NATIONWIDE VLI

SEPARATE

ACCOUNT-2

Annual Report

To

Policyholders

December 31, 2023

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, 2023, 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 1, 2024

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, 2023, 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 Relative Value Portfolio: Class A (ALVGIA)¹

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

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Discovery Value Portfolio: Class A (ALVSVA)¹

ALLSPRING GLOBAL INVESTMENTS

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

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 - 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)

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)

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. 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 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. - 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 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 Jacobs Levy Large Cap Core Fund: Class I (NVNMO1)¹

Nationwide Variable Insurance Trust - NVIT Calvert Equity Fund: Class I (NVNSR1)¹

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 Loomis Short Term Bond Fund: Class II (NVSTB2) ¹

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: Class I Shares (AMCG)¹

Neuberger Berman Advisers Management Trust - International Equity Portfolio: Class S Shares (AMINS)¹

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: Class S Shares (AMMCGS)¹

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: Class S Shares (AMRS)¹

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

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: Class I Shares (AMTB)¹

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)

PUTNAM INVESTMENTS

Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB (PVEIB)

Putnam Variable Trust - Putnam VT Large Cap Growth Fund: Class IB (PVGOB)¹

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)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2023, 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, 2023 and 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, 2023, 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, 2023 and 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, 2023, 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, 2023 and 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, 2023, 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, 2023 and 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 assets, liabilities and contract owners’ equity as of December 31, 2023, and the related statements of operations and changes in contract owners’ equity for the period from September 12, 2023 (inception) to December 31, 2023.

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Sustainable Global Thematic Portfolio: Class B (ABTGB)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2023, and the related statements of operations and changes in contract owners’ equity for the period from August 21, 2023 (inception) to December 31, 2023.

T. ROWE PRICE

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

⁽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, 2023

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
ABTGB		148	$	4,288	$	4,598	$	-	$	4,598	$	-	$	4,598
ALVDAA		10		85		89		1		90		-		90
ALVGIA		17,743		526,035		523,413		1		523,414		-		523,414
ALVIVB		4,975		74,330		73,176		-		73,176		1		73,175
ALVSVA		51,777		933,617		916,979		-		916,979		3		916,976
SVDF		31,692		882,295		648,426		3		648,429		-		648,429
SVOF		68,309		1,713,312		1,775,354		63		1,775,417		-		1,775,417
WFVSCG		45,615		541,583		358,532		-		358,532		-		358,532
ACVB		641,952		4,792,326		4,910,934		11		4,910,945		-		4,910,945
ACVCA		6,930		114,907		98,545		43		98,588		-		98,588
ACVI		53,877		632,908		570,017		47		570,064		-		570,064
ACVIG		197,303		1,730,642		1,513,311		2		1,513,313		-		1,513,313
ACVIP2		85,000		909,337		796,451		-		796,451		2		796,449
ACVMV1		76,250		1,558,794		1,482,309		3		1,482,312		-		1,482,312
ACVU1		1,098		22,552		28,175		-		28,175		5		28,170
AMVBC4		16,258		206,862		228,590		-		228,590		1		228,589
BRVHYI		101,000		722,930		690,840		3,580		694,420		-		694,420
MLVGA2		105,676		1,756,053		1,711,958		3		1,711,961		-		1,711,961
DGI		67,198		1,990,643		2,171,835		7		2,171,842		-		2,171,842
DSC		7,003		315,858		293,634		1		293,635		-		293,635
DSIF		822,926		39,377,761		56,847,742		135		56,847,877		-		56,847,877
DSRG		214,636		8,141,318		9,654,315		26		9,654,341		-		9,654,341
DVSCS		105,454		1,946,505		1,959,327		-		1,959,327		-		1,959,327
DWVSVS		4,970		203,597		189,546		-		189,546		-		189,546
DFVGMI		7,408		102,728		111,715		-		111,715		-		111,715
DFVIPS		12,084		129,869		109,485		2		109,487		-		109,487
DSGIBA		43,850		1,024,499		986,180		2		986,182		-		986,182
FQB		148,064		1,665,821		1,501,367		1		1,501,368		-		1,501,368
FVU2		10,466		107,451		94,405		-		94,405		1		94,404
FAMP		589,712		9,239,023		9,223,094		12		9,223,106		-		9,223,106
FCS		45,267		1,990,805		2,186,388		4		2,186,392		-		2,186,392
FEIP		1,589,147		35,858,520		39,490,294		478		39,490,772		-		39,490,772
FEMS		36,992		470,060		392,483		-		392,483		-		392,483
FF10S		32,994		423,868		373,167		-		373,167		-		373,167
FF20S		65,948		877,774		821,048		1		821,049		-		821,049
FF30S		134,414		2,048,043		2,057,871		1		2,057,872		-		2,057,872
FGP		1,106,101		81,063,205		102,978,016		789		102,978,805		-		102,978,805
FHIP		1,365,838		7,112,069		6,282,857		185		6,283,042		-		6,283,042
FIGBS		186,573		2,317,188		2,054,165		7		2,054,172		-		2,054,172
FMCS		170,856		5,806,796		6,135,448		9		6,135,457		-		6,135,457
FNRS2		74,163		1,735,336		1,823,663		201		1,823,864		-		1,823,864
FOP		144,183		2,891,454		3,722,796		15		3,722,811		-		3,722,811
FOS		173,267		3,784,748		4,449,488		10		4,449,498		-		4,449,498
FRESS		3,840		65,728		65,903		-		65,903		3		65,900
FVSS		61,810		912,219		1,018,626		3		1,018,629		-		1,018,629
FVSS2		4,369		65,935		73,189		-		73,189		1		73,188
FTVDM2		50,331		453,102		414,227		1		414,228		-		414,228
FTVFA2		39,790		210,006		194,973		-		194,973		1		194,972
FTVGI2		51,930		771,724		666,781		1		666,782		-		666,782
FTVIS2		94,792		1,416,939		1,346,044		2		1,346,046		-		1,346,046
FTVRDI		14,481		444,385		408,811		-		408,811		-		408,811
FTVSVI		174,426		2,621,528		2,469,871		4		2,469,875		-		2,469,875
TIF		2,749		38,649		40,049		-		40,049		2		40,047

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2023

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
TIF2		34,904		493,730		497,030		2		497,032		-		497,032
GVGMNS		1,574		19,692		17,862		1		17,863		-		17,863
GVMSAS		4,458		41,968		39,634		-		39,634		1		39,633
RVARS		1,747		46,883		45,236		3		45,239		-		45,239
ACEG		4,143		279,671		244,278		-		244,278		1		244,277
AVMCCI		3,296		28,692		32,264		-		32,264		1		32,263
IVBRA1		13,297		129,681		115,419		-		115,419		5		115,414
IVCPBI		554,768		3,231,644		3,184,367		7		3,184,374		-		3,184,374
OVAG		31,021		2,512,852		1,948,460		5		1,948,465		-		1,948,465
OVGS		600,590		22,368,491		21,957,554		32		21,957,586		-		21,957,586
OVIG		141,660		299,595		286,153		4		286,157		-		286,157
OVMS		294,898		4,154,416		4,529,628		6		4,529,634		-		4,529,634
OVSB		40,338		190,478		173,051		-		173,051		1		173,050
OVSC		42,753		1,042,811		1,150,490		2		1,150,492		-		1,150,492
WRASP		103,827		945,707		909,524		2		909,526		-		909,526
WRHIP		176,972		581,443		522,068		1		522,069		-		522,069
WRMCG		58,396		697,712		583,961		1		583,962		-		583,962
JABS		44,580		2,003,677		2,142,060		3		2,142,063		-		2,142,063
JACAS		122,832		4,826,008		5,219,137		12		5,219,149		-		5,219,149
JAEI		5,593		431,680		427,955		4		427,959		-		427,959
JAGTS		393,740		5,959,673		6,323,457		18		6,323,475		-		6,323,475
JAIGS		59,499		1,777,153		2,384,718		2		2,384,720		-		2,384,720
LOVTRC		12,579		206,146		178,619		-		178,619		-		178,619
MNDIC		30,420		473,154		393,639		-		393,639		1		393,638
MV2IGI		17,621		401,343		398,756		1		398,757		-		398,757
MV3MVI		32,942		342,205		323,822		-		323,822		1		323,821
MVFIC		167,924		3,370,802		3,571,740		6		3,571,746		-		3,571,746
MVIGIC		17,505		256,670		256,800		-		256,800		2		256,798
MSEM		67,800		478,196		372,902		1		372,903		-		372,903
MSVRE		27,691		474,031		402,633		-		402,633		3		402,630
DTRTFB		12,927		119,853		110,012		-		110,012		-		110,012
EIF		71,928		1,367,728		1,401,870		2		1,401,872		-		1,401,872
GBF		363,126		3,938,715		3,438,802		3		3,438,805		-		3,438,805
GEM		85,491		1,076,953		895,942		1		895,943		-		895,943
GIG		303,677		3,108,942		3,264,532		4		3,264,536		-		3,264,536
GVAAA2		142,566		3,586,457		3,624,037		6		3,624,043		-		3,624,043
GVABD2		28,654		331,019		312,614		-		312,614		1		312,613
GVAGG2		70,728		2,374,246		2,484,671		4		2,484,675		-		2,484,675
GVAGI2		15,380		864,941		967,075		3		967,078		-		967,078
GVAGR2		31,681		3,142,212		3,428,478		8		3,428,486		-		3,428,486
GVDMA		531,198		5,527,233		4,833,902		-		4,833,902		48		4,833,854
GVDMC		44,372		447,001		408,224		1		408,225		-		408,225
GVEX1		709,812		5,988,776		6,516,079		15		6,516,094		-		6,516,094
GVIDA		207,639		2,360,195		2,119,997		4		2,120,001		-		2,120,001
GVIDC		16,469		164,216		155,140		-		155,140		2		155,138
GVIDM		217,372		2,206,891		1,880,267		2		1,880,269		-		1,880,269
GVIX2		75,592		761,595		797,500		2		797,502		-		797,502
HIBF		133,218		845,356		771,332		2		771,334		-		771,334
IDPGI		17		167		175		-		175		1		174
MCIF		281,879		5,747,568		5,310,596		17		5,310,613		-		5,310,613
MSBF		63,729		575,540		532,772		-		532,772		-		532,772
NCPG		5,440		61,973		66,800		-		66,800		3		66,797
NCPGI		772		8,807		9,111		-		9,111		3		9,108

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2023

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
NVAMV1		333,602		5,122,601		5,601,184		8		5,601,192		-		5,601,192
NVAMVX		146,940		2,261,992		2,462,708		-		2,462,708		-		2,462,708
NVBX		17,748		165,536		162,927		-		162,927		-		162,927
NVCBD1		39,676		411,995		363,036		-		363,036		-		363,036
NVCCA1		62,017		639,848		666,682		1		666,683		-		666,683
NVCCN1		6,008		64,004		62,606		-		62,606		1		62,605
NVCMA1		57,977		543,322		600,065		3		600,068		-		600,068
NVCMC1		13,537		143,907		146,736		-		146,736		-		146,736
NVCMD1		90,505		963,235		999,174		2		999,176		-		999,176
NVCRA1		34,023		369,484		421,550		-		421,550		-		421,550
NVCRB1		35,529		381,886		398,632		-		398,632		-		398,632
NVDBL2		6,998		81,496		91,599		5		91,604		-		91,604
NVDCA2		7,048		102,000		88,170		5		88,175		-		88,175
NVDCAP		11,093		161,564		138,221		-		138,221		2		138,219
NVFIII		790		7,306		7,532		1		7,533		-		7,533
NVGEII		3,330		49,806		53,016		-		53,016		3		53,013
NVIDMP		58,657		551,098		505,034		1		505,035		-		505,035
NVIX		55,908		546,344		590,947		-		590,947		4		590,943
NVLCP1		64,407		730,980		636,342		-		636,342		1		636,341
NVMIG1		372,430		3,768,538		2,893,781		7		2,893,788		-		2,893,788
NVMIVX		41,037		411,689		480,959		-		480,959		1		480,958
NVMLG1		575,789		4,876,043		4,894,203		6		4,894,209		-		4,894,209
NVMMG1		4,558,357		42,519,906		28,580,901		67		28,580,968		-		28,580,968
NVMMV2		2,709,413		24,248,427		20,943,759		30		20,943,789		-		20,943,789
NVNMO1		1,234,216		13,111,451		15,538,779		39		15,538,818		-		15,538,818
NVNSR1		15,496		207,322		186,567		-		186,567		2		186,565
NVOLG1		4,380,111		79,747,654		92,420,342		193		92,420,535		-		92,420,535
NVRE1		828,482		5,920,614		6,105,913		8		6,105,921		-		6,105,921
NVSIX2		73,642		623,206		582,509		2		582,511		-		582,511
NVSTB2		7,483		74,531		71,908		-		71,908		2		71,906
NVTIV3		3,470		33,071		41,020		3		41,023		-		41,023
SAM		11,854,228		11,854,228		11,854,228		-		11,854,228		44		11,854,184
SCF		959,590		17,548,317		17,483,726		40		17,483,766		-		17,483,766
SCGF		132,419		2,119,643		1,816,789		3		1,816,792		-		1,816,792
SCVF		391,784		3,640,943		3,690,607		8		3,690,615		-		3,690,615
TRF		2,707,066		41,192,321		57,389,798		113		57,389,911		-		57,389,911
AMCG		70,057		1,843,295		1,865,627		8		1,865,635		-		1,865,635
AMINS		896		5,236		6,440		1		6,441		-		6,441
AMMCGS		7,116		203,475		163,103		-		163,103		-		163,103
AMRS		84		1,523		1,628		-		1,628		-		1,628
AMSRS		158,659		4,196,046		5,291,265		11		5,291,276		-		5,291,276
AMTB		131,847		1,369,349		1,271,000		21		1,271,021		-		1,271,021
NOTB3		689		13,713		9,463		-		9,463		-		9,463
NOTG3		254		3,873		3,044		-		3,044		-		3,044
NOTMG3		11		158		126		-		126		3		123
PMVAAA		36,157		363,951		327,224		-		327,224		1		327,223
PMVFBA		6,736		63,448		50,992		-		50,992		-		50,992
PMVLDA		90,096		915,723		864,920		-		864,920		1		864,919
PMVRSA		39,225		233,022		209,856		-		209,856		-		209,856
PVSTA		14,423		147,041		147,548		-		147,548		2		147,546
PVEIB		34,724		945,035		1,000,754		2		1,000,756		-		1,000,756
PVGOB		157,375		1,844,381		2,121,412		6		2,121,418		-		2,121,418
PVTIGB		16,266		224,103		248,389		-		248,389		-		248,389

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2023

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
TRHS2		82,962		4,109,114		4,301,587		5		4,301,592		-		4,301,592
TRLT2		9,498		45,535		44,070		-		44,070		-		44,070
TRMCG2		324		9,177		8,760		-		8,760		-		8,760
VWBF		79,781		647,308		607,932		-		607,932		-		607,932
VWEM		201,602		2,476,656		1,856,756		-		1,856,756		4		1,856,752
VWHA		104,480		2,460,673		2,778,117		-		2,778,117		3		2,778,114
VRVDRI		4,819		108,369		93,443		-		93,443		-		93,443

* 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, 2023, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	ABTGB			ALVDAA			ALVGIA			ALVIVB			ALVSVA			SVDF			SVOF			WFVSCG
Reinvested dividends	$	-			1			7,488			497			9,078			-			-			-
Mortality and expense risk charges (note 3)		(6	)		-			(2,179	)		(367	)		(3,493	)		(3,641	)		(11,964	)		(1,901	)
Net investment income (loss)		(6	)		1			5,309			130			5,585			(3,641	)		(11,964	)		(1,901	)
Realized gain (loss) on investments		-			(40	)		(2,240	)		(78	)		(9,335	)		(19,884	)		(13,395	)		(15,743	)
Change in unrealized gain (loss) on investments		311			58			12,537			9,888			67,798			131,162			253,582			31,640
Net gain (loss) on investments		311			18			10,297			9,810			58,463			111,278			240,187			15,897
Reinvested capital gains		-			-			39,377			-			71,493			-			136,374			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	305			19			54,983			9,940			135,541			107,637			364,597			13,996
Investment Activity*:	ACVB			ACVCA			ACVI			ACVIG			ACVIP2			ACVMV1			ACVU1			AMVBC4
Reinvested dividends	$	89,684			-			8,001			21,584			27,446			33,318			-			3,461
Mortality and expense risk charges (note 3)		(32,806	)		(643	)		(2,977	)		(6,728	)		(4,215	)		(6,591	)		(1,437	)		(969	)
Net investment income (loss)		56,878			(643	)		5,024			14,856			23,231			26,727			(1,437	)		2,492
Realized gain (loss) on investments		(91,946	)		(425	)		(2,536	)		(69,795	)		(9,119	)		(8,496	)		(922	)		1,895
Change in unrealized gain (loss) on investments		697,023			17,295			61,157			172,886			8,734			(100,573	)		39,103			23,993
Net gain (loss) on investments		605,077			16,870			58,621			103,091			(385	)		(109,069	)		38,181			25,888
Reinvested capital gains		-			129			-			-			-			159,808			11,934			1,671
Net increase (decrease) in contract owners’ equity resulting from operations	$	661,955			16,356			63,645			117,947			22,846			77,466			48,678			30,051

