - Invesco V.I. Core Plus Bond Fund: Series I Shares (IVCPBI)

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. Global Fund: Series I (OVGS)

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

Invesco - Invesco V.I. Conservative Balanced Fund: Series I (OVMS)

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 High Income: Class II (WRHIP)

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

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 Global Technology and Innovation Portfolio: Service Shares (JAGTS)

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

LORD ABBETT FUNDS

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

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

MASSACHUSETTS FINANCIAL SERVICES CO.

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

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

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

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

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

MORGAN STANLEY

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

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

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

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 Mozaic(SM) Multi-Asset Fund: Class Y (NJMMAY)*

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 Index Fund: Class I (NVIX)

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

Nationwide Variable Insurance Trust - NVIT NS Partners International Focused 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 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 VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

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 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 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 - International Equity Portfolio: S Class Shares (AMINS)

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

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: S Class Shares (AMRS)*

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 - Low Duration Portfolio: Administrative Class (PMVLDA)

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

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

PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class (PVSTA)

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)

T. ROWE PRICE

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: II (TRLT2)

VAN ECK ASSOCIATES CORPORATION

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

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

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

VIRTUS MUTUAL FUNDS

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

* At December 31, 2022, policyholders were not invested in this fund.

Unless listed below, the financial statements presented are as of December 31, 2022 and for each of the years in the two-year period ended December 31, 2022. For the subaccounts listed below with inception dates in 2022, the financial statements are as of December 31, 2022 and for the period from the inception date to December 31, 2022. For the subaccounts listed below with liquidation dates in 2022, the financial statements are for the period from January 1, 2022 to the liquidation date. For the subaccounts listed below with inception dates in 2021, the prior year financial statements reflect the period from inception date to December 31, 2021.

	Inception Date		Liquidation Date
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B (ALVIVB)		3/31/2021
MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)		4/20/2021
Invesco - Invesco V.I. American Value Fund: Series I Shares (MSVMV)		4/30/2021
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I (NCPG)		9/1/2021
Invesco - Invesco V.I. Core Plus Bond Fund: Series I Shares (IVCPBI)		4/29/2022
American Funds Insurance Series(R) - Washington Mutual Investors Fund: Class 4 (AMVBC4)		5/16/2022
Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class 2 (FVSS2)		8/5/2022
PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class (PVSTA)		10/20/2022

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

For the two-year period ending December 31, 2022, the following underlying mutual fund mergers occurred. Underlying mutual funds that were acquired during the period ending December 31, 2022 are no longer available as of December 31, 2022. Underlying mutual funds that were acquired during the period ending December 31, 2021 are no longer available as of December 31, 2021.

Acquired Underlying Mutual Fund	Acquiring Underlying Mutual Fund	Effective Date
Invesco - Invesco V.I. Core Bond Fund: Series I (OVB)	Invesco - Invesco V.I. Core Plus Bond Fund: Series I Shares (IVCPBI)		4/29/2022

For the one-year period ended December 31, 2022, the following subaccount name changes occurred:

Subaccount Abbreviation	Current Legal Name	Prior Legal Name	Effective Date
DWVSVS	Delaware VIP Trust - Delaware VIP Small Cap Value Series: Service Class	Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class		5/1/2022
RVARS	Rydex Variable Trust - Multi-Hedge Strategies Fund	Guggenheim Variable Fund - Multi-Hedge Strategies		5/1/2022
NVMIG1	Nationwide Variable Insurance Trust - NVIT NS Partners International Focused Growth Fund: Class I	Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I		7/18/2022
VWBF	VanEck VIP Trust - VanEck VIP Emerging Markets Bond Fund: Initial Class	VanEck VIP Trust - Emerging Markets Bond Fund: Initial Class		5/1/2022
VWEM	VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Initial Class	VanEck VIP Trust - Emerging Markets Fund: Initial Class		5/1/2022
VWHA	VanEck VIP Trust - VanEck VIP Global Resources Fund: Initial Class	VanEck VIP Trust - Global Resources Fund: Initial Class		5/1/2022

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 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.

(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, 2022 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.

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

(f) Adjustments to Maintain reserves (ATM)

Adjustments to Maintain reserves primarily represent timing related adjustments absorbed by the general account in order to maintain appropriate contract owner account balances.

(g) Subsequent Events

The Company evaluated subsequent events through the date the financial statements were available to be issued with the Securities and Exchange Commission, and no subsequent events have occurred requiring accrual or disclosures.

(2) Policy Charges

The Separate Account assesses charges associated with the policy. These charges are either assessed as a direct deduction from premium payments or through a surrender of units from the subaccounts contained within the Separate Account. The assessment of charges varies based on the policy and any additional riders or benefits elected. The additional riders or benefits and related charges specific to each product are described in detail in the applicable prospectus.

Policy Charges
Mortality and Expense Risk Charge (includes any Administrative Expense and Premium Expense Charges) - assessed through a surrender of units	Equal, on an annual basis, to 0.50% - 1.60% of the daily value of the assets invested in each fund
Sales Charge - assessed through a deduction from premium payments	0.0% - 9.5% of each premium paid
Premium Tax Charge - assessed through a deduction from premium payments	0.04% - 3.50% of each premium payment
Short-Term Trading Fee - assessed through a surrender of units	1% of the dollar amount transferred out of a subaccount within 60 days of being applied to that subaccount
Cost of Insurance Charges (including any flat extra charge) - assessed through a surrender of units	Varies widely based on the underwriting characteristics of the insured
Administrative Charge - assessed through a surrender of units	$7.50 - $80 per policy, per month; in some products .25% - .40% of the subaccount assets
Increase Charge	$0.17 per $1,000 of specified amount increase
Surrender Charge - assessed through a surrender of units	$0.00 - $27.94 per $1,000 of a policy’s specified amount; in single premium policies 0.0% - 10% - of the premium surrendered
Policy Loan Interest Charge - assessed through a surrender of units	6% of an outstanding policy loan
Illustration/Partial Surrender Fees - assessed through a surrender of units	$25.00 per request
Rider Charges - assessed through a surrender of units monthly, unless otherwise specified.
Children’s Term Insurance Rider Charge	$0.43 per $1,000 of the rider’s specified amount
Spouse Life Insurance Rider Charge	$0.10 - $10.23 per $1,000 of the rider’s specified amount
Long-Term Care Rider Charge	$0.02 - $5.73 per $1,000 of the rider’s net amount risk
Guaranteed Minimum Death Benefit Rider	$0.01 -$4.17 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
Waiver of Monthly Deductions Rider Charge	$85 - $855 per $1,000 of the rider’s benefit amount
Base Insured Term Rider Charge	$0.02 - $83.34 per $1,000 of the rider’s death benefit
Estate Protection Rider Charge	$0.01 - $83.34 per $1,000 of the rider’s death benefit
Policy Split Option Rider Charge	$0.01 - $0.03 of policy specified amount

For the years ended December 31, 2022 and 2021, total front-end sales charge deductions were $935,403 and $991,479, respectively and were recognized as part of purchase payments on the Statements of Changes in Contract Owners’ Equity.

(3) Asset Charges

The Company deducts a charge related to the assumption of mortality and expense risk. Asset charges are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

For modified single premium policies, the Company deducts a charge equal to an annualized rate of 0.90%. For flexible premium policies, the Company deducts a charge equal to an annualized rate of 0.80% in policy years one through nine. After the ninth year, the annualized rate is 0.80% on the first $25,000 of cash value and 0.50% on additional cash value. For last survivor flexible premium policies, the Company deducts a charge equal to an annualized rate of 0.80% in policy years one through ten. In policy years eleven and after, the charge will continue to be deducted, but may be reduced for policies at specified asset levels. For last survivor flexible premium policies issued in New York, the Company deducts a charge equal to an annualized rate of 0.80% in policy years one through ten and 0.50% thereafter, regardless of cash value. This charge is assessed monthly by liquidating units.

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

For single premium policies issued prior to April 16, 1990, the Company deducts a charge equal to an annualized rate of 0.95% during the first ten policy years, and 0.50% thereafter. For single premium policies issued on or after April 16, 1990, the charge is equal to an annualized rate of 1.30% during the first ten policy years, and 1.00% thereafter. For multiple payment policies, the Company deducts a charge equal to an annualized rate of 0.80%. For flexible premium and Variable Executive Life policies, the charge is equal to an annualized rate of 0.80% during the first ten policy years, and 0.50% thereafter. This charge is assessed through a reduction in the unit value.

(4) Death Benefits

Death benefit proceeds result in a surrender of the policy value from the Separate Account and payment of those proceeds, less any outstanding policy loans (and policy charges), to the legal beneficiary. For last survivor flexible premium policies, the proceeds are payable on the death of the last surviving insured. In the event that the guaranteed death benefit exceeds the policy value on the date of death, the excess is paid by the Company’s general account. Death benefits are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

(5) Policy Loans (Net of Repayments)

Policy provisions allow policyholders to borrow up to 90% (50% during first year of single and modified single premium policies) of a policy’s cash surrender value. For single premium policies issued prior to April 16, 1990, 6.50% interest is due and payable annually in advance of the policy anniversary date. For single premium policies issued on or after April 16, 1990, multiple payment, flexible premium, modified single and last survivor flexible premium policies, 6.00% interest is due and payable in advance on the policy anniversary when there is a loan outstanding on the policy.

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. Loan repayments result in a transfer of collateral including interest credited back to the Separate Account. Policy loans (net of repayments) are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

(6) Related Party Transactions

The Company performs various services on behalf of the mutual fund companies in which the Separate Account invests and may receive fees for the services performed. These services include, among other things, shareholder communications, postage, fund transfer agency and various other record keeping and customer service functions. These fees are paid to an affiliate of the Company.

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, 2022 and 2021, total transfers to the Separate Account from the fixed account were $17,753,306 and $16,911,739, respectively, and total transfers from the Separate Account to the fixed account were $14,107,282 and $13,178,502, respectively.

(7) Fair Value Measurement

FASB ASC 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Separate Account generally uses the market approach as the valuation technique due to the nature of the mutual fund investments offered in the Separate Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable inputs.

In accordance with FASB ASC 820, the Separate Account categorized its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety.

The Separate Account categorizes financial assets recorded at fair value as follows:

• Level 1 – Unadjusted quoted prices accessible in active markets and mutual funds where the value per share (unit) is determined and published and is the basis for current transactions for identical assets or liabilities at the measurement date.

• Level 2 – Unadjusted quoted prices for similar assets or liabilities in active markets, 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, 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.

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

The investments used by all subaccounts are mutual funds and are valued using daily Net Asset Values (NAVs), which are deemed to approximate fair values. As such, all funds are classified as Level 1 Investments.

The cost of purchases and proceeds from sales of Investments for the year ended December 31, 2022 are as follows:

Subaccount Abbreviation*	Purchases of Investments		Sales of Investments
ALVDAA	$	280	$	6,219
ALVGIA		132,240		37,466
ALVIVB		3,996		4,901
ALVSVA		276,281		378,950
SVDF		243,603		18,340
SVOF		363,007		131,700
WFVSCG		100,449		135,880
ACVB		862,784		423,436
ACVCA		12,803		1,608
ACVI		108,563		43,216
ACVIG		496,684		214,206
ACVIP2		510,137		192,491
ACVMV1		474,097		172,607
ACVU1		33,951		19,188
AMVBC4		153,122		252
BRVHYI		77,326		25,141
MLVGA2		225,990		208,067
DGI		421,765		88,680
DSC		67,036		12,505
DSIF		5,960,137		4,473,762
DSRG		758,811		705,789
DVSCS		284,734		202,462
DWVSVS		37,031		184,967
DFVGMI		2,245		1,120
DFVIPS		48,367		112,318
DSGIBA		438,980		14,640
FQB		273,274		212,404
FVU2		28,878		15,087
FAMP		1,046,730		2,639,611
FCS		195,901		96,769
FEIP		2,558,479		3,514,974
FEMS		58,852		76,485
FF10S		33,788		22,421
FF20S		128,917		203,171
FF30S		351,275		82,533
FGP		7,865,205		6,479,665
FHIP		383,729		471,758
FIGBS		328,513		711,748
FMCS		527,397		701,533
FNRS2		2,500,870		1,928,939
FOP		130,335		306,590
FOS		306,599		548,017
FRESS		42,530		29,266
FVSS		102,853		289,160
FVSS2		70,190		27,032
FTVDM2		94,292		86,835
FTVFA2		36,019		14,613
FTVGI2		64,861		423,600
FTVIS2		165,730		212,572
FTVRDI		68,061		14,337
FTVSVI		499,790		299,177
TIF		1,170		4,100

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

TIF2	31,095	22,493
GVGMNS	657	38,771
GVMSAS	36,573	732
RVARS	14,742	40,055
ACEG	53,097	86,408
AVMCCI	24,363	33,554
IVBRA1	228,094	262,577
IVCPBI	3,110,604	165,658
OVAG	885,331	778,407
OVGS	3,622,226	1,284,425
OVIG	157,269	190,072
OVMS	470,674	445,958
OVSB	5,606	19,760
OVSC	161,898	148,670
WRASP	104,041	83,419
WRHIP	142,719	29,849
WRMCG	251,686	254,363
JABS	522,591	679,880
JACAS	886,686	1,209,473
JAEI	61,128	24,400
JAGTS	1,022,293	1,029,604
JAIGS	89,027	536,185
LOVTRC	12,556	11,167
MNDIC	208,006	140,040
MV2IGI	43,370	251,667
MV3MVI	420,621	60,945
MVFIC	578,940	343,544
MVIGIC	27,700	5,318
MSEM	43,393	57,584
MSVFI	49,757	33,431
MSVRE	151,792	35,516
DTRTFB	32,480	11,973
EIF	282,673	104,905
GBF	290,947	476,611
GEM	42,817	89,575
GIG	540,628	312,844
GVAAA2	151,437	569,728
GVABD2	22,965	51,417
GVAGG2	318,822	204,890
GVAGI2	128,046	67,342
GVAGR2	509,150	597,888
GVDMA	1,679,961	405,627
GVDMC	105,897	73,869
GVEX1	5,244,153	942,850
GVIDA	585,817	149,128
GVIDC	59,548	61,441
GVIDM	671,834	395,354
GVIX2	72,616	78,999
HIBF	74,664	84,507
IDPG	39	115
IDPGI	62	1
MCIF	1,621,817	1,011,078
MSBF	129,866	254,219
NCPG	63,492	10,067
NCPGI	10,510	726
NVAMV1	883,407	643,403
NVAMVX	789,907	242,172
NVBX	74,065	151,706
NVCBD1	125,301	137,020
NVCCA1	127,276	95,851

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

NVCCN1	40,346	16,496
NVCMA1	90,207	36,829
NVCMC1	6,429	26,672
NVCMD1	47,301	132,162
NVCRA1	136,530	28,494
NVCRB1	19,257	61,226
NVDBL2	82,266	305,416
NVDCA2	32,163	11,359
NVDCAP	52,532	47,520
NVFIII	15,039	14,571
NVGEII	13,225	984
NVIDMP	267,312	103,354
NVIX	96,049	81,472
NVLCP1	69,669	235,541
NVMIG1	203,890	501,102
NVMIVX	111,096	29,315
NVMLG1	1,492,092	1,099,930
NVMMG1	8,019,610	2,308,524
NVMMV2	1,936,429	1,467,421
NVNMO1	1,735,207	1,125,077
NVNSR1	14,188	2,968
NVOLG1	6,903,635	7,856,185
NVRE1	1,109,025	1,507,701
NVSIX2	172,443	88,646
NVSTB2	33,718	126,955
NVTIV3	4,245	3,033
SAM	7,761,859	4,305,090
SCF	4,166,830	1,571,125
SCGF	569,871	947,910
SCVF	703,388	571,145
TRF	6,938,906	4,242,509
AMCG	399,936	130,921
AMINS	10,416	444
AMMCGS	69,062	31,876
AMRS	-	4,300
AMSRS	516,328	163,759
AMTB	139,240	83,665
NOTB3	5,844	562
NOTG3	1,825	647
NOTMG3	95	5
PMVAAA	114,676	13,736
PMVFBA	3,174	55,401
PMVLDA	82,691	370,187
PMVRSA	622,420	201,567
PVSTA	13,232	310
PVEIB	367,484	225,777
PVGOB	445,138	210,334
PVTIGB	47,885	20,473
TRHS2	604,187	1,137,442
TRLT2	791	158
VWBF	40,356	40,365
VWEM	463,032	278,805
VWHA	709,711	635,077
VRVDRI	45,593	11,094
OVB	119,971	3,268,453