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	BRVHYI			MLVGA2			DGI			DSC			DSIF			DSRG			DVSCS			DWVSVS
Reinvested dividends	$	40,802			34,123			13,104			903			742,240			64,612			19,487			1,296
Mortality and expense risk charges (note 3)		(3,165	)		(8,276	)		(8,484	)		(1,441	)		(237,944	)		(45,519	)		(9,549	)		(989	)
Net investment income (loss)		37,637			25,847			4,620			(538	)		504,296			19,093			9,938			307
Realized gain (loss) on investments		(8,935	)		(1,196	)		(9,218	)		(5,622	)		1,655,243			165,379			(40,941	)		11,459
Change in unrealized gain (loss) on investments		45,860			163,479			249,398			24,855			7,712,285			635,050			185,774			(6,305	)
Net gain (loss) on investments		36,925			162,283			240,180			19,233			9,367,528			800,429			144,833			5,154
Reinvested capital gains		-			-			212,606			6,087			1,906,959			1,037,552			101,729			8,689
Net increase (decrease) in contract owners’ equity resulting from operations	$	74,562			188,130			457,406			24,782			11,778,783			1,857,074			256,500			14,150
Investment Activity*:	DFVGMI			DFVIPS			DSGIBA			FQB			FVU2			FAMP			FCS			FEIP
Reinvested dividends	$	2,839			4,202			29,263			38,327			1,619			207,622			7,687			726,602
Mortality and expense risk charges (note 3)		(513	)		(538	)		(4,634	)		(10,088	)		(440	)		(44,700	)		(8,373	)		(188,630	)
Net investment income (loss)		2,326			3,664			24,629			28,239			1,179			162,922			(686	)		537,972
Realized gain (loss) on investments		977			(1,139	)		(2,362	)		(9,070	)		(566	)		(72,373	)		4,950			400,969
Change in unrealized gain (loss) on investments		7,221			1,017			102,239			58,621			6,368			846,337			395,274			1,663,782
Net gain (loss) on investments		8,198			(122	)		99,877			49,551			5,802			773,964			400,224			2,064,751
Reinvested capital gains		1,155			-			-			-			-			95,050			65,455			1,090,661
Net increase (decrease) in contract owners’ equity resulting from operations	$	11,679			3,542			124,506			77,790			6,981			1,031,936			464,993			3,693,384

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	FEMS			FF10S			FF20S			FF30S			FGP			FHIP			FIGBS			FMCS
Reinvested dividends	$	8,074			13,974			24,956			47,838			119,658			345,493			52,094			29,791
Mortality and expense risk charges (note 3)		(1,880	)		(1,817	)		(4,196	)		(10,523	)		(458,370	)		(29,488	)		(7,407	)		(28,082	)
Net investment income (loss)		6,194			12,157			20,760			37,315			(338,712	)		316,005			44,687			1,709
Realized gain (loss) on investments		(1,430	)		(1,758	)		(1,086	)		35,648			5,254,658			(138,575	)		(29,544	)		(36,431	)
Change in unrealized gain (loss) on investments		20,754			(3,433	)		64,449			190,350			18,737,332			402,748			104,349			662,724
Net gain (loss) on investments		19,324			(5,191	)		63,363			225,998			23,991,990			264,173			74,805			626,293
Reinvested capital gains		-			24,433			5,673			-			4,306,453			-			-			161,522
Net increase (decrease) in contract owners’ equity resulting from operations	$	25,518			31,399			89,796			263,313			27,959,731			580,178			119,492			789,524
Investment Activity*:	FNRS2			FOP			FOS			FRESS			FVSS			FVSS2			FTVDM2			FTVFA2
Reinvested dividends	$	49,163			36,248			39,757			1,563			10,330			497			8,301			2,779
Mortality and expense risk charges (note 3)		(9,622	)		(14,056	)		(21,668	)		(429	)		(5,411	)		(250	)		(1,865	)		(976	)
Net investment income (loss)		39,541			22,192			18,089			1,134			4,919			247			6,436			1,803
Realized gain (loss) on investments		84,779			233,320			49,930			(18,981	)		38,519			32			(18,872	)		(12,648	)
Change in unrealized gain (loss) on investments		(148,985	)		395,916			666,594			20,109			96,879			7,058			55,053			32,515
Net gain (loss) on investments		(64,206	)		629,236			716,524			1,128			135,398			7,090			36,181			19,867
Reinvested capital gains		-			9,168			11,139			3,448			36,714			2,065			301			3,226
Net increase (decrease) in contract owners’ equity resulting from operations	$	(24,665	)		660,596			745,752			5,710			177,031			9,402			42,918			24,896

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	FTVGI2			FTVIS2			FTVRDI			FTVSVI			TIF			TIF2			GVGMNS			GVMSAS
Reinvested dividends	$	-			67,863			4,275			17,972			1,274			15,294			293			2,528
Mortality and expense risk charges (note 3)		(3,047	)		(6,455	)		-			(11,651	)		(167	)		(1,976	)		(85	)		(191	)
Net investment income (loss)		(3,047	)		61,408			4,275			6,321			1,107			13,318			208			2,337
Realized gain (loss) on investments		(41,014	)		(11,721	)		200			(91,762	)		(115	)		(8,104	)		(121	)		(360	)
Change in unrealized gain (loss) on investments		60,801			(37,538	)		2,549			240,638			5,975			81,600			2,283			723
Net gain (loss) on investments		19,787			(49,259	)		2,749			148,876			5,860			73,496			2,162			363
Reinvested capital gains		-			82,272			38,747			129,825			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	16,740			94,421			45,771			285,022			6,967			86,814			2,370			2,700
Investment Activity*:	RVARS			ACEG			AVMCCI			IVBRA1			IVCPBI			OVAG			OVGS			OVIG
Reinvested dividends	$	1,534			-			51			-			80,330			-			45,466			1,085
Mortality and expense risk charges (note 3)		(273	)		(509	)		(128	)		(643	)		(17,890	)		(10,417	)		(98,449	)		(972	)
Net investment income (loss)		1,261			(509	)		(77	)		(643	)		62,440			(10,417	)		(52,983	)		113
Realized gain (loss) on investments		49			(13,326	)		(623	)		(39,180	)		(8,359	)		(78,216	)		(277,147	)		(15,875	)
Change in unrealized gain (loss) on investments		763			69,365			4,385			52,101			108,535			306,556			3,784,070			54,616
Net gain (loss) on investments		812			56,039			3,762			12,921			100,176			228,340			3,506,923			38,741
Reinvested capital gains		-			3,816			-			-			-			-			2,299,196			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	2,073			59,346			3,685			12,278			162,616			217,923			5,753,136			38,854

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	OVMS			OVSB			OVSC			WRASP			WRHIP			WRMCG			JABS			JACAS
Reinvested dividends	$	82,996			-			11,595			18,505			31,343			-			36,595			5,786
Mortality and expense risk charges (note 3)		(22,144	)		(710	)		(4,790	)		(4,657	)		(2,566	)		(3,311	)		(10,204	)		(21,394	)
Net investment income (loss)		60,852			(710	)		6,805			13,848			28,777			(3,311	)		26,391			(15,608	)
Realized gain (loss) on investments		21,747			(1,973	)		2,117			(14,229	)		(9,503	)		(95,114	)		15,524			(10,746	)
Change in unrealized gain (loss) on investments		414,647			15,584			151,924			111,253			34,807			123,499			236,405			1,516,723
Net gain (loss) on investments		436,394			13,611			154,041			97,024			25,304			28,385			251,929			1,505,977
Reinvested capital gains		-			-			-			-			-			74,193			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	497,246			12,901			160,846			110,872			54,081			99,267			278,320			1,490,369
Investment Activity*:	JAEI			JAGTS			JAIGS			LOVTRC			MNDIC			MV2IGI			MV3MVI			MVFIC
Reinvested dividends	$	649			-			33,477			7,612			-			1,084			7,033			56,058
Mortality and expense risk charges (note 3)		(1,892	)		(23,441	)		(11,733	)		(885	)		(2,361	)		(817	)		(2,084	)		(14,815	)
Net investment income (loss)		(1,243	)		(23,441	)		21,744			6,727			(2,361	)		267			4,949			41,243
Realized gain (loss) on investments		(1,896	)		(68,911	)		107,055			(1,072	)		(199,344	)		(1,409	)		(25,052	)		8,759
Change in unrealized gain (loss) on investments		29,114			2,121,736			97,747			4,171			252,309			30,170			51,930			(39,638	)
Net gain (loss) on investments		27,218			2,052,825			204,802			3,099			52,965			28,761			26,878			(30,879	)
Reinvested capital gains		26,811			-			-			-			-			18,759			13,338			235,627
Net increase (decrease) in contract owners’ equity resulting from operations	$	52,786			2,029,384			226,546			9,826			50,604			47,787			45,165			245,991

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	MVIGIC			MSEM			MSVRE			DTRTFB			EIF			GBF			GEM			GIG
Reinvested dividends	$	2,670			30,191			8,334			3,437			24,975			92,285			15,287			84,888
Mortality and expense risk charges (note 3)		(1,206	)		(1,802	)		(1,517	)		(416	)		(5,993	)		(16,665	)		(3,993	)		(14,015	)
Net investment income (loss)		1,464			28,389			6,817			3,021			18,982			75,620			11,294			70,873
Realized gain (loss) on investments		398			(20,825	)		(96,240	)		(430	)		18,875			(82,356	)		10,620			(39,572	)
Change in unrealized gain (loss) on investments		21,204			30,532			149,461			1,777			2,174			149,506			10,728			562,839
Net gain (loss) on investments		21,602			9,707			53,221			1,347			21,049			67,150			21,348			523,267
Reinvested capital gains		7,613			-			-			-			108,669			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	30,679			38,096			60,038			4,368			148,700			142,770			32,642			594,140
Investment Activity*:	GVAAA2			GVABD2			GVAGG2			GVAGI2			GVAGR2			GVDMA			GVDMC			GVEX1
Reinvested dividends	$	-			-			-			-			-			-			-			79,267
Mortality and expense risk charges (note 3)		(17,254	)		(1,491	)		(11,030	)		(3,816	)		(13,885	)		(22,404	)		(2,742	)		(32,125	)
Net investment income (loss)		(17,254	)		(1,491	)		(11,030	)		(3,816	)		(13,885	)		(22,404	)		(2,742	)		47,142
Realized gain (loss) on investments		20,862			(1,594	)		27,964			27,138			64,856			(437,206	)		(23,845	)		(2,404,180	)
Change in unrealized gain (loss) on investments		74,410			14,671			193,806			86,739			535,545			1,160,151			66,596			3,763,692
Net gain (loss) on investments		95,272			13,077			221,770			113,877			600,401			722,945			42,751			1,359,512
Reinvested capital gains		354,366			-			239,077			79,691			343,722			51,917			-			7,584
Net increase (decrease) in contract owners’ equity resulting from operations	$	432,384			11,586			449,817			189,752			930,238			752,458			40,009			1,414,238

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	GVIDA			GVIDC			GVIDM			GVIX2			HIBF			IDPG			IDPGI			MCIF
Reinvested dividends	$	-			-			-			17,213			44,280			-			-			62,096
Mortality and expense risk charges (note 3)		(10,596	)		(789	)		(7,219	)		(3,678	)		(2,950	)		-			-			(26,012	)
Net investment income (loss)		(10,596	)		(789	)		(7,219	)		13,535			41,330			-			-			36,084
Realized gain (loss) on investments		(42,411	)		(2,580	)		(223,754	)		(1,220	)		(10,666	)		(33	)		(1	)		(223,602	)
Change in unrealized gain (loss) on investments		372,350			15,030			485,527			101,556			56,966			47			15			671,382
Net gain (loss) on investments		329,939			12,450			261,773			100,336			46,300			14			14			447,780
Reinvested capital gains		22,351			-			-			-			-			-			-			261,725
Net increase (decrease) in contract owners’ equity resulting from operations	$	341,694			11,661			254,554			113,871			87,630			14			14			745,589
Investment Activity*:	MSBF			NCPG			NCPGI			NVAMV1			NVAMVX			NVBX			NVCBD1			NVCCA1
Reinvested dividends	$	46,630			-			-			95,359			45,679			4,047			11,090			-
Mortality and expense risk charges (note 3)		(3,859	)		(313	)		(44	)		(26,948	)		(13,352	)		(736	)		(2,205	)		(3,307	)
Net investment income (loss)		42,771			(313	)		(44	)		68,411			32,327			3,311			8,885			(3,307	)
Realized gain (loss) on investments		(34,049	)		21			(36	)		79,373			154,125			(13,442	)		(33,713	)		(20,345	)
Change in unrealized gain (loss) on investments		9,774			6,476			1,112			(6,679	)		(130,106	)		15,799			42,333			69,393
Net gain (loss) on investments		(24,275	)		6,497			1,076			72,694			24,019			2,357			8,620			49,048
Reinvested capital gains		44,886			1,058			-			302,647			155,639			-			-			46,491
Net increase (decrease) in contract owners’ equity resulting from operations	$	63,382			7,242			1,032			443,752			211,985			5,668			17,505			92,232

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	NVCCN1			NVCMA1			NVCMC1			NVCMD1			NVCRA1			NVCRB1			NVDBL2			NVDCA2
Reinvested dividends	$	-			-			-			-			-			-			-			-
Mortality and expense risk charges (note 3)		(309	)		(3,423	)		(584	)		(4,404	)		(2,198	)		(1,967	)		(481	)		(530	)
Net investment income (loss)		(309	)		(3,423	)		(584	)		(4,404	)		(2,198	)		(1,967	)		(481	)		(530	)
Realized gain (loss) on investments		(533	)		1,577			(345	)		(5,376	)		6,979			509			(2,142	)		(7,702	)
Change in unrealized gain (loss) on investments		4,446			62,221			6,987			77,294			41,564			28,908			13,010			20,858
Net gain (loss) on investments		3,913			63,798			6,642			71,918			48,543			29,417			10,868			13,156
Reinvested capital gains		1,242			37,852			7,101			60,826			25,228			19,271			-			82
Net increase (decrease) in contract owners’ equity resulting from operations	$	4,846			98,227			13,159			128,340			71,573			46,721			10,387			12,708
Investment Activity*:	NVDCAP			NVFIII			NVGEII			NVIDMP			NVIX			NVLCP1			NVMIG1			NVMIVX
Reinvested dividends	$	-			188			693			-			14,142			22,738			52,716			12,371
Mortality and expense risk charges (note 3)		(690	)		(33	)		(123	)		(2,641	)		(2,773	)		(3,140	)		(14,295	)		(2,340	)
Net investment income (loss)		(690	)		155			570			(2,641	)		11,369			19,598			38,421			10,031
Realized gain (loss) on investments		(10,615	)		16			(58	)		(41,085	)		(952	)		(10,888	)		(141,429	)		6,746
Change in unrealized gain (loss) on investments		31,706			159			6,449			106,873			74,944			32,266			490,127			47,768
Net gain (loss) on investments		21,091			175			6,391			65,788			73,992			21,378			348,698			54,514
Reinvested capital gains		126			-			-			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	20,527			330			6,961			63,147			85,361			40,976			387,119			64,545

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	NVMLG1			NVMMG1			NVMMV2			NVNMO1			NVNSR1			NVOLG1			NVRE1			NVSIX2
Reinvested dividends	$	210,011			-			307,777			73,662			570			1,234,914			132,443			6,047
Mortality and expense risk charges (note 3)		(17,579	)		(136,377	)		(102,863	)		(69,331	)		(846	)		(400,707	)		(24,602	)		(2,602	)
Net investment income (loss)		192,432			(136,377	)		204,914			4,331			(276	)		834,207			107,841			3,445
Realized gain (loss) on investments		(12,029	)		(2,015,434	)		(622,989	)		64,515			(520	)		(334,714	)		65,598			(3,410	)
Change in unrealized gain (loss) on investments		745,560			7,031,695			(1,012,824	)		1,833,915			12,146			17,483,525			332,542			74,207
Net gain (loss) on investments		733,531			5,016,261			(1,635,813	)		1,898,430			11,626			17,148,811			398,140			70,797
Reinvested capital gains		202,826			-			3,021,884			1,054,900			19,880			-			129,179			3,201
Net increase (decrease) in contract owners’ equity resulting from operations	$	1,128,789			4,879,884			1,590,985			2,957,661			31,230			17,983,018			635,160			77,443
Investment Activity*:	NVSTB2			NVTIV3			SAM			SCF			SCGF			SCVF			TRF			AMCG
Reinvested dividends	$	2,549			969			633,262			82,542			-			14,821			757,859			-
Mortality and expense risk charges (note 3)		(421	)		(208	)		(63,067	)		(79,094	)		(5,957	)		(16,733	)		(295,707	)		(6,887	)
Net investment income (loss)		2,128			761			570,195			3,448			(5,957	)		(1,912	)		462,152			(6,887	)
Realized gain (loss) on investments		(3,437	)		193			-			(529,575	)		(31,446	)		(314,315	)		2,230,309			(311	)
Change in unrealized gain (loss) on investments		5,274			4,680			-			2,525,758			274,548			703,822			(3,992,853	)		301,656
Net gain (loss) on investments		1,837			4,873			-			1,996,183			243,102			389,507			(1,762,544	)		301,345
Reinvested capital gains		-			-			1			94,441			-			168,151			5,503,219			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	3,965			5,634			570,196			2,094,072			237,145			555,746			4,202,827			294,458

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	AMINS			AMMCGS			AMRS			AMSRS			AMTB			NOTB3			NOTG3			NOTMG3
Reinvested dividends	$	3			-			8			16,526			55,843			16			11			-
Mortality and expense risk charges (note 3)		-			(800	)		-			(10,243	)		(5,644	)		(47	)		(15	)		-
Net investment income (loss)		3			(800	)		8			6,283			50,199			(31	)		(4	)		-
Realized gain (loss) on investments		(5,746	)		(10,855	)		2			48,319			(21,307	)		(995	)		(626	)		(29	)
Change in unrealized gain (loss) on investments		8,324			39,576			105			1,009,962			39,597			1,749			928			39
Net gain (loss) on investments		2,578			28,721			107			1,058,281			18,290			754			302			10
Reinvested capital gains		-			-			68			77,983			-			44			4			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	2,581			27,921			183			1,142,547			68,489			767			302			10
Investment Activity*:	PMVAAA			PMVFBA			PMVLDA			PMVRSA			PVSTA			PVEIB			PVGOB			PVTIGB
Reinvested dividends	$	9,204			1,279			31,091			54,635			3,310			16,315			-			86
Mortality and expense risk charges (note 3)		(1,553	)		(253	)		(2,649	)		(1,319	)		(373	)		(4,148	)		(8,242	)		(1,117	)
Net investment income (loss)		7,651			1,026			28,442			53,316			2,937			12,167			(8,242	)		(1,031	)
Realized gain (loss) on investments		(7,808	)		(5,388	)		(5,109	)		(142,443	)		229			16,983			13,011			1,236
Change in unrealized gain (loss) on investments		23,540			7,156			16,022			54,141			468			51,876			554,014			39,371
Net gain (loss) on investments		15,732			1,768			10,913			(88,302	)		697			68,859			567,025			40,607
Reinvested capital gains		-			-			-			-			-			45,733			21,571			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	23,383			2,794			39,355			(34,986	)		3,634			126,759			580,354			39,576

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2023

Investment Activity*:	TRHS2			TRLT2			TRMCG2			VWBF			VWEM			VWHA			VRVDRI
Reinvested dividends	$	-			1,317			-			24,283			64,862			80,689			2,222
Mortality and expense risk charges (note 3)		(20,987	)		-			(1	)		(3,367	)		(9,190	)		(14,086	)		(444	)
Net investment income (loss)		(20,987	)		1,317			(1	)		20,916			55,672			66,603			1,778
Realized gain (loss) on investments		117,799			(7	)		-			(14,955	)		(106,014	)		114,377			(3,534	)
Change in unrealized gain (loss) on investments		(171,101	)		668			(416	)		54,548			219,055			(316,946	)		6,192
Net gain (loss) on investments		(53,302	)		661			(416	)		39,593			113,041			(202,569	)		2,658
Reinvested capital gains		159,102			-			545			-			-			-			909
Net increase (decrease) in contract owners’ equity resulting from operations	$	84,813			1,978			128			60,509			168,713			(135,966	)		5,345

* 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, 2023, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	ABTGB					ALVDAA						ALVGIA						ALVIVB
	2023			2022		2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(6	)		-		1			6			5,309			4,773			130			2,531
Realized gain (loss) on investments		-			-		(40	)		(23	)		(2,240	)		2,175			(78	)		(774	)
Change in unrealized gain (loss) on investments		311			-		58			(144	)		12,537			(109,871	)		9,888			(13,954	)
Reinvested capital gains		-			-		-			85			39,377			78,701			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		305			-		19			(76	)		54,983			(24,222	)		9,940			(12,197	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			-		67			149			20,649			19,722			350			1,064
Transfers between funds		4,302			-		-			144,398			2,930			33,874			1,549			67
Surrenders (notes 2, 3, 4, 5 and 6)		(8	)		-		(210	)		(150,577	)		(47,520	)		(42,455	)		(6,877	)		(4,567	)
Adjustments to maintain reserves		(1	)		-		5			(15	)		29			(62	)		(15	)		2
Net equity transactions		4,293			-		(138	)		(6,045	)		(23,912	)		11,079			(4,993	)		(3,434	)
Net change in contract owners’ equity		4,598			-		(119	)		(6,121	)		31,071			(13,143	)		4,947			(15,631	)
Contract owners’ equity at beginning of period		-			-		209			6,330			492,343			505,486			68,228			83,859
Contract owners’ equity at end of period	$	4,598			-		90			209			523,414			492,343			73,175			68,228
CHANGE IN UNITS:
Beginning units		-			-		16			380			10,071			9,858			7,924			8,354
Units purchased		416			-		24			27			619			1,168			203			118
Units surrendered		(1	)		-		(34	)		(391	)		(1,102	)		(955	)		(689	)		(548	)
Ending units		415			-		6			16			9,588			10,071			7,438			7,924

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	ALVSVA						SVDF						SVOF						WFVSCG
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	5,585			6,224			(3,641	)		(3,689	)		(11,964	)		(11,824	)		(1,901	)		(2,558	)
Realized gain (loss) on investments		(9,335	)		40,589			(19,884	)		(6,825	)		(13,395	)		9,110			(15,743	)		(21,039	)
Change in unrealized gain (loss) on investments		67,798			(362,348	)		131,162			(537,620	)		253,582			(712,687	)		31,640			(326,589	)
Reinvested capital gains		71,493			135,835			-			213,406			136,374			306,987			-			85,952
Net increase (decrease) in contract owners’ equity resulting from operations		135,541			(179,700	)		107,637			(334,728	)		364,597			(408,414	)		13,996			(264,234	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		19,120			28,266			5,008			7,727			(10,570	)		1,065			7,876			7,262
Transfers between funds		(49,888	)		(209,690	)		2,641			22,943			(5,739	)		(4	)		(53,389	)		(91,996	)
Surrenders (notes 2, 3, 4, 5 and 6)		(51,734	)		(63,724	)		(20,645	)		(15,135	)		(19,743	)		(65,135	)		(29,348	)		(34,641	)
Adjustments to maintain reserves		(13	)		(11	)		(8	)		120			44			146			7			8
Net equity transactions		(82,515	)		(245,159	)		(13,004	)		15,655			(36,008	)		(63,928	)		(74,854	)		(119,367	)
Net change in contract owners’ equity		53,026			(424,859	)		94,633			(319,073	)		328,589			(472,342	)		(60,858	)		(383,601	)
Contract owners’ equity at beginning of period		863,950			1,288,809			553,796			872,869			1,446,828			1,919,170			419,390			802,991
Contract owners’ equity at end of period	$	916,976			863,950			648,429			553,796			1,775,417			1,446,828			358,532			419,390
CHANGE IN UNITS:
Beginning units		14,787			18,510			8,951			8,668			29,897			31,262			9,527			11,907
Units purchased		511			2,287			268			610			15			153			187			415
Units surrendered		(1,869	)		(6,010	)		(438	)		(327	)		(657	)		(1,518	)		(1,854	)		(2,795	)
Ending units		13,429			14,787			8,781			8,951			29,255			29,897			7,860			9,527

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	ACVB						ACVCA						ACVI						ACVIG
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	56,878			25,070			(643	)		(629	)		5,024			5,793			14,856			21,498
Realized gain (loss) on investments		(91,946	)		6,322			(425	)		(458	)		(2,536	)		(3,870	)		(69,795	)		(14,332	)
Change in unrealized gain (loss) on investments		697,023			(1,831,544	)		17,295			(44,929	)		61,157			(286,350	)		172,886			(651,086	)
Reinvested capital gains		-			770,202			129			12,563			-			91,671			-			398,617
Net increase (decrease) in contract owners’ equity resulting from operations		661,955			(1,029,950	)		16,356			(33,453	)		63,645			(192,756	)		117,947			(245,303	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		80,164			74,264			215			498			2,814			3,022			33,237			36,302
Transfers between funds		(13,639	)		(78,719	)		-			-			(6,617	)		4,818			(50,590	)		(42,252	)
Surrenders (notes 2, 3, 4, 5 and 6)		(340,840	)		(347,051	)		(848	)		(1,313	)		(33,219	)		(40,035	)		(142,598	)		(131,912	)
Adjustments to maintain reserves		35			(335	)		(6	)		51			(62	)		172			250			(94	)
Net equity transactions		(274,280	)		(351,841	)		(639	)		(764	)		(37,084	)		(32,023	)		(159,701	)		(137,956	)
Net change in contract owners’ equity		387,675			(1,381,791	)		15,717			(34,217	)		26,561			(224,779	)		(41,754	)		(383,259	)
Contract owners’ equity at beginning of period		4,523,270			5,905,061			82,871			117,088			543,503			768,282			1,555,067			1,938,326
Contract owners’ equity at end of period	$	4,910,945			4,523,270			98,588			82,871			570,064			543,503			1,513,313			1,555,067
CHANGE IN UNITS:
Beginning units		127,031			133,333			597			605			24,802			25,642			40,576			44,127
Units purchased		1,852			2,264			-			8			141			343			3,896			2,899
Units surrendered		(6,969	)		(8,566	)		(7	)		(16	)		(1,702	)		(1,183	)		(7,834	)		(6,450	)
Ending units		121,914			127,031			590			597			23,241			24,802			36,638			40,576

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	ACVIP2						ACVMV1						ACVU1						AMVBC4
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	23,231			43,613			26,727			24,048			(1,437	)		(1,568	)		2,492			1,984
Realized gain (loss) on investments		(9,119	)		(234	)		(8,496	)		4,918			(922	)		2,157			1,895			9
Change in unrealized gain (loss) on investments		8,734			(181,010	)		(100,573	)		(235,178	)		39,103			(89,780	)		23,993			(2,265	)
Reinvested capital gains		-			4,965			159,808			173,920			11,934			17,593			1,671			4
Net increase (decrease) in contract owners’ equity resulting from operations		22,846			(132,666	)		77,466			(32,292	)		48,678			(71,598	)		30,051			(268	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		32,149			30,132			24,594			26,811			-			-			6,279			151
Transfers between funds		(34,716	)		523,687			23,019			235,318			-			1,035			45,289			150,911
Surrenders (notes 2, 3, 4, 5 and 6)		(75,680	)		(284,752	)		(88,192	)		(159,246	)		(162,343	)		(2,297	)		(3,642	)		(180	)
Adjustments to maintain reserves		16			(10	)		31			50			(9	)		35			(4	)		2
Net equity transactions		(78,231	)		269,057			(40,548	)		102,933			(162,352	)		(1,227	)		47,922			150,884
Net change in contract owners’ equity		(55,385	)		136,391			36,918			70,641			(113,674	)		(72,825	)		77,973			150,616
Contract owners’ equity at beginning of period		851,834			715,443			1,445,394			1,374,753			141,844			214,669			150,616			-
Contract owners’ equity at end of period	$	796,449			851,834			1,482,312			1,445,394			28,170			141,844			228,589			150,616
CHANGE IN UNITS:
Beginning units		52,165			37,790			30,630			28,736			3,300			3,342			15,269			-
Units purchased		2,755			24,643			1,405			6,335			-			-			4,991			15,287
Units surrendered		(7,654	)		(10,268	)		(2,294	)		(4,441	)		(2,863	)		(42	)		(350	)		(18	)
Ending units		47,266			52,165			29,741			30,630			437			3,300			19,910			15,269

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	BRVHYI						MLVGA2						DGI						DSC
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	37,637			26,432			25,847			(8,962	)		4,620			6,934			(538	)		(1,540	)
Realized gain (loss) on investments		(8,935	)		(2,342	)		(1,196	)		(7,097	)		(9,218	)		11			(5,622	)		(2,422	)
Change in unrealized gain (loss) on investments		45,860			(89,252	)		163,479			(340,750	)		249,398			(706,545	)		24,855			(114,347	)
Reinvested capital gains		-			-			-			23,043			212,606			371,512			6,087			60,382
Net increase (decrease) in contract owners’ equity resulting from operations		74,562			(65,162	)		188,130			(333,766	)		457,406			(328,088	)		24,782			(57,927	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		26,348			7,270			55,183			61,630			28,702			26,600			14,576			11,833
Transfers between funds		72,185			41,180			30,008			155,666			11,819			26,700			846			(500	)
Surrenders (notes 2, 3, 4, 5 and 6)		(37,780	)		(22,688	)		(188,275	)		(213,581	)		(106,078	)		(98,665	)		(25,368	)		(15,645	)
Adjustments to maintain reserves		799			567			5			(3,558	)		36			(28	)		(34	)		(25	)
Net equity transactions		61,552			26,329			(103,079	)		157			(65,521	)		(45,393	)		(9,980	)		(4,337	)
Net change in contract owners’ equity		136,114			(38,833	)		85,051			(333,609	)		391,885			(373,481	)		14,802			(62,264	)
Contract owners’ equity at beginning of period		558,306			597,139			1,626,910			1,960,519			1,779,957			2,153,438			278,833			341,097
Contract owners’ equity at end of period	$	694,420			558,306			1,711,961			1,626,910			2,171,842			1,779,957			293,635			278,833
CHANGE IN UNITS:
Beginning units		48,862			46,618			75,991			76,589			32,490			33,410			8,327			8,453
Units purchased		8,367			4,437			4,149			11,363			1,198			1,269			614			479
Units surrendered		(3,278	)		(2,193	)		(8,751	)		(11,961	)		(2,259	)		(2,189	)		(879	)		(605	)
Ending units		53,951			48,862			71,389			75,991			31,429			32,490			8,062			8,327

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	DSIF						DSRG						DVSCS						DWVSVS
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	504,296			455,716			19,093			1,160			9,938			7,970			307			21
Realized gain (loss) on investments		1,655,243			2,601,764			165,379			339,502			(40,941	)		(8,736	)		11,459			26,693
Change in unrealized gain (loss) on investments		7,712,285			(18,939,489	)		635,050			(3,616,991	)		185,774			(644,305	)		(6,305	)		(74,019	)
Reinvested capital gains		1,906,959			4,471,278			1,037,552			665,660			101,729			245,096			8,689			16,056
Net increase (decrease) in contract owners’ equity resulting from operations		11,778,783			(11,410,731	)		1,857,074			(2,610,669	)		256,500			(399,975	)		14,150			(31,249	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		929,268			984,513			210,819			217,508			30,301			31,779			2,013			2,527
Transfers between funds		93,814			(248,691	)		(33,358	)		(23,380	)		(29,465	)		(32,162	)		(34,265	)		(152,943	)
Surrenders (notes 2, 3, 4, 5 and 6)		(3,455,018	)		(4,174,664	)		(617,698	)		(808,234	)		(114,804	)		(170,707	)		(4,713	)		(13,598	)
Adjustments to maintain reserves		(1,446	)		(285	)		514			(171	)		260			(25	)		(5	)		14
Net equity transactions		(2,433,382	)		(3,439,127	)		(439,723	)		(614,277	)		(113,708	)		(171,115	)		(36,970	)		(164,000	)
Net change in contract owners’ equity		9,345,401			(14,849,858	)		1,417,351			(3,224,946	)		142,792			(571,090	)		(22,820	)		(195,249	)
Contract owners’ equity at beginning of period		47,502,476			62,352,334			8,236,990			11,461,936			1,816,535			2,387,625			212,366			407,615
Contract owners’ equity at end of period	$	56,847,877			47,502,476			9,654,341			8,236,990			1,959,327			1,816,535			189,546			212,366
CHANGE IN UNITS:
Beginning units		469,927			509,290			109,863			116,545			38,590			42,049			10,248			17,155
Units purchased		13,820			17,353			4,068			4,864			1,349			1,295			150			1,069
Units surrendered		(35,357	)		(56,716	)		(10,163	)		(11,546	)		(3,670	)		(4,754	)		(1,968	)		(7,976	)
Ending units		448,390			469,927			103,768			109,863			36,269			38,590			8,430			10,248