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

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

(8) 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, 2022, and the investment income ratio and total return for each of the periods in the five-year period ended December 31, 2022. 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)
2022		0.80	%					16	$	13.09			$	209		2.70	%		-19.10	%
2021		0.50	%	to	0.80	%		380		16.65	to	16.17		6,330		0.63	%		9.13	%	to	8.80	%
2020		0.80	%					18		14.87				268		1.77	%		4.19	%
2019		0.80	%					18		14.27				257		2.09	%		14.59	%
2018		0.80	%					9		12.45				112		1.96	%		-7.81	%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A (ALVGIA)
2022		0.00	%	to	0.80	%		10,071		53.38	to	45.61		492,343		1.42	%		-4.19	%	to	-4.95	%
2021		0.00	%	to	0.80	%		9,858		55.72	to	47.99		505,486		0.84	%		28.16	%	to	27.14	%
2020		0.00	%	to	0.80	%		9,985		43.48	to	37.75		400,569		1.51	%		2.72	%	to	1.90	%
2019		0.00	%	to	0.80	%		11,184		42.33	to	37.04		438,991		1.25	%		23.91	%	to	22.93	%
2018		0.00	%	to	0.80	%		11,311		34.16	to	30.13		357,883		0.96	%		-5.61	%	to	-6.36	%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B (ALVIVB)
2022		0.50	%					7,924		8.61				68,228		4.06	%		-14.22	%
2021		0.50	%					8,354		10.04				83,859		1.65	%		10.30	%			****
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A (ALVSVA)
2022		0.00	%	to	0.80	%		14,787		63.49	to	54.25		863,950		1.06	%		-15.63	%	to	-16.30	%
2021		0.00	%	to	0.80	%		18,510		75.25	to	64.81		1,288,809		0.81	%		35.95	%	to	34.87	%
2020		0.00	%	to	0.80	%		16,852		55.35	to	48.06		862,434		1.00	%		3.37	%	to	2.55	%
2019		0.00	%	to	0.80	%		18,146		53.55	to	46.86		900,690		0.58	%		20.10	%	to	19.14	%
2018		0.00	%	to	0.80	%		20,368		44.59	to	39.33		842,341		0.48	%		-15.03	%	to	-15.71	%
Allspring Variable Trust - VT Discovery Fund: Class 2 (SVDF)
2022		0.00	%	to	1.00	%		8,951		89.15	to	51.69		553,796		0.00	%		-37.85	%	to	-38.47	%
2021		0.00	%	to	1.00	%		8,668		143.44	to	84.00		872,869		0.00	%		-5.04	%	to	-5.99	%
2020		0.00	%	to	1.00	%		11,375		151.05	to	89.35		1,167,378		0.00	%		62.65	%	to	61.03	%
2019		0.00	%	to	1.00	%		10,481		92.87	to	55.48		673,387		0.00	%		39.02	%	to	37.64	%
2018		0.00	%	to	1.00	%		11,734		66.80	to	40.31		540,623		0.00	%		-7.06	%	to	-7.99	%
Allspring Variable Trust - VT Opportunity Fund: Class 2 (SVOF)
2022		0.00	%	to	1.00	%		29,897		107.19	to	39.19		1,446,828		0.00	%		-20.81	%	to	-21.59	%
2021		0.00	%	to	1.00	%		31,262		135.35	to	49.99		1,919,170		0.04	%		24.78	%	to	23.54	%
2020		0.00	%	to	1.00	%		32,172		108.47	to	40.46		1,615,521		0.44	%		21.00	%	to	19.80	%
2019		0.00	%	to	1.00	%		33,080		89.64	to	33.78		1,414,069		0.28	%		31.46	%	to	30.16	%
2018		0.00	%	to	1.00	%		34,304		68.19	to	25.95		1,123,712		0.18	%		-7.15	%	to	-8.07	%
Allspring Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)
2022		0.00	%	to	0.80	%		9,527		47.10	to	42.22		419,390		0.00	%		-34.42	%	to	-34.94	%
2021		0.00	%	to	0.80	%		11,907		71.82	to	64.90		802,991		0.00	%		7.64	%	to	6.78	%
2020		0.00	%	to	0.80	%		11,808		66.72	to	60.78		745,507		0.00	%		57.78	%	to	56.53	%
2019		0.00	%	to	0.80	%		10,390		42.29	to	38.83		415,351		0.00	%		24.83	%	to	23.83	%
2018		0.00	%	to	0.80	%		15,955		33.88	to	31.35		513,659		0.00	%		1.31	%	to	0.50	%
American Century Variable Portfolios, Inc. - American Century VP Balanced Fund: Class I (ACVB)
2022		0.00	%	to	1.00	%		127,031		49.90	to	24.31		4,523,270		1.20	%		-17.27	%	to	-18.09	%
2021		0.00	%	to	1.00	%		133,333		60.32	to	29.67		5,905,061		0.72	%		15.77	%	to	14.62	%
2020		0.00	%	to	1.00	%		142,764		52.10	to	25.89		5,577,178		1.17	%		12.53	%	to	11.41	%
2019		0.00	%	to	1.00	%		154,992		46.30	to	23.24		5,580,785		1.55	%		19.85	%	to	18.66	%
2018		0.00	%	to	1.00	%		162,951		38.63	to	19.58		4,984,865		1.40	%		-3.83	%	to	-4.79	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
American Century Variable Portfolios, Inc. - American Century VP Capital Appreciation Fund: Class I (ACVCA)
2022		0.50	%	to	0.80	%		597		152.44	to	90.33		82,871		0.00	%		-28.47	%	to	-28.68	%
2021		0.50	%	to	0.80	%		605		213.11	to	126.66		117,088		0.00	%		10.60	%	to	10.27	%
2020		0.00	%	to	1.00	%		37,563		82.80	to	36.44		1,904,603		0.00	%		42.46	%	to	41.04	%
2019		0.00	%	to	1.00	%		43,716		58.12	to	25.84		1,501,748		0.00	%		35.56	%	to	34.22	%
2018		0.00	%	to	1.00	%		52,029		42.88	to	19.25		1,282,005		0.00	%		-5.20	%	to	-6.15	%
American Century Variable Portfolios, Inc. - American Century VP International Fund: Class I (ACVI)
2022		0.00	%	to	1.00	%		24,802		40.35	to	14.77		543,503		1.49	%		-24.75	%	to	-25.50	%
2021		0.00	%	to	1.00	%		25,642		53.62	to	19.83		768,282		0.16	%		8.75	%	to	7.67	%
2020		0.00	%	to	1.00	%		26,458		49.31	to	18.42		743,971		0.47	%		25.88	%	to	24.63	%
2019		0.00	%	to	1.00	%		15,473		39.17	to	14.78		446,208		0.86	%		28.42	%	to	27.14	%
2018		0.00	%	to	1.00	%		15,888		30.50	to	11.62		359,511		1.28	%		-15.22	%	to	-16.07	%
American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG)
2022		0.00	%	to	1.00	%		40,576		43.64	to	28.19		1,555,067		1.76	%		-12.74	%	to	-13.60	%
2021		0.00	%	to	1.00	%		44,127		50.01	to	32.62		1,938,326		1.08	%		23.65	%	to	22.42	%
2020		0.00	%	to	1.00	%		46,981		40.45	to	26.65		1,680,005		1.96	%		11.81	%	to	10.70	%
2019		0.00	%	to	1.00	%		54,791		36.18	to	24.07		1,762,527		2.09	%		23.95	%	to	22.72	%
2018		0.00	%	to	1.00	%		54,209		29.19	to	19.62		1,420,904		1.92	%		-6.87	%	to	-7.80	%
American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II (ACVIP2)
2022		0.00	%	to	0.80	%		52,165		18.04	to	15.41		851,834		5.26	%		-13.08	%	to	-13.77	%
2021		0.00	%	to	0.80	%		37,790		20.76	to	17.88		715,443		3.30	%		6.27	%	to	5.42	%
2020		0.00	%	to	0.80	%		28,701		19.53	to	16.96		514,695		1.25	%		9.55	%	to	8.68	%
2019		0.00	%	to	0.80	%		36,595		17.83	to	15.60		601,513		2.32	%		8.90	%	to	8.03	%
2018		0.00	%	to	0.80	%		64,811		16.37	to	14.44		989,957		2.83	%		-2.82	%	to	-3.60	%
American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I (ACVMV1)
2022		0.00	%	to	0.80	%		30,630		51.21	to	44.46		1,445,394		2.25	%		-1.19	%	to	-1.98	%
2021		0.00	%	to	0.80	%		28,736		51.83	to	45.36		1,374,753		1.12	%		23.20	%	to	22.22	%
2020		0.00	%	to	0.80	%		35,934		42.07	to	37.11		1,400,167		1.69	%		1.21	%	to	0.40	%
2019		0.00	%	to	0.80	%		56,551		41.57	to	36.96		2,189,116		2.07	%		29.15	%	to	28.12	%
2018		0.00	%	to	0.80	%		68,042		32.18	to	28.85		2,047,913		1.40	%		-12.84	%	to	-13.53	%
American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class I (ACVU1)
2022		0.00	%	to	1.00	%		3,300		52.34	to	42.57		141,844		0.00	%		-32.38	%	to	-33.05	%
2021		0.00	%	to	1.00	%		3,342		77.40	to	63.58		214,669		0.00	%		23.16	%	to	21.93	%
2020		0.00	%	to	1.00	%		3,458		62.85	to	52.15		182,152		0.00	%		49.85	%	to	48.36	%
2019		0.00	%	to	1.00	%		28,843		41.94	to	35.15		1,015,024		0.00	%		34.58	%	to	33.24	%
2018		0.00	%	to	1.00	%		28,727		31.16	to	26.38		758,778		0.26	%		0.76	%	to	-0.25	%
American Funds Insurance Series(R) - Washington Mutual Investors Fund: Class 4 (AMVBC4)
2022		0.50	%					15,269		9.86				150,616		8.05	%		-1.36	%		*	***
BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I (BRVHYI)
2022		0.50	%	to	0.80	%		48,862		11.43	to	11.23		558,306		5.22	%		-10.80	%	to	-11.06	%
2021		0.50	%	to	0.80	%		46,618		12.81	to	12.63		597,139		4.59	%		4.81	%	to	4.50	%
2020		0.50	%	to	0.80	%		55,269		12.22	to	12.09		675,478		4.98	%		6.73	%	to	6.41	%
2019		0.50	%	to	0.80	%		18,555		11.45	to	11.36		212,452		5.54	%		14.71	%	to	14.37	%
2018		0.50	%	to	0.80	%		5,916		9.98	to	9.93		59,027		5.63	%		-3.14	%	to	-3.44	%
BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II (MLVGA2)
2022		0.00	%	to	0.80	%		75,991		22.93	to	20.55		1,626,910		0.00	%		-15.99	%	to	-16.66	%
2021		0.00	%	to	0.80	%		76,589		27.29	to	24.66		1,960,519		0.76	%		6.55	%	to	5.70	%
2020		0.00	%	to	0.80	%		79,733		25.61	to	23.33		1,927,227		1.16	%		20.80	%	to	19.84	%
2019		0.00	%	to	0.80	%		93,183		21.20	to	19.47		1,871,842		1.14	%		17.83	%	to	16.89	%
2018		0.00	%	to	0.80	%		102,683		17.99	to	16.65		1,757,365		0.64	%		-7.52	%	to	-8.26	%
BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares (DCAP)
2020		0.00	%	to	1.00	%		97,929		61.04	to	33.18		5,180,021		0.79	%		23.69	%	to	22.46	%
2019		0.00	%	to	1.00	%		110,653		49.35	to	27.09		4,745,452		1.17	%		36.10	%	to	34.74	%
2018		0.00	%	to	1.00	%		118,233		36.26	to	20.11		3,730,581		1.26	%		-6.85	%	to	-7.78	%
BNY Mellon Variable Investment Fund - Growth and Income Portfolio: Initial Shares (DGI)
2022		0.00	%	to	1.00	%		32,490		61.90	to	33.06		1,779,957		0.80	%		-14.82	%	to	-15.66	%
2021		0.00	%	to	1.00	%		33,410		72.67	to	39.20		2,153,438		0.47	%		25.63	%	to	24.38	%
2020		0.00	%	to	1.00	%		35,089		57.85	to	31.52		1,797,969		0.77	%		24.63	%	to	23.39	%
2019		0.00	%	to	1.00	%		37,988		46.41	to	25.54		1,550,484		1.08	%		29.12	%	to	27.84	%
2018		0.00	%	to	1.00	%		44,464		35.95	to	19.98		1,381,884		0.80	%		-4.68	%	to	-5.64	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares (DSC)
2022		0.00	%	to	0.80	%		8,327		37.12	to	31.71		278,833		0.00	%		-16.62	%	to	-17.28	%
2021		0.00	%	to	0.80	%		8,453		44.52	to	38.34		341,097		0.11	%		16.46	%	to	15.53	%
2020		0.00	%	to	0.80	%		8,427		38.23	to	33.19		291,482		0.67	%		19.89	%	to	18.94	%
2019		0.00	%	to	0.80	%		10,752		31.88	to	27.90		313,524		0.00	%		21.78	%	to	20.81	%
2018		0.00	%	to	0.80	%		10,737		26.18	to	23.10		258,325		0.00	%		-19.08	%	to	-19.73	%
BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)
2022		0.00	%	to	1.00	%		469,927		90.16	to	31.11		47,502,476		1.34	%		-18.32	%	to	-19.13	%
2021		0.00	%	to	1.00	%		509,290		110.38	to	38.47		62,352,334		1.14	%		28.41	%	to	27.13	%
2020		0.00	%	to	1.00	%		548,003		85.95	to	30.26		52,100,959		1.58	%		18.01	%	to	16.83	%
2019		0.00	%	to	1.00	%		606,380		72.84	to	25.90		48,346,728		1.72	%		31.18	%	to	29.88	%
2018		0.00	%	to	1.00	%		669,994		55.52	to	19.94		40,984,804		1.65	%		-4.63	%	to	-5.59	%
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)
2022		0.00	%	to	1.00	%		109,863		64.44	to	20.95		8,236,990		0.53	%		-22.87	%	to	-23.64	%
2021		0.00	%	to	1.00	%		116,545		83.54	to	27.44		11,461,936		0.76	%		27.00	%	to	25.73	%
2020		0.00	%	to	1.00	%		123,939		65.79	to	21.82		9,667,229		1.09	%		24.14	%	to	22.91	%
2019		0.00	%	to	1.00	%		125,019		52.99	to	17.76		8,207,582		1.46	%		34.36	%	to	33.02	%
2018		0.00	%	to	1.00	%		132,225		39.44	to	13.35		6,509,504		1.76	%		-4.40	%	to	-5.36	%
BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)
2022		0.00	%	to	1.00	%		38,590		52.51	to	42.70		1,816,535		0.92	%		-16.65	%	to	-17.48	%
2021		0.00	%	to	1.00	%		42,049		62.99	to	51.75		2,387,625		0.67	%		26.14	%	to	24.89	%
2020		0.00	%	to	1.00	%		48,520		49.94	to	41.43		2,199,155		1.08	%		10.64	%	to	9.54	%
2019		0.00	%	to	1.00	%		54,408		45.14	to	37.83		2,234,991		1.10	%		22.21	%	to	21.00	%
2018		0.00	%	to	1.00	%		82,256		36.93	to	31.26		2,733,048		0.74	%		-8.97	%	to	-9.89	%
Delaware VIP Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS)
2022		0.50	%	to	0.80	%		10,248		20.74	to	20.15		212,366		0.52	%		-12.79	%	to	-13.05	%
2021		0.50	%	to	0.80	%		17,155		23.79	to	23.18		407,615		0.61	%		33.35	%	to	32.95	%
2020		0.50	%	to	0.80	%		15,625		17.84	to	17.43		278,548		1.08	%		-2.66	%	to	-2.96	%
2019		0.50	%	to	0.80	%		20,316		18.33	to	17.96		372,107		0.79	%		27.08	%	to	26.70	%
2018		0.50	%	to	0.80	%		20,350		14.42	to	14.18		293,355		0.59	%		-17.36	%	to	-17.61	%
DFA Investment Dimensions Group Inc. - VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)
2022		0.50	%					4,703		13.20				62,093		1.47	%		-11.40	%
2021		0.50	%					4,734		14.90				70,545		1.48	%		13.63	%
2020		0.50	%					4,754		13.11				62,343		1.93	%		10.73	%
2019		0.50	%					2,480		11.84				29,370		2.35	%		17.54	%
2018		0.50	%					2,498		10.08				25,169		2.41	%		-7.36	%
DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)
2022		0.50	%					8,795		11.02				96,898		5.17	%		-12.89	%
2021		0.50	%					14,868		12.65				188,039		3.27	%		5.05	%
2020		0.50	%					23,554		12.04				283,563		1.14	%		11.16	%
2019		0.50	%					21,935		10.83				237,559		1.62	%		7.92	%
2018		0.50	%					22,021		10.04				220,995		2.15	%		-1.83	%
Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A (DSGIBA)
2022		0.50	%	to	0.80	%		65,445		13.30	to	13.03		869,881		3.32	%		-15.40	%	to	-15.66	%
2021		0.50	%	to	0.80	%		42,981		15.72	to	15.45		675,286		2.38	%		10.40	%	to	10.07	%
2020		0.50	%	to	0.80	%		45,291		14.24	to	14.04		644,591		3.14	%		7.74	%	to	7.41	%
2019		0.50	%	to	0.80	%		43,136		13.21	to	13.07		569,890		1.59	%		19.57	%	to	19.21	%
2018		0.50	%	to	0.80	%		10,462		11.05	to	10.96		115,579		5.36	%		-8.13	%	to	-8.40	%
Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB)
2022		0.00	%	to	1.00	%		80,366		21.01	to	17.09		1,460,823		2.75	%		-9.28	%	to	-10.18	%
2021		0.00	%	to	1.00	%		81,539		23.16	to	19.03		1,629,257		2.51	%		-1.40	%	to	-2.38	%
2020		0.00	%	to	1.00	%		86,638		23.49	to	19.49		1,768,411		2.65	%		8.12	%	to	7.04	%
2019		0.00	%	to	1.00	%		52,411		21.73	to	18.21		1,030,607		3.07	%		9.44	%	to	8.35	%
2018		0.00	%	to	1.00	%		56,401		19.85	to	16.80		1,020,724		3.28	%		-0.59	%	to	-1.59	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2)
2022		0.50	%	to	0.80	%		7,361		11.05	to	10.91		81,349		1.85	%		-14.18	%	to	-14.44	%
2021		0.50	%	to	0.80	%		7,832		12.88	to	12.75		100,862		1.73	%		17.92	%	to	17.57	%
2020		0.50	%	to	0.80	%		7,410		10.92	to	10.84		80,927		2.50	%		0.43	%	to	0.13	%
2019		0.50	%	to	0.80	%		5,959		10.88	to	10.83		64,793		2.01	%		19.63	%	to	19.27	%
2018		0.50	%	to	0.80	%		5,622		9.09	to	9.08		51,110		0.00	%		-9.09	%	to	-9.19	%****
Fidelity Variable Insurance Products Fund - VIP Asset Manager Portfolio: Initial Class (FAMP)
2022		0.00	%	to	1.00	%		155,560		45.84	to	21.61		8,561,734		1.86	%		-14.94	%	to	-15.78	%
2021		0.00	%	to	1.00	%		251,612		53.88	to	25.65		13,034,041		1.62	%		9.92	%	to	8.83	%
2020		0.00	%	to	1.00	%		186,706		49.02	to	23.57		10,841,616		1.50	%		14.87	%	to	13.73	%
2019		0.00	%	to	1.00	%		209,936		42.68	to	20.73		10,221,231		1.77	%		18.25	%	to	17.07	%
2018		0.00	%	to	1.00	%		224,776		36.09	to	17.71		9,333,955		1.64	%		-5.35	%	to	-6.30	%
Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class (FCS)
2022		0.50	%	to	0.80	%		96,917		13.38	to	13.24		1,296,959		0.41	%		-26.75	%	to	-26.97	%
2021		0.50	%	to	0.80	%		94,784		18.27	to	18.13		1,731,464		0.04	%		27.07	%	to	26.69	%
2020		0.50	%	to	0.80	%		74,520		14.38	to	14.31		1,071,307		0.14	%		29.78	%	to	29.39	%
2019		0.50	%	to	0.80	%		2,386		11.08	to	11.06		26,431		0.21	%		10.79	%	to	10.57	%****
Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Initial Class (FEIP)
2022		0.00	%	to	1.00	%		291,410		70.86	to	33.16		38,834,258		1.87	%		-4.96	%	to	-5.90	%
2021		0.00	%	to	1.00	%		316,423		74.55	to	35.24		44,050,491		1.88	%		24.89	%	to	23.65	%
2020		0.00	%	to	1.00	%		360,367		59.69	to	28.50		38,760,705		1.83	%		6.69	%	to	5.63	%
2019		0.00	%	to	1.00	%		390,019		55.95	to	26.98		38,852,436		2.01	%		27.44	%	to	26.18	%
2018		0.00	%	to	1.00	%		417,741		43.90	to	21.38		32,915,190		2.21	%		-8.29	%	to	-9.21	%
Fidelity Variable Insurance Products - Emerging Markets Portfolio - Service Class (FEMS)
2022		0.50	%	to	0.80	%		27,559		10.75	to	10.61		296,376		1.53	%		-20.66	%	to	-20.89	%
2021		0.50	%	to	0.80	%		29,407		13.55	to	13.41		398,598		2.09	%		-2.77	%	to	-3.06	%
2020		0.50	%	to	0.80	%		23,496		13.94	to	13.83		327,548		0.96	%		30.52	%	to	30.13	%
2019		0.50	%	to	0.80	%		18,993		10.68	to	10.63		202,855		1.62	%		28.66	%	to	28.27	%
2018		0.50	%	to	0.80	%		15,018		8.30	to	8.29		124,677		0.99	%		-16.98	%	to	-17.15	%****
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class (FF10S)
2022		0.50	%	to	0.80	%		16,969		22.10	to	20.96		374,998		2.08	%		-14.00	%	to	-14.25	%
2021		0.50	%	to	0.80	%		17,803		25.70	to	24.45		457,106		1.06	%		5.26	%	to	4.95	%
2020		0.50	%	to	0.80	%		18,901		24.42	to	23.30		460,195		1.25	%		11.83	%	to	11.50	%
2019		0.50	%	to	0.80	%		18,832		21.83	to	20.89		410,033		2.01	%		15.42	%	to	15.07	%
2018		0.50	%	to	0.80	%		20,411		18.92	to	18.16		385,171		1.53	%		-4.59	%	to	-4.87	%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class (FF20S)
2022		0.00	%	to	0.80	%		31,792		27.14	to	23.56		786,223		1.97	%		-15.83	%	to	-16.50	%
2021		0.00	%	to	0.80	%		39,348		32.24	to	28.22		1,162,555		0.98	%		9.47	%	to	8.60	%
2020		0.00	%	to	0.80	%		41,470		29.45	to	25.98		1,124,341		1.16	%		14.92	%	to	14.00	%
2019		0.00	%	to	0.80	%		47,862		25.63	to	22.79		1,138,515		2.03	%		20.01	%	to	19.05	%
2018		0.00	%	to	0.80	%		53,908		21.36	to	19.15		1,073,818		1.24	%		-5.98	%	to	-6.73	%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class (FF30S)
2022		0.00	%	to	0.80	%		69,730		30.81	to	26.75		1,959,972		1.88	%		-16.94	%	to	-17.61	%
2021		0.00	%	to	0.80	%		65,924		37.10	to	32.47		2,242,038		1.28	%		12.24	%	to	11.35	%
2020		0.00	%	to	0.80	%		49,877		33.05	to	29.16		1,514,647		1.17	%		16.76	%	to	15.83	%
2019		0.00	%	to	0.80	%		49,805		28.31	to	25.18		1,303,811		1.81	%		24.37	%	to	23.38	%
2018		0.00	%	to	0.80	%		53,527		22.76	to	20.40		1,133,726		1.22	%		-7.88	%	to	-8.62	%
Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Initial Class (FGP)
2022		0.00	%	to	1.00	%		457,763		96.10	to	30.64		81,769,268		0.62	%		-24.46	%	to	-25.21	%
2021		0.00	%	to	1.00	%		488,388		127.21	to	40.97		115,555,345		0.00	%		23.21	%	to	21.99	%
2020		0.00	%	to	1.30	%		542,351		103.25	to	172.01		102,416,203		0.07	%		43.89	%	to	42.04	%
2019		0.00	%	to	1.30	%		691,597		71.75	to	121.10		79,192,941		0.26	%		34.31	%	to	32.58	%
2018		0.00	%	to	1.30	%		692,945		53.42	to	91.34		62,516,565		0.24	%		-0.17	%	to	-1.47	%
Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Initial Class (FHIP)
2022		0.00	%	to	1.00	%		118,559		29.92	to	20.11		6,066,847		5.03	%		-11.37	%	to	-12.26	%
2021		0.00	%	to	1.00	%		126,707		33.76	to	22.92		7,295,909		5.33	%		4.41	%	to	3.37	%
2020		0.00	%	to	1.00	%		132,097		32.33	to	22.17		7,322,290		5.01	%		2.75	%	to	1.72	%
2019		0.00	%	to	1.00	%		141,469		31.47	to	21.79		7,595,846		5.15	%		15.11	%	to	13.96	%
2018		0.00	%	to	1.00	%		149,247		27.34	to	19.12		7,020,295		5.40	%		-3.29	%	to	-4.25	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class (FIGBS)
2022		0.00	%	to	0.80	%		100,821		18.62	to	15.91		1,725,610		2.00	%		-13.03	%	to	-13.72	%
2021		0.00	%	to	0.80	%		130,864		21.41	to	18.44		2,582,359		1.97	%		-0.72	%	to	-1.51	%
2020		0.00	%	to	0.80	%		137,001		21.56	to	18.72		2,732,831		2.22	%		9.25	%	to	8.38	%
2019		0.00	%	to	0.80	%		120,310		19.74	to	17.27		2,209,131		2.65	%		9.58	%	to	8.71	%
2018		0.00	%	to	0.80	%		120,824		18.01	to	15.89		2,032,129		2.41	%		-0.63	%	to	-1.43	%
Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class (FMCS)
2022		0.00	%	to	0.80	%		81,364		77.17	to	65.93		5,708,252		0.40	%		-14.85	%	to	-15.53	%