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	DFVGMI						DFVIPS						DSGIBA						FQB
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	2,326			620			3,664			7,479			24,629			22,805			28,239			32,081
Realized gain (loss) on investments		977			107			(1,139	)		4,789			(2,362	)		(2,362	)		(9,070	)		(17,681	)
Change in unrealized gain (loss) on investments		7,221			(9,671	)		1,017			(31,976	)		102,239			(227,366	)		58,621			(211,588	)
Reinvested capital gains		1,155			915			-			-			-			77,900			-			25,518
Net increase (decrease) in contract owners’ equity resulting from operations		11,679			(8,029	)		3,542			(19,708	)		124,506			(129,023	)		77,790			(171,670	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		7,026			892			870			1,313			4,937			5,576			18,063			19,612
Transfers between funds		40,834			-			12,799			23,523			11,811			330,628			6,294			184,892
Surrenders (notes 2, 3, 4, 5 and 6)		(9,924	)		(1,303	)		(4,627	)		(96,266	)		(24,968	)		(12,570	)		(61,648	)		(201,233	)
Adjustments to maintain reserves		7			(12	)		5			(3	)		15			(16	)		46			(35	)
Net equity transactions		37,943			(423	)		9,047			(71,433	)		(8,205	)		323,618			(37,245	)		3,236
Net change in contract owners’ equity		49,622			(8,452	)		12,589			(91,141	)		116,301			194,595			40,545			(168,434	)
Contract owners’ equity at beginning of period		62,093			70,545			96,898			188,039			869,881			675,286			1,460,823			1,629,257
Contract owners’ equity at end of period	$	111,715			62,093			109,487			96,898			986,182			869,881			1,501,368			1,460,823
CHANGE IN UNITS:
Beginning units		4,703			4,734			8,795			14,868			65,445			42,981			80,366			81,539
Units purchased		3,073			66			1,222			3,383			1,366			23,525			2,020			11,460
Units surrendered		(351	)		(97	)		(416	)		(9,456	)		(1,908	)		(1,061	)		(3,985	)		(12,633	)
Ending units		7,425			4,703			9,601			8,795			64,903			65,445			78,401			80,366

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FVU2						FAMP						FCS						FEIP
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	1,179			1,118			162,922			133,266			(686	)		(1,270	)		537,972			550,705
Realized gain (loss) on investments		(566	)		2,064			(72,373	)		(146,283	)		4,950			9,618			400,969			728,147
Change in unrealized gain (loss) on investments		6,368			(35,371	)		846,337			(2,731,363	)		395,274			(543,207	)		1,663,782			(4,982,428	)
Reinvested capital gains		-			19,233			95,050			751,818			65,455			68,754			1,090,661			1,314,110
Net increase (decrease) in contract owners’ equity resulting from operations		6,981			(12,956	)		1,031,936			(1,992,562	)		464,993			(466,105	)		3,693,384			(2,389,466	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		3,972			4,235			221,768			268,236			176,844			32,653			895,338			916,492
Transfers between funds		-			(12,978	)		(11,523	)		(156,697	)		321,429			34,323			37,044			(98,700	)
Surrenders (notes 2, 3, 4, 5 and 6)		2,100			2,185			(580,808	)		(2,591,170	)		(73,859	)		(35,329	)		(3,974,781	)		(3,644,661	)
Adjustments to maintain reserves		2			1			(1	)		(114	)		26			(47	)		5,529			102
Net equity transactions		6,074			(6,557	)		(370,564	)		(2,479,745	)		424,440			31,600			(3,036,870	)		(2,826,767	)
Net change in contract owners’ equity		13,055			(19,513	)		661,372			(4,472,307	)		889,433			(434,505	)		656,514			(5,216,233	)
Contract owners’ equity at beginning of period		81,349			100,862			8,561,734			13,034,041			1,296,959			1,731,464			38,834,258			44,050,491
Contract owners’ equity at end of period	$	94,404			81,349			9,223,106			8,561,734			2,186,392			1,296,959			39,490,772			38,834,258
CHANGE IN UNITS:
Beginning units		7,361			7,832			155,560			251,612			96,917			94,784			291,410			316,423
Units purchased		879			830			5,572			7,128			30,229			7,370			10,938			13,025
Units surrendered		(341	)		(1,301	)		(11,503	)		(103,180	)		(4,003	)		(5,237	)		(40,088	)		(38,038	)
Ending units		7,899			7,361			149,629			155,560			123,143			96,917			262,260			291,410

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FEMS						FF10S						FF20S						FF30S
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	6,194			3,307			12,157			6,298			20,760			13,349			37,315			27,313
Realized gain (loss) on investments		(1,430	)		(7,338	)		(1,758	)		(454	)		(1,086	)		(10,257	)		35,648			18,147
Change in unrealized gain (loss) on investments		20,754			(77,237	)		(3,433	)		(93,035	)		64,449			(291,819	)		190,350			(568,800	)
Reinvested capital gains		-			-			24,433			24,279			5,673			102,524			-			132,374
Net increase (decrease) in contract owners’ equity resulting from operations		25,518			(81,268	)		31,399			(62,912	)		89,796			(186,203	)		263,313			(390,966	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		11,657			12,245			2,605			2,672			26,903			29,118			38,550			43,084
Transfers between funds		73,258			(20,986	)		(21,609	)		(5,463	)		3,519			(153,705	)		(54,970	)		156,068
Surrenders (notes 2, 3, 4, 5 and 6)		(14,330	)		(12,199	)		(14,211	)		(16,419	)		(85,401	)		(65,540	)		(149,128	)		(90,215	)
Adjustments to maintain reserves		4			(14	)		(15	)		14			9			(2	)		135			(37	)
Net equity transactions		70,589			(20,954	)		(33,230	)		(19,196	)		(54,970	)		(190,129	)		(165,413	)		108,900
Net change in contract owners’ equity		96,107			(102,222	)		(1,831	)		(82,108	)		34,826			(376,332	)		97,900			(282,066	)
Contract owners’ equity at beginning of period		296,376			398,598			374,998			457,106			786,223			1,162,555			1,959,972			2,242,038
Contract owners’ equity at end of period	$	392,483			296,376			373,167			374,998			821,049			786,223			2,057,872			1,959,972
CHANGE IN UNITS:
Beginning units		27,559			29,407			16,969			17,803			31,792			39,348			69,730			65,924
Units purchased		7,790			3,650			252			243			2,682			2,540			3,408			7,744
Units surrendered		(1,887	)		(5,498	)		(1,692	)		(1,077	)		(4,771	)		(10,096	)		(8,868	)		(3,938	)
Ending units		33,462			27,559			15,529			16,969			29,703			31,792			64,270			69,730

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FGP						FHIP						FIGBS						FMCS
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(338,712	)		108,894			316,005			294,352			44,687			32,090			1,709			(4,852	)
Realized gain (loss) on investments		5,254,658			3,651,712			(138,575	)		(93,483	)		(29,544	)		(86,574	)		(36,431	)		30,533
Change in unrealized gain (loss) on investments		18,737,332			(38,817,149	)		402,748			(1,047,577	)		104,349			(388,611	)		662,724			(1,508,646	)
Reinvested capital gains		4,306,453			6,865,689			-			-			-			121,921			161,522			397,361
Net increase (decrease) in contract owners’ equity resulting from operations		27,959,731			(28,190,854	)		580,178			(846,708	)		119,492			(321,174	)		789,524			(1,085,604	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,516,183			1,536,836			229,195			236,093			380,770			36,408			130,437			149,306
Transfers between funds		(345,426	)		(296,894	)		82,179			(66,609	)		11,842			(375,630	)		(12,851	)		(234,102	)
Surrenders (notes 2, 3, 4, 5 and 6)		(7,927,430	)		(6,834,173	)		(675,400	)		(551,864	)		(183,540	)		(196,307	)		(480,326	)		(483,397	)
Adjustments to maintain reserves		6,479			(992	)		43			26			(2	)		(46	)		421			1,050
Net equity transactions		(6,750,194	)		(5,595,223	)		(363,983	)		(382,354	)		209,070			(535,575	)		(362,319	)		(567,143	)
Net change in contract owners’ equity		21,209,537			(33,786,077	)		216,195			(1,229,062	)		328,562			(856,749	)		427,205			(1,652,747	)
Contract owners’ equity at beginning 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
Contract owners’ equity at end of period	$	102,978,805			81,769,268			6,283,042			6,066,847			2,054,172			1,725,610			6,135,457			5,708,252
CHANGE IN UNITS:
Beginning units		457,763			488,388			118,559			126,707			100,821			130,864			81,364			88,946
Units purchased		22,341			12,803			7,831			6,901			27,015			12,432			3,217			4,578
Units surrendered		(58,191	)		(43,428	)		(14,144	)		(15,049	)		(14,072	)		(42,475	)		(8,170	)		(12,160	)
Ending units		421,913			457,763			112,246			118,559			113,764			100,821			76,411			81,364

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FNRS2						FOP						FOS						FRESS
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	39,541			35,687			22,192			24,263			18,089			18,486			1,134			645
Realized gain (loss) on investments		84,779			344,634			233,320			147,269			49,930			59,064			(18,981	)		4,412
Change in unrealized gain (loss) on investments		(148,985	)		195,752			395,916			(1,436,767	)		666,594			(1,486,949	)		20,109			(36,597	)
Reinvested capital gains		-			-			9,168			35,441			11,139			39,439			3,448			1,803
Net increase (decrease) in contract owners’ equity resulting from operations		(24,665	)		576,073			660,596			(1,229,794	)		745,752			(1,369,960	)		5,710			(29,737	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		115,702			255,272			5,868			5,344			190,524			205,268			4,010			2,309
Transfers between funds		(323,248	)		499,491			(27,221	)		(37,841	)		(23,864	)		2,813			11,734			12,675
Surrenders (notes 2, 3, 4, 5 and 6)		(251,694	)		(232,223	)		(427,295	)		(203,639	)		(329,245	)		(507,543	)		(28,914	)		(4,167	)
Adjustments to maintain reserves		-			1,733			149			31			232			(165	)		(4	)		9
Net equity transactions		(459,240	)		524,273			(448,499	)		(236,105	)		(162,353	)		(299,627	)		(13,174	)		10,826
Net change in contract owners’ equity		(483,905	)		1,100,346			212,097			(1,465,899	)		583,399			(1,669,587	)		(7,464	)		(18,911	)
Contract owners’ equity at beginning of period		2,307,769			1,207,423			3,510,714			4,976,613			3,866,099			5,535,686			73,364			92,275
Contract owners’ equity at end of period	$	1,823,864			2,307,769			3,722,811			3,510,714			4,449,498			3,866,099			65,900			73,364
CHANGE IN UNITS:
Beginning units		88,165			74,766			83,514			90,173			304,601			327,130			6,781			6,143
Units purchased		4,049			42,741			707			828			26,105			33,229			1,408			2,285
Units surrendered		(22,506	)		(29,342	)		(13,513	)		(7,487	)		(38,054	)		(55,758	)		(2,671	)		(1,647	)
Ending units		69,708			88,165			70,708			83,514			292,652			304,601			5,518			6,781

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FVSS						FVSS2						FTVDM2						FTVFA2
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	4,919			3,846			247			303			6,436			9,540			1,803			2,074
Realized gain (loss) on investments		38,519			30,795			32			(1,114	)		(18,872	)		(8,354	)		(12,648	)		(5,183	)
Change in unrealized gain (loss) on investments		96,879			(176,459	)		7,058			196			55,053			(147,172	)		32,515			(51,478	)
Reinvested capital gains		36,714			46,284			2,065			1,614			301			33,325			3,226			18,363
Net increase (decrease) in contract owners’ equity resulting from operations		177,031			(95,534	)		9,402			999			42,918			(112,661	)		24,896			(36,224	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		19,312			17,188			-			-			20,596			13,910			11,347			11,105
Transfers between funds		(17,083	)		(107,249	)		23,821			41,474			22,820			(4,292	)		(5,148	)		4,648
Surrenders (notes 2, 3, 4, 5 and 6)		(81,714	)		(146,392	)		(2,275	)		(233	)		(38,472	)		(45,026	)		(22,633	)		(14,785	)
Adjustments to maintain reserves		31			12			3			(3	)		(91	)		1			(3	)		4
Net equity transactions		(79,454	)		(236,441	)		21,549			41,238			4,853			(35,407	)		(16,437	)		972
Net change in contract owners’ equity		97,577			(331,975	)		30,951			42,237			47,771			(148,068	)		8,459			(35,252	)
Contract owners’ equity at beginning of period		921,052			1,253,027			42,237			-			366,457			514,525			186,513			221,765
Contract owners’ equity at end of period	$	1,018,629			921,052			73,188			42,237			414,228			366,457			194,972			186,513
CHANGE IN UNITS:
Beginning units		20,694			26,130			4,371			-			33,268			36,257			10,799			10,730
Units purchased		1,186			1,630			2,158			4,395			4,652			2,896			642			926
Units surrendered		(2,805	)		(7,066	)		(218	)		(24	)		(4,445	)		(5,885	)		(1,537	)		(857	)
Ending units		19,075			20,694			6,311			4,371			33,475			33,268			9,904			10,799

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	FTVGI2						FTVIS2						FTVRDI						FTVSVI
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(3,047	)		(3,834	)		61,408			55,446			4,275			4,025			6,321			19,380
Realized gain (loss) on investments		(41,014	)		(116,308	)		(11,721	)		(7,815	)		200			2,437			(91,762	)		(81,277	)
Change in unrealized gain (loss) on investments		60,801			72,696			(37,538	)		(154,133	)		2,549			(96,437	)		240,638			(698,574	)
Reinvested capital gains		-			-			82,272			25,002			38,747			46,166			129,825			455,626
Net increase (decrease) in contract owners’ equity resulting from operations		16,740			(47,446	)		94,421			(81,500	)		45,771			(43,809	)		285,022			(304,845	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		30,642			30,050			230,011			48,578			1,389			2,561			41,598			42,315
Transfers between funds		(3,982	)		(80,325	)		(19,100	)		(7,569	)		(1,068	)		14,390			(132,551	)		(86,399	)
Surrenders (notes 2, 3, 4, 5 and 6)		(91,106	)		(304,631	)		(111,877	)		(168,299	)		(15,495	)		(13,418	)		(163,461	)		(230,467	)
Adjustments to maintain reserves		(26	)		(674	)		10			(1,325	)		8			(40	)		147			(34	)
Net equity transactions		(64,472	)		(355,580	)		99,044			(128,615	)		(15,166	)		3,493			(254,267	)		(274,585	)
Net change in contract owners’ equity		(47,732	)		(403,026	)		193,465			(210,115	)		30,605			(40,316	)		30,755			(579,430	)
Contract owners’ equity at beginning of period		714,514			1,117,540			1,152,581			1,362,696			378,206			418,522			2,439,120			3,018,550
Contract owners’ equity at end of period	$	666,782			714,514			1,346,046			1,152,581			408,811			378,206			2,469,875			2,439,120
CHANGE IN UNITS:
Beginning units		82,504			122,131			50,795			56,464			5,966			5,919			41,345			45,870
Units purchased		7,734			10,940			10,545			5,703			38			297			1,421			1,637
Units surrendered		(15,046	)		(50,567	)		(6,453	)		(11,372	)		(266	)		(250	)		(5,554	)		(6,162	)
Ending units		75,192			82,504			54,887			50,795			5,738			5,966			37,212			41,345

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	TIF						TIF2						GVGMNS						GVMSAS
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	1,107			1,012			13,318			11,620			208			(96	)		2,337			1,245
Realized gain (loss) on investments		(115	)		(288	)		(8,104	)		(7,758	)		(121	)		471			(360	)		(62	)
Change in unrealized gain (loss) on investments		5,975			(3,780	)		81,600			(42,771	)		2,283			(5,482	)		723			(2,958	)
Reinvested capital gains		-			-			-			-			-			657			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		6,967			(3,056	)		86,814			(38,909	)		2,370			(4,450	)		2,700			(1,775	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			-			21,795			16,352			-			-			-			-
Transfers between funds		-			-			(3,848	)		10,873			-			(38,077	)		-			35,200
Surrenders (notes 2, 3, 4, 5 and 6)		(1,309	)		(3,942	)		(44,376	)		(30,383	)		(598	)		(597	)		(2,986	)		(604	)
Adjustments to maintain reserves		(13	)		17			(5	)		1			-			2			(6	)		4
Net equity transactions		(1,322	)		(3,925	)		(26,434	)		(3,157	)		(598	)		(38,672	)		(2,992	)		34,600
Net change in contract owners’ equity		5,645			(6,981	)		60,380			(42,066	)		1,772			(43,122	)		(292	)		32,825
Contract owners’ equity at beginning of period		34,402			41,383			436,652			478,718			16,091			59,213			39,925			7,100
Contract owners’ equity at end of period	$	40,047			34,402			497,032			436,652			17,863			16,091			39,633			39,925
CHANGE IN UNITS:
Beginning units		1,363			1,513			48,983			49,423			1,198			3,546			3,785			626
Units purchased		-			-			3,328			3,847			-			-			-			3,216
Units surrendered		(47	)		(150	)		(5,941	)		(4,287	)		(41	)		(2,348	)		(281	)		(57	)
Ending units		1,316			1,363			46,370			48,983			1,157			1,198			3,504			3,785

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	RVARS						ACEG						AVMCCI						IVBRA1
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	1,261			255			(509	)		(631	)		(77	)		(77	)		(643	)		19,899
Realized gain (loss) on investments		49			3,005			(13,326	)		14,903			(623	)		4,997			(39,180	)		(11,119	)
Change in unrealized gain (loss) on investments		763			(5,717	)		69,365			(138,695	)		4,385			(10,218	)		52,101			(70,793	)
Reinvested capital gains		-			465			3,816			46,603			-			1,057			-			9,985
Net increase (decrease) in contract owners’ equity resulting from operations		2,073			(1,992	)		59,346			(77,820	)		3,685			(4,241	)		12,278			(52,028	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,265			903			995			2,134			548			4,042			3,898			184,062
Transfers between funds		(7,937	)		(25,437	)		54,473			(68,388	)		625			(10,022	)		-			171
Surrenders (notes 2, 3, 4, 5 and 6)		(2,705	)		(1,499	)		(21,701	)		(13,030	)		(413	)		(4,189	)		(167,655	)		(248,601	)
Adjustments to maintain reserves		(4	)		-			(27	)		(21	)		2			(13	)		2			(12	)
Net equity transactions		(9,381	)		(26,033	)		33,740			(79,305	)		762			(10,182	)		(163,755	)		(64,380	)
Net change in contract owners’ equity		(7,308	)		(28,025	)		93,086			(157,125	)		4,447			(14,423	)		(151,477	)		(116,408	)
Contract owners’ equity at beginning of period		52,547			80,572			151,191			308,316			27,816			42,239			266,891			383,299
Contract owners’ equity at end of period	$	45,239			52,547			244,277			151,191			32,263			27,816			115,414			266,891
CHANGE IN UNITS:
Beginning units		4,494			6,620			5,333			7,506			1,359			1,757			20,562			25,164
Units purchased		354			1,159			1,542			269			44			1,312			315			13,059
Units surrendered		(1,114	)		(3,285	)		(721	)		(2,442	)		(19	)		(1,710	)		(12,494	)		(17,661	)
Ending units		3,734			4,494			6,154			5,333			1,384			1,359			8,383			20,562

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	IVCPBI						OVAG						OVGS						OVIG
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	62,440			4,902			(10,417	)		(12,254	)		(52,983	)		(97,958	)		113			(962	)
Realized gain (loss) on investments		(8,359	)		(6,515	)		(78,216	)		88,148			(277,147	)		(25,528	)		(15,875	)		(26,574	)
Change in unrealized gain (loss) on investments		108,535			(155,812	)		306,556			(1,527,233	)		3,784,070			(11,925,283	)		54,616			(90,704	)
Reinvested capital gains		-			1,824			-			538,985			2,299,196			3,418,024			-			36,199
Net increase (decrease) in contract owners’ equity resulting from operations		162,616			(155,601	)		217,923			(912,354	)		5,753,136			(8,630,745	)		38,854			(82,041	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		136,452			84,601			36,648			35,428			359,379			378,085			1,040			1,758
Transfers between funds		312,558			3,002,033			239,338			(303,454	)		(152,724	)		(140,096	)		82,976			(57,291	)
Surrenders (notes 2, 3, 4, 5 and 6)		(209,176	)		(149,144	)		(309,316	)		(150,570	)		(1,582,974	)		(1,221,020	)		(19,155	)		(12,506	)
Adjustments to maintain reserves		11			24			483			(154	)		703			126			-			(18	)
Net equity transactions		239,845			2,937,514			(32,847	)		(418,750	)		(1,375,616	)		(982,905	)		64,861			(68,057	)
Net change in contract owners’ equity		402,461			2,781,913			185,076			(1,331,104	)		4,377,520			(9,613,650	)		103,715			(150,098	)
Contract owners’ equity at beginning of period		2,781,913			-			1,763,389			3,094,493			17,580,066			27,193,716			182,442			332,540
Contract owners’ equity at end of period	$	3,184,374			2,781,913			1,948,465			1,763,389			21,957,586			17,580,066			286,157			182,442
CHANGE IN UNITS:
Beginning units		293,436			-			94,976			112,976			191,067			199,554			16,193			21,399
Units purchased		54,727			319,719			17,206			17,968			5,644			8,967			6,493			10,186
Units surrendered		(29,859	)		(26,283	)		(21,410	)		(35,968	)		(19,399	)		(17,454	)		(1,603	)		(15,392	)
Ending units		318,304			293,436			90,772			94,976			177,312			191,067			21,083			16,193

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	OVMS						OVSB						OVSC						WRASP
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	60,852			39,744			(710	)		(676	)		6,805			363			13,848			9,526
Realized gain (loss) on investments		21,747			18,088			(1,973	)		(3,588	)		2,117			23,694			(14,229	)		(6,735	)
Change in unrealized gain (loss) on investments		414,647			(1,327,829	)		15,584			(15,865	)		151,924			(331,801	)		111,253			(243,510	)
Reinvested capital gains		-			343,269			-			-			-			114,743			-			74,019
Net increase (decrease) in contract owners’ equity resulting from operations		497,246			(926,728	)		12,901			(20,129	)		160,846			(193,001	)		110,872			(166,700	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		148,734			150,575			7,843			7,275			22,836			21,653			29,050			37,701
Transfers between funds		46,362			7,593			18,309			(1,969	)		99,009			(40,429	)		(21,044	)		(22,411	)
Surrenders (notes 2, 3, 4, 5 and 6)		(374,792	)		(516,891	)		(8,645	)		(18,784	)		(52,708	)		(83,103	)		(90,431	)		(78,212	)
Adjustments to maintain reserves		325			38			(14	)		16			39			(129	)		11			(24	)
Net equity transactions		(179,371	)		(358,685	)		17,493			(13,462	)		69,176			(102,008	)		(82,414	)		(62,946	)
Net change in contract owners’ equity		317,875			(1,285,413	)		30,394			(33,591	)		230,022			(295,009	)		28,458			(229,646	)
Contract owners’ equity at beginning of period		4,211,759			5,497,172			142,656			176,247			920,470			1,215,479			881,068			1,110,714
Contract owners’ equity at end of period	$	4,529,634			4,211,759			173,050			142,656			1,150,492			920,470			909,526			881,068
CHANGE IN UNITS:
Beginning units		88,947			96,127			13,793			15,026			14,367			15,891			42,649			45,591
Units purchased		5,141			5,094			2,589			840			1,968			509			2,119			2,419
Units surrendered		(8,553	)		(12,274	)		(962	)		(2,073	)		(1,052	)		(2,033	)		(5,935	)		(5,361	)
Ending units		85,535			88,947			15,420			13,793			15,283			14,367			38,833			42,649

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	WRHIP						WRMCG						JABS						JACAS
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	28,777			33,097			(3,311	)		(3,759	)		26,391			9,851			(15,608	)		(19,641	)
Realized gain (loss) on investments		(9,503	)		(5,891	)		(95,114	)		3,973			15,524			103,333			(10,746	)		322,322
Change in unrealized gain (loss) on investments		34,807			(96,101	)		123,499			(481,492	)		236,405			(652,964	)		1,516,723			(3,223,699	)
Reinvested capital gains		-			-			74,193			160,166			-			67,973			-			737,440
Net increase (decrease) in contract owners’ equity resulting from operations		54,081			(68,895	)		99,267			(321,112	)		278,320			(471,807	)		1,490,369			(2,183,578	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		4,832			6,129			53,072			54,117			25,912			24,259			59,694			72,520
Transfers between funds		(3,787	)		96,483			(87,404	)		(74,795	)		4,671			33,919			435,530			(473,361	)
Surrenders (notes 2, 3, 4, 5 and 6)		(46,512	)		(22,838	)		(84,523	)		(138,792	)		(125,382	)		(294,458	)		(546,263	)		(639,745	)
Adjustments to maintain reserves		1			-			25			(6	)		(42	)		34			100			(167	)
Net equity transactions		(45,466	)		79,774			(118,830	)		(159,476	)		(94,841	)		(236,246	)		(50,939	)		(1,040,753	)
Net change in contract owners’ equity		8,615			10,879			(19,563	)		(480,588	)		183,479			(708,053	)		1,439,430			(3,224,331	)
Contract owners’ equity at beginning of period		513,454			502,575			603,525			1,084,113			1,958,584			2,666,637			3,779,719			7,004,050
Contract owners’ equity at end of period	$	522,069			513,454			583,962			603,525			2,142,063			1,958,584			5,219,149			3,779,719
CHANGE IN UNITS:
Beginning units		34,958			30,323			21,355			26,394			48,097			54,321			102,640			125,075
Units purchased		997			7,344			858			3,162			782			5,159			11,101			4,973
Units surrendered		(3,988	)		(2,709	)		(4,839	)		(8,201	)		(2,952	)		(11,383	)		(12,919	)		(27,408	)
Ending units		31,967			34,958			17,374			21,355			45,927			48,097			100,822			102,640

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	JAEI						JAGTS						JAIGS						LOVTRC
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(1,243	)		(848	)		(23,441	)		(21,386	)		21,744			27,144			6,727			5,100
Realized gain (loss) on investments		(1,896	)		3,110			(68,911	)		132,678			107,055			143,134			(1,072	)		(891	)
Change in unrealized gain (loss) on investments		29,114			(101,307	)		2,121,736			(3,210,592	)		97,747			(424,709	)		4,171			(34,136	)
Reinvested capital gains		26,811			44,230			-			781,559			-			-			-			399
Net increase (decrease) in contract owners’ equity resulting from operations		52,786			(54,815	)		2,029,384			(2,317,741	)		226,546			(254,431	)		9,826			(29,528	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		6,222			13,395			52,925			53,226			68,817			79,757			4,375			5,582
Transfers between funds		122,640			(2,508	)		741,263			(603,719	)		(35,869	)		(316,382	)		-			(1,372	)
Surrenders (notes 2, 3, 4, 5 and 6)		(27,960	)		(17,540	)		(53,687	)		(215,893	)		(167,927	)		(237,856	)		(7,382	)		(8,322	)
Adjustments to maintain reserves		10			(26	)		(951	)		(178	)		221			(57	)		(4	)		(9	)
Net equity transactions		100,912			(6,679	)		739,550			(766,564	)		(134,758	)		(474,538	)		(3,011	)		(4,121	)
Net change in contract owners’ equity		153,698			(61,494	)		2,768,934			(3,084,305	)		91,788			(728,969	)		6,815			(33,649	)
Contract owners’ equity at beginning of period		274,261			335,755			3,554,541			6,638,846			2,292,932			3,021,901			171,804			205,453
Contract owners’ equity at end of period	$	427,959			274,261			6,323,475			3,554,541			2,384,720			2,292,932			178,619			171,804
CHANGE IN UNITS:
Beginning units		15,340			15,706			147,790			172,644			121,359			144,981			17,212			17,601
Units purchased		6,627			1,005			57,396			14,329			9,576			8,810			434			665
Units surrendered		(1,595	)		(1,371	)		(35,966	)		(39,183	)		(16,195	)		(32,432	)		(732	)		(1,054	)
Ending units		20,372			15,340			169,220			147,790			114,740			121,359			16,914			17,212

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	MNDIC						MV2IGI						MV3MVI						MVFIC
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(2,361	)		(2,488	)		267			(656	)		4,949			2,367			41,243			33,823
Realized gain (loss) on investments		(199,344	)		(15,245	)		(1,409	)		22,587			(25,052	)		(2,663	)		8,759			47,933
Change in unrealized gain (loss) on investments		252,309			(337,610	)		30,170			(113,794	)		51,930			(82,703	)		(39,638	)		(527,411	)
Reinvested capital gains		-			144,210			18,759			22,352			13,338			38,766			235,627			208,518
Net increase (decrease) in contract owners’ equity resulting from operations		50,604			(211,133	)		47,787			(69,511	)		45,165			(44,233	)		245,991			(237,137	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		54,025			61,013			4,309			14,998			1,581			837			30,362			30,097
Transfers between funds		(64,513	)		(31,608	)		206,282			(194,680	)		(171,260	)		369,156			1,039			242,175
Surrenders (notes 2, 3, 4, 5 and 6)		(80,397	)		(103,160	)		(9,537	)		(50,310	)		(15,181	)		(51,452	)		(166,689	)		(279,245	)
Adjustments to maintain reserves		5			(28	)		15			8			3			4			41			(54	)
Net equity transactions		(90,880	)		(73,783	)		201,069			(229,984	)		(184,857	)		318,545			(135,247	)		(7,027	)
Net change in contract owners’ equity		(40,276	)		(284,916	)		248,856			(299,495	)		(139,692	)		274,312			110,744			(244,164	)
Contract owners’ equity at beginning of period		433,914			718,830			149,901			449,396			463,513			189,201			3,461,002			3,705,166
Contract owners’ equity at end of period	$	393,638			433,914			398,757			149,901			323,821			463,513			3,571,746			3,461,002
CHANGE IN UNITS:
Beginning units		17,106			19,804			6,602			15,652			28,539			10,573			62,409			62,829
Units purchased		1,953			2,346			7,844			1,072			113			21,739			983			6,006
Units surrendered		(5,425	)		(5,044	)		(556	)		(10,122	)		(10,876	)		(3,773	)		(3,470	)		(6,426	)
Ending units		13,634			17,106			13,890			6,602			17,776			28,539			59,922			62,409

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	MVIGIC						MSEM						MSVRE						DTRTFB
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	1,464			252			28,389			27,422			6,817			4,901			3,021			1,544
Realized gain (loss) on investments		398			430			(20,825	)		(19,749	)		(96,240	)		(2,455	)		(430	)		(543	)
Change in unrealized gain (loss) on investments		21,204			(51,032	)		30,532			(99,723	)		149,461			(335,126	)		1,777			(10,473	)
Reinvested capital gains		7,613			12,636			-			-			-			132,148			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		30,679			(37,714	)		38,096			(92,050	)		60,038			(200,532	)		4,368			(9,472	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		2,236			1,790			17,515			17,023			11,147			11,431			14,424			8,405
Transfers between funds		9,809			9,208			(18,479	)		(14,322	)		2,524			(2,061	)		31,728			11,971
Surrenders (notes 2, 3, 4, 5 and 6)		(4,030	)		(1,503	)		(28,727	)		(44,344	)		(199,710	)		(30,159	)		(1,795	)		(1,413	)
Adjustments to maintain reserves		-			(10	)		(5	)		22			28			(30	)		(45	)		2
Net equity transactions		8,015			9,485			(29,696	)		(41,621	)		(186,011	)		(20,819	)		44,312			18,965
Net change in contract owners’ equity		38,694			(28,229	)		8,400			(133,671	)		(125,973	)		(221,351	)		48,680			9,493
Contract owners’ equity at beginning of period		218,104			246,333			364,503			498,174			528,603			749,954			61,332			51,839
Contract owners’ equity at end of period	$	256,798			218,104			372,903			364,503			402,630			528,603			110,012			61,332
CHANGE IN UNITS:
Beginning units		18,826			17,992			11,765			13,014			9,194			9,437			6,453			4,710
Units purchased		1,026			1,232			1,076			1,180			157			148			4,747			1,886
Units surrendered		(430	)		(398	)		(1,987	)		(2,429	)		(4,435	)		(391	)		(191	)		(143	)
Ending units		19,422			18,826			10,854			11,765			4,916			9,194			11,009			6,453

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	EIF						GBF						GEM						GIG
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	18,982			14,198			75,620			58,401			11,294			4,574			70,873			100,880
Realized gain (loss) on investments		18,875			26,904			(82,356	)		(88,459	)		10,620			10,715			(39,572	)		3,972
Change in unrealized gain (loss) on investments		2,174			(239,642	)		149,506			(518,253	)		10,728			(323,547	)		562,839			(1,035,785	)
Reinvested capital gains		108,669			137,623			-			-			-			-			-			385,848
Net increase (decrease) in contract owners’ equity resulting from operations		148,700			(60,917	)		142,770			(548,311	)		32,642			(308,258	)		594,140			(545,085	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		21,515			26,163			135,862			164,715			39,748			40,683			86,123			82,401
Transfers between funds		(11,337	)		66,541			66,644			23,808			(9,966	)		(11,763	)		58,317			(13,204	)
Surrenders (notes 2, 3, 4, 5 and 6)		(87,950	)		(72,328	)		(409,877	)		(431,781	)		(70,051	)		(80,263	)		(450,787	)		(328,416	)
Adjustments to maintain reserves		(2	)		189			1			(19	)		34			(1	)		295			(39	)
Net equity transactions		(77,774	)		20,565			(207,370	)		(243,277	)		(40,235	)		(51,344	)		(306,052	)		(259,258	)
Net change in contract owners’ equity		70,926			(40,352	)		(64,600	)		(791,588	)		(7,593	)		(359,602	)		288,088			(804,343	)
Contract owners’ equity at beginning of period		1,330,946			1,371,298			3,503,405			4,294,993			903,536			1,263,138			2,976,448			3,780,791
Contract owners’ equity at end of period	$	1,401,872			1,330,946			3,438,805			3,503,405			895,943			903,536			3,264,536			2,976,448
CHANGE IN UNITS:
Beginning units		27,937			27,616			105,495			113,439			37,980			39,779			150,100			163,271
Units purchased		541			2,886			8,605			11,020			2,731			3,106			9,017			8,221
Units surrendered		(2,105	)		(2,565	)		(17,068	)		(18,964	)		(4,380	)		(4,905	)		(23,435	)		(21,392	)
Ending units		26,373			27,937			97,032			105,495			36,331			37,980			135,682			150,100