2021		0.00	%	to	0.80	%		88,946		90.63	to	78.06		7,360,999		0.51	%		25.51	%	to	24.51	%
2020		0.00	%	to	0.80	%		94,515		72.21	to	62.69		6,255,516		0.56	%		18.04	%	to	17.10	%
2019		0.00	%	to	0.80	%		104,795		61.18	to	53.54		5,901,648		0.79	%		23.35	%	to	22.37	%
2018		0.00	%	to	0.80	%		119,729		49.60	to	43.75		5,491,090		0.55	%		-14.64	%	to	-15.32	%
Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)
2022		0.00	%	to	0.80	%		88,165		28.47	to	24.71		2,307,769		1.85	%		62.87	%	to	61.57	%
2021		0.00	%	to	0.80	%		74,766		17.48	to	15.30		1,207,423		2.19	%		54.83	%	to	53.60	%
2020		0.00	%	to	0.80	%		64,509		11.29	to	9.96		675,050		2.59	%		-32.88	%	to	-33.42	%
2019		0.00	%	to	0.80	%		65,125		16.82	to	14.96		1,019,156		1.74	%		9.82	%	to	8.95	%
2018		0.00	%	to	0.80	%		71,950		15.32	to	13.73		1,029,082		0.69	%		-24.77	%	to	-25.37	%
Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Initial Class (FOP)
2022		0.00	%	to	1.00	%		83,514		36.76	to	17.46		3,510,714		1.05	%		-24.48	%	to	-25.24	%
2021		0.00	%	to	1.00	%		90,173		48.67	to	23.35		4,976,613		0.52	%		19.70	%	to	18.51	%
2020		0.00	%	to	1.00	%		105,502		40.66	to	19.71		4,748,629		0.44	%		15.61	%	to	14.46	%
2019		0.00	%	to	1.00	%		113,238		35.17	to	17.22		4,462,671		1.72	%		27.77	%	to	26.49	%
2018		0.00	%	to	1.00	%		125,498		27.53	to	13.61		3,824,361		1.47	%		-14.81	%	to	-15.66	%
Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class (FOS)
2022		0.00	%	to	0.80	%		304,601		13.21	to	12.42		3,866,099		0.96	%		-24.58	%	to	-25.18	%
2021		0.00	%	to	0.80	%		327,130		17.52	to	16.61		5,535,686		0.44	%		19.57	%	to	18.62	%
2020		0.00	%	to	0.80	%		343,121		14.65	to	14.00		4,878,974		0.36	%		15.49	%	to	14.57	%
2019		0.00	%	to	0.80	%		347,031		12.68	to	12.22		4,294,084		1.71	%		27.67	%	to	26.66	%
2018		0.00	%	to	0.80	%		336,116		9.93	to	9.65		3,274,448		1.45	%		-14.88	%	to	-15.57	%
Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class (FRESS)
2022		0.50	%	to	0.80	%		6,781		10.84	to	10.65		73,364		1.35	%		-27.98	%	to	-28.19	%
2021		0.50	%	to	0.80	%		6,143		15.05	to	14.84		92,275		0.99	%		38.17	%	to	37.75	%
2020		0.50	%	to	0.80	%		6,354		10.89	to	10.77		69,169		2.96	%		-7.07	%	to	-7.35	%
2019		0.50	%	to	0.80	%		4,895		11.72	to	11.63		57,303		3.44	%		22.47	%	to	22.10	%
2018		0.50	%					1,385		9.57				13,252		3.54	%		-6.78	%
Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class (FVSS)
2022		0.50	%	to	1.00	%		20,694		45.21	to	40.77		921,052		0.96	%		-7.66	%	to	-8.12	%
2021		0.00	%	to	1.00	%		26,130		54.02	to	44.37		1,253,027		1.49	%		33.48	%	to	32.15	%
2020		0.00	%	to	1.00	%		22,769		40.47	to	33.58		823,207		1.24	%		8.18	%	to	7.10	%
2019		0.00	%	to	1.00	%		20,422		37.41	to	31.35		688,068		1.58	%		34.29	%	to	32.96	%
2018		0.00	%	to	1.00	%		21,138		27.86	to	23.58		533,154		0.86	%		-17.33	%	to	-18.16	%
Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class 2 (FVSS2)
2022		0.50	%					4,371		9.66				42,237		1.00	%		-3.37	%		*	***
Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2 (FTVDM2)
2022		0.00	%	to	0.80	%		33,268		11.49	to	10.72		366,457		2.81	%		-21.98	%	to	-22.60	%
2021		0.00	%	to	0.80	%		36,257		14.73	to	13.85		514,525		0.88	%		-5.74	%	to	-6.49	%
2020		0.00	%	to	0.80	%		37,053		15.63	to	14.82		560,461		4.04	%		17.18	%	to	16.25	%
2019		0.00	%	to	0.80	%		55,113		13.34	to	12.74		714,807		1.03	%		26.70	%	to	25.69	%
2018		0.00	%	to	0.80	%		60,005		10.53	to	10.14		617,248		0.81	%		-15.79	%	to	-16.47	%
Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)
2022		0.50	%	to	0.80	%		10,799		17.33	to	16.58		186,513		1.62	%		-16.42	%	to	-16.67	%
2021		0.50	%	to	0.80	%		10,730		20.73	to	19.90		221,765		1.72	%		11.13	%	to	10.79	%
2020		0.50	%	to	0.80	%		11,163		18.65	to	17.96		207,223		1.45	%		11.19	%	to	10.85	%
2019		0.00	%	to	0.80	%		12,621		17.79	to	16.20		211,274		3.58	%		19.86	%	to	18.90	%
2018		0.00	%	to	0.80	%		13,925		14.84	to	13.62		195,650		2.88	%		-9.65	%	to	-10.37	%
Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)
2022		0.00	%	to	0.80	%		82,504		9.01	to	8.40		714,514		0.00	%		-4.95	%	to	-5.71	%
2021		0.00	%	to	0.80	%		122,131		9.48	to	8.91		1,117,540		0.00	%		-4.99	%	to	-5.75	%
2020		0.00	%	to	0.80	%		120,198		9.97	to	9.46		1,162,446		8.56	%		-5.28	%	to	-6.04	%
2019		0.00	%	to	0.80	%		173,186		10.53	to	10.06		1,774,820		7.25	%		2.01	%	to	1.20	%
2018		0.00	%	to	0.80	%		197,270		10.32	to	9.94		1,992,180		0.00	%		1.94	%	to	1.12	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)
2022		0.00	%	to	0.80	%		50,795		24.67	to	21.59		1,152,581		4.95	%		-5.47	%	to	-6.23	%
2021		0.00	%	to	0.80	%		56,464		26.10	to	23.02		1,362,696		4.67	%		16.75	%	to	15.82	%
2020		0.00	%	to	0.80	%		60,300		22.35	to	19.88		1,251,363		6.02	%		0.69	%	to	-0.11	%
2019		0.00	%	to	0.80	%		66,232		22.20	to	19.90		1,374,053		5.42	%		16.06	%	to	15.13	%
2018		0.00	%	to	0.80	%		68,998		19.13	to	17.28		1,239,061		4.82	%		-4.30	%	to	-5.07	%
Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1 (FTVRDI)
2022		0.00	%					5,966		63.39				378,206		1.07	%		-10.34	%
2021		0.00	%					5,919		70.71				418,522		1.20	%		27.10	%
2020		0.00	%	to	0.80	%		86,192		55.63	to	48.30		4,414,007		1.49	%		16.23	%	to	15.30	%
2019		0.00	%	to	0.80	%		98,970		47.86	to	41.89		4,383,042		1.46	%		29.58	%	to	28.55	%
2018		0.00	%	to	0.80	%		112,291		36.94	to	32.59		3,853,727		1.44	%		-4.84	%	to	-5.60	%
Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1 (FTVSVI)
2022		0.00	%	to	0.80	%		41,345		64.94	to	55.49		2,439,120		1.23	%		-9.82	%	to	-10.53	%
2021		0.00	%	to	0.80	%		45,870		72.01	to	62.02		3,018,550		1.13	%		25.67	%	to	24.67	%
2020		0.00	%	to	0.80	%		45,146		57.30	to	49.75		2,373,580		1.72	%		5.41	%	to	4.57	%
2019		0.00	%	to	0.80	%		46,596		54.36	to	47.57		2,334,779		1.30	%		26.72	%	to	25.72	%
2018		0.00	%	to	0.80	%		56,071		42.90	to	37.84		2,227,020		1.13	%		-12.69	%	to	-13.39	%
Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1 (TIF)
2022		0.00	%	to	0.80	%		1,363		27.60	to	23.58		34,402		3.30	%		-7.39	%	to	-8.12	%
2021		0.00	%	to	0.80	%		1,513		29.80	to	25.66		41,383		2.02	%		4.44	%	to	3.60	%
2020		0.00	%	to	0.80	%		1,555		28.53	to	24.77		40,880		3.59	%		-0.92	%	to	-1.71	%
2019		0.00	%	to	0.80	%		1,613		28.80	to	25.20		43,011		2.05	%		12.84	%	to	11.94	%
2018		0.00	%	to	0.80	%		2,128		25.52	to	22.51		50,444		2.91	%		-15.27	%	to	-15.95	%
Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)
2022		0.00	%	to	0.80	%		48,983		9.25	to	8.63		436,652		3.08	%		-7.61	%	to	-8.34	%
2021		0.00	%	to	0.80	%		49,423		10.01	to	9.41		478,718		1.83	%		4.16	%	to	3.33	%
2020		0.00	%	to	0.80	%		55,282		9.61	to	9.11		515,859		3.33	%		-1.16	%	to	-1.95	%
2019		0.00	%	to	0.80	%		79,633		9.72	to	9.29		754,210		1.88	%		12.53	%	to	11.63	%
2018		0.00	%	to	0.80	%		123,707		8.64	to	8.32		1,045,051		2.76	%		-15.44	%	to	-16.12	%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Trend Driven Allocation Fund: Service Shares (GVGMNS)
2022		0.50	%					1,198		13.43				16,091		0.00	%		-19.56	%
2021		0.50	%					3,546		16.70				59,213		0.00	%		15.59	%
2020		0.50	%	to	0.80	%		2,962		14.45	to	14.08		42,549		0.28	%		3.59	%	to	3.28	%
2019		0.50	%	to	0.80	%		3,068		13.94	to	13.63		42,547		1.48	%		11.38	%	to	11.04	%
2018		0.50	%	to	0.80	%		3,125		12.52	to	12.27		38,931		0.66	%		-4.82	%	to	-5.10	%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares (GVMSAS)
2022		0.50	%					3,785		10.55				39,925		5.24	%		-7.00	%
2021		0.50	%					626		11.34				7,100		1.22	%		4.31	%
2020		0.50	%					625		10.87				6,796		2.91	%		6.19	%
Rydex Variable Trust - Multi-Hedge Strategies Fund (RVARS)
2022		0.50	%	to	0.80	%		4,494		11.71	to	11.37		52,547		0.98	%		-3.88	%	to	-4.17	%
2021		0.50	%	to	0.80	%		6,620		12.18	to	11.87		80,572		0.00	%		7.57	%	to	7.24	%
2020		0.50	%	to	0.80	%		5,688		11.33	to	11.07		64,352		1.34	%		6.85	%	to	6.53	%
2019		0.50	%	to	0.80	%		6,699		10.60	to	10.39		70,946		2.23	%		4.49	%	to	4.18	%
2018		0.50	%	to	0.80	%		5,241		10.14	to	9.97		53,117		0.00	%		-5.55	%	to	-5.84	%
Invesco - Invesco V.I. American Franchise Fund: Series I Shares (ACEG)
2022		0.00	%	to	0.80	%		5,333		29.31	to	26.91		151,191		0.00	%		-31.11	%	to	-31.66	%
2021		0.00	%	to	0.80	%		7,506		42.55	to	39.38		308,316		0.00	%		11.93	%	to	11.03	%
2020		0.00	%	to	0.80	%		11,929		38.01	to	35.47		437,403		0.08	%		42.35	%	to	41.22	%
2019		0.00	%	to	0.80	%		9,418		26.70	to	25.11		243,820		0.00	%		36.76	%	to	35.67	%
2018		0.00	%	to	0.80	%		10,144		19.53	to	18.51		192,604		0.00	%		-3.62	%	to	-4.40	%
Invesco - Invesco V.I. Main Street Mid Cap Fund: Series I Shares (AVMCCI)
2022		0.50	%	to	0.80	%		1,359		20.58	to	19.93		27,816		0.11	%		-14.69	%	to	-14.94	%
2021		0.50	%	to	0.80	%		1,757		24.12	to	23.43		42,239		0.46	%		22.63	%	to	22.26	%
2020		0.50	%	to	0.80	%		1,724		19.67	to	19.17		33,786		0.96	%		8.70	%	to	8.38	%
2019		0.50	%	to	0.80	%		130		18.10	to	17.68		2,316		0.50	%		24.65	%	to	24.28	%
2018		0.50	%	to	0.80	%		139		14.52	to	14.23		1,992		0.07	%		-11.80	%	to	-12.06	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Invesco Variable Insurance Funds - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)
2022		0.50	%	to	0.80	%		20,562		12.98	to	12.65		266,891		7.01	%		-14.78	%	to	-15.03	%
2021		0.50	%	to	0.80	%		25,164		15.23	to	14.89		383,299		3.19	%		9.00	%	to	8.67	%
2020		0.50	%	to	0.80	%		25,632		13.98	to	13.70		358,140		8.11	%		9.68	%	to	9.35	%
2019		0.50	%	to	0.80	%		25,929		12.74	to	12.53		330,162		0.00	%		14.63	%	to	14.29	%
2018		0.50	%	to	0.80	%		26,687		11.12	to	10.96		296,454		2.31	%		-6.93	%	to	-7.21	%
Invesco - Invesco V.I. Core Plus Bond Fund: Series I Shares (IVCPBI)
2022		0.00	%	to	1.00	%		293,436		9.52	to	9.46		2,781,913		0.58	%		-4.80	%	to	-5.43	%****
Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)
2022		0.00	%	to	1.00	%		94,976		22.27	to	15.72		1,763,389		0.00	%		-30.98	%	to	-31.67	%
2021		0.00	%	to	1.00	%		112,976		32.27	to	23.00		3,094,493		0.00	%		19.10	%	to	17.91	%
2020		0.00	%	to	1.00	%		122,828		27.10	to	19.51		2,837,052		0.03	%		40.69	%	to	39.29	%
2019		0.00	%	to	1.00	%		85,026		19.26	to	14.01		1,424,032		0.00	%		39.36	%	to	37.98	%
2018		0.00	%	to	1.00	%		93,540		13.82	to	10.15		1,138,703		0.00	%		-6.08	%	to	-7.02	%
Invesco - Invesco V.I. Main Street Fund: Series I (OVGI)
2020		0.00	%	to	1.00	%		33,220		34.06	to	27.68		1,031,634		1.42	%		13.94	%	to	12.81	%
2019		0.00	%	to	1.00	%		45,429		29.89	to	24.54		1,239,435		1.11	%		32.08	%	to	30.77	%
2018		0.00	%	to	1.00	%		53,848		22.63	to	18.77		1,115,884		1.17	%		-7.89	%	to	-8.81	%
Invesco - Invesco V.I. Global Fund: Series I (OVGS)
2022		0.00	%	to	1.00	%		191,067		96.68	to	29.63		17,580,066		0.00	%		-31.76	%	to	-32.44	%
2021		0.00	%	to	1.00	%		199,554		141.68	to	43.86		27,193,716		0.00	%		15.49	%	to	14.34	%
2020		0.00	%	to	1.00	%		218,105		122.68	to	38.36		25,860,518		0.70	%		27.64	%	to	26.37	%
2019		0.00	%	to	1.00	%		236,817		96.12	to	30.35		22,159,620		0.90	%		31.79	%	to	30.48	%
2018		0.00	%	to	1.00	%		264,280		72.93	to	23.26		18,752,400		1.00	%		-13.18	%	to	-14.05	%
Invesco Oppenheimer V.I. International Growth Fund: Series I (OVIG)
2022		0.50	%	to	0.80	%		16,193		11.27	to	10.98		182,442		0.00	%		-27.49	%	to	-27.71	%
2021		0.50	%	to	0.80	%		21,399		15.54	to	15.19		332,540		0.00	%		9.67	%	to	9.34	%
2020		0.50	%	to	0.80	%		24,708		14.17	to	13.89		349,834		0.88	%		20.90	%	to	20.53	%
2019		0.50	%	to	0.80	%		18,080		11.72	to	11.52		211,792		1.02	%		27.96	%	to	27.58	%
2018		0.50	%	to	0.80	%		22,342		9.16	to	9.03		204,562		0.90	%		-19.82	%	to	-20.06	%
Invesco - Invesco V.I. Conservative Balanced Fund: Series I (OVMS)
2022		0.00	%	to	1.00	%		88,947		36.10	to	17.66		4,211,759		1.36	%		-16.85	%	to	-17.68	%
2021		0.00	%	to	1.00	%		96,127		43.42	to	21.46		5,497,172		1.47	%		10.63	%	to	9.53	%
2020		0.00	%	to	1.30	%		108,134		39.25	to	49.12		5,501,163		2.11	%		14.86	%	to	13.37	%
2019		0.00	%	to	1.30	%		114,742		34.17	to	43.32		5,066,362		2.24	%		17.51	%	to	16.00	%
2018		0.00	%	to	1.30	%		122,805		29.08	to	37.35		4,653,232		1.98	%		-5.32	%	to	-6.55	%
Invesco - Invesco V.I. Global Strategic Income Fund: Series I (OVSB)
2022		0.00	%	to	0.80	%		13,793		10.84	to	9.99		142,656		0.00	%		-11.46	%	to	-12.16	%
2021		0.00	%	to	0.80	%		15,026		12.24	to	11.37		176,247		4.81	%		-3.41	%	to	-4.18	%
2020		0.00	%	to	0.80	%		14,219		12.67	to	11.87		173,421		5.82	%		3.40	%	to	2.58	%
2019		0.00	%	to	0.80	%		15,689		12.25	to	11.57		186,600		3.80	%		10.80	%	to	9.92	%
2018		0.00	%	to	0.80	%		16,659		11.06	to	10.53		179,465		5.67	%		-4.40	%	to	-5.16	%
Invesco - Invesco V.I. Main Street Small Cap Fund: Series I (OVSC)
2022		0.00	%	to	0.80	%		14,367		70.54	to	60.28		920,470		0.52	%		-15.83	%	to	-16.50	%
2021		0.00	%	to	0.80	%		15,891		83.82	to	72.19		1,215,479		0.37	%		22.55	%	to	21.58	%
2020		0.00	%	to	0.80	%		16,144		68.39	to	59.38		1,009,832		0.61	%		19.93	%	to	18.97	%
2019		0.00	%	to	0.80	%		20,008		57.03	to	49.91		1,048,740		0.21	%		26.47	%	to	25.46	%
2018		0.00	%	to	0.80	%		22,444		45.09	to	39.78		934,528		0.30	%		-10.32	%	to	-11.04	%
Ivy Variable Insurance Portfolios - Delaware Ivy Asset Strategy: Class II (WRASP)
2022		0.00	%	to	0.80	%		42,649		22.23	to	19.93		881,068		1.55	%		-14.74	%	to	-15.42	%
2021		0.00	%	to	0.80	%		45,591		26.08	to	23.56		1,110,714		1.60	%		10.44	%	to	9.56	%
2020		0.00	%	to	0.80	%		47,675		23.61	to	21.51		1,056,409		2.06	%		13.88	%	to	12.97	%
2019		0.00	%	to	0.80	%		63,120		20.73	to	19.04		1,236,186		1.98	%		21.78	%	to	20.81	%
2018		0.00	%	to	0.80	%		72,688		17.03	to	15.76		1,178,222		1.70	%		-5.44	%	to	-6.20	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Ivy Variable Insurance Portfolios - Delaware Ivy High Income: Class II (WRHIP)
2022		0.50	%	to	0.80	%		34,958		14.71	to	14.25		513,454		6.64	%		-11.41	%	to		-11.67	%
2021		0.50	%	to	0.80	%		30,323		16.60	to	16.13		502,575		6.05	%		5.53	%	to		5.22	%
2020		0.50	%	to	0.80	%		31,725		15.73	to	15.33		498,059		7.52	%		5.50	%	to		5.18	%
2019		0.50	%	to	0.80	%		32,369		14.91	to	14.57		481,667		8.39	%		10.64	%	to		10.31	%
2018		0.50	%	to	0.80	%		76,352		13.48	to	13.21		1,028,174		6.65	%		-2.61	%	to		-2.90	%
Ivy Variable Insurance Portfolios - Delaware Ivy Mid Cap Growth: Class II (WRMCG)
2022		0.50	%	to	0.80	%		21,355		28.32	to	27.43		603,525		0.00	%		-31.14	%	to		-31.34	%
2021		0.50	%	to	0.80	%		26,394		41.13	to	39.96		1,084,113		0.00	%		15.77	%	to		15.43	%
2020		0.50	%	to	0.80	%		28,209		35.53	to	34.61		1,000,340		0.00	%		48.26	%	to		47.82	%
2019		0.50	%	to	0.80	%		22,022		23.96	to	23.42		526,408		0.00	%		37.25	%	to		36.84	%
2018		0.50	%	to	0.80	%		26,805		17.46	to	17.11		467,039		0.00	%		-0.56	%	to		-0.86	%
Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS)
2022		0.00	%	to	0.80	%		48,097		44.93	to	38.39		1,958,584		0.93	%		-16.62	%	to		-17.28	%
2021		0.00	%	to	0.80	%		54,321		53.88	to	46.41		2,666,637		0.70	%		16.91	%	to		15.98	%
2020		0.00	%	to	0.80	%		53,935		46.09	to	40.01		2,288,378		1.52	%		14.03	%	to		13.12	%
2019		0.00	%	to	0.80	%		50,033		40.42	to	35.37		1,869,605		1.73	%		22.27	%	to		21.30	%
2018		0.00	%	to	0.80	%		84,460		33.05	to	29.16		2,590,024		1.65	%		0.43	%	to		-0.37	%
Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares (JACAS)
2022		0.00	%	to	1.00	%		102,640		41.01	to	34.14		3,779,719		0.05	%		-33.73	%	to		-34.39	%
2021		0.00	%	to	1.00	%		125,075		61.89	to	52.04		7,004,050		0.00	%		22.60	%	to		21.38	%
2020		0.00	%	to	1.00	%		136,791		50.48	to	42.87		6,282,469		0.17	%		39.03	%	to		37.65	%
2019		0.00	%	to	1.00	%		148,037		36.31	to	31.14		4,911,284		0.02	%		36.85	%	to		35.49	%
2018		0.00	%	to	1.00	%		163,732		26.53	to	22.99		3,981,773		1.24	%		1.72	%	to		0.70	%
Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)
2022		0.50	%	to	0.80	%		15,340		17.89	to	17.58		274,261		0.20	%		-16.36	%	to		-16.61	%
2021		0.50	%	to	0.80	%		15,706		21.38	to	21.09		335,755		0.32	%		16.25	%	to		15.90	%
2020		0.50	%	to	0.80	%		19,633		18.39	to	18.19		360,997		0.07	%		18.88	%	to		18.52	%
2019		0.50	%	to	0.80	%		20,863		15.47	to	15.35		322,667		0.20	%		34.81	%	to		34.41	%
2018		0.50	%	to	0.80	%		19,897		11.48	to	11.42		228,314		0.20	%		-0.91	%	to		-1.21	%
Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS)
2022		0.00	%	to	1.00	%		147,790		26.85	to	22.44		3,554,541		0.00	%		-37.12	%	to		-37.75	%
2021		0.00	%	to	1.00	%		172,644		42.70	to	36.04		6,638,846		0.11	%		17.75	%	to		16.57	%
2020		0.00	%	to	1.00	%		189,428		36.26	to	30.92		6,229,070		0.00	%		50.73	%	to		49.23	%
2019		0.00	%	to	1.00	%		237,118		24.06	to	20.72		5,231,848		0.41	%		44.82	%	to		43.38	%
2018		0.00	%	to	1.00	%		231,044		16.61	to	14.45		3,535,400		1.11	%		0.91	%	to		-0.10	%
Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS)
2022		0.00	%	to	1.00	%		121,359		21.09	to	18.49		2,292,932		1.64	%		-8.84	%	to		-9.74	%
2021		0.00	%	to	1.00	%		144,981		23.13	to	20.48		3,021,901		1.03	%		13.29	%	to		12.16	%
2020		0.00	%	to	1.00	%		147,441		20.42	to	18.26		2,718,641		1.22	%		16.02	%	to		14.87	%
2019		0.00	%	to	1.00	%		154,193		17.60	to	15.90		2,460,380		1.84	%		26.71	%	to		25.45	%
2018		0.00	%	to	1.00	%		162,736		13.89	to	12.67		2,059,773		1.70	%		-15.14	%	to		-15.99	%
Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)
2022		0.50	%	to	0.80	%		17,212		9.99	to	9.79		171,804		3.30	%		-14.48	%	to		-14.73	%
2021		0.50	%	to	0.80	%		17,601		11.68	to	11.48		205,453		1.95	%		-0.74	%	to		-1.04	%
2020		0.50	%	to	0.80	%		14,523		11.77	to	11.60		170,790		2.35	%		6.89	%	to		6.57	%
2019		0.50	%	to	0.80	%		15,363		11.01	to	10.89		169,036		2.63	%		7.87	%	to		7.55	%
2018		0.50	%	to	0.80	%		15,033		10.21	to	10.12		153,359		3.39	%		-1.52	%	to		-1.82	%
MFS(R) Variable Insurance Trust - MFS New Discovery Series: Initial Class (MNDIC)
2022		0.50	%	to	0.80	%		17,106		25.38	to	24.58		433,914		0.00	%		-30.11	%	to		-30.32	%
2021		0.50	%	to	0.80	%		19,804		36.32	to	35.28		718,830		0.00	%		1.29	%	to		0.99	%
2020		0.50	%	to	0.80	%		22,300		35.85	to	34.93		798,296		0.00	%		45.16	%	to		44.73	%
2019		0.50	%	to	0.80	%		14,108		24.70	to	24.14		347,577		0.00	%		40.99	%	to		40.57	%
2018		0.50	%	to	0.80	%		10,971		17.52	to	17.17		191,599		0.00	%		-1.97	%	to		-2.27	%
MFS(R) Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class (MV2IGI)
2022		0.00	%	to	0.80	%		6,602		23.62	to	22.19		149,901		0.09	%		-19.26	%	to		-19.90	%
2021		0.00	%	to	0.80	%		15,652		29.25	to	27.71		449,396		0.25	%		25.97	%	to		24.97	%
2020		0.00	%	to	0.80	%		15,971		23.22	to	22.17		364,983		0.46	%		22.53	%	to		21.55	%
2019		0.00	%	to	0.80	%		23,834		18.95	to	18.24		445,089		0.62	%		39.95	%	to		38.84	%
2018		0.00	%	to	0.80	%		12,541		13.54	to	13.14		166,510		0.50	%		0.81	%	to		0.00	%
MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)
2022		0.50	%							28,539	16.24					463,513			1.01	%	-9.24	%
2021		0.50	%							10,573	17.89					189,201			0.82	%	30.33	%	*	***