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	GVAAA2						GVABD2						GVAGG2						GVAGI2
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(17,254	)		(18,535	)		(1,491	)		(1,568	)		(11,030	)		(10,881	)		(3,816	)		(4,130	)
Realized gain (loss) on investments		20,862			47,053			(1,594	)		(1,985	)		27,964			44,670			27,138			5,556
Change in unrealized gain (loss) on investments		74,410			(787,623	)		14,671			(47,669	)		193,806			(930,514	)		86,739			(191,963	)
Reinvested capital gains		354,366			140,250			-			6,072			239,077			135,359			79,691			20,903
Net increase (decrease) in contract owners’ equity resulting from operations		432,384			(618,855	)		11,586			(45,150	)		449,817			(761,366	)		189,752			(169,634	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		74,460			68,934			6,623			15,208			33,103			34,295			12,572			33,206
Transfers between funds		8,322			(18,841	)		24,195			(12,459	)		(10,938	)		102,422			(46,824	)		69,720
Surrenders (notes 2, 3, 4, 5 and 6)		(255,932	)		(589,714	)		(12,148	)		(35,705	)		(126,959	)		(147,269	)		(46,071	)		(58,995	)
Adjustments to maintain reserves		(335	)		(64	)		-			(3	)		19			(37	)		6			(5	)
Net equity transactions		(173,485	)		(539,685	)		18,670			(32,959	)		(104,775	)		(10,589	)		(80,317	)		43,926
Net change in contract owners’ equity		258,899			(1,158,540	)		30,256			(78,109	)		345,042			(771,955	)		109,435			(125,708	)
Contract owners’ equity at beginning of period		3,365,144			4,523,684			282,357			360,466			2,139,633			2,911,588			857,643			983,351
Contract owners’ equity at end of period	$	3,624,043			3,365,144			312,613			282,357			2,484,675			2,139,633			967,078			857,643
CHANGE IN UNITS:
Beginning units		137,274			158,231			21,663			23,988			69,078			70,157			31,625			30,103
Units purchased		4,120			3,799			2,916			1,636			3,247			7,004			3,937			4,113
Units surrendered		(10,711	)		(24,756	)		(1,622	)		(3,961	)		(6,391	)		(8,083	)		(7,073	)		(2,591	)
Ending units		130,683			137,274			22,957			21,663			65,934			69,078			28,489			31,625

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	GVAGR2						GVDMA						GVDMC						GVEX1
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(13,885	)		(15,044	)		(22,404	)		(23,433	)		(2,742	)		(2,943	)		47,142			47,015
Realized gain (loss) on investments		64,856			188,623			(437,206	)		73,427			(23,845	)		(8,083	)		(2,404,180	)		24,645
Change in unrealized gain (loss) on investments		535,545			(1,803,209	)		1,160,151			(2,777,133	)		66,596			(142,874	)		3,763,692			(5,417,598	)
Reinvested capital gains		343,722			362,814			51,917			1,626,845			-			78,029			7,584			3,990,977
Net increase (decrease) in contract owners’ equity resulting from operations		930,238			(1,266,816	)		752,458			(1,100,294	)		40,009			(75,871	)		1,414,238			(1,354,961	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		42,712			85,256			137,047			145,760			35,214			33,845			180,488			166,209
Transfers between funds		71,162			(381,959	)		(15,308	)		(182,841	)		(13,782	)		(21,254	)		101,211			530,435
Surrenders (notes 2, 3, 4, 5 and 6)		(230,836	)		(139,804	)		(651,030	)		(291,997	)		(58,096	)		(55,650	)		(1,111,049	)		(433,353	)
Adjustments to maintain reserves		208			(75	)		9			(109	)		(6	)		(25	)		95			(94	)
Net equity transactions		(116,754	)		(436,582	)		(529,282	)		(329,187	)		(36,670	)		(43,084	)		(829,255	)		263,197
Net change in contract owners’ equity		813,484			(1,703,398	)		223,176			(1,429,481	)		3,339			(118,955	)		584,983			(1,091,764	)
Contract owners’ equity at beginning of period		2,615,002			4,318,400			4,610,678			6,040,159			404,886			523,841			5,931,111			7,022,875
Contract owners’ equity at end of period	$	3,428,486			2,615,002			4,833,854			4,610,678			408,225			404,886			6,516,094			5,931,111
CHANGE IN UNITS:
Beginning units		69,184			79,020			156,528			166,929			19,642			21,606			227,635			216,554
Units purchased		5,893			4,314			6,426			6,030			2,156			2,025			12,940			30,572
Units surrendered		(9,399	)		(14,150	)		(23,326	)		(16,431	)		(3,849	)		(3,989	)		(37,395	)		(19,491	)
Ending units		65,678			69,184			139,628			156,528			17,949			19,642			203,180			227,635

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	GVIDA						GVIDC						GVIDM						GVIX2
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(10,596	)		(10,930	)		(789	)		(875	)		(7,219	)		(8,336	)		13,535			22,102
Realized gain (loss) on investments		(42,411	)		(9,986	)		(2,580	)		(1,481	)		(223,754	)		(98,034	)		(1,220	)		4,017
Change in unrealized gain (loss) on investments		372,350			(977,867	)		15,030			(37,056	)		485,527			(1,004,274	)		101,556			(146,233	)
Reinvested capital gains		22,351			534,389			-			13,713			-			649,239			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		341,694			(464,394	)		11,661			(25,699	)		254,554			(461,405	)		113,871			(120,114	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		56,464			60,967			2,850			4,269			49,001			48,773			16,240			17,072
Transfers between funds		(4,361	)		19,916			(28	)		45,562			-			(4,180	)		43,773			26,479
Surrenders (notes 2, 3, 4, 5 and 6)		(154,580	)		(167,653	)		(28,831	)		(64,563	)		(412,362	)		(409,548	)		(61,375	)		(72,037	)
Adjustments to maintain reserves		36			(48	)		4			3			(6	)		(37	)		7			(24	)
Net equity transactions		(102,441	)		(86,818	)		(26,005	)		(14,729	)		(363,367	)		(364,992	)		(1,355	)		(28,510	)
Net change in contract owners’ equity		239,253			(551,212	)		(14,344	)		(40,428	)		(108,813	)		(826,397	)		112,516			(148,624	)
Contract owners’ equity at beginning of period		1,880,748			2,431,960			169,482			209,910			1,989,082			2,815,479			684,986			833,610
Contract owners’ equity at end of period	$	2,120,001			1,880,748			155,138			169,482			1,880,269			1,989,082			797,502			684,986
CHANGE IN UNITS:
Beginning units		60,046			62,680			9,777			10,553			76,970			90,680			58,339			60,384
Units purchased		2,180			3,717			161			2,762			1,649			1,629			4,770			4,186
Units surrendered		(5,280	)		(6,351	)		(1,560	)		(3,538	)		(14,642	)		(15,339	)		(4,920	)		(6,231	)
Ending units		56,946			60,046			8,378			9,777			63,977			76,970			58,189			58,339

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	HIBF						IDPG						IDPGI						MCIF
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	41,330			37,653			-			-			-			-			36,084			35,862
Realized gain (loss) on investments		(10,666	)		(8,456	)		(33	)		(17	)		(1	)		-			(223,602	)		48,191
Change in unrealized gain (loss) on investments		56,966			(131,063	)		47			(68	)		15			(7	)		671,382			(2,365,904	)
Reinvested capital gains		-			-			-			39			-			6			261,725			1,391,466
Net increase (decrease) in contract owners’ equity resulting from operations		87,630			(101,866	)		14			(46	)		14			(1	)		745,589			(890,385	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		24,831			24,493			2			-			113			56			60,303			65,278
Transfers between funds		50,799			(9,154	)		-			-			-			-			27,271			(90,343	)
Surrenders (notes 2, 3, 4, 5 and 6)		(96,220	)		(62,834	)		(202	)		(115	)		(7	)		(1	)		(685,446	)		(791,600	)
Adjustments to maintain reserves		-			21			(9	)		2			(4	)		4			116			(159	)
Net equity transactions		(20,590	)		(47,474	)		(209	)		(113	)		102			59			(597,756	)		(816,824	)
Net change in contract owners’ equity		67,040			(149,340	)		(195	)		(159	)		116			58			147,833			(1,707,209	)
Contract owners’ equity at beginning of period		704,294			853,634			195			354			58			-			5,162,780			6,869,989
Contract owners’ equity at end of period	$	771,334			704,294			-			195			174			58			5,310,613			5,162,780
CHANGE IN UNITS:
Beginning units		26,586			28,295			15			23			5			-			95,366			109,885
Units purchased		3,176			1,998			-			-			9			5			3,742			3,792
Units surrendered		(3,946	)		(3,707	)		(15	)		(8	)		(1	)		-			(14,203	)		(18,311	)
Ending units		25,816			26,586			-			15			13			5			84,905			95,366

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	MSBF						NCPG						NCPGI						NVAMV1
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	42,771			25,632			(313	)		(173	)		(44	)		(38	)		68,411			41,624
Realized gain (loss) on investments		(34,049	)		(765	)		21			(232	)		(36	)		(41	)		79,373			71,183
Change in unrealized gain (loss) on investments		9,774			(50,921	)		6,476			(1,759	)		1,112			(818	)		(6,679	)		(1,040,137	)
Reinvested capital gains		44,886			-			1,058			-			-			-			302,647			812,861
Net increase (decrease) in contract owners’ equity resulting from operations		63,382			(26,054	)		7,242			(2,164	)		1,032			(897	)		443,752			(114,469	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		12,551			23,040			56			56			24			(117	)		68			-
Transfers between funds		11,333			(23,840	)		-			54,278			-			10,704			(77,776	)		(220,031	)
Surrenders (notes 2, 3, 4, 5 and 6)		(347,476	)		(149,185	)		(1,479	)		(737	)		(961	)		(766	)		(589,803	)		(395,387	)
Adjustments to maintain reserves		42			(39	)		(7	)		2			1			5			964			(15	)
Net equity transactions		(323,550	)		(150,024	)		(1,430	)		53,599			(936	)		9,826			(666,547	)		(615,433	)
Net change in contract owners’ equity		(260,168	)		(176,078	)		5,812			51,435			96			8,929			(222,795	)		(729,902	)
Contract owners’ equity at beginning of period		792,940			969,018			60,985			9,550			9,012			83			5,823,987			6,553,889
Contract owners’ equity at end of period	$	532,772			792,940			66,797			60,985			9,108			9,012			5,601,192			5,823,987
CHANGE IN UNITS:
Beginning units		31,844			38,558			4,633			613			745			6			130,231			144,197
Units purchased		1,475			5,048			4			4,684			2			800			-			137
Units surrendered		(13,586	)		(11,762	)		(108	)		(664	)		(76	)		(61	)		(14,445	)		(14,103	)
Ending units		19,733			31,844			4,529			4,633			671			745			115,786			130,231

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVAMVX						NVBX						NVCBD1						NVCCA1
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	32,327			24,724			3,311			2,089			8,885			8,412			(3,307	)		(3,601	)
Realized gain (loss) on investments		154,125			70,978			(13,442	)		(16,292	)		(33,713	)		(24,022	)		(20,345	)		(15,479	)
Change in unrealized gain (loss) on investments		(130,106	)		(494,069	)		15,799			(14,536	)		42,333			(65,545	)		69,393			(133,320	)
Reinvested capital gains		155,639			366,365			-			949			-			502			46,491			30,627
Net increase (decrease) in contract owners’ equity resulting from operations		211,985			(32,002	)		5,668			(27,790	)		17,505			(80,653	)		92,232			(121,773	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		170,251			200,461			25,766			5,313			3,760			3,704			15,487			13,269
Transfers between funds		26,654			(93,720	)		14,094			(75,041	)		(45,565	)		6,604			-			31,907
Surrenders (notes 2, 3, 4, 5 and 6)		(739,816	)		49,788			(3,751	)		(10,951	)		(69,775	)		(30,941	)		(109,786	)		(41,230	)
Adjustments to maintain reserves		59			24			(3	)		(3	)		8			(1	)		(155	)		304
Net equity transactions		(542,852	)		156,553			36,106			(80,682	)		(111,572	)		(20,634	)		(94,454	)		4,250
Net change in contract owners’ equity		(330,867	)		124,551			41,774			(108,472	)		(94,067	)		(101,287	)		(2,222	)		(117,523	)
Contract owners’ equity at beginning of period		2,793,575			2,669,024			121,153			229,625			457,103			558,390			668,905			786,428
Contract owners’ equity at end of period	$	2,462,708			2,793,575			162,927			121,153			363,036			457,103			666,683			668,905
CHANGE IN UNITS:
Beginning units		178,719			168,203			11,882			19,400			34,097			35,198			34,005			33,834
Units purchased		18,768			39,823			3,903			3,531			2,157			8,884			786			5,480
Units surrendered		(52,267	)		(29,307	)		(513	)		(11,049	)		(10,628	)		(9,985	)		(5,552	)		(5,309	)
Ending units		145,220			178,719			15,272			11,882			25,626			34,097			29,239			34,005

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVCCN1						NVCMA1						NVCMC1						NVCMD1
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(309	)		(310	)		(3,423	)		(3,484	)		(584	)		(589	)		(4,404	)		(4,668	)
Realized gain (loss) on investments		(533	)		(2,004	)		1,577			3,329			(345	)		(910	)		(5,376	)		(14,242	)
Change in unrealized gain (loss) on investments		4,446			(6,927	)		62,221			(123,215	)		6,987			(20,212	)		77,294			(176,292	)
Reinvested capital gains		1,242			1,548			37,852			12,595			7,101			3,047			60,826			28,447
Net increase (decrease) in contract owners’ equity resulting from operations		4,846			(7,693	)		98,227			(110,775	)		13,159			(18,664	)		128,340			(166,755	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		4,533			4,242			24,201			21,234			6,065			6,779			30,565			35,248
Transfers between funds		-			30,064			2,039			67,765			37,127			-			15,748			2,619
Surrenders (notes 2, 3, 4, 5 and 6)		(4,345	)		(12,107	)		(168,057	)		(44,731	)		(11,321	)		(29,481	)		(83,374	)		(146,921	)
Adjustments to maintain reserves		(139	)		284			(4	)		1			(7	)		(4	)		(9	)		247
Net equity transactions		49			22,483			(141,821	)		44,269			31,864			(22,706	)		(37,070	)		(108,807	)
Net change in contract owners’ equity		4,895			14,790			(43,594	)		(66,506	)		45,023			(41,370	)		91,270			(275,562	)
Contract owners’ equity at beginning of period		57,710			42,920			643,662			710,168			101,713			143,083			907,906			1,183,468
Contract owners’ equity at end of period	$	62,605			57,710			600,068			643,662			146,736			101,713			999,176			907,906
CHANGE IN UNITS:
Beginning units		4,008			2,619			31,429			29,332			6,090			7,438			48,193			53,754
Units purchased		527			3,248			1,656			4,622			2,597			528			2,863			3,037
Units surrendered		(527	)		(1,859	)		(8,096	)		(2,525	)		(796	)		(1,876	)		(4,743	)		(8,598	)
Ending units		4,008			4,008			24,989			31,429			7,891			6,090			46,313			48,193

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVCRA1						NVCRB1						NVDBL2						NVDCA2
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(2,198	)		(1,811	)		(1,967	)		(2,081	)		(481	)		(497	)		(530	)		(585	)
Realized gain (loss) on investments		6,979			5,613			509			4,330			(2,142	)		(91,425	)		(7,702	)		(2,192	)
Change in unrealized gain (loss) on investments		41,564			(54,696	)		28,908			(82,971	)		13,010			(46,549	)		20,858			(50,396	)
Reinvested capital gains		25,228			1,482			19,271			13,419			-			80,831			82			32,163
Net increase (decrease) in contract owners’ equity resulting from operations		71,573			(49,412	)		46,721			(67,303	)		10,387			(57,640	)		12,708			(21,010	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		18,884			27,432			5,408			8,751			1,733			1,797			-			-
Transfers between funds		-			97,632			65			(54	)		(9	)		136			-			-
Surrenders (notes 2, 3, 4, 5 and 6)		(49,321	)		(17,115	)		(36,138	)		(62,004	)		(6,594	)		(305,417	)		(11,848	)		(10,775	)
Adjustments to maintain reserves		(142	)		288			(1	)		(9	)		11			14			22			(19	)
Net equity transactions		(30,579	)		108,237			(30,666	)		(53,316	)		(4,859	)		(303,470	)		(11,826	)		(10,794	)
Net change in contract owners’ equity		40,994			58,825			16,055			(120,619	)		5,528			(361,110	)		882			(31,804	)
Contract owners’ equity at beginning of period		380,556			321,731			382,577			503,196			86,076			447,186			87,293			119,097
Contract owners’ equity at end of period	$	421,550			380,556			398,632			382,577			91,604			86,076			88,175			87,293
CHANGE IN UNITS:
Beginning units		17,943			12,806			21,799			24,646			4,252			17,731			3,484			3,891
Units purchased		1,034			6,389			340			532			97			105			-			-
Units surrendered		(2,273	)		(1,252	)		(2,008	)		(3,379	)		(323	)		(13,584	)		(438	)		(407	)
Ending units		16,704			17,943			20,131			21,799			4,026			4,252			3,046			3,484

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVDCAP						NVFIII						NVGEII						NVIDMP
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(690	)		(772	)		155			81			570			173			(2,641	)		(2,593	)
Realized gain (loss) on investments		(10,615	)		3,082			16			(874	)		(58	)		(89	)		(41,085	)		(32,826	)
Change in unrealized gain (loss) on investments		31,706			(85,726	)		159			224			6,449			(3,559	)		106,873			(198,679	)
Reinvested capital gains		126			49,589			-			-			-			-			-			146,562
Net increase (decrease) in contract owners’ equity resulting from operations		20,527			(33,827	)		330			(569	)		6,961			(3,475	)		63,147			(87,536	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		4,206			5,284			1,303			1,229			170			170			102,764			113,792
Transfers between funds		(3,233	)		(42,613	)		-			(383	)		30,629			12,862			17			(7,461	)
Surrenders (notes 2, 3, 4, 5 and 6)		(21,162	)		(6,476	)		(586	)		(458	)		(1,045	)		(963	)		(109,965	)		(86,155	)
Adjustments to maintain reserves		2			(2	)		(4	)		7			(5	)		8			4			(23	)
Net equity transactions		(20,187	)		(43,807	)		713			395			29,749			12,077			(7,180	)		20,153
Net change in contract owners’ equity		340			(77,634	)		1,043			(174	)		36,710			8,602			55,967			(67,383	)
Contract owners’ equity at beginning of period		137,879			215,513			6,490			6,664			16,303			7,701			449,068			516,451
Contract owners’ equity at end of period	$	138,219			137,879			7,533			6,490			53,013			16,303			505,035			449,068
CHANGE IN UNITS:
Beginning units		13,893			17,825			691			609			1,295			509			45,961			43,886
Units purchased		524			566			137			126			2,294			860			13,790			17,427
Units surrendered		(2,407	)		(4,498	)		(62	)		(44	)		(76	)		(74	)		(14,542	)		(15,352	)
Ending units		12,010			13,893			766			691			3,513			1,295			45,209			45,961

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVIX						NVLCP1						NVMIG1						NVMIVX
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	11,369			16,452			19,598			13,681			38,421			(15,707	)		10,031			14,022
Realized gain (loss) on investments		(952	)		(3,679	)		(10,888	)		(44,161	)		(141,429	)		(231,876	)		6,746			3,983
Change in unrealized gain (loss) on investments		74,944			(87,169	)		32,266			(103,526	)		490,127			(1,649,998	)		47,768			(46,368	)
Reinvested capital gains		-			-			-			9,708			-			114,097			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		85,361			(74,396	)		40,976			(124,298	)		387,119			(1,783,484	)		64,545			(28,363	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		22,165			22,474			17,597			21,071			90,326			99,787			15,994			20,998
Transfers between funds		(7,760	)		(8,961	)		3,015			(178,533	)		(19,772	)		(74,837	)		(5,677	)		69,796
Surrenders (notes 2, 3, 4, 5 and 6)		(5,912	)		(15,388	)		(45,953	)		(31,799	)		(204,980	)		(420,605	)		(36,971	)		(23,034	)
Adjustments to maintain reserves		1			(3	)		12			(7	)		65			(35	)		(4	)		-
Net equity transactions		8,494			(1,878	)		(25,329	)		(189,268	)		(134,361	)		(395,690	)		(26,658	)		67,760
Net change in contract owners’ equity		93,855			(76,274	)		15,647			(313,566	)		252,758			(2,179,174	)		37,887			39,397
Contract owners’ equity at beginning of period		497,088			573,362			620,694			934,260			2,641,030			4,820,204			443,071			403,674
Contract owners’ equity at end of period	$	590,943			497,088			636,341			620,694			2,893,788			2,641,030			480,958			443,071
CHANGE IN UNITS:
Beginning units		42,169			41,481			41,172			53,350			223,122			251,824			36,538			31,178
Units purchased		2,594			6,777			1,550			3,621			18,564			18,964			2,071			9,092
Units surrendered		(1,913	)		(6,089	)		(3,217	)		(15,799	)		(29,239	)		(47,666	)		(4,142	)		(3,732	)
Ending units		42,850			42,169			39,505			41,172			212,447			223,122			34,467			36,538

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVMLG1						NVMMG1						NVMMV2						NVNMO1
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	192,432			153,999			(136,377	)		(144,997	)		204,914			184,338			4,331			(14,194	)
Realized gain (loss) on investments		(12,029	)		(174,980	)		(2,015,434	)		(1,436,468	)		(622,989	)		(343,568	)		64,515			281,839
Change in unrealized gain (loss) on investments		745,560			(1,109,156	)		7,031,695			(22,326,532	)		(1,012,824	)		(2,121,270	)		1,833,915			(4,934,309	)
Reinvested capital gains		202,826			602,176			-			7,793,559			3,021,884			1,580,186			1,054,900			1,611,276
Net increase (decrease) in contract owners’ equity resulting from operations		1,128,789			(527,961	)		4,879,884			(16,114,438	)		1,590,985			(700,314	)		2,957,661			(3,055,388	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		56,164			76,263			614,381			702,728			379,241			394,779			263,553			290,331
Transfers between funds		872,261			(224,901	)		(85,242	)		(75,652	)		(76,728	)		(342,623	)		(92,834	)		(207,393	)
Surrenders (notes 2, 3, 4, 5 and 6)		(269,145	)		(215,401	)		(1,997,419	)		(2,556,074	)		(1,666,026	)		(1,348,405	)		(1,187,029	)		(1,070,871	)
Adjustments to maintain reserves		16			1			66			(1,258	)		531			140			1,100			(133	)
Net equity transactions		659,296			(364,038	)		(1,468,214	)		(1,930,256	)		(1,362,982	)		(1,296,109	)		(1,015,210	)		(988,066	)
Net change in contract owners’ equity		1,788,085			(891,999	)		3,411,670			(18,044,694	)		228,003			(1,996,423	)		1,942,451			(4,043,454	)
Contract owners’ equity at beginning of period		3,106,124			3,998,123			25,169,298			43,213,992			20,715,786			22,712,209			13,596,367			17,639,821
Contract owners’ equity at end of period	$	4,894,209			3,106,124			28,580,968			25,169,298			20,943,789			20,715,786			15,538,818			13,596,367
CHANGE IN UNITS:
Beginning units		74,517			83,106			1,013,991			1,080,260			702,501			746,061			493,286			528,004
Units purchased		19,507			16,399			47,872			46,812			20,996			24,073			13,915			17,596
Units surrendered		(7,045	)		(24,988	)		(102,278	)		(113,081	)		(66,361	)		(67,633	)		(48,202	)		(52,314	)
Ending units		86,979			74,517			959,585			1,013,991			657,136			702,501			458,999			493,286

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVNSR1						NVOLG1						NVRE1						NVSIX2
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(276	)		18			834,207			358,808			107,841			61,511			3,445			2,015
Realized gain (loss) on investments		(520	)		(208	)		(334,714	)		207,603			65,598			205,527			(3,410	)		3,213
Change in unrealized gain (loss) on investments		12,146			(59,183	)		17,483,525			(30,926,283	)		332,542			(3,054,282	)		74,207			(192,774	)
Reinvested capital gains		19,880			11,471			-			5,786,954			129,179			444,717			3,201			58,126
Net increase (decrease) in contract owners’ equity resulting from operations		31,230			(47,902	)		17,983,018			(24,572,918	)		635,160			(2,342,527	)		77,443			(129,420	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		881			1,987			1,553,298			1,616,875			151,275			148,903			12,248			13,821
Transfers between funds		5			335			(640,945	)		(611,574	)		12,846			(247,467	)		43,503			47,160
Surrenders (notes 2, 3, 4, 5 and 6)		(2,785	)		(2,589	)		(6,868,422	)		(8,110,222	)		159,427			(808,044	)		(57,487	)		(37,325	)
Adjustments to maintain reserves		4			(6	)		6,654			(27	)		1			357			6			(30	)
Net equity transactions		(1,895	)		(273	)		(5,949,415	)		(7,104,948	)		323,549			(906,251	)		(1,730	)		23,626
Net change in contract owners’ equity		29,335			(48,175	)		12,033,603			(31,677,866	)		958,709			(3,248,778	)		75,713			(105,794	)
Contract owners’ equity at beginning of period		157,230			205,405			80,386,932			112,064,798			5,147,212			8,395,990			506,798			612,592
Contract owners’ equity at end of period	$	186,565			157,230			92,420,535			80,386,932			6,105,921			5,147,212			582,511			506,798
CHANGE IN UNITS:
Beginning units		5,938			5,950			1,539,144			1,664,986			260,111			302,132			25,551			24,362
Units purchased		33			81			53,342			57,320			65,122			15,798			2,744			4,784
Units surrendered		(99	)		(93	)		(157,994	)		(183,162	)		(52,669	)		(57,819	)		(2,928	)		(3,595	)
Ending units		5,872			5,938			1,434,492			1,539,144			272,564			260,111			25,367			25,551

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	NVSTB2						NVTIV3						SAM						SCF
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	2,128			1,559			761			1,145			570,195			121,248			3,448			(8,110	)
Realized gain (loss) on investments		(3,437	)		(11,548	)		193			(81	)		-			-			(529,575	)		(195,109	)
Change in unrealized gain (loss) on investments		5,274			(4,266	)		4,680			(3,358	)		-			-			2,525,758			(7,841,878	)
Reinvested capital gains		-			-			-			-			1			303			94,441			3,942,075
Net increase (decrease) in contract owners’ equity resulting from operations		3,965			(14,255	)		5,634			(2,294	)		570,196			121,551			2,094,072			(4,103,022	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		2,867			3,283			-			2,895			1,484,158			1,318,448			266,718			301,016
Transfers between funds		(6,776	)		(86,273	)		-			-			(1,720,517	)		4,020,306			24,799			(160,798	)
Surrenders (notes 2, 3, 4, 5 and 6)		(20,769	)		(11,805	)		(4,428	)		(2,829	)		(3,094,452	)		(2,003,124	)		(1,335,956	)		(1,480,234	)
Adjustments to maintain reserves		-			3			(20	)		24			759			(1,141	)		1,222			456
Net equity transactions		(24,678	)		(94,792	)		(4,448	)		90			(3,330,052	)		3,334,489			(1,043,217	)		(1,339,560	)
Net change in contract owners’ equity		(20,713	)		(109,047	)		1,186			(2,204	)		(2,759,856	)		3,456,040			1,050,855			(5,442,582	)
Contract owners’ equity at beginning of period		92,619			201,666			39,837			42,041			14,614,040			11,158,000			16,432,911			21,875,493
Contract owners’ equity at end of period	$	71,906			92,619			41,023			39,837			11,854,184			14,614,040			17,483,766			16,432,911
CHANGE IN UNITS:
Beginning units		8,290			16,888			2,160			2,146			818,867			633,266			144,812			156,064
Units purchased		774			2,919			-			171			103,000			489,003			5,386			4,971
Units surrendered		(2,974	)		(11,517	)		(220	)		(157	)		(288,373	)		(303,402	)		(14,199	)		(16,223	)
Ending units		6,090			8,290			1,940			2,160			633,494			818,867			135,999			144,812

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	SCGF						SCVF						TRF						AMCG
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	(5,957	)		(6,600	)		(1,912	)		(5,842	)		462,152			375,698			(6,887	)		(7,084	)
Realized gain (loss) on investments		(31,446	)		(3,918	)		(314,315	)		(188,377	)		2,230,309			1,828,145			(311	)		34,925
Change in unrealized gain (loss) on investments		274,548			(969,534	)		703,822			(918,466	)		(3,992,853	)		(14,213,636	)		301,656			(1,196,361	)
Reinvested capital gains		-			226,118			168,151			553,451			5,503,219			6,049,762			-			381,582
Net increase (decrease) in contract owners’ equity resulting from operations		237,145			(753,934	)		555,746			(559,234	)		4,202,827			(5,960,031	)		294,458			(786,938	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		20,811			21,944			92,042			144,515			1,826,281			1,931,551			9,128			11,186
Transfers between funds		320,241			(420,604	)		(97,931	)		(262,909	)		(15,226	)		(12,958	)		(16,503	)		5,817
Surrenders (notes 2, 3, 4, 5 and 6)		(111,393	)		(198,905	)		(326,974	)		(297,301	)		(5,553,746	)		(5,648,326	)		(297,670	)		(122,486	)
Adjustments to maintain reserves		183			(10	)		362			(89	)		814			(394	)		33			(28	)
Net equity transactions		229,842			(597,575	)		(332,501	)		(415,784	)		(3,741,877	)		(3,730,127	)		(305,012	)		(105,511	)
Net change in contract owners’ equity		466,987			(1,351,509	)		223,245			(975,018	)		460,950			(9,690,158	)		(10,554	)		(892,449	)
Contract owners’ equity at beginning of period		1,349,805			2,701,314			3,467,370			4,442,388			56,928,961			66,619,119			1,876,189			2,768,638
Contract owners’ equity at end of period	$	1,816,792			1,349,805			3,690,615			3,467,370			57,389,911			56,928,961			1,865,635			1,876,189
CHANGE IN UNITS:
Beginning units		62,558			86,854			58,424			64,741			424,376			456,227			109,373			114,680
Units purchased		15,505			13,367			2,775			4,747			20,148			24,924			1,411			1,789
Units surrendered		(5,881	)		(37,663	)		(8,181	)		(11,064	)		(47,764	)		(56,775	)		(17,950	)		(7,096	)
Ending units		72,182			62,558			53,018			58,424			396,760			424,376			92,834			109,373

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	AMINS						AMMCGS						AMRS						AMSRS
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	3			389			(800	)		(802	)		8			-			6,283			11,067
Realized gain (loss) on investments		(5,746	)		(2	)		(10,855	)		7,166			2			760			48,319			21,941
Change in unrealized gain (loss) on investments		8,324			(17,141	)		39,576			(109,724	)		105			(1,034	)		1,009,962			(1,544,626	)
Reinvested capital gains		-			9,821			-			38,137			68			-			77,983			453,209
Net increase (decrease) in contract owners’ equity resulting from operations		2,581			(6,933	)		27,921			(65,223	)		183			(274	)		1,142,547			(1,058,409	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		206			206			1,030			1,642			-			-			9,283			14,905
Transfers between funds		(19,492	)		-			(28,285	)		23,592			1,555			-			(2,611	)		(20,765	)
Surrenders (notes 2, 3, 4, 5 and 6)		(273	)		(444	)		(4,384	)		(25,384	)		(110	)		(4,301	)		(394,042	)		(107,000	)
Adjustments to maintain reserves		2			4			1			11			-			(4	)		(124	)		63
Net equity transactions		(19,557	)		(234	)		(31,638	)		(139	)		1,445			(4,305	)		(387,494	)		(112,797	)
Net change in contract owners’ equity		(16,976	)		(7,167	)		(3,717	)		(65,362	)		1,628			(4,579	)		755,053			(1,171,206	)
Contract owners’ equity at beginning of period		23,417			30,584			166,820			232,182			-			4,579			4,536,223			5,707,429
Contract owners’ equity at end of period	$	6,441			23,417			163,103			166,820			1,628			-			5,291,276			4,536,223
CHANGE IN UNITS:
Beginning units		1,137			1,148			2,903			2,864			-			132			131,435			135,780
Units purchased		10			10			69			471			51			-			1,290			1,189
Units surrendered		(871	)		(21	)		(559	)		(432	)		(4	)		(132	)		(12,815	)		(5,534	)
Ending units		276			1,137			2,413			2,903			47			-			119,910			131,435

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	AMTB						NOTB3						NOTG3						NOTMG3
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	50,199			48,145			(31	)		1,824			(4	)		280			-			15
Realized gain (loss) on investments		(21,307	)		(4,968	)		(995	)		(169	)		(626	)		(13	)		(29	)		(2	)
Change in unrealized gain (loss) on investments		39,597			(124,684	)		1,749			(7,002	)		928			(2,244	)		39			(82	)
Reinvested capital gains		-			-			44			3,970			4			1,391			-			56
Net increase (decrease) in contract owners’ equity resulting from operations		68,489			(81,507	)		767			(1,377	)		302			(586	)		10			(13	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		31,169			37,222			-			-			252			137			24			24
Transfers between funds		22,199			35,124			-			-			-			-			-			-
Surrenders (notes 2, 3, 4, 5 and 6)		(230,156	)		(65,332	)		(545	)		(512	)		(690	)		(630	)		(7	)		(6	)
Adjustments to maintain reserves		(8	)		25			4			(9	)		8			(3	)		(4	)		7
Net equity transactions		(176,796	)		7,039			(541	)		(521	)		(430	)		(496	)		13			25
Net change in contract owners’ equity		(108,307	)		(74,468	)		226			(1,898	)		(128	)		(1,082	)		23			12
Contract owners’ equity at beginning of period		1,379,328			1,453,796			9,237			11,135			3,172			4,254			100			88
Contract owners’ equity at end of period	$	1,271,021			1,379,328			9,463			9,237			3,044			3,172			123			100
CHANGE IN UNITS:
Beginning units		63,108			62,402			752			793			247			284			8			6
Units purchased		3,486			5,710			-			-			19			10			2			2
Units surrendered		(11,792	)		(5,004	)		(43	)		(41	)		(51	)		(47	)		(1	)		-
Ending units		54,802			63,108			709			752			215			247			9			8