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)
2022		0.00	%	to	0.80	%		62,409		60.44	to	51.64		3,461,002		1.41	%		-5.91	%	to	-6.66	%
2021		0.00	%	to	0.80	%		62,829		64.23	to	55.32		3,705,166		1.33	%		25.45	%	to	24.45	%
2020		0.00	%	to	0.80	%		69,661		51.20	to	44.45		3,285,059		1.57	%		3.48	%	to	2.65	%
2019		0.00	%	to	0.80	%		79,839		49.48	to	43.30		3,662,631		2.14	%		29.80	%	to	28.77	%
2018		0.00	%	to	0.80	%		84,027		38.12	to	33.63		2,982,060		1.51	%		-10.09	%	to	-10.81	%
MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)
2022		0.50	%	to	0.80	%		18,826		11.59	to	11.46		218,104		0.62	%		-15.38	%	to	-15.63	%
2021		0.50	%	to	0.80	%		17,992		13.69	to	13.58		246,333		0.53	%		8.72	%	to	8.40	%
2020		0.50	%	to	0.80	%		11,825		12.59	to	12.53		148,914		1.46	%		15.26	%	to	14.91	%****
Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I (MSEM)
2022		0.00	%	to	1.00	%		11,765		35.27	to	27.99		364,503		7.53	%		-18.74	%	to	-19.54	%
2021		0.00	%	to	1.00	%		13,014		43.40	to	34.79		498,174		5.18	%		-2.02	%	to	-3.00	%
2020		0.00	%	to	1.00	%		13,742		44.30	to	35.87		538,174		4.35	%		5.55	%	to	4.49	%
2019		0.00	%	to	1.00	%		15,880		41.97	to	34.32		592,004		5.41	%		14.25	%	to	13.12	%
2018		0.00	%	to	1.00	%		17,769		36.73	to	30.34		584,539		5.47	%		-6.94	%	to	-7.88	%
Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I (MSVFI)
2022		0.00	%	to	0.80	%		30,214		18.13	to	15.49		499,853		3.97	%		-14.33	%	to	-15.01	%
2021		0.00	%	to	0.80	%		30,886		21.17	to	18.23		599,990		3.95	%		-0.32	%	to	-1.12	%
2020		0.00	%	to	0.80	%		29,587		21.24	to	18.44		579,360		2.72	%		7.80	%	to	6.94	%
2019		0.00	%	to	0.80	%		16,136		19.70	to	17.24		296,369		4.41	%		10.88	%	to	10.00	%
2018		0.00	%	to	0.80	%		19,713		17.77	to	15.67		327,173		2.50	%		-0.65	%	to	-1.45	%
Morgan Stanley Variable Insurance Fund, Inc. - U.S. Real Estate Portfolio: Class I (MSVRE)
2022		0.00	%	to	1.00	%		9,194		87.68	to	39.63		528,603		1.23	%		-27.05	%	to	-27.78	%
2021		0.00	%	to	1.00	%		9,437		120.19	to	54.88		749,954		2.00	%		39.80	%	to	38.41	%
2020		0.00	%	to	1.00	%		12,611		85.97	to	39.65		671,125		2.75	%		-16.85	%	to	-17.68	%
2019		0.00	%	to	1.00	%		13,946		103.40	to	48.16		882,748		1.88	%		18.94	%	to	17.76	%
2018		0.00	%	to	1.00	%		14,887		86.94	to	40.90		812,929		2.76	%		-7.71	%	to	-8.64	%
Nationwide Variable Insurance Trust - NVIT DoubleLine Total Return Tactical Fund: Class II (DTRTFB)
2022		0.50	%					6,453		9.50				61,332		2.93	%		-13.64	%
2021		0.50	%					4,710		11.01				51,839		2.34	%		-0.94	%
2020		0.50	%					1,164		11.11				12,933		2.23	%		3.22	%
2019		0.50	%					1,257		10.76				13,530		2.20	%		6.05	%
2018		0.50	%					204		10.15				2,070		2.69	%		1.49	%		*	***
Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I (EIF)
2022		0.00	%	to	0.80	%		27,937		52.06	to	44.48		1,330,946		1.51	%		-3.99	%	to	-4.75	%
2021		0.00	%	to	0.80	%		27,616		54.22	to	46.70		1,371,298		1.32	%		20.29	%	to	19.33	%
2020		0.00	%	to	0.80	%		26,048		45.08	to	39.14		1,073,336		1.75	%		3.63	%	to	2.80	%
2019		0.00	%	to	0.80	%		28,410		43.50	to	38.07		1,135,328		2.33	%		27.31	%	to	26.30	%
2018		0.00	%	to	0.80	%		21,230		34.17	to	30.14		668,572		1.75	%		-7.26	%	to	-8.00	%
Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I (GBF)
2022		0.00	%	to	1.00	%		105,495		25.60	to	15.36		3,503,405		2.02	%		-12.55	%	to	-13.42	%
2021		0.00	%	to	1.00	%		113,439		29.28	to	17.74		4,294,993		1.64	%		-2.08	%	to	-3.06	%
2020		0.00	%	to	1.00	%		124,840		29.90	to	18.30		4,754,605		2.05	%		6.08	%	to	5.03	%
2019		0.00	%	to	1.00	%		133,508		28.19	to	17.42		4,786,268		2.28	%		6.27	%	to	5.21	%
2018		0.00	%	to	1.00	%		146,016		26.52	to	16.56		4,897,706		2.17	%		-0.05	%	to	-1.05	%
Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I (GEM)
2022		0.00	%	to	1.00	%		37,980		26.32	to	20.75		903,536		0.90	%		-24.75	%	to	-25.49	%
2021		0.00	%	to	1.00	%		39,779		34.97	to	27.86		1,263,138		0.92	%		-7.28	%	to	-8.20	%
2020		0.00	%	to	1.00	%		41,039		37.72	to	30.34		1,408,030		1.93	%		13.30	%	to	12.17	%
2019		0.00	%	to	1.00	%		49,822		33.29	to	27.05		1,512,962		2.47	%		22.95	%	to	21.72	%
2018		0.00	%	to	1.00	%		50,732		27.08	to	22.22		1,258,035		0.61	%		-17.42	%	to	-18.24	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG)
2022		0.00	%	to	1.00	%		150,100		21.95	to	17.67		2,976,448		3.66	%		-14.12	%	to	-14.98	%
2021		0.00	%	to	1.00	%		163,271		25.56	to	20.78		3,780,791		2.53	%		12.66	%	to	11.54	%
2020		0.00	%	to	1.00	%		170,262		22.69	to	18.63		3,511,530		1.19	%		7.95	%	to	6.87	%
2019		0.00	%	to	1.00	%		188,940		21.02	to	17.43		3,624,651		2.59	%		19.12	%	to	17.94	%
2018		0.00	%	to	1.00	%		203,895		17.65	to	14.78		3,299,264		2.01	%		-14.53	%	to	-15.39	%
Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II (GVAAA2)
2022		0.00	%	to	0.80	%		137,274		26.66	to	23.33		3,365,144		0.00	%		-13.74	%	to	-14.43	%
2021		0.00	%	to	0.80	%		158,231		30.90	to	27.26		4,523,684		1.09	%		14.71	%	to	13.80	%
2020		0.00	%	to	0.80	%		168,891		26.94	to	23.96		4,230,284		1.50	%		12.00	%	to	11.10	%
2019		0.00	%	to	0.80	%		185,066		24.06	to	21.56		4,159,073		1.65	%		20.78	%	to	19.82	%
2018		0.00	%	to	0.80	%		163,892		19.92	to	18.00		3,065,006		1.19	%		-4.98	%	to	-5.74	%
Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II (GVABD2)
2022		0.00	%	to	0.80	%		21,663		14.22	to	12.44		282,357		0.00	%		-12.80	%	to	-13.50	%
2021		0.00	%	to	0.80	%		23,988		16.31	to	14.39		360,466		1.96	%		-0.72	%	to	-1.51	%
2020		0.00	%	to	0.80	%		25,959		16.42	to	14.61		394,742		2.09	%		9.21	%	to	8.34	%
2019		0.00	%	to	0.80	%		32,339		15.04	to	13.48		452,882		1.86	%		8.98	%	to	8.11	%
2018		0.00	%	to	0.80	%		34,288		13.80	to	12.47		442,764		2.35	%		-1.07	%	to	-1.87	%
Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II (GVAGG2)
2022		0.00	%	to	0.80	%		69,078		33.53	to	29.35		2,139,633		0.00	%		-25.05	%	to	-25.65	%
2021		0.00	%	to	0.80	%		70,157		44.74	to	39.47		2,911,588		0.00	%		16.00	%	to	15.08	%
2020		0.00	%	to	0.80	%		74,600		38.57	to	34.30		2,677,922		0.64	%		29.93	%	to	28.89	%
2019		0.00	%	to	0.80	%		77,750		29.68	to	26.61		2,156,670		0.66	%		34.78	%	to	33.70	%
2018		0.00	%	to	0.80	%		80,664		22.02	to	19.90		1,667,398		0.23	%		-9.42	%	to	-10.15	%
Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II (GVAGI2)
2022		0.00	%	to	0.80	%		31,625		29.18	to	25.74		857,643		0.00	%		-16.82	%	to	-17.48	%
2021		0.00	%	to	0.80	%		30,103		35.07	to	31.19		983,351		1.04	%		23.65	%	to	22.66	%
2020		0.00	%	to	0.80	%		32,579		28.37	to	25.43		864,323		1.64	%		13.08	%	to	12.18	%
2019		0.00	%	to	0.80	%		33,175		25.09	to	22.67		781,595		1.32	%		25.67	%	to	24.67	%
2018		0.00	%	to	0.80	%		35,466		19.96	to	18.18		667,703		1.01	%		-2.18	%	to	-2.97	%
Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II (GVAGR2)
2022		0.00	%	to	0.80	%		69,184		41.03	to	35.91		2,615,002		0.00	%		-30.22	%	to	-30.77	%
2021		0.00	%	to	0.80	%		79,020		58.80	to	51.87		4,318,400		0.00	%		21.53	%	to	20.57	%
2020		0.00	%	to	0.80	%		81,590		48.38	to	43.02		3,680,981		0.70	%		51.49	%	to	50.29	%
2019		0.00	%	to	0.80	%		90,459		31.93	to	28.63		2,705,011		0.35	%		30.29	%	to	29.25	%
2018		0.00	%	to	0.80	%		92,483		24.51	to	22.15		2,131,372		0.31	%		-0.66	%	to	-1.45	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II (GVDMA)
2022		0.00	%	to	1.00	%		156,528		32.57	to	26.42		4,610,678		0.00	%		-18.28	%	to	-19.09	%
2021		0.00	%	to	1.00	%		166,929		39.86	to	32.66		6,040,159		0.16	%		13.63	%	to	12.50	%
2020		0.00	%	to	1.00	%		177,165		35.08	to	29.03		5,659,980		0.22	%		12.33	%	to	11.21	%
2019		0.00	%	to	1.00	%		191,041		31.23	to	26.10		5,451,045		2.07	%		21.83	%	to	20.62	%
2018		0.00	%	to	1.00	%		203,563		25.64	to	21.64		4,785,512		1.60	%		-7.73	%	to	-8.65	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II (GVDMC)
2022		0.00	%	to	1.00	%		19,642		23.74	to	19.26		404,886		0.00	%		-14.39	%	to	-15.24	%
2021		0.00	%	to	1.00	%		21,606		27.73	to	22.72		523,841		0.20	%		6.71	%	to	5.65	%
2020		0.00	%	to	1.00	%		26,517		25.99	to	21.51		613,214		0.13	%		8.55	%	to	7.47	%
2019		0.00	%	to	1.00	%		32,117		23.94	to	20.01		683,603		1.76	%		13.48	%	to	12.35	%
2018		0.00	%	to	1.00	%		50,180		21.10	to	17.81		936,979		1.83	%		-3.73	%	to	-4.69	%
Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)
2022		0.00	%	to	1.00	%		227,635		14.06	to	13.69		5,931,111		1.25	%		-18.31	%	to	-19.13	%
2021		0.00	%	to	1.00	%		216,554		17.22	to	16.93		7,022,875		2.20	%		28.37	%	to	27.09	%
2020		0.00	%	to	1.00	%		194,819		13.41	to	13.32		5,055,237		1.98	%		34.11	%	to	33.22	%
2019		0.50	%	to	0.80	%		173,247		22.29	to	21.85		3,858,198		2.08	%		30.50	%	to	30.11	%
2018		0.50	%	to	0.80	%		183,733		17.08	to	16.79		3,135,923		1.74	%		-5.10	%	to	-5.38	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II (GVIDA)
2022		0.50	%	to	1.00	%		60,046		31.60	to	28.46		1,880,748		0.00	%		-19.29	%	to	-19.69	%
2021		0.50	%	to	1.00	%		62,680		39.16	to	35.44		2,431,960		0.13	%		14.93	%	to	14.35	%
2020		0.50	%	to	1.00	%		66,189		34.07	to	30.99		2,233,098		0.23	%		12.25	%	to	11.69	%
2019		0.50	%	to	1.00	%		67,619		30.35	to	27.75		2,031,642		1.70	%		23.11	%	to	22.50	%
2018		0.00	%	to	1.00	%		156,581		26.83	to	22.65		4,035,598		1.50	%		-8.85	%	to	-9.77	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II (GVIDC)
2022		0.00	%	to	1.00	%		9,777		19.21	to	15.58		169,482		0.00	%		-12.19	%	to	-13.06	%
2021		0.00	%	to	1.00	%		10,553		21.88	to	17.92		209,910		0.24	%		2.75	%	to	1.73	%
2020		0.00	%	to	1.00	%		10,931		21.29	to	17.62		212,406		0.10	%		6.71	%	to	5.65	%
2019		0.00	%	to	1.00	%		13,757		19.95	to	16.68		246,282		2.05	%		9.53	%	to	8.44	%
2018		0.00	%	to	1.00	%		15,456		18.21	to	15.38		251,937		1.95	%		-1.80	%	to	-2.79	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)
2022		0.00	%	to	1.00	%		76,970		27.94	to	22.67		1,989,082		0.00	%		-16.55	%	to	-17.38	%
2021		0.00	%	to	1.00	%		90,680		33.49	to	27.44		2,815,479		0.19	%		10.31	%	to	9.22	%
2020		0.00	%	to	1.00	%		104,838		30.36	to	25.12		2,948,078		0.14	%		10.34	%	to	9.25	%
2019		0.00	%	to	1.00	%		122,723		27.51	to	23.00		3,142,367		2.15	%		17.74	%	to	16.57	%
2018		0.00	%	to	1.00	%		138,713		23.36	to	19.73		3,012,037		1.81	%		-5.68	%	to	-6.62	%
Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II (GVIX2)
2022		0.00	%	to	0.80	%		58,339		12.26	to	11.44		684,986		3.71	%		-14.51	%	to	-15.19	%
2021		0.00	%	to	0.80	%		60,384		14.34	to	13.49		833,610		2.71	%		10.53	%	to	9.65	%
2020		0.00	%	to	0.80	%		61,991		12.98	to	12.30		778,140		2.41	%		7.34	%	to	6.48	%
2019		0.00	%	to	0.80	%		17,891		12.09	to	11.55		210,263		3.05	%		21.42	%	to	20.45	%
2018		0.00	%	to	0.80	%		20,801		9.96	to	9.59		202,354		2.31	%		-13.90	%	to	-14.59	%
Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I (HIBF)
2022		0.00	%	to	0.80	%		26,586		28.75	to	24.57		704,294		5.51	%		-11.93	%	to	-12.63	%
2021		0.00	%	to	0.80	%		28,295		32.65	to	28.12		853,634		3.93	%		4.96	%	to	4.13	%
2020		0.00	%	to	0.80	%		39,381		31.10	to	27.01		1,132,876		5.54	%		6.02	%	to	5.17	%
2019		0.00	%	to	0.80	%		32,250		29.34	to	25.68		883,435		5.73	%		14.74	%	to	13.83	%
2018		0.00	%	to	0.80	%		32,512		25.57	to	22.56		779,352		5.30	%		-3.00	%	to	-3.78	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I (IDPG)
2022		0.50	%					15		13.03				195		0.00	%		-15.38	%
2021		0.50	%					23		15.40				354		0.40	%		11.78	%
2020		0.50	%					33		13.77				455		0.11	%		6.06	%
2019		0.50	%					45		12.99				584		2.22	%		14.94	%
2018		0.50	%					56		11.30				633		1.90	%		-6.29	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I (IDPGI)
2022		0.80	%					5		11.65				58		0.00	%		-14.55	%
Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I (MCIF)
2022		0.00	%	to	1.00	%		95,366		61.03	to	44.35		5,162,780		1.15	%		-13.40	%	to	-14.26	%
2021		0.00	%	to	1.00	%		109,885		70.48	to	51.72		6,869,989		1.17	%		24.26	%	to	23.02	%
2020		0.00	%	to	1.00	%		125,839		56.72	to	42.04		6,328,270		1.21	%		13.11	%	to	11.99	%
2019		0.00	%	to	1.00	%		133,763		50.14	to	37.54		5,966,226		1.30	%		25.65	%	to	24.40	%
2018		0.00	%	to	1.00	%		140,419		39.91	to	30.18		5,008,687		1.30	%		-11.38	%	to	-12.27	%
Nationwide Variable Insurance Trust - NVIT Amundi Multi Sector Bond Fund: Class I (MSBF)
2022		0.00	%	to	1.00	%		31,844		27.80	to	21.72		792,940		3.46	%		-2.30	%	to	-3.27	%
2021		0.00	%	to	1.00	%		38,558		28.45	to	22.45		969,018		5.24	%		5.24	%	to	4.19	%
2020		0.00	%	to	1.00	%		41,052		27.03	to	21.55		987,477		2.88	%		4.06	%	to	3.02	%
2019		0.00	%	to	1.00	%		69,671		25.98	to	20.91		1,614,886		5.38	%		9.17	%	to	8.08	%
2018		0.00	%	to	1.00	%		55,085		23.80	to	19.35		1,169,513		2.79	%		-2.34	%	to	-3.32	%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I (NCPG)
2022		0.50	%	to	0.80	%		4,633		13.16	to	12.83		60,985		0.00	%		-15.51	%	to	-15.76	%
2021		0.50	%	to	0.80	%		613		15.58	to	15.23		9,550		0.00	%		15.14	%	to	14.80	%****
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I (NCPGI)
2022		0.50	%	to	0.80	%		745		12.10	to	11.79		9,012		0.00	%		-14.04	%	to	-14.30	%
2021		0.80	%					6		13.76				83		0.34	%		9.36	%
2020		0.80	%					5		12.58				63		0.69	%		4.48	%
2019		0.80	%					3		12.04				36		3.93	%		13.14	%
2018		0.80	%					1		10.64				11		2.01	%		-7.56	%
Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class I (NVAMV1)
2022		0.00	%	to	1.00	%		130,231		47.78	to	41.68		5,823,987		1.18	%		-1.13	%	to	-2.11	%
2021		0.00	%	to	1.00	%		144,197		48.33	to	42.58		6,553,889		1.23	%		34.53	%	to	33.19	%
2020		0.00	%	to	1.00	%		163,921		35.92	to	31.97		5,558,196		1.63	%		1.49	%	to	0.48	%
2019		0.00	%	to	1.00	%		190,889		35.39	to	31.81		6,407,858		2.62	%		26.95	%	to	25.69	%
2018		0.00	%	to	1.00	%		225,213		27.88	to	25.31		5,979,908		1.40	%		-9.35	%	to	-10.26	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*				Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)
2022		0.00%	to	1.00%		178,719		15.81	to	15.45		2,793,575		1.44%		-1.02%	to	-2.00%
2021		0.00%	to	1.00%		168,203		15.97	to	15.76		2,669,024		1.41%		34.71%	to	33.37%
2020		0.00%	to	1.00%		158,052		11.86	to	11.82		1,870,985		1.43%		18.55%	to	18.19%	****
Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I (NVBX)
2022		0.50%	to	0.80%		11,882		10.21	to	9.94		121,153		1.78%		-13.82%	to	-14.08%
2021		0.50%	to	0.80%		19,400		11.84	to	11.57		229,625		2.04%		-2.57%	to	-2.86%
2020		0.50%	to	0.80%		21,326		12.15	to	11.91		258,968		1.92%		6.66%	to	6.34%
2019		0.50%	to	0.80%		39,597		11.39	to	11.20		451,144		2.80%		7.86%	to	7.53%
2018		0.50%	to	0.80%		29,469		10.56	to	10.42		311,265		2.64%		-0.86%	to	-1.16%
Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I (NVCBD1)
2022		0.00%	to	1.00%		34,097		14.67	to	12.67		457,103		2.32%		-14.69%	to	-15.54%
2021		0.00%	to	1.00%		35,198		17.20	to	15.00		558,390		1.76%		-1.03%	to	-2.01%
2020		0.00%	to	1.00%		44,198		17.38	to	15.31		701,316		2.57%		7.01%	to	5.95%
2019		0.00%	to	1.00%		42,509		16.24	to	14.45		642,020		2.80%		8.94%	to	7.86%
2018		0.00%	to	1.00%		46,412		14.91	to	13.40		650,106		3.18%		-0.42%	to	-1.42%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I (NVCCA1)
2022		0.00%	to	0.80%		34,005		21.21	to	18.87		668,905		0.00%		-14.95%	to	-15.63%
2021		0.00%	to	0.80%		33,834		24.94	to	22.36		786,428		0.27%		15.75%	to	14.83%
2020		0.00%	to	0.80%		35,502		21.55	to	19.47		716,085		0.98%		11.67%	to	10.78%
2019		0.00%	to	0.80%		37,666		19.30	to	17.58		683,006		2.98%		20.22%	to	19.26%
2018		0.00%	to	0.80%		38,911		16.05	to	14.74		590,018		2.17%		-8.04%	to	-8.78%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I (NVCCN1)
2022		0.00%	to	0.80%		4,008		14.45	to	13.82		57,710		0.00%		-12.41%	to	-12.67%
2021		0.00%	to	0.80%		2,619		17.66	to	15.83		42,920		0.08%		4.49%	to	3.65%
2020		0.00%	to	0.80%		5,528		16.90	to	15.27		89,855		0.25%		7.69%	to	6.83%
2019		0.00%	to	0.80%		4,534		15.69	to	14.29		68,999		2.31%		10.77%	to	9.89%
2018		0.00%	to	0.80%		5,932		14.17	to	13.01		81,243		3.73%		-2.51%	to	-3.29%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I (NVCMA1)
2022		0.50%	to	0.80%		31,429		20.58	to	19.69		643,662		0.00%		-15.44%	to	-15.69%
2021		0.50%	to	0.80%		29,332		24.34	to	23.36		710,168		0.25%		17.53%	to	17.18%
2020		0.50%	to	0.80%		30,052		20.71	to	19.93		617,916		1.03%		11.80%	to	11.46%
2019		0.50%	to	0.80%		41,879		18.52	to	17.88		771,966		2.97%		21.71%	to	21.35%
2018		0.50%	to	0.80%		43,138		15.22	to	14.74		653,476		2.10%		-9.84%	to	-10.11%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I (NVCMC1)
2022		0.00%	to	0.80%		6,090		17.92	to	15.93		101,713		0.00%		-13.05%	to	-13.74%
2021		0.00%	to	0.80%		7,438		20.61	to	18.47		143,083		0.25%		9.23%	to	8.36%
2020		0.00%	to	0.80%		7,909		18.86	to	17.05		139,289		0.56%		9.15%	to	8.28%
2019		0.00%	to	0.80%		8,453		17.28	to	15.74		137,159		2.91%		14.28%	to	13.37%
2018		0.00%	to	0.80%		16,805		15.12	to	13.89		240,373		2.21%		-4.68%	to	-5.44%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I (NVCMD1)
2022		0.00%	to	0.80%		48,193		20.19	to	17.96		907,906		0.00%		-14.08%	to	-14.76%
2021		0.00%	to	0.80%		53,754		23.50	to	21.07		1,183,468		0.27%		13.64%	to	12.73%
2020		0.00%	to	0.80%		55,576		20.68	to	18.69		1,082,623		0.84%		10.77%	to	9.89%
2019		0.00%	to	0.80%		59,628		18.67	to	17.00		1,053,180		2.76%		18.32%	to	17.38%
2018		0.00%	to	0.80%		67,746		15.78	to	14.49		1,015,136		2.15%		-7.07%	to	-7.81%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I (NVCRA1)
2022		0.00%	to	0.80%		17,943		21.32	to	20.41		380,556		0.00%		-15.66%	to	-15.91%
2021		0.50%	to	0.80%		12,806		25.28	to	24.27		321,731		0.19%		19.59%	to	19.23%
2020		0.50%	to	0.80%		13,489		21.14	to	20.35		281,962		1.06%		12.18%	to	11.84%
2019		0.50%	to	0.80%		16,636		18.85	to	18.20		310,810		2.85%		23.53%	to	23.16%
2018		0.50%	to	0.80%		18,277		15.26	to	14.78		276,827		1.97%		-11.17%	to	-11.44%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I (NVCRB1)
2022		0.00%	to	0.80%		21,799		18.91	to	16.82		382,577		0.00%		-13.60%	to	-14.29%
2021		0.00%	to	0.80%		24,646		21.88	to	19.62		503,196		0.26%		11.12%	to	10.24%
2020		0.00%	to	0.80%		25,113		19.69	to	17.80		463,425		0.69%		9.71%	to	8.84%
2019		0.00%	to	0.80%		26,045		17.95	to	16.35		440,321		2.76%		16.29%	to	15.37%
2018		0.00%	to	0.80%		26,870		15.44	to	14.17		392,621		2.30%		-6.04%	to	-6.80%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II (NVDBL2)
2022		0.50	%	to	0.80	%		4,252		20.36	to	19.54		86,076		0.00	%		-15.41	%	to	-15.67	%
2021		0.00	%	to	0.80	%		17,731		25.65	to	23.18		447,186		0.21	%		8.24	%	to	7.38	%
2020		0.00	%	to	0.80	%		22,166		23.69	to	21.58		513,028		0.13	%		9.41	%	to	8.53	%
2019		0.00	%	to	0.80	%		22,928		21.66	to	19.89		485,633		2.18	%		15.34	%	to	14.42	%
2018		0.00	%	to	0.80	%		34,602		18.78	to	17.38		630,933		1.96	%		-4.85	%	to	-5.61	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)
2022		0.50	%	to	0.80	%		3,484		25.43	to	24.41		87,293		0.00	%		-17.98	%	to	-18.22	%
2021		0.50	%	to	0.80	%		3,891		31.00	to	29.85		119,097		0.15	%		11.60	%	to	11.27	%
2020		0.50	%	to	0.80	%		5,098		27.78	to	26.82		140,259		0.18	%		11.06	%	to	10.73	%
2019		0.50	%	to	0.80	%		5,290		25.01	to	24.22		131,256		2.02	%		19.34	%	to	18.98	%
2018		0.50	%	to	0.80	%		5,950		20.96	to	20.36		123,910		1.68	%		-6.94	%	to	-7.22	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)
2022		0.50	%	to	0.80	%		13,893		9.93	to	9.86		137,879		0.00	%		-17.91	%	to	-18.15	%
2021		0.50	%	to	0.80	%		17,825		12.09	to	12.05		215,513		0.36	%		11.81	%	to	11.48	%
2020		0.50	%	to	0.80	%		16,724		10.81				180,831		0.00	%		8.13	%	to	8.07	%****
Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)
2022		0.50	%					691		9.39				6,490		1.54	%		-14.16	%
2021		0.50	%					609		10.94				6,664		0.36	%		-2.51	%
2020		0.50	%					5,262		11.22				59,062		1.61	%		6.59	%
2019		0.50	%					2,800		10.53				29,485		1.09	%		5.30	%			****
Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)
2022		0.50	%					1,295		12.59				16,303		1.49	%		-16.80	%
2021		0.50	%					509		15.13				7,701		1.45	%		21.26	%
2020		0.50	%					93		12.48				1,160		1.39	%		15.18	%
2019		0.50	%					95		10.83				1,029		0.47	%		8.33	%			****
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)
2022		0.50	%	to	0.80	%		45,961		9.78	to	9.72		449,068		0.00	%		-16.91	%	to	-17.15	%
2021		0.50	%	to	0.80	%		43,886		11.77	to	11.73		516,451		0.44	%		9.89	%	to	9.56	%
2020		0.50	%	to	0.80	%		31,414		10.71				336,576		0.00	%		7.14	%	to	7.08	%****
Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I (NVIX)
2022		0.50	%	to	0.80	%		42,169		11.79	to	11.49		497,088		3.97	%		-14.72	%	to	-14.97	%
2021		0.50	%	to	0.80	%		41,481		13.82	to	13.51		573,362		3.10	%		10.29	%	to	9.96	%
2020		0.50	%	to	0.80	%		37,902		12.53	to	12.29		475,070		2.57	%		7.00	%	to	6.68	%
2019		0.50	%	to	0.80	%		34,491		11.71	to	11.52		404,045		3.35	%		21.16	%	to	20.80	%
2018		0.50	%	to	0.80	%		30,337		9.67	to	9.53		293,256		3.35	%		-14.24	%	to	-14.50	%
Nationwide Variable Insurance Trust - NVIT BNY Mellon Core Plus Bond Fund: Class I (NVLCP1)
2022		0.50	%	to	0.80	%		41,172		15.09	to	14.44		620,694		2.20	%		-13.89	%	to	-14.15	%
2021		0.00	%	to	0.80	%		53,350		18.76	to	16.82		934,260		5.70	%		-0.72	%	to	-1.52	%
2020		0.00	%	to	0.80	%		7,814		18.90	to	17.08		138,495		2.79	%		9.31	%	to	8.44	%
2019		0.00	%	to	0.80	%		7,033		17.29	to	15.75		114,831		2.29	%		9.89	%	to	9.01	%
2018		0.50	%	to	0.80	%		8,545		14.92	to	14.45		127,123		2.61	%		-1.70	%	to	-2.00	%
Nationwide Variable Insurance Trust - NVIT NS Partners International Focused Growth Fund: Class I (NVMIG1)
2022		0.00	%	to	1.00	%		223,122		12.38	to	11.35		2,641,030		0.00	%		-37.93	%	to	-38.54	%
2021		0.00	%	to	1.00	%		251,824		19.94	to	18.47		4,820,204		0.37	%		-1.08	%	to	-2.07	%
2020		0.00	%	to	1.00	%		275,974		20.16	to	18.86		5,365,925		1.00	%		51.04	%	to	49.54	%
2019		0.00	%	to	1.00	%		293,331		13.35	to	12.61		3,797,666		1.25	%		33.15	%	to	31.82	%
2018		0.00	%	to	1.00	%		316,864		10.02	to	9.57		3,096,619		1.05	%		-16.46	%	to	-17.29	%
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)
2022		0.00	%	to	0.80	%		36,538		12.26	to	12.05		443,071		3.87	%		-5.86	%	to	-6.61	%
2021		0.00	%	to	0.80	%		31,178		13.03	to	12.90		403,674		3.40	%		10.58	%	to	9.70	%
2020		0.00	%	to	0.80	%		29,447		11.78	to	11.76		346,567		0.00	%		17.82	%	to	17.62	%****
Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1)
2022		0.00	%	to	1.00	%		74,517		44.65	to	38.56		3,106,124		5.09	%		-12.49	%	to	-13.36	%
2021		0.00	%	to	1.00	%		83,106		51.02	to	44.51		3,998,123		0.00	%		40.45	%	to	39.05	%
2020		0.00	%	to	1.00	%		88,991		36.33	to	32.01		3,057,714		0.00	%		30.09	%	to	28.80	%
2019		0.00	%	to	1.00	%		94,024		27.93	to	24.85		2,491,453		4.03	%		30.53	%	to	29.23	%
2018		0.00	%	to	1.00	%		103,876		21.39	to	19.23		2,114,267		0.31	%		-3.08	%	to	-4.05	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class I (NVMMG1)
2022		0.00	%	to	1.00	%		1,013,991		26.74	to	23.09		25,169,298		0.00	%		-37.61	%	to	-38.23	%
2021		0.00	%	to	1.00	%		1,080,260		42.85	to	37.38		43,213,992		0.12	%		-4.70	%	to	-5.65	%
2020		0.00	%	to	1.00	%		1,127,495		44.97	to	39.62		47,505,905		0.00	%		60.90	%	to	59.30	%
2019		0.00	%	to	1.00	%		1,220,702		27.95	to	24.87		32,100,798		0.00	%		37.25	%	to	35.89	%
2018		0.00	%	to	1.00	%		1,357,608		20.36	to	18.30		26,132,731		0.00	%		-6.85	%	to	-7.78	%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)
2022		0.00	%	to	1.00	%		702,501		31.76	to	27.42		20,715,786		1.37	%		-2.66	%	to	-3.63	%
2021		0.00	%	to	1.00	%		746,061		32.62	to	28.46		22,712,209		0.74	%		24.02	%	to	22.78	%
2020		0.00	%	to	1.00	%		795,881		26.31	to	23.18		19,605,450		2.08	%		-1.14	%	to	-2.13	%
2019		0.00	%	to	1.00	%		841,557		26.61	to	23.68		21,064,617		2.23	%		23.85	%	to	22.61	%
2018		0.00	%	to	1.00	%		918,465		21.49	to	19.31		18,650,525		1.05	%		-13.15	%	to	-14.02	%
Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I (NVNMO1)
2022		0.00	%	to	1.00	%		493,286		29.62	to	25.58		13,596,367		0.39	%		-17.06	%	to	-17.89	%
2021		0.00	%	to	1.00	%		528,004		35.71	to	31.15		17,639,821		0.30	%		26.57	%	to	25.31	%
2020		0.00	%	to	1.00	%		574,688		28.22	to	24.86		15,229,689		0.42	%		13.55	%	to	12.42	%
2019		0.00	%	to	1.00	%		647,135		24.85	to	22.11		15,170,490		0.65	%		28.07	%	to	26.80	%
2018		0.00	%	to	1.00	%		699,926		19.40	to	17.44		12,867,857		0.54	%		-4.76	%	to	-5.72	%
Nationwide Variable Insurance Trust - NVIT BNY Mellon Sustainable U.S. Equity Fund: Class I (NVNSR1)
2022		0.50	%	to	0.80	%		5,938		26.48	to	25.34		157,230		0.51	%		-23.30	%	to	-23.53	%
2021		0.50	%	to	0.80	%		5,950		34.53	to	33.14		205,405		0.37	%		26.18	%	to	25.80	%
2020		0.50	%	to	0.80	%		5,515		27.36	to	26.34		150,861		0.81	%		12.80	%	to	12.46	%
2019		0.50	%	to	0.80	%		5,712		24.26	to	23.43		138,550		0.82	%		25.38	%	to	25.00	%
2018		0.50	%	to	0.80	%		6,057		19.35	to	18.74		117,175		0.65	%		-6.26	%	to	-6.55	%
Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Core Fund: Class I (NVOLG1)
2022		0.00	%	to	1.00	%		1,539,144		55.72	to	48.61		80,386,932		0.87	%		-22.10	%	to	-22.88	%
2021		0.00	%	to	1.00	%		1,664,986		71.53	to	63.03		112,064,798		0.54	%		30.24	%	to	28.95	%
2020		0.00	%	to	1.00	%		1,591,211		54.92	to	48.88		82,506,351		1.34	%		18.90	%	to	17.71	%
2019		0.00	%	to	1.00	%		1,750,394		46.19	to	41.52		76,659,334		1.70	%		37.62	%	to	36.25	%
2018		0.00	%	to	1.00	%		1,933,534		33.57	to	30.48		61,814,614		0.77	%		-1.27	%	to	-2.26	%
Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I (NVRE1)
2022		0.00	%	to	1.00	%		260,111		21.24	to	18.34		5,147,212		1.43	%		-28.52	%	to	-29.23	%
2021		0.00	%	to	1.00	%		302,132		29.71	to	25.92		8,395,990		1.08	%		46.75	%	to	45.29	%
2020		0.00	%	to	1.00	%		319,829		20.25	to	17.84		6,079,783		1.48	%		-5.39	%	to	-6.33	%
2019		0.00	%	to	1.00	%		365,839		21.40	to	19.04		7,402,153		1.69	%		30.70	%	to	29.40	%
2018		0.00	%	to	1.00	%		410,004		16.37	to	14.72		6,371,855		1.84	%		-3.92	%	to	-4.88	%
Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)
2022		0.50	%	to	0.80	%		25,551		19.84	to	19.28		506,798		0.92	%		-21.12	%	to	-21.35	%
2021		0.50	%	to	0.80	%		24,362		25.16	to	24.51		612,592		0.84	%		13.63	%	to	13.29	%
2020		0.50	%	to	0.80	%		18,982		22.14	to	21.64		419,841		1.01	%		18.72	%	to	18.37	%
2019		0.50	%	to	0.80	%		15,280		18.65	to	18.28		284,619		0.88	%		24.34	%	to	23.96	%
2018		0.50	%	to	0.80	%		15,324		15.00	to	14.75		229,533		1.20	%		-11.79	%	to	-12.05	%
Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II (NVSTB2)
2022		0.00	%	to	0.80	%		8,290		12.08	to	10.74		92,619		1.38	%		-5.67	%	to	-6.42	%
2021		0.00	%	to	0.80	%		16,888		12.81	to	11.48		201,666		0.88	%		-0.59	%	to	-1.38	%
2020		0.00	%	to	0.80	%		19,701		12.88	to	11.64		237,922		2.33	%		2.83	%	to	2.29	%
2019		0.00	%	to	0.80	%		7,706		12.53	to	11.41		90,634		1.95	%		4.09	%	to	3.26	%
2018		0.00	%	to	0.80	%		10,453		12.04	to	11.05		118,793		2.01	%		0.82	%	to	0.01	%
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I (NVTIV3)
2022		0.00	%	to	0.80	%		2,160		19.76	to	17.72		39,837		3.54	%		-5.99	%	to	-6.74	%
2021		0.50	%	to	0.80	%		2,146		19.73	to	19.00		42,041		1.97	%		9.85	%	to	9.52	%
2020		0.50	%	to	0.80	%		3,111		17.96	to	17.35		55,095		1.41	%		4.65	%	to	4.34	%
2019		0.00	%	to	0.80	%		3,284		18.11	to	16.63		55,682		0.76	%		12.49	%	to	11.59	%
2018		0.00	%	to	0.80	%		19,639		16.10	to	14.90		300,675		2.00	%		-15.69	%	to	-16.36	%
Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)
2022		0.00	%	to	1.00	%		818,867		16.37	to	10.44		14,614,040		1.36	%		1.30	%	to	0.29	%
2021		0.00	%	to	1.00	%		633,266		16.16	to	10.41		11,158,000		0.00	%		0.00	%	to	-1.00	%
2020		0.00	%	to	1.30	%		983,748		16.16	to	14.25		15,844,953		0.22	%		0.24	%	to	-1.06	%
2019		0.00	%	to	1.30	%		896,687		16.12	to	14.40		15,473,870		1.73	%		1.78	%	to	0.46	%
2018		0.00	%	to	1.00	%		948,129		15.84	to	14.34		15,747,369		1.37	%		1.39	%	to	0.07	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I (SCF)
2022		0.00	%	to	1.00	%		144,812		103.30	to	41.51		16,432,911		0.44	%		-18.77	%	to	-19.57	%
2021		0.00	%	to	1.00	%		156,064		127.16	to	51.62		21,875,493		0.00	%		30.84	%	to	29.54	%
2020		0.00	%	to	1.30	%		170,516		97.19	to	93.51		18,301,955		0.02	%		22.69	%	to	21.10	%
2019		0.00	%	to	1.30	%		184,497		79.22	to	77.21		16,108,059		0.07	%		25.65	%	to	24.03	%
2018		0.00	%	to	1.30	%		199,293		63.05	to	26.36		13,906,347		0.01	%		-12.63	%	to	-13.77	%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I (SCGF)
2022		0.00	%	to	1.00	%		62,558		23.77	to	18.97		1,349,805		0.00	%		-30.37	%	to	-31.06	%
2021		0.00	%	to	1.00	%		86,854		34.14	to	27.52		2,701,314		0.00	%		10.31	%	to	9.21	%
2020		0.00	%	to	1.00	%		95,021		30.95	to	25.20		2,695,044		0.00	%		40.89	%	to	39.49	%
2019		0.00	%	to	1.00	%		101,073		21.97	to	18.07		2,043,044		0.00	%		35.71	%	to	34.36	%
2018		0.00	%	to	1.00	%		112,229		16.19	to	13.45		1,675,091		0.00	%		-7.94	%	to	-8.86	%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)
2022		0.00	%	to	1.00	%		58,424		67.99	to	43.14		3,467,370		0.33	%		-12.91	%	to	-13.78	%
2021		0.00	%	to	1.00	%		64,741		78.07	to	50.03		4,442,388		0.00	%		32.04	%	to	30.73	%
2020		0.00	%	to	1.00	%		63,527		59.13	to	38.27		3,323,166		0.08	%		5.15	%	to	4.11	%
2019		0.00	%	to	1.00	%		66,670		56.23	to	36.76		3,329,173		1.00	%		19.00	%	to	17.82	%
2018		0.00	%	to	1.00	%		86,370		47.25	to	31.20		3,637,893		0.69	%		-16.95	%	to	-17.78	%
Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF)
2022		0.00	%	to	1.00	%		424,376		75.10	to	30.92		56,928,961		1.17	%		-8.44	%	to	-9.35	%
2021		0.00	%	to	1.00	%		456,227		82.03	to	34.11		66,619,119		0.76	%		21.88	%	to	20.67	%
2020		0.00	%	to	1.00	%		520,817		67.30	to	28.27		60,378,563		1.15	%		10.35	%	to	9.26	%
2019		0.00	%	to	1.00	%		570,603		60.99	to	25.88		59,250,787		1.16	%		29.31	%	to	28.02	%
2018		0.00	%	to	1.00	%		619,619		47.16	to	20.21		49,790,088		1.08	%		0.00	%	to	-1.00	%
Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: I Class Shares (AMCG)
2022		0.00	%	to	1.00	%		109,373		17.59	to	16.38		1,876,189		0.00	%		-28.73	%	to	-29.44	%
2021		0.00	%	to	1.00	%		114,680		24.68	to	23.21		2,768,638		0.00	%		12.99	%	to	11.87	%
2020		0.00	%	to	1.00	%		116,522		21.84	to	20.75		2,498,887		0.00	%		39.98	%	to	38.59	%
2019		0.00	%	to	1.00	%		120,729		15.61	to	14.97		1,856,891		0.00	%		32.75	%	to	31.43	%
2018		0.00	%	to	1.00	%		123,627		11.76	to	11.39		1,437,261		0.00	%		-6.40	%	to	-7.34	%
Neuberger Berman Advisers Management Trust - International Equity Portfolio: S Class Shares (AMINS)
2022		0.00	%					1,137		20.60				23,417		1.59	%		-22.69	%
2021		0.00	%					1,148		26.64				30,584		0.33	%		13.35	%
2020		0.00	%					1,162		23.50				27,311		0.52	%		12.57	%
2019		0.00	%					1,172		20.88				24,469		0.16	%		27.69	%
2018		0.00	%					1,190		16.35				19,458		0.16	%		-16.95	%
Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares (AMMCGS)
2022		0.00	%	to	0.80	%		2,903		62.86	to	53.71		166,820		0.00	%		-28.83	%	to	-29.39	%
2021		0.00	%	to	0.80	%		2,864		88.32	to	76.07		232,182		0.00	%		12.72	%	to	11.83	%
2020		0.00	%	to	0.80	%		2,929		78.35	to	68.03		210,884		0.00	%		39.71	%	to	38.60	%
2019		0.50	%	to	0.80	%		2,134		51.60	to	49.08		109,624		0.00	%		31.82	%	to	31.43	%
2018		0.50	%	to	0.80	%		2,399		39.14	to	37.35		93,237		0.00	%		-7.03	%	to	-7.31	%
Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: S Class Shares (AMRS)
2021		0.00	%					132		34.69				4,579		0.20	%		32.52	%
2020		0.00	%					279		26.18				7,303		0.60	%		-2.83	%
2019		0.00	%					461		26.94				12,419		0.21	%		16.43	%
2018		0.00	%					620		23.14				14,345		0.22	%		-15.48	%
Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares (AMSRS)
2022		0.00	%	to	1.00	%		131,435		54.17	to	12.71		4,536,223		0.44	%		-18.45	%	to	-19.26	%
2021		0.00	%	to	1.00	%		135,780		66.43	to	15.74		5,707,429		0.38	%		23.48	%	to	22.25	%
2020		0.00	%	to	1.00	%		138,566		53.80	to	12.88		4,736,936		0.62	%		19.56	%	to	18.37	%
2019		0.00	%	to	1.00	%		145,098		45.00	to	10.88		4,017,368		0.57	%		25.88	%	to	8.79	%
2018		0.00	%	to	0.80	%		19,949		35.75	to	31.54		659,471		0.48	%		-5.73	%	to	-6.48	%
Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares (AMTB)
2022		0.00	%	to	1.00	%		63,108		19.25	to	12.47		1,379,328		3.86	%		-5.19	%	to	-6.13	%
2021		0.00	%	to	1.00	%		62,402		20.30	to	13.29		1,453,796		2.53	%		0.74	%	to	-0.26	%
2020		0.00	%	to	1.00	%		72,881		20.15	to	13.32		1,636,326		2.47	%		3.46	%	to	2.43	%
2019		0.00	%	to	1.00	%		69,980		19.48	to	13.01		1,489,876		1.97	%		3.69	%	to	2.66	%
2018		0.00	%	to	1.00	%		73,670		18.79	to	12.67		1,524,946		1.56	%		1.02	%	to	0.01	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Northern Lights Variable Trust - TOPS Managed Risk Balanced ETF Portfolio: Class 3 (NOTB3)
2022		0.50	%					752		12.28				9,237		18.90	%		-12.52	%
2021		0.50	%					793		14.04				11,135		0.99	%		7.97	%
2020		0.50	%					828		13.01				10,768		2.14	%		5.14	%
2019		0.50	%					866		12.37				10,712		2.14	%		13.91	%
2018		0.50	%					902		10.86				9,806		1.60	%		-6.62	%
Northern Lights Variable Trust - TOPS Managed Risk Growth ETF Portfolio: Class 3 (NOTG3)
2022		0.50	%	to	0.80	%		247		12.86	to	12.49		3,172		8.32	%		-14.22	%	to	-14.47	%
2021		0.50	%	to	0.80	%		284		14.99	to	14.61		4,254		1.03	%		11.87	%	to	11.53	%
2020		0.50	%	to	0.80	%		178		13.40	to	13.10		2,369		2.02	%		4.65	%	to	4.34	%
2019		0.50	%	to	0.80	%		186		12.81	to	12.55		2,379		1.84	%		16.35	%	to	16.00	%
2018		0.50	%	to	0.80	%		197		11.01	to	10.82		2,176		1.42	%		-9.29	%	to	-9.57	%
Northern Lights Variable Trust - TOPS Managed Risk Moderate Growth ETF Portfolio: Class 3 (NOTMG3)
2022		0.80	%					8		12.53				100		16.87	%		-14.21	%
2021		0.80	%					6		14.60				88		1.07	%		10.10	%
2020		0.80	%					5		13.26				66		2.33	%		5.06	%
2019		0.80	%					3		12.63				38		2.36	%		15.24	%
2018		0.80	%					1		10.96				11		0.00	%		-8.12	%
PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)
2022		0.50	%	to	0.80	%		21,953		14.00	to	13.56		306,997		7.78	%		-12.28	%	to	-12.55	%
2021		0.50	%	to	0.80	%		17,872		15.96	to	15.50		285,228		11.00	%		15.65	%	to	15.31	%
2020		0.50	%	to	0.80	%		17,554		13.80	to	13.45		242,205		5.05	%		7.47	%	to	7.15	%
2019		0.50	%	to	0.80	%		16,466		12.84	to	12.55		211,378		2.93	%		11.34	%	to	11.00	%
2018		0.50	%	to	0.80	%		17,324		11.53	to	11.30		199,752		2.88	%		-5.88	%	to	-6.17	%
PIMCO Variable Insurance Trust - International Bond Portfolio (unhedged): Administrative Class (PMVFBA)
2022		0.50	%	to	0.80	%		4,992		10.91	to	10.47		54,433		1.50	%		-19.39	%	to	-19.63	%
2021		0.50	%	to	0.80	%		9,201		13.53	to	13.02		124,463		5.66	%		-7.98	%	to	-8.26	%
2020		0.50	%	to	0.80	%		10,566		14.70	to	14.19		155,281		4.77	%		10.22	%	to	9.89	%
2019		0.50	%	to	0.80	%		11,894		13.34	to	12.92		158,599		2.12	%		6.49	%	to	6.17	%
2018		0.50	%	to	0.80	%		15,258		12.53	to	12.17		191,070		5.14	%		-4.46	%	to	-4.75	%
PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class (PMVLDA)
2022		0.00	%	to	0.80	%		70,914		12.97	to	11.63		880,847		1.61	%		-5.75	%	to	-6.50	%
2021		0.00	%	to	0.80	%		94,932		13.77	to	12.43		1,247,283		0.52	%		-0.93	%	to	-1.72	%
2020		0.00	%	to	0.80	%		111,242		13.89	to	12.65		1,480,269		1.20	%		2.99	%	to	2.17	%
2019		0.00	%	to	0.80	%		111,462		13.49	to	12.38		1,445,415		2.72	%		4.03	%	to	3.20	%
2018		0.00	%	to	0.80	%		88,451		12.97	to	12.00		1,110,380		1.91	%		0.34	%	to	-0.47	%
PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)
2022		0.50	%	to	0.80	%		45,547		8.73	to	8.51		397,724		19.02	%		8.07	%	to	7.75	%
2021		0.50	%	to	0.80	%		8,113		8.08	to	7.90		65,529		3.97	%		32.68	%	to	32.28	%
2020		0.50	%	to	0.80	%		4,245		6.09	to	5.97		25,841		6.11	%		0.85	%	to	0.54	%
2019		0.50	%	to	0.80	%		411		6.04	to	5.94		2,479		3.81	%		10.88	%	to	10.54	%
2018		0.50	%	to	0.80	%		3,421		5.45	to	5.37		18,630		2.26	%		-14.56	%	to	-14.82	%
PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)
2020		0.50	%	to	0.80	%		45,592		13.67	to	13.28		622,924		2.08	%		8.10	%	to	7.77	%
2019		0.50	%	to	0.80	%		34,429		12.65	to	12.32		435,091		3.03	%		7.81	%	to	7.49	%
2018		0.50	%	to	0.80	%		56,482		11.73	to	11.46		662,153		2.52	%		-1.04	%	to	-1.34	%
PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class (PVSTA)
2022		0.50	%					1,288		10.07				12,964		0.61	%		0.66	%		*	***
Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB (PVEIB)
2022		0.50	%	to	0.80	%		41,803		17.20	to	16.91		718,505		1.47	%		-3.61	%	to	-3.90	%
2021		0.50	%	to	0.80	%		38,227		17.84	to	17.59		681,581		1.05	%		26.67	%	to	26.29	%
2020		0.50	%	to	0.80	%		30,397		14.09	to	13.93		427,936		1.68	%		5.28	%	to	4.96	%
2019		0.50	%	to	0.80	%		31,185		13.38	to	13.27		417,112		1.91	%		29.75	%	to	29.37	%
2018		0.50	%	to	0.80	%		29,273		10.31	to	10.26		301,735		0.51	%		-8.95	%	to	-9.22	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB (PVGOB)
2022		0.50	%	to	0.80	%		61,301		21.32	to	20.93		1,306,138		0.00	%		-30.85	%	to	-31.06	%
2021		0.50	%	to	0.80	%		62,945		30.83	to	30.36		1,939,854		0.00	%		22.04	%	to	21.68	%
2020		0.50	%	to	0.80	%		76,808		25.26	to	24.95		1,939,462		0.04	%		38.02	%	to	37.60	%
2019		0.00	%	to	0.80	%		80,650		18.59	to	18.13		1,478,400		0.13	%		36.74	%	to	35.65	%
2018		0.50	%	to	0.80	%		68,268		13.45	to	13.37		918,121		0.00	%		1.87	%	to	1.56	%
Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)
2022		0.00	%	to	0.80	%		8,858		27.93	to	23.86		225,411		1.58	%		-14.77	%	to	-15.45	%
2021		0.00	%	to	0.80	%		8,871		32.77	to	28.22		266,112		1.14	%		8.82	%	to	7.95	%
2020		0.00	%	to	0.80	%		9,438		30.11	to	26.14		261,300		1.77	%		12.10	%	to	11.20	%
2019		0.00	%	to	0.80	%		8,829		26.86	to	23.51		219,166		1.38	%		25.15	%	to	24.16	%
2018		0.00	%	to	0.80	%		10,466		21.46	to	18.94		208,620		1.36	%		-19.11	%	to	-19.76	%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)
2022		0.00	%	to	0.80	%		73,057		64.16	to	57.98		4,394,774		0.00	%		-12.69	%	to	-13.38	%
2021		0.00	%	to	0.80	%		82,786		73.48	to	66.94		5,752,167		0.00	%		12.83	%	to	11.93	%
2020		0.00	%	to	0.80	%		88,576		65.13	to	59.80		5,478,428		0.00	%		29.27	%	to	28.24	%
2019		0.00	%	to	0.80	%		101,270		50.38	to	46.63		4,868,461		0.00	%		28.63	%	to	27.61	%
2018		0.00	%	to	0.80	%		120,523		39.17	to	36.55		4,519,011		0.00	%		0.86	%	to	0.05	%
T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited Term Bond Portfolio: II (TRLT2)
2022		0.00	%					3,083		13.72				42,297		1.69	%		-4.79	%
2021		0.00	%					3,094		14.41				44,584		1.08	%		-0.12	%
2020		0.00	%					3,359		14.43				48,461		1.71	%		4.45	%
2019		0.00	%					3,118		13.81				43,066		2.11	%		4.10	%
2018		0.00	%					720		13.27				9,553		1.19	%		0.92	%
VanEck VIP Trust - VanEck VIP Emerging Markets Bond Fund: Initial Class (VWBF)
2022		0.00	%	to	1.00	%		21,363		25.36	to	18.73		594,919		4.50	%		-6.93	%	to	-7.85	%
2021		0.00	%	to	1.00	%		22,252		27.25	to	20.32		667,773		5.13	%		-4.05	%	to	-5.01	%
2020		0.00	%	to	1.00	%		22,248		28.40	to	21.40		703,175		7.17	%		8.92	%	to	7.84	%
2019		0.00	%	to	1.00	%		24,813		26.07	to	19.84		714,438		0.37	%		12.62	%	to	11.50	%
2018		0.00	%	to	1.00	%		26,103		23.15	to	17.79		659,253		9.18	%		-6.14	%	to	-7.08	%
VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Initial Class (VWEM)
2022		0.00	%	to	1.00	%		66,213		33.33	to	30.02		1,952,681		0.28	%		-24.37	%	to	-25.13	%
2021		0.00	%	to	1.00	%		72,767		44.07	to	40.09		2,850,226		0.92	%		-11.87	%	to	-12.75	%
2020		0.00	%	to	1.00	%		77,236		50.00	to	45.95		3,443,120		2.07	%		17.25	%	to	16.08	%
2019		0.00	%	to	1.00	%		85,729		42.65	to	39.58		3,269,105		0.50	%		30.60	%	to	29.30	%
2018		0.00	%	to	1.00	%		97,443		32.65	to	30.61		2,857,721		0.31	%		-23.49	%	to	-24.25	%
VanEck VIP Trust - VanEck VIP Global Resources Fund: Initial Class (VWHA)
2022		0.00	%	to	1.00	%		69,477		38.78	to	34.57		3,250,243		1.66	%		8.39	%	to	7.32	%
2021		0.00	%	to	1.00	%		69,177		35.78	to	32.21		3,031,459		0.44	%		18.92	%	to	17.74	%
2020		0.00	%	to	1.30	%		73,594		30.09	to	36.31		2,734,746		0.95	%		19.11	%	to	17.57	%
2019		0.00	%	to	1.30	%		77,074		25.26	to	30.89		2,447,309		0.00	%		11.87	%	to	10.42	%
2018		0.00	%	to	1.00	%		86,375		22.58	to	20.95		2,439,121		0.00	%		-28.28	%	to	-29.21	%
Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)
2022		0.50	%					5,665		11.50				65,128		1.40	%		-26.27	%
2021		0.50	%					3,687		15.59				57,490		1.02	%		46.14	%
2020		0.50	%					353		10.67				3,766		0.42	%		-1.82	%
2019		0.50	%					2,122		10.87				23,062		2.15	%		8.68	%		*	***

* This represents the annual contract expense rate or range of 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.

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

*** This represents the total return or 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, 2022

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-50
Schedule III – Supplementary Insurance Information		F-51
Schedule IV – Reinsurance		F-52
Schedule V – Valuation and Qualifying Accounts		F-53

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, 2022 and 2021, and the related statutory statements of operations, changes in capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2022, 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, 2022 and 2021, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2022, in accordance with accounting practices prescribed or permitted by the Ohio Department of Insurance (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 statutory 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, 2022 and 2021, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2022.

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 to 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 and U.S. generally accepted accounting principles are also described in Note 2.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with 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 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

Supplementary Information

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information included in the 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 GAAS. 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 17, 2023

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)	2022			2021
Admitted assets
Invested assets
Bonds	$	40,208		$	37,931
Stocks		3,700			3,016
Mortgage loans, net of allowance		8,363			8,185
Policy loans		933			913
Derivative assets		143			64
Cash, cash equivalents and short-term investments		1,621			636
Securities lending collateral assets		232			170
Other invested assets		1,848			1,225
Total invested assets	$	57,048		$	52,140
Accrued investment income		585			577
Deferred federal income tax assets, net		589			618
Other assets		378			125
Separate account assets		102,808			125,372
Total admitted assets	$	161,408		$	178,832
Liabilities, capital and surplus
Liabilities
Future policy benefits and claims	$	45,482		$	42,499
Policyholders dividend accumulation		398			414
Asset valuation reserve		707			610
Payable for securities		323			113
Securities lending payable		232			171
Funds held under coinsurance		1,608			1,052
Other liabilities		1,253			1,131
Accrued transfers from separate accounts		(1,598	)		(1,621	)
Separate account liabilities		102,808			125,372
Total liabilities	$	151,213		$	169,741
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		2,308			1,998
Unassigned surplus		6,783			5,989
Total capital and surplus	$	10,195		$	9,091
Total liabilities, capital and surplus	$	161,408		$	178,832

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

	Years ended December 31,
(in millions)	2022			2021			2020
Revenues
Premiums and annuity considerations	$	14,535		$	12,664		$	10,637
Net investment income		2,019			2,231			2,107
Other revenues		2,346			2,455			2,372
Total revenues	$	18,900		$	17,350		$	15,116
Benefits and expenses
Benefits to policyholders and beneficiaries	$	15,963		$	16,884		$	15,013
Increase in reserves for future policy benefits and claims		2,525			807			1,627
Net transfers from separate accounts		(1,635	)		(3,002	)		(3,544	)
Commissions		810			858			646
Reserve adjustment on reinsurance assumed		(161	)		(151	)		(172	)
Other expenses		564			469			480
Total benefits and expenses	$	18,066		$	15,865		$	14,050
Income before federal income tax expense (benefit) and net realized capital gains (losses) on investments	$	834		$	1,485		$	1,066
Federal income tax expense (benefit)		100			(9	)		4
Income before net realized capital gains (losses) on investments	$	734		$	1,494		$	1,062
Net realized capital gains (losses) on investments, net of federal income tax expense (benefit) of $3, $59 and $(26) in 2022, 2021 and 2020, respectively, and excluding $(103), $15 and $(4) of net realized capital (losses) gains transferred to the interest maintenance reserve in 2022, 2021 and 2020, respectively		240			(683	)		(575	)
Net income	$	974		$	811		$	487

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, 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
Correction of error (see Note 2)		-		-		-		(39	)		(39	)
Balance as of January 1, 2022	$	4	$	1,100	$	1,998	$	5,950		$	9,052
Net income		-		-		-		974			974
Change in asset valuation reserve		-		-		-		(97	)		(97	)
Change in deferred income taxes		-		-		-		28			28
Change in net unrealized capital gains and losses, net of tax expense of $37		-		-		-		(40	)		(40	)
Change in nonadmitted assets		-		-		-		(33	)		(33	)
Capital contribution from Nationwide Financial Services, Inc.		-		-		310		-			310
Other, net		-		-		-		1			1
Balance as of December 31, 2022	$	4	$	1,100	$	2,308	$	6,783		$	10,195

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)	2022			2021			2020
Cash flows from operating activities:
Premiums collected, net of reinsurance	$	14,545		$	12,661		$	10,648
Net investment income		2,064			2,404			2,034
Other revenue		3,178			2,367			2,664
Policy benefits and claims paid		(15,962	)		(16,735	)		(14,886	)
Commissions, operating expenses and taxes, other than federal income tax paid		(1,275	)		(1,122	)		(885	)
Net transfers from separate accounts		1,658			2,871			3,620
Policyholders’ dividends paid		(30	)		(36	)		(38	)
Federal income taxes (paid) recovered		(261	)		121			121
Net cash provided by operating activities	$	3,917		$	2,531		$	3,278
Cash flows from investing activities:
Proceeds from investments sold, matured or repaid:
Bonds	$	3,444		$	6,953		$	3,404
Stocks		19			127			37
Mortgage loans		1,139			1,053			640
Derivative assets		431			-			-
Other assets		641			279			905
Total investment proceeds	$	5,674		$	8,412		$	4,986
Cost of investments acquired:
Bonds	$	(6,024	)	$	(7,744	)	$	(5,527	)
Stocks		(901	)		(538	)		(517	)
Mortgage loans		(1,305	)		(1,441	)		(769	)
Derivative assets		-			(589	)		(580	)
Other assets		(1,057	)		(594	)		(837	)
Total investments acquired	$	(9,287	)	$	(10,906	)	$	(8,230	)
Net (increase) decrease in policy loans		(19	)		(25	)		15
Net cash used in investing activities	$	(3,632	)	$	(2,519	)	$	(3,229	)
Cash flows from financing activities and miscellaneous sources:
Capital contributions from Nationwide Financial Services, Inc.	$	310			-			-
Dividend paid to Nationwide Financials Services, Inc.		-			(550	)		-
Net change in deposits on deposit-type contract funds and other insurance liabilities		391			517			160
Net change in short-term debt		-			-			(200	)
Other cash (used) provided		(1	)		196			(104	)
Net cash provided by (used in) financing activities and miscellaneous	$	700		$	163		$	(144	)
Net increase (decrease) in cash, cash equivalents and short-term investments	$	985		$	175		$	(95	)
Cash, cash equivalents and short-term investments at beginning of year		636			461			556
Cash, cash equivalents and short-term investments at end of year	$	1,621		$	636		$	461
Supplemental disclosure of non-cash activities:
Exchange of bond investments	$	349		$	277		$	799

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, 2022, 2021 and 2020 Statutory Financial Statements

(1) Nature of Operations

Nationwide Life Insurance Company (“NLIC” or “the Company”) 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, pension risk transfer (“PRT”) contracts 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 that market products directly to a customer base include Nationwide Retirement Solutions, Inc., Nationwide Securities, LLC and Nationwide Financial General Agency, Inc. 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, 2022 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 subsidiary, Jefferson National Life Insurance Company (“JNL”), 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 PRT 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. JNL 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, 2022 and 2021, 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.

F-8

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(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

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, which was deemed a statutory merger, the operations of HLIC were merged with and into NLAIC, with NLAIC continuing as the surviving entity. All shares of HLIC were cancelled and the outstanding surplus balance was merged into NLAIC’s additional paid-in capital and unassigned surplus. There was not a material impact on the Company’s surplus as a result of the merger.

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.

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.

F-9

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

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,
							2022			2021			2020
Net Income
Statutory Net Income						OH	$	974		$	811		$	487
State Prescribed Practice:
OAC 3901-1-67:
Derivative instruments		86		4		OH		(43	)		9			-
Reserves for indexed annuities		51		4		OH		15			(20	)		-
Tax impact		101		4		OH		6			3			-
NAIC SAP							$	952		$	803		$	487

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,
							2022			2021
Surplus
Statutory Capital and Surplus						OH	$	10,195		$	9,091
State Prescribed Practice:
OAC 3901-1-67:
Derivative instruments		86		2,4		OH		(30	)		13
Reserves for indexed annuities		51		3,4		OH		(7	)		(22	)
Tax impact		101		2,4		OH		8			2
Subsidiary Valuation - NLAIC		51,86,101		2		OH		(232	)		274
Subsidiary valuation - Eagle: NLIC risks ceded		51		2		OH		1,071			791
Subsidiary valuation - Eagle: NLAIC risks ceded		51		2		OH		(953	)		(810	)
State Permitted Practice:
Subsidiary valuation - Olentangy		20		2		VT		(67	)		(67	)
NAIC SAP							$	9,985		$	9,272

Statutory accounting practices vary in some respects from U.S. generally accepted accounting principles (“GAAP”), including the following practices:

Financial Statements

● Statutory financial statements are prepared using language and groupings substantially the same as the annual statements of the Company filed with the NAIC and state regulatory authorities;

● assets must be included in the statutory statements of admitted assets, liabilities, capital and surplus at net admitted asset value and nonadmitted assets are excluded through a charge to capital and surplus;

● an asset valuation reserve (“AVR”) is established in accordance with the NAIC Annual Statement Instructions for Life and Accident and Health Insurance Companies and is reported as a liability, and changes in the AVR are reported directly in capital and surplus;

● an interest maintenance reserve (“IMR”) is established in accordance with the NAIC Annual Statement Instructions for Life and Accident and Health Insurance Companies and is reported as a liability, and the amortization of the IMR is reported as revenue;

● the expense allowance associated with statutory reserving practices for investment contracts held in the separate accounts is reported in the general account as a negative liability;

● accounting for contingencies requires recording a liability at the midpoint of a range of estimated possible outcomes when no better estimate in the range exists;

● surplus notes are accounted for as a component of capital and surplus;

F-10

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

● 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;

● 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.

F-11

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

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”).

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”).

F-12

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

Future policy benefits for PRT contracts have been established in accordance with the CRVM. 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.

Prior to 2020, 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.

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/from 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/from separate accounts and federal income tax, respectively.

F-13

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

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.

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.

F-14

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

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-15

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 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 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.

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 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.

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.

F-16

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The Company sold $2.9 billion, $2.6 billion and $2.3 billion in Tax Credit Funds to unrelated third parties with outstanding guarantees as of December 31, 2022, 2021 and 2020, respectively. The Company guarantees after-tax benefits to the third-party investors through periods ending in 2039. 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 $1.7 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.

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.

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”), Secured Overnight Financing Rate (“SOFR”), prime rates, cash flows, maturity dates, call ability, estimated prepayments and/or underlying collateral values.

F-17

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

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, 2022 and 2021.

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 is charged directly to surplus, with the impact of taxes on unrealized capital gains or losses and nonadmitted assets reported separately in the statutory statements of changes in 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.

F-18

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

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, changes in 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 2022 and 2021, and 49% and 50% of the number of life insurance policies in force in 2022 and 2021, respectively. 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 2022 and 2021.

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.

Effective January 1, 2020, the Company changed its reserve valuation basis for variable annuities due to changes to VM-21. As a result of this change, the Company records stochastic reserves, floored at the cash surrender value, instead of reserves using the standard scenario previously required under Actuarial Guideline XLIII “CARVM for Variable Annuities”. The impacts of the valuation basis change were recognized as of January 1, 2020, resulting in an increase to statutory capital and surplus of $78 million. In addition, the Company changed its reserve valuation basis for stable value wraps covering certain group life insurance policies from Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts, to VM-21. There was no impact to statutory capital and surplus as a result of this change.

During 2020, the Company modified its approach used to schedule the reversals of its deferred tax assets for policyholder reserves under SSAP No. 101, Income Taxes (“SSAP No. 101”). Prior to 2020, the Company scheduled the reversals of its deferred tax assets for policyholder reserves by estimating the reserve reversal using the aggregate policyholder reserve. As of January 1, 2020, the Company is now taking a 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.

During 2022, the Company identified and corrected an error in annuity product allocation drivers for general operating expenses between the Company and NLAIC that resulted in an understatement of the Company’s general insurance expenses for the years ended December 31, 2021, 2020 and 2019. The error resulted in an overstatement of net income of $22 million, an overstatement of total surplus of $45 million, an overstatement of total assets of $13 million and an understatement of total liabilities of $32 million as of and for the year ended December 31, 2021. In accordance with SSAP No. 3, Accounting Changes and Corrections of Errors (“SSAP No. 3”), the total prior period correction was recorded as a decrease to total surplus of $45 million, a decrease to total assets of $13 million and an increase to total liabilities of $32 million as of January 1, 2022. Additionally, the Company’s subsidiary, NLAIC, identified and corrected errors as of January 1, 2022 that increased the Company’s investment in NLAIC and total surplus by $6 million. The net decrease to the Company’s total surplus of $39 million in 2022 as a result of these corrections is reported as a negative adjustment to unassigned surplus.

F-19

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

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, 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.

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 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.

Subsequent Events

The Company evaluated subsequent events through March 17, 2023, the date the statutory financial statements were issued.

F-20

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 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, 2022
Subject to discretionary withdrawal:
With market value adjustment	$	2,279			90		-	$	2,369			4	%
At book value less current surrender charge of 5% or more		675			-		-		675			1	%
At fair value		11			-		57,823		57,834			87	%
Total with market value adjustment or at fair value	$	2,965		$	90	$	57,823	$	60,878			92	%
At book value without adjustment (minimal or no charge or adjustment)		3,365			-		6		3,371			5	%
Not subject to discretionary withdrawal		2,009			-		56		2,065			3	%
Total, gross	$	8,339		$	90	$	57,885	$	66,314			100	%
Less: Reinsurance ceded		(110	)		-		-		(110	)
Total, net	$	8,229		$	90	$	57,885	$	66,204
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)’	$	65		$	-	$	-	$	65
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

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, 2022, 2021 and 2020 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, 2022
Subject to discretionary withdrawal:
With market value adjustment	$	18,397			2,069		-	$	20,466			49	%
At book value less current surrender charge of 5% or more		6			-		-		6			0	%
At fair value		-			-		15,701		15,701			38	%
Total with market value adjustment or at fair value	$	18,403		$	2,069	$	15,701	$	36,173			87	%
At book value without adjustment (minimal or no charge or adjustment)		4,211			-		-		4,211			10	%
Not subject to discretionary withdrawal		1,051			103		-		1,154			3	%
Total, gross	$	23,665		$	2,172	$	15,701	$	41,538			100	%
Less: Reinsurance ceded		(53	)		-		-		(53	)
Total, net	$	23,612		$	2,172	$	15,701	$	41,485
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, 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

¹ Includes reserves applying the prescribed practice under OAC 3901-1-67, as disclosed in Note 2.

F-22

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 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, 2022
Subject to discretionary withdrawal:
With market value adjustment	$	1	$	-	$	1		0	%
At fair value		-		-		-		0	%
Total with market value adjustment or at fair value	$	1	$	-	$	1		0	%
At book value without adjustment (minimal or no charge or adjustment)		666		2		668		16	%
Not subject to discretionary withdrawal		3,522		14		3,536		84	%
Total, gross	$	4,189	$	16	$	4,205		100	%
Less: Reinsurance ceded		-		-		-
Total, net	$	4,189	$	16	$	4,205
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

The following table is a reconciliation of total annuity actuarial reserves and deposit fund liabilities, as of the dates indicated:

	December 31,
(in millions)	2022		2021
Life, accident and health annual statement:
Annuities, net (excluding supplemental contracts with life contingencies)	$	31,827	$	29,815
Supplemental contracts with life contingencies, net		14		15
Deposit-type contracts		4,189		3,799
Subtotal	$	36,030	$	33,629
Separate accounts annual statement:
Annuities, net (excluding supplemental contracts with life contingencies)	$	75,848	$	96,412
Other contract deposit funds		16		20
Subtotal	$	75,864	$	96,432
Total annuity actuarial reserves and deposit fund liabilities, net	$	111,894	$	130,061

F-23

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 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, 2022
Subject to discretionary withdrawal, surrender values or policy loans:
Term policies with cash value	$	-		$	11		$	11		$	-	$	-	$	-
Universal life		2,626			1,982			2,802			-		-		-
Universal life with secondary guarantees		426			353			929			-		-		-
Indexed universal life with secondary guarantees		283			210			304			-		-		-
Other permanent cash value life insurance		-			1,979			2,473			-		-		-
Variable life		2,850			2,898			3,010			25,626		25,621		25,260
Miscellaneous reserves		-			-			-			-		-		-
Subtotal	$	6,185		$	7,433		$	9,529		$	25,626	$	25,621	$	25,260
Not subject to discretionary withdrawal or no cash value:
Term policies without cash value		-			-			206			-		-		-
Accidental death benefits		-			-			1			-		-		-
Disability - active lives		-			-			15			-		-		-
Disability - disabled lives		-			-			59			-		-		-
Miscellaneous reserves		-			-			31			-		-		-
Total, gross	$	6,185		$	7,433		$	9,841		$	25,626	$	25,621	$	25,260
Less: reinsurance ceded		(9	)		(9	)		(178	)		-		-		-
Total, net	$	6,176		$	7,424		$	9,663		$	25,626	$	25,621	$	25,260

F-24

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

	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

The following table is a reconciliation of life actuarial reserves, as of the dates indicated:

	December 31,
(in millions)	2022		2021
Life, accident and health annual statement:
Life Insurance, net	$	9,569	$	8,986
Accidental death benefits, net		1		1
Disability - active lives, net		14		13
Disability - disabled lives, net		52		51
Miscellaneous reserves, net		27		29
Subtotal	$	9,663	$	9,080
Separate accounts annual statement:
Life insurance1	$	25,570	$	27,788
Miscellaneous reserves		-		6
Subtotal	$	25,570	$	27,794
Total life actuarial reserves, net	$	35,233	$	36,874

1 In 2022, life insurance account value, cash value and reserve includes separate accounts with guarantees of $310 million for universal life. In 2021, life insurance account value, cash value and reserve includes separate accounts with guarantees of $308 million for universal life.

F-25

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 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, 2022:

(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		106
BEAM Insurance Administrators, LLC	61-1776148		Not Exclusive		Accident & health	C / CA / B / P / U		6
Fringe Insurance Benefits, Inc.	74-2616364		Not Exclusive		Accident & health	B / P / U		40
Gilsbar, Inc.	72-0519951		Not Exclusive		Accident & health	B / P / U		18
IRC	74-2824053		Not Exclusive		Accident & health	C / CA / B / P / U		26
Maverick Health Solutions, LLC	87-3345548		Not Exclusive		Accident & health	B / C / CA / P		2
Merchants Benefit Administration, Inc.	86-0875918		Exclusive		Accident & health	B / C / CA / P		31
PRAM Insurance Services, Inc.	33-0367265		Not Exclusive		Accident & health	C / CA / B / P / U		5
RMTS - Manufacturers & Traders Trust Co.	20-1049240		Not Exclusive		Accident & health	C / CA / B / P / U		32
Roundstone Management, Ltd.	27-0371422		Not Exclusive		Accident & health	C / CA / B / P / U		90
Star Line Group	04-3499188		Not Exclusive		Accident & health	C / CA / B / P / U		6
TMS RE Inc	65-0644164		Not Exclusive		Accident & health	C / CA / B / P / U		45
United Group Programs Inc.	59-1896277		Not Exclusive		Accident & health	C / CA / B / P / U		8
Total Direct Premiums Written and Produced							$	415

1 Authority code key includes: C– claims payment, CA– claims adjustment, B- binding authority, P-premium collection, U- underwriting.

F-26

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 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, 2022				December 31, 2021
(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	$	63,282	$	-	$	79,416	$	-
Group annuities		13,743		-		18,091		-
Life insurance		25,688		-		27,865		-
Pension risk transfer group annuities		95		-		-		-
Total	$	102,808	$	-	$	125,372	$	-

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
2022	$	79	$	722
2021	$	12	$	674
2020	$	26	$	631
2019	$	58	$	612
2018	$	18	$	594

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.

The Company has a separate account that holds group annuity contracts offered through the Company’s PRT business, wherein the Company provides guaranteed benefit payments to annuitants. The Company issues PRT business out of both the general and separate accounts, and within both, the assets and liabilities of this business are carried at amortized cost. The PRT separate account business has been included as a nonindexed guarantee less than or equal to 4%.

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-27

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The following tables summarize the separate account reserves of the Company, as of the dates indicated:

(in millions)	Nonindexed guarantee less than or equal to 4%		Nonindexed guarantee more than 4%		Nonguaranteed separate accounts		Total
December 31, 2022
Premiums, considerations or deposits	$	174	$	-	$	7,583	$	7,757
Reserves
For accounts with assets at:
Fair value	$	2,016	$	145	$	98,862	$	101,023
Amortized cost		411		-		-		411
Total reserves1	$	2,427	$	145	$	98,862	$	101,434
By withdrawal characteristics:
With market value adjustment	$	2,117	$	145	$	-	$	2,262
At fair value		-		-		98,784		98,784
At book value without market value adjustment and with current surrender charge less than 5%		310		-		8		318
Subtotal	$	2,427	$	145	$	98,792	$	101,364
Not subject to discretionary withdrawal		-		-		70		70
Total reserves1	$	2,427	$	145	$	98,862	$	101,434

1 The total reserves balance does not equal the liabilities related to separate accounts of $102.8 billion in the statutory statements of admitted assets, liabilities, capital and surplus by $1.4 billion, due to an adjustment for CARVM/CRVM reserves and other liabilities that have not been allocated to the categories outlined above.

(in millions)	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 reserves1	$	2,676	$	146	$	121,404	$	124,226
By withdrawal characteristics:
With market value adjustment	$	2,368	$	146	$	-	$	2,514
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-28

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The following table is a reconciliation of net transfers from separate accounts, as of the dates indicated:

	December 31,
(in millions)	2022			2021			2020
Net transfers as reported in the statutory statements of operations of the separate accounts:
Transfers to separate accounts	$	7,757		$	8,309		$	5,809
Transfers from separate accounts		(8,860	)		(10,860	)		(8,921	)
Net transfers from separate accounts	$	(1,103	)	$	(2,551	)	$	(3,112	)
Reconciling adjustments:
Exchange accounts offsetting in the general account		(606	)		(552	)		(337	)
Fees not included in general account transfers		47			68			(67	)
Other miscellaneous adjustments not included in the general account balance		27			33			(28	)
Net transfers as reported in the statutory statements of operations	$	(1,635	)	$	(3,002	)	$	(3,544	)

F-29

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 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, 2022
Bonds:
U.S. Government	$	1	$	-	$	-	$	1
States, territories and possessions		561		7		55		513
Political subdivisions		380		9		28		361
Special revenues		3,035		36		362		2,709
Industrial and miscellaneous		29,529		118		3,115		26,532
Loan-backed and structured securities		6,702		30		438		6,294
Total bonds	$	40,208	$	200	$	3,998	$	36,410
Common stocks unaffiliated	$	239	$	-	$	-	$	239
Preferred stocks unaffiliated		30		1		-		31
Total unaffiliated stocks1	$	269	$	1	$	-	$	270
Total bonds and unaffiliated stocks1	$	40,477	$	201	$	3,998	$	36,680
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

1 Excludes affiliated common stocks with a carrying value of $3.4 billion and $2.7 billion as of December 31, 2022 and 2021, respectively. Affiliated common stocks include investment in NLAIC and JNF of $3.2 billion and $186 million as of December 31, 2022, respectively, and $2.6 billion and $186 million as of December 31, 2021, 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, 2022 and 2021.

F-30

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The following table summarizes the carrying value and fair value of bonds, by contractual maturity, as of December 31, 2022. 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	$	964	$	959
Due after one year through five years		8,339		7,969
Due after five years through ten years		10,276		9,208
Due after ten years		13,927		11,980
Total bonds excluding loan-backed and structured securities	$	33,506	$	30,116
Loan-backed and structured securities		6,702		6,294
Total bonds	$	40,208	$	36,410

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, 2022
Bonds:
U.S. Government	$	1	$	-	$	-	$	-	$	1	$	-
States, territories and possessions		352		49		23		6		375		55
Political subdivisions		157		27		-		-		157		27
Special revenues		1,935		332		55		22		1,990		354
Industrial and miscellaneous		21,261		2,526		2,604		739		23,865		3,265
Loan-backed and structured securities		3,800		263		2,079		177		5,879		440
Total bonds	$	27,506	$	3,197	$	4,761	$	944	$	32,267	$	4,141
Common stocks unaffiliated	$	45	$	11	$	19	$	6	$	64	$	17
Preferred stocks unaffiliated		20		2		3		1		23		3
Total unaffiliated stocks	$	65	$	13	$	22	$	7	$	87	$	20
Total bonds and unaffiliated stocks	$	27,571	$	3,210	$	4,783	$	951	$	32,354	$	4,161
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

As of December 31, 2022, management evaluated securities in an unrealized loss position 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 loan-backed and structured securities that have been identified as having other-than-temporary impairments for the years ended December 31, 2022 and 2021.

F-31

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 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)	2022		2021
Amortized cost:
Loans with non-specific reserves	$	8,393	$	8,219
Loans with specific reserves		8		9
Total amortized cost	$	8,401	$	8,228
Valuation allowance:
Non-specific reserves	$	37	$	42
Specific reserves		1		1
Total valuation allowance1	$	38	$	43
Mortgage loans, net of allowance	$	8,363	$	8,185

1 Changes in the valuation allowance are due to current period provisions. These changes in the valuation allowance for the years ended December 31, 2022, 2021, and 2020 were immaterial.

As of December 31, 2022 and 2021, 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, 2022
Apartment	$	3,651	$	22	$	3,673	$	3,632		$	41		$	3,673
Industrial		1,437		-		1,437		1,437			-			1,437
Office		1,223		3		1,226		1,214			12			1,226
Retail		1,815		8		1,823		1,794			29			1,823
Other		225		-		225		217			8			225
Total1	$	8,351	$	33	$	8,384	$	8,294		$	90		$	8,384
Weighted average DSC ratio		2.20		0.82		2.19		n/a			n/a			n/a
Weighted average LTV ratio		n/a		n/a		n/a		57	%		81	%		57%
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		n/a			n/a			n/a
Weighted average LTV ratio		n/a		n/a		n/a		59	%		78	%		59%

1 Excludes $17 million and $87 million of commercial mortgage loans that were under development as of December 31, 2022 and 2021, respectively.

As of December 31, 2022 and 2021, the Company has a diversified mortgage loan portfolio with no more than 23% and 24%, respectively, in a geographic region in the U.S. and no more than 1% with any one borrower. The maximum and minimum lending rates for mortgage loans originated or acquired during 2022 were 11.0% and 2.9%, respectively, and for those originated or acquired during 2021 were 4.1% and 1.9%, respectively. As of December 31, 2022 and 2021, the maximum LTV ratio of any one loan at the time of loan origination was 80%. As of December 31, 2022 and 2021, 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-32

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

Securities Lending

The fair value of loaned securities was $611 million and $547 million as of December 31, 2022 and 2021, respectively. The Company held $232 million and $170 million of cash collateral on securities lending as of December 31, 2022 and 2021, respectively. As of December 31, 2022, the carrying value and fair value of reinvested collateral assets was $232 million. As of December 31, 2021, the carrying value and fair value of reinvested collateral assets was $170 million. The fair value of bonds acquired with reinvested collateral assets was $236 million and $173 million as of December 31, 2022 and 2021, respectively. There are no securities lending transactions that extend beyond one year as of the reporting date. The Company received $394 million and $388 million of non-cash collateral on securities lending as of December 31, 2022 and 2021, respectively.

Net Investment Income

The following table summarizes net investment income by investment type, for the years ended:

	December 31,
(in millions)	2022		2021		2020
Bonds	$	1,511	$	1,417	$	1,419
Mortgage loans		334		358		339
Other invested assets		196		499		384
Policy loans		42		43		43
Derivative instruments1		19		31		25
Other		44		12		16
Gross investment income	$	2,146	$	2,360	$	2,226
Investment expenses		(127)		(129)		(119)
Net investment income	$	2,019	$	2,231	$	2,107

1 Includes net investment income applying the prescribed practice under OAC 3901-1-67, as disclosed in Note 2, for the years ended December 31, 2022 and 2021.

The amount of investment income due and accrued that was nonadmitted as of December 31, 2022 and 2021 was immaterial.

Net Realized Capital Gains and Losses

The following table summarizes net realized capital gains and losses for the years ended:

	December 31,
(in millions)	2022			2021			2020
Gross gains on sales	$	31		$	106		$	36
Gross losses on sales		(149	)		(32	)		(42	)
Net realized (losses) gains on sales	$	(118	)	$	74		$	(6	)
Net realized derivative gains (losses)1		284			(679	)		(521	)
Other-than-temporary impairments		(26	)		(4	)		(78	)
Total net realized gains (losses)	$	140			$(609)		$	(605	)
Tax expense (benefit) on net gains (losses)		3			59			(26	)
Net realized capital gains (losses), net of tax	$	137			$    (668)		$	(579	)
Less: Realized (losses) gains transferred to the IMR		(103	)		15			(4	)
Net realized capital gains (losses), net of tax and transfers to the IMR	$	240		$	(683	)	$	(575	)

1 Includes impacts to derivative instruments applying the prescribed practice under OAC 3901-1-67, as disclosed in Note 2, for the years ended December 31, 2022 and 2021.

For the year ended December 31, 2022, gross realized gains and gross realized losses on sales of bonds were $7 million and $145 million, respectively. 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.

The Company did not enter into any material repurchase transactions that would be considered wash sales during the years ended December 31, 2022, 2021 and 2020.

F-33

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

Investment Commitments

The Company had unfunded commitments related to its investment in limited partnerships and limited liability companies totaling $894 million and $793 million as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, there were $207 million and $89 million of commitments to purchase private placement bonds, respectively. There were $291 million of outstanding commitments and no outstanding commitments to fund mortgage loans as of December 31, 2022 and 2021, respectively.

(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, 2022 and 2021, 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.

F-34

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

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, 2022
Interest rate swaps	$	-	$	-	$	-	$	-		$	-
Options		96		1		2		-			-
Cross currency swaps		1,498		135		174		(9	)		2
Futures		3,316		-		-		-			-
Total derivatives¹	$	4,910	$	136	$	176	$	(9	)	$	2
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

1 Fair value balance excludes immaterial accrued interest on derivative assets for December 31, 2022 and 2021.

The derivative assets subject to master netting agreements were $8 million and $13 million as of December 31, 2022 and 2021. The Company received $178 million and $92 million of cash collateral and $20 million and $17 million in pledged securities, respectively, resulting in an immaterial uncollateralized position as of December 31, 2022 and 2021. The derivative liabilities subject to master netting agreements were $8 million and $13 million as of December 31, 2022 and 2021. The Company posted immaterial cash collateral, resulting in an immaterial uncollateralized position as of December 31, 2022 and 2021. Securities received as collateral are recorded off-balance sheet and exclude initial margin posted on derivatives of $236 million and $171 million as of December 31, 2022 and 2021, respectively.

The following table summarizes net gains and losses on derivatives programs by type of derivative instrument, as of the dates indicated:

	Net realized gains (losses) recorded in operations								Unrealized gains (losses) recorded in capital and surplus
	December 31,								December 31,
(in millions)	2022		2021			2020			2022		2021		2020
Options	$	-	$	-		$	-		$	-	$	-	$	(1	)
Cross currency swaps		1		1			4			103		69		(102	)
Futures		283		(680	)		(525	)		124		27		1
Total	$	284	$	(679	)	$	(521	)	$	227	$	96	$	(102	)

F-35

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(7) Fair Value Measurements

The following table summarizes assets and liabilities held at fair value as of December 31, 2022:

(in millions)	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets
Bonds	$	-	$	11	$	-	$	-	$	11
Common stocks unaffiliated		77		162		-		-		239
Preferred stocks unaffiliated		-		25		6		-		31
Separate account assets		97,015		1,795		55		3,552		102,417
Assets at fair value	$	97,092	$	1,993	$	61	$	3,552	$	102,698

The following table presents the rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2022:

(in millions)	Bonds1			Preferred stocks     unaffiliated			Separate account assets			Assets     at fair value
Balance as of December 31, 2021	$	1		$	6		$	49		$	56
Net gains (losses):
In surplus		-			-			24			24
Purchases		-			2			-			2
Sales		-			(2	)		(18	)		(20	)
Transfers out of Level 3		(1	)		-			-			(1	)
Balance as of December 31, 2022	$	-		$	6		$	55		$	61

1 Bonds transfer out of Level 3 during the year ended December 31, 2022, result from the application of the lower of amortized cost or fair value rules based on NAIC rating.

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 unaffiliated1		Separate     account assets			Assets     at fair value
Balance as of December 31, 2020	$	1		$	1		$	-	$	58		$	60
Net gains (losses):
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

1 Preferred stock unaffiliated transfers into Level 3 during the year ended December 31, 2021 are primarily related to the Company’s election of SSAP No. 32R2.

F-36

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 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, 2022
Assets:
Bonds1	$	1	$	32,048	$	4,350	$	36,399	$	40,197
Mortgage loans, net of allowance		-		-		7,351		7,351		8,363
Policy loans		-		-		933		933		933
Derivative assets		-		174		2		176		143
Cash, cash equivalents and short-term investments		613		1,008		-		1,621		1,621
Securities lending collateral assets		232		-		-		232		232
Separate account assets		4		311		41		356		391
Total assets	$	850	$	33,541	$	12,677	$	47,068	$	51,880
Liabilities:
Investment contracts	$	-	$	-	$	3,158	$	3,158	$	3,148
Derivative liabilities		-		9		-		9		7
Total liabilities	$	-	$	9	$	3,158	$	3,167	$	3,155
December 31, 2021
Assets:
Bonds1	$	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

1 Level 3 is primarily composed of industrial and miscellaneous bonds.

Mortgage loans, net of allowance. The fair values of mortgage loans are primarily 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.

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.

F-37

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(8) Federal Income Taxes

The following tables summarize the net admitted deferred tax assets, as of the dates indicated:

	December 31, 2022
(in millions)	Ordinary			Capital			Total
Total gross deferred tax assets	$	820		$	32		$	852
Statutory valuation allowance adjustment		-			-			-
Adjusted gross deferred tax assets	$	820		$	32		$	852
Less: Deferred tax assets nonadmitted		(96	)		(7	)		(103)
Net admitted deferred tax assets	$	724		$	25		$	749
Less: Deferred tax liabilities		(147	)		(13	)		(160)
Net admitted deferred tax assets	$	577		$	12		$	589
	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

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)	2022			2021			Change
Adjusted gross deferred tax assets	$	852		$	789		$	63
Total deferred tax liabilities		(160	)		(88	)		(72	)
Net deferred tax assets	$	692		$	701		$	(9	)
Less: Tax effect of unrealized gains								(37	)
Change in deferred income tax							$	28

F-38

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The following tables summarize components of the admitted deferred tax assets calculation, as of the dates indicated:

	December 31, 2022
(in millions)	Ordinary		Capital		Total
Federal income taxes recoverable through loss carryback	$	-	$	8	$	8
Adjusted gross deferred tax assets expected to be realized1		577		4		581
Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities		147		13		160
Admitted deferred tax assets	$	724	$	25	$	749

	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

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, 2022 and 2021, the threshold limitation for adjusted capital and surplus was $1.4 billion and $1.3 billion, respectively.

The adjusted capital and surplus used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was $9.5 billion and $8.4 billion as of December 31, 2022 and 2021, respectively. The ratio percentage used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was 1,071% and 1,125% as of December 31, 2022 and 2021, respectively.

The following tables summarize the impact of tax planning strategies, as of the dates indicated:

	December 31, 2022
	Ordinary			Capital			Total
Adjusted gross deferred tax assets		0.00	%		0.00	%		0.00	%
Net admitted adjusted gross deferred tax assets		25.51	%		0.00	%		25.51	%

	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	%

The Company’s tax planning strategies included the use of affiliated reinsurance for the years ended December 31, 2022 and 2021.

There are no temporary differences for which deferred tax liabilities are not recognized for the years ended December 31, 2022 and 2021.

F-39

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 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)	2022			2021			Change
Deferred tax assets
Ordinary:
Future policy benefits and claims	$	132		$	90		$	42
Investments		89			128			(39	)
Deferred acquisition costs		260			214			46
Policyholders’ dividends accumulation		4			4			-
Fixed assets		20			-			20
Compensation and benefits accrual		10			11			(1	)
Receivables - nonadmitted		1			-			1
Tax credit carry-forward		294			299			(5	)
Other		10			13			(3	)
Subtotal	$	820		$	759		$	61
Nonadmitted		(96	)		(71	)		(25	)
Admitted ordinary deferred tax assets	$	724		$	688		$	36
Capital:
Investments		32			30			2
Subtotal	$	32		$	30		$	2
Nonadmitted		(7	)		(12	)		5
Admitted capital deferred tax assets	$	25		$	18		$	7
Admitted deferred tax assets	$	749		$	706		$	43
Deferred tax liabilities
Ordinary:
Investments	$	(100	)	$	(12	)	$	(88	)
Deferred and uncollected premium		(5	)		(6	)		1
Future policy benefits and claims		(32	)		(38	)		6
Other		(10	)		(25	)		15
Subtotal	$	(147	)	$	(81	)	$	(66	)
Capital:
Investments		(13	)		(7	)		(6	)
Subtotal	$	(13	)	$	(7	)	$	(6	)
Deferred tax liabilities	$	(160	)	$	(88	)	$	(72	)
Net deferred tax assets	$	589		$	618		$	(29	)

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, 2022 and 2021.

F-40

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 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)	2022			2021			2020
Current income tax expense (benefit)	$	103		$	50		$	(22	)
Change in deferred income tax (without tax on unrealized gains and losses)		(28	)		(50	)		(41	)
Total income tax expense (benefit) reported	$	75		$	-		$	(63	)
Income before income and capital gains taxes	$	1,077		$	861		$	465
Federal statutory tax rate		21	%		21	%		21	%
Expected income tax expense at statutory tax rate	$	226		$	181		$	98
(Decrease) increase in actual tax reported resulting from:
Dividends received deduction		(80	)		(137	)		(117	)
Change in tax reserves		(9	)		-			16
Tax credits		(58	)		(47	)		(48	)
Loss carryback rate differential		-			-			(10	)
Other		(4	)		3			(2	)
Total income tax expense (benefit) reported	$	75		$	-		$	(63	)

The Company incurred $11 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, 2022:

(in millions)	Amount		Origination		Expiration
Business credits	$	27		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	$	28		2021		2041
Business credits	$	29		2022		2042

F-41

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 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 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, 2022 and 2021.

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.

In August 2022, the Inflation Reduction Act of 2022 (“Act”) was passed by the U.S. Congress and signed into law. The Act includes a new Federal corporate alternative minimum tax (“CAMT”), effective in 2023, that is based on the adjusted financial statement income (“AFSI”) set forth on the applicable financial statement (“AFS”) of an applicable corporation. A corporation is an applicable corporation if its rolling average pre-tax AFSI over three prior years (starting with 2020-2022) is greater than $1.0 billion. For a group of related entities, the $1.0 billion threshold is determined on a group basis, and the group’s AFS is generally treated as the AFS for all separate taxpayers in the group. Except under limited circumstances, once a corporation is an applicable corporation, it is an applicable corporation in all future years.

F-42

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

An applicable corporation is not automatically subject to a CAMT liability. The corporation’s tentative CAMT liability is equal to 15% of its adjusted AFSI, and CAMT is payable to the extent the tentative CAMT liability exceeds regular corporate income tax. However, any CAMT paid would be indefinitely available as a credit carryover that could reduce future regular tax in excess of CAMT.

The Company comprises a controlled group of corporations and has determined that it likely will be an applicable corporation in 2023. In making such determination, the group has made certain interpretations of, and assumptions regarding, the CAMT provisions of the Act. The U.S. Treasury Department is expected to issue guidance throughout 2023 that may differ from the group’s interpretations and assumptions and that could alter the group’s determination.

In accordance with INT 22-02: Third Quarter 2022 through First Quarter 2023 Reporting of the Inflation Reduction Act - Corporate Alternative Minimum Tax, the Company did not include an estimate of the impacts of the CAMT because a reasonable estimate cannot be made as of December 31, 2022.

For the year ended December 31, 2022, the Act did not impact the Company’s total tax expense.

(9) Short-Term Debt and FHLB Funding Agreements

Short-Term Debt

The Company is a party of a $750 million revolving variable rate credit facility agreement. The Company had no amounts outstanding under the facility as of December 31, 2022 and 2021.

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 Effective Federal Funds Rate plus 0.18%. The Company had no amounts outstanding under this agreement as of December 31, 2022 and 2021.

In 2021, the Company terminated its commercial paper program, which had a limit of $750 million.

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, 2022 and 2021.

The amount of interest paid on short-term debt was immaterial in 2022, 2021 and 2020.

FHLB 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 $20 million and $25 million in membership stock as of December 31, 2022 and 2021, respectively. As part of the agreement, the Company purchased and held an additional $139 million and $118 million in activity stock as of December 31, 2022 and 2021, respectively, which is included in stocks on the statutory statements of admitted assets, liabilities, capital and surplus. The Company’s liability for advances from the FHLB was $3.1 billion and $2.7 billion as of December 31, 2022 and 2021, respectively, which is included in future policy benefits and claims on the statutory statements of admitted assets, liabilities, capital and surplus. As of February 27, 2023, the Company’s Board of Directors has authorized the issuance of funding agreements up to $6.0 billion to the FHLB, an increase of $2.0 billion, shared between the Company and NLAIC.

The Company has agreements with the FHLB to provide financing for operations. These agreements, which were renewed in February 2023 and expire February 2, 2024, allow the Company access to borrow up to $1.1 billion. As of December 31, 2022 and 2021, the Company had no amounts outstanding under these agreements.

Bonds and mortgage loans with a carrying value of $4.6 billion (2.8% of total admitted assets) as of December 31, 2022 and $3.1 billion (1.7% of total admitted assets) as of December 31, 2021 were pledged as collateral under FHLB agreements and are included in bonds and mortgage loans on the statutory statements of admitted assets, liabilities, capital and surplus.

F-43

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(10) Surplus Notes

The following table summarizes the carrying value of surplus notes issued by the Company to NFS, as of the dates indicated:

(in millions)
Date issued	Interest rate			Par value		Carrying value		Interest and/ or principal paid in current year		Total interest and/or principal paid		Unapproved interest and/or principal		Date of maturity
December 31, 2022 12/19/2001		7.50	%	$	300	$	300	$	22	$	472	$	-		12/31/2031
6/27/2002		8.15	%		300		300		24		497		-		6/27/2032
12/23/2003		6.75	%		100		100		6		125		-		12/23/2033
12/20/2019		4.21	%		400		400		17		51		-		12/19/2059
Total				$	1,100	$	1,100	$	69	$	1,145	$	-
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	$	-

The surplus notes were issued in accordance with Section 3901.72 of the Ohio Revised Code. The principal and interest on these surplus notes shall not be a liability or claim against NLIC, or any of its assets, except as provided in Section 3901.72 of the Ohio Revised Code. The Department must approve interest and principal payments before they are paid.

(11) Reinsurance

The Company has 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 2022, 2021 and 2020 included premiums of $637 million, $607 million and $627 million, respectively, benefits and claims, net of third party reinsurance recoveries of $75 million, $8 million, and $23 million respectively, net investment earnings on funds withheld assets of $52 million, $40 million and $49 million, respectively, and an expense allowance for third party reinsurance premiums of $2 million, $1 million and $1 million, respectively. As of December 31, 2022 and 2021, the carrying value of the funds withheld assets recorded within funds held under coinsurance was $1.6 billion and $1.1 billion, respectively, which consists of bonds and cash equivalents that had a carrying value of $1.5 billion and $954 million, respectively, and mortgage loans that had a carrying value of $95 million and $98 million, respectively. As of December 31, 2022 and 2021, the Company’s reserve credit for guaranteed benefits ceded under the reinsurance agreements was $253 million and $50 million, respectively. Amounts payable to Eagle related to the reinsurance agreements were $424 million and $204 million as of as of December 31, 2022 and December 31, 2021, 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 $287 million, $281 million and $281 million for the years ended December 31, 2022, 2021 and 2020, respectively, while benefits, claims and expenses ceded were $267 million, $257 million and $260 million, respectively.

F-44

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

The Company has an intercompany reinsurance agreement with NLAIC whereby certain inforce and subsequently issued fixed individual deferred annuity contracts are assumed on a modified coinsurance basis. Under modified coinsurance agreements, the ceding company retains invested assets and investment earnings are paid to the reinsurer. Under terms of the agreement, the Company bears the investment risk associated with changes in interest rates. Risk of asset default remains with NLAIC, and the Company pays a fee to NLAIC for the retention of such risk. The agreement will remain inforce until all contract obligations are settled. The ceding of risk does not discharge the original insurer from its primary obligation to the contractholder. Amounts assumed from NLAIC are included in the Company’s statutory statement of operations for 2022, 2021 and 2020 and include premiums of $10 million, $10 million and $12 million, respectively, net investment income of $35 million, $42 million and $46 million, respectively, and benefits, claims and other expenses of $161 million, $147 million and $171 million, respectively. The reserve adjustment for 2022, 2021 and 2020 of $(161) million, $(151) million and $(172) 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 $859 million and $985 million as of December 31, 2022 and 2021, respectively, and amounts payable related to this agreement were $14 million and $8 million for the years ended December 31, 2022 and 2021, respectively.

The Company has an intercompany reinsurance agreement with NLAIC whereby certain variable universal life insurance, whole life insurance and universal life insurance policies are assumed on a modified coinsurance basis. Total policy reserves under this treaty were $33 million and $35 million as of December 31, 2022 and 2021, respectively. Total premiums assumed under this treaty were $12 million, $12 million and $8 million during 2022, 2021 and 2020, 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 $156 million and $155 million as of December 31, 2022 and 2021, 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, 2022 and 2021 were $345 million and $382 million, respectively. The three largest contracts are with Security Benefit Life Insurance Company (“SBL”), Scottish Re Group Limited (“SRG”), in Rehabilitation, and Security Life of Denver Life Insurance Company (“SLD”) as of December 31, 2022. Total reserve credits taken on these contracts as of December 31, 2022 and 2021 totaled $94 million and $96 million for each year, respectively, from SBL, $23 million and $25 million, respectively, from SRG, and $22 million and $21 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 and SRG, in Rehabilitation, have established trusts 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-45

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 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, provided 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. As of January 1, 2022 NSC merged into NNOV8, LLC, a subsidiary of NMIC, and all services going forward were provided by NMIC. For the year ended December 31, 2022, the Company was allocated costs from NMIC totaling $285 million. For the years ended 2021 and 2020, the Company was allocated costs from NMIC and NSC totaling $288 million and $281 million, respectively.

The Company has issued group annuity and life insurance contracts and performs administrative services for various employee benefit plans sponsored by NMIC or its affiliates. Total account values of these contracts were $3.7 billion and $3.8 billion as of December 31, 2022 and 2021, respectively. Total revenues from these contracts were $127 million, $121 million and $122 million for the years ended December 31, 2022, 2021 and 2020, respectively, and include policy charges, net investment income from investments backing the contracts and administrative fees. Total interest credited to the account balances were $87 million, $113 million and $115 million for the years ended December 31, 2022, 2021 and 2020, 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, 2022, 2021 and 2020, the Company was allocated costs from NMIC of $12 million, $12 million and $13 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, $3 million, and $2 million for the years ended December 31, 2022, 2021 and 2020, 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, 2022 and 2021, customer allocations to NFG funds totaled $63.0 billion and $76.8 billion, respectively. For the years ended December 31, 2022, 2021 and 2020, NFG paid the Company $242 million, $265 million and $229 million, respectively, for the distribution and servicing of these funds.

Amounts on deposit with NCMC for the benefit of the Company were $1.0 billion and $509 million as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, amounts on deposit with NCMC were comprised of $883 million and $483 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, 2022, 2021 and 2020 was $112 million, $74 million and $69 million, respectively.

The Company provides financing to Nationwide Realty Investors, LTD, a subsidiary of NMIC with interest rates ranging from 3.6% to 4.9% and maturity dates ranging from June 2023 to July 2041. As of December 31, 2022 and 2021, the Company had mortgage loans outstanding of $338 million and $358 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, 2022 and 2021, the Company had no outstanding borrowings from affiliated entities under such agreements. During 2022 and 2021, 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 2022, 2021 and 2020 were immaterial.

During 2022, the Company received capital contributions of $310 million from NFS. On March 15, 2023, the Company received an additional capital contribution of $30 million from NFS.

F-46

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

During 2022, 2021 and 2020, the Company paid capital contributions of $800 million, $400 million and $500 million, respectively, to NLAIC. In addition, the Company contributed $60 million to NLAIC in connection with the January 1, 2022 merger of HLIC.

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, 2022 or through the subsequent event date.

Pursuant to financial support agreements, the Company has agreed to provide NLAIC and JNL with the minimum capital and surplus required by each state in which NLAIC and JNL does business. These agreements do not constitute the Company as guarantor of any obligation or indebtedness of NLAIC or JNL or provide any creditor of NLAIC or JNL 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 2022, the Company made surplus contributions to Eagle. On June 30, 2022 and July 19, 2022, the Company made surplus contributions to Eagle of $225 million and $1 million, respectively.

During 2022 and 2021 Eagle declared distributions to the Company based on their earned surplus position. On February 10, 2023, the Company received a total distribution of $332 million that was declared on December 30, 2022 and consisted of a return of contributed surplus of $221 million and a dividend of $111 million. The return of contributed surplus receivable was recorded in other invested assets and the dividend receivable was recorded in investment income due and accrued as of December 31, 2022. On November 10, 2022, the Company received a return of contributed surplus distribution of $5 million that was declared on September 30, 2022. On May 10, 2022, the Company received a dividend distribution of $19 million that was declared on March 31, 2022. 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 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 (“NWSBL”), an affiliate, at an interest rate of 1-month LIBOR plus 1.25% with a maturity date of March 1, 2023. As of December 31, 2022 NWSBL had outstanding borrowings of $168 million. During 2023, additional draws increased the outstanding balance to $198 million as of February 28, 2023. On March 1, 2023, the current $198 million balance was repaid and a replacement agreement was entered into with a draw amount of $198 million at an interest rate of 1-month SOFR plus 0.9% and a maturity date of February 28, 2024. On March 14, 2023, an additional draw of $25 million increased the outstanding balance to $223 million.

During 2022, the Company and NMIC entered into unsecured promissory note agreements. On August 11, 2022, NMIC borrowed $50 million from the Company and subsequently repaid the note in full on August 15, 2022. On September 8, 2022, NMIC borrowed $150 million from the Company and subsequently repaid the note in full on September 15, 2022.

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.

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 $140 million and $71 million as of December 31, 2022 and 2021, 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-47

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 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 were approximately $7 million as of December 31, 2022 and 2021.

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.

F-48

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2022, 2021 and 2020 Statutory Financial Statements

(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. No dividends were paid by the Company to NFS for the years ended December 31, 2022 and 2020. In March 2021, the Company paid an ordinary dividend of $550 million to NFS. The Company’s statutory capital and surplus as of December 31, 2022, was $10.2 billion and statutory net income for 2022 was $974 million. As of January 1, 2023, the Company has the ability to pay dividends to NFS totaling $1.0 billion without obtaining prior approval.

The State of Ohio insurance laws also require insurers to seek prior regulatory approval for any dividend paid from other than earned capital and surplus. Earned capital and surplus is defined under the State of Ohio insurance laws as the amount equal to the Company’s unassigned funds as set forth in its most recent statutory financial statements, including net unrealized capital gains and losses or revaluation of assets. Additionally, following any dividend, an insurer’s policyholder capital and surplus must be reasonable in relation to the insurer’s outstanding liabilities and adequate for its financial needs. The payment of dividends by the Company may also be subject to restrictions set forth in the insurance laws of the State of New York that limit the amount of statutory profits on the Company’s participating policies (measured before dividends to policyholders) available for the benefit of the Company and its stockholders.

The Company currently does not expect such regulatory requirements to impair the ability to pay operating expenses and dividends in the future.

F-49

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, 2022:

(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		$	1	$	1	$	1
U.S. government and agencies			115		116		115
Obligations of states and political subdivisions			3,604		3,244		3,604
Foreign governments			279		251		279
Public utilities			4,269		3,752		4,229
All other corporate, mortgage-backed and asset-backed securities			32,082		29,046		31,980
Total fixed maturity securities		$	40,350	$	36,410	$	40,208
Equity securities:
Common Stocks:
Banks, trust and insurance companies			68		58		58
Industrial, miscellaneous and all other			187		181		181
Nonredeemable preferred stocks			33		32		31
Total equity securities1		$	288	$	271	$	270
Mortgage loans2			8,402				8,363
Short-term investments			1,621				1,621
Policy loans			934				933
Other long-term investments3			2,023				2,023
Total invested assets		$	53,618			$	53,418

1 Amount does not agree to the statutory statements of admitted assets, liabilities, capital and surplus as investments in related parties of $3.4 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 $200 million are excluded.

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 III    Supplementary Insurance Information

As of December 31, 2022, 2021 and 2020 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
2022
Life Insurance			$	5,353				$	415
Annuities				10,641					6,457
Retirement Solutions				21,818					4,398
Corporate Solutions and Other				7,670					3,265
Total			$	45,482				$	14,535
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
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
2022
Life Insurance	$	261	$	730		$	105
Annuities		346		11,154			136
Retirement Solutions		860		5,895			120
Corporate Solutions and Other		552		1,519			174
Total	$	2,019	$	19,298		$	535
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

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, increase in 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-51

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule IV     Reinsurance

As of December 31, 2022, 2021 and 2020 and each of the years then ended:

(in millions)
Column A	Column B		Column C			Column D		Column E
	Gross amount		Ceded to other companies			Assumed from other companies		Net amount
2022
Life insurance in force	$	145,173	$	(29,598	)	$	605	$	116,180
Premiums:
Life Insurance1	$	3,473	$	(144	)	$	12	$	3,341
Accident and health insurance		425		(424	)		-		1
Total	$	3,898	$	(568	)	$	12	$	3,342
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

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-52

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule V     Valuation and Qualifying Accounts

Years ended December 31, 2022, 2021 and 2020:

(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
2022
Valuation allowances - mortgage loans	$	43	$	(5	)	$	-		$	38
2021
Valuation allowances - mortgage loans	$	48	$	(4	)	$	(1	)	$	43
2020
Valuation allowances - mortgage loans	$	34	$	14		$	-		$	48

1 Amounts generally represent recoveries, payoffs and sales.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

F-53