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	PMVAAA						PMVFBA						PMVLDA						PMVRSA
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	7,651			21,205			1,026			715			28,442			12,456			53,316			59,100
Realized gain (loss) on investments		(7,808	)		(1,481	)		(5,388	)		(9,012	)		(5,109	)		(13,959	)		(142,443	)		(9,095	)
Change in unrealized gain (loss) on investments		23,540			(77,683	)		7,156			(8,781	)		16,022			(64,954	)		54,141			(79,563	)
Reinvested capital gains		-			21,986			-			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		23,383			(35,973	)		2,794			(17,078	)		39,355			(66,457	)		(34,986	)		(29,558	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		8,621			10,144			1,361			3,195			15,538			21,855			849			2,190
Transfers between funds		(13,789	)		10,721			3,443			(51,584	)		(8,092	)		(267,981	)		(139,044	)		368,300
Surrenders (notes 2, 3, 4, 5 and 6)		2,007			36,883			(11,037	)		(4,554	)		(62,744	)		(53,826	)		(14,696	)		(8,738	)
Adjustments to maintain reserves		4			(6	)		(2	)		(9	)		15			(27	)		9			1
Net equity transactions		(3,157	)		57,742			(6,235	)		(52,952	)		(55,283	)		(299,979	)		(152,882	)		361,753
Net change in contract owners’ equity		20,226			21,769			(3,441	)		(70,030	)		(15,928	)		(366,436	)		(187,868	)		332,195
Contract owners’ equity at beginning of period		306,997			285,228			54,433			124,463			880,847			1,247,283			397,724			65,529
Contract owners’ equity at end of period	$	327,223			306,997			50,992			54,433			864,919			880,847			209,856			397,724
CHANGE IN UNITS:
Beginning units		21,953			17,872			4,992			9,201			70,914			94,932			45,547			8,113
Units purchased		3,239			5,364			557			335			2,481			6,859			279			55,270
Units surrendered		(3,469	)		(1,283	)		(1,123	)		(4,544	)		(6,955	)		(30,877	)		(19,610	)		(17,836	)
Ending units		21,723			21,953			4,426			4,992			66,440			70,914			26,216			45,547

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	PVSTA						PVEIB						PVGOB						PVTIGB
	2023			2022			2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	2,937			67			12,167			6,850			(8,242	)		(7,690	)		(1,031	)		2,476
Realized gain (loss) on investments		229			-			16,983			25,323			13,011			24,960			1,236			(2,236	)
Change in unrealized gain (loss) on investments		468			39			51,876			(119,711	)		554,014			(893,432	)		39,371			(65,710	)
Reinvested capital gains		-			-			45,733			60,655			21,571			272,511			-			25,224
Net increase (decrease) in contract owners’ equity resulting from operations		3,634			106			126,759			(26,883	)		580,354			(603,651	)		39,576			(40,246	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		138,393			213			149,647			148,279			108,277			114,317			5,950			4,700
Transfers between funds		(1,934	)		12,940			179,175			66,665			367,237			39,500			(7,918	)		9,829
Surrenders (notes 2, 3, 4, 5 and 6)		(5,507	)		(298	)		(173,347	)		(151,611	)		(240,620	)		(183,834	)		(14,639	)		(14,969	)
Adjustments to maintain reserves		(4	)		3			17			474			32			(48	)		9			(15	)
Net equity transactions		130,948			12,858			155,492			63,807			234,926			(30,065	)		(16,598	)		(455	)
Net change in contract owners’ equity		134,582			12,964			282,251			36,924			815,280			(633,716	)		22,978			(40,701	)
Contract owners’ equity at beginning of period		12,964			-			718,505			681,581			1,306,138			1,939,854			225,411			266,112
Contract owners’ equity at end of period	$	147,546			12,964			1,000,756			718,505			2,121,418			1,306,138			248,389			225,411
CHANGE IN UNITS:
Beginning units		1,288			-			41,803			38,227			61,301			62,945			8,858			8,871
Units purchased		13,160			1,318			10,529			14,514			14,015			8,019			296			930
Units surrendered		(533	)		(30	)		(1,803	)		(10,938	)		(6,061	)		(9,663	)		(879	)		(943	)
Ending units		13,915			1,288			50,529			41,803			69,255			61,301			8,275			8,858

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	TRHS2						TRLT2						TRMCG2					VWBF
	2023			2022			2023			2022			2023			2022		2023			2022
Investment activity*:
Net investment income (loss)	$	(20,987	)		(22,289	)		1,317			724			(1	)		-		20,916			23,251
Realized gain (loss) on investments		117,799			331,481			(7	)		(3	)		-			-		(14,955	)		(9,631	)
Change in unrealized gain (loss) on investments		(171,101	)		(1,150,206	)		668			(2,923	)		(416	)		-		54,548			(63,211	)
Reinvested capital gains		159,102			74,483			-			67			545			-		-			-
Net increase (decrease) in contract owners’ equity resulting from operations		84,813			(766,531	)		1,978			(2,135	)		128			-		60,509			(49,591	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		115,099			122,904			-			-			186			-		33,031			24,945
Transfers between funds		34,949			(78,092	)		-			-			8,448			-		(19,185	)		(3,788	)
Surrenders (notes 2, 3, 4, 5 and 6)		(328,091	)		(635,644	)		(202	)		(158	)		(1	)		-		(61,346	)		(44,416	)
Adjustments to maintain reserves		48			(30	)		(3	)		6			(1	)		-		4			(4	)
Net equity transactions		(177,995	)		(590,862	)		(205	)		(152	)		8,632			-		(47,496	)		(23,263	)
Net change in contract owners’ equity		(93,182	)		(1,357,393	)		1,773			(2,287	)		8,760			-		13,013			(72,854	)
Contract owners’ equity at beginning of period		4,394,774			5,752,167			42,297			44,584			-			-		594,919			667,773
Contract owners’ equity at end of period	$	4,301,592			4,394,774			44,070			42,297			8,760			-		607,932			594,919
CHANGE IN UNITS:
Beginning units		73,057			82,786			3,083			3,094			-			-		21,363			22,252
Units purchased		6,709			8,352			-			-			781			-		1,532			1,588
Units surrendered		(10,033	)		(18,081	)		(15	)		(11	)		-			-		(3,185	)		(2,477	)
Ending units		69,733			73,057			3,068			3,083			781			-		19,710			21,363

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022

	VWEM						VWHA						VRVDRI
	2023			2022			2023			2022			2023			2022
Investment activity*:
Net investment income (loss)	$	55,672			(4,773	)		66,603			39,320			1,778			641
Realized gain (loss) on investments		(106,014	)		(26,778	)		114,377			197,082			(3,534	)		(128	)
Change in unrealized gain (loss) on investments		219,055			(1,054,798	)		(316,946	)		(52,002	)		6,192			(26,727	)
Reinvested capital gains		-			395,402			-			-			909			1,851
Net increase (decrease) in contract owners’ equity resulting from operations		168,713			(690,947	)		(135,966	)		184,400			5,345			(24,363	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		69,453			75,392			75,369			86,149			189			562
Transfers between funds		(87,698	)		(25,130	)		(114,876	)		264,816			28,069			33,379
Surrenders (notes 2, 3, 4, 5 and 6)		(246,592	)		(256,770	)		(296,618	)		(316,733	)		(5,287	)		(1,934	)
Adjustments to maintain reserves		195			(90	)		(38	)		152			(1	)		(6	)
Net equity transactions		(264,642	)		(206,598	)		(336,163	)		34,384			22,970			32,001
Net change in contract owners’ equity		(95,929	)		(897,545	)		(472,129	)		218,784			28,315			7,638
Contract owners’ equity at beginning of period		1,952,681			2,850,226			3,250,243			3,031,459			65,128			57,490
Contract owners’ equity at end of period	$	1,856,752			1,952,681			2,778,114			3,250,243			93,443			65,128
CHANGE IN UNITS:
Beginning units		66,213			72,767			69,477			69,177			5,665			3,687
Units purchased		4,415			5,234			2,783			11,358			2,417			2,120
Units surrendered		(12,968	)		(11,788	)		(10,731	)		(11,058	)		(744	)		(142	)
Ending units		57,660			66,213			61,529			69,477			7,338			5,665

* 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, 2023, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

(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 Sustainable Global Thematic Portfolio: Class B (ABTGB)

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

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Relative Value 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 Discovery Value Portfolio: Class A (ALVSVA)

ALLSPRING GLOBAL INVESTMENTS

Allspring Variable Trust - VT Discovery SMID Cap Growth 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)

American Funds Insurance Series(R) - Global Small Capitalization Fund: Class 4 (AMVGS4)*

American Funds Insurance Series(R) - U.S. Government Securities Fund: Class 2 (AMVGV2)*

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)

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

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)

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 Sustainable Equity Portfolio: Institutional Shares (JAGSEI)*

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

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

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

LORD ABBETT FUNDS

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

MASSACHUSETTS FINANCIAL SERVICES CO.

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

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

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

MFS(R) Variable Insurance Trust III - MFS Limited Maturity Portfolio: Service Class (MV3LMS)*

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. - 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 VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

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 Jacobs Levy Large Cap Core Fund: Class I (NVNMO1)

Nationwide Variable Insurance Trust - NVIT Calvert 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 Loomis 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: Class I Shares (AMCG)

Neuberger Berman Advisers Management Trust - International Equity Portfolio: Class S Shares (AMINS)

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

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

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

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: Class I 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 Large Cap Growth Fund: Class IB (PVGOB)

Putnam Variable Trust - Putnam VT Sustainable Leaders Fund: Class IB (PVNOB)*

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)

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

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, 2023, policyholders were not invested in this fund.

Unless listed below, the financial statements presented are as of December 31, 2023 and for each of the years in the two-year period ended December 31, 2023. For the subaccounts listed below with inception dates in 2023, the financial statements are as of December 31, 2023 and for the period from the inception date to December 31, 2023. For the subaccounts listed below with inception dates in 2022, the prior year financial statements reflect the period from inception date to December 31, 2022.

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Inception Date		Liquidation Date
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
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Sustainable Global Thematic Portfolio: Class B (ABTGB)		9/12/2023
T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio: II (TRMCG2)		8/21/2023
Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I (MSVFI)				8/17/2023

There were no subaccount mergers for the one-year period ending December 31, 2023.

For the one-year period ended December 31, 2023, the following subaccount name changes occurred:

Subaccount Abbreviation	Current Legal Name	Prior Legal Name	Effective Date
ALVGIA	AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Relative Value Portfolio: Class A	AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A		5/1/2023
ALVSVA	AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Discovery Value Portfolio: Class A	AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A		5/1/2023
SVDF	Allspring Variable Trust - VT Discovery SMID Cap Growth Fund: Class 2	Allspring Variable Trust - VT Discovery Fund: Class 2		5/1/2023
NVNMO1	Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Core Fund: Class I	Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I		5/1/2023
NVNSR1	Nationwide Variable Insurance Trust - NVIT Calvert Equity Fund: Class I	Nationwide Variable Insurance Trust - NVIT BNY Mellon Sustainable U.S. Equity Fund: Class I		5/1/2023
NVSTB2	Nationwide Variable Insurance Trust - NVIT Loomis Short Term Bond Fund: Class II	Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II		5/1/2023
AMCG	Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: Class I Shares	Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: I Class Shares		5/1/2023
AMINS	Neuberger Berman Advisers Management Trust - International Equity Portfolio: Class S Shares	Neuberger Berman Advisers Management Trust - International Equity Portfolio: S Class Shares		5/1/2023
AMMCGS	Neuberger Berman Advisers Management Trust - Mid- Cap Growth Portfolio: Class S Shares	Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares		5/1/2023
AMRS	Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: Class S Shares	Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: S Class Shares		5/1/2023
AMTB	Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: Class I Shares	Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares		5/1/2023
PVGOB	Putnam Variable Trust - Putnam VT Large Cap Growth Fund: Class IB	Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB		5/1/2023

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.

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

(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, 2023 of such funds. The cost of investments sold is determined on a first in - first out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed), and dividends and capital gain distributions are accrued as of the ex-dividend date and are reinvested in the underlying mutual funds.

(d) Federal Income Taxes

Operations of the Separate Account form a part of, and are taxed with, operations of the Company which is taxed as a life insurance company under the Internal Revenue Code. The Company does not provide for income taxes within the Separate Account. Taxes are generally the responsibility of the policyholder upon termination or withdrawal.

(e) Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. generally accepted accounting principles may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(f) 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 issued with the Securities and Exchange Commission, and no subsequent events have occurred requiring accrual or disclosures.

(2) Policy Charges

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

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

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, 2023 and 2022, total front-end sales charge deductions were $894,750 and $935,403, 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.

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.

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

(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, 2023 and 2022, total transfers to the Separate Account from the fixed account were $20,986,922 and $17,753,306, respectively, and total transfers from the Separate Account to the fixed account were $15,896,519 and $14,107,282, 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.

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.

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

The cost of purchases and proceeds from sales of Investments for the year ended December 31, 2023 are as follows:

Subaccount Abbreviation*	Purchases of Investments		Sales of Investments
ABTGB	$	4,302	$	14
ALVDAA		83		225
ALVGIA		66,705		46,114
ALVIVB		3,327		8,190
ALVSVA		88,802		94,623
SVDF		11,326		27,963
SVOF		203,864		115,506
WFVSCG		3,781		81,060
ACVB		1,269,062		1,482,362
ACVCA		343		1,489
ACVI		13,959		45,957
ACVIG		157,983		303,076
ACVIP2		57,085		112,100
ACVMV1		242,857		97,474
ACVU1		11,934		163,781
AMVBC4		111,078		58,989
BRVHYI		167,701		69,311
MLVGA2		96,638		177,522
DGI		279,258		127,590
DSC		17,494		21,955
DSIF		3,165,711		3,186,383
DSRG		1,234,385		617,977
DVSCS		156,858		159,160
DWVSVS		10,953		38,922
DFVGMI		51,209		9,791
DFVIPS		17,482		4,775
DSGIBA		43,588		27,178
FQB		68,146		77,198
FVU2		9,564		2,313
FAMP		355,837		470,187
FCS		528,761		39,578
FEIP		2,246,470		3,660,427
FEMS		108,895		32,116
FF10S		39,787		36,413
FF20S		43,876		72,421
FF30S		120,819		249,052
FGP		6,295,184		9,084,194
FHIP		469,790		517,811
FIGBS		482,585		227,148
FMCS		253,594		453,103
FNRS2		300,513		732,367
FOP		89,140		506,428
FOS		231,451		364,806
FRESS		54,377		62,964
FVSS		126,816		164,669
FVSS2		26,382		2,523
FTVDM2		75,840		64,254
FTVFA2		14,831		26,236
FTVGI2		49,570		117,760
FTVIS2		401,735		160,330
FTVRDI		46,354		18,506
FTVSVI		194,866		313,135
TIF		1,274		1,477
TIF2		28,312		41,569
GVGMNS		293		683
GVMSAS		2,528		3,177
RVARS		7,260		15,375
ACEG		60,944		23,921
AVMCCI		13,019		12,335
IVBRA1		2,556		166,957
IVCPBI		535,847		234,275
OVAG		328,480		370,675
OVGS		2,579,621		1,709,727
OVIG		91,920		26,947
OVMS		199,120		317,966
OVSB		25,124		8,327
OVSC		150,303		74,361

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

WRASP	32,856	101,432
WRHIP	34,089	50,771
WRMCG	171,271	219,614
JABS	69,494	139,062
JACAS	475,321	541,968
JAEI	158,690	32,220
JAGTS	1,919,510	1,202,445
JAIGS	147,956	261,189
LOVTRC	9,048	5,329
MNDIC	106,295	199,541
MV2IGI	241,434	21,354
MV3MVI	22,259	188,832
MVFIC	376,945	235,361
MVIGIC	24,235	7,143
MSEM	38,748	40,050
MSVRE	21,788	201,009
DTRTFB	49,480	2,143
EIF	146,322	101,800
GBF	218,422	349,376
GEM	114,410	143,385
GIG	186,494	421,968
GVAAA2	469,104	305,141
GVABD2	31,482	14,304
GVAGG2	347,022	223,768
GVAGI2	247,309	251,756
GVAGR2	734,161	521,132
GVDMA	407,781	907,558
GVDMC	30,362	69,767
GVEX1	866,279	1,640,904
GVIDA	49,243	139,965
GVIDC	606	27,405
GVIDM	22,313	393,406
GVIX2	85,551	73,379
HIBF	118,433	97,693
IDPG	-	199
IDPGI	112	6
MCIF	504,355	804,416
MSBF	117,669	353,604
NCPG	1,090	1,768
NCPGI	24	1,004
NVAMV1	401,752	698,206
NVAMVX	324,300	679,245
NVBX	111,934	72,514
NVCBD1	36,617	139,312
NVCCA1	116,377	167,801
NVCCN1	6,117	5,270
NVCMA1	51,445	158,832
NVCMC1	47,427	9,039
NVCMD1	85,994	66,774
NVCRA1	41,133	48,811
NVCRB1	22,266	35,626
NVDBL2	1,208	6,558
NVDCA2	82	12,378
NVDCAP	2,545	23,298
NVFIII	1,488	616
NVGEII	31,458	1,134
NVIDMP	81,495	91,147
NVIX	148,835	128,972
NVLCP1	48,042	53,783
NVMIG1	200,900	296,903

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

NVMIVX	22,610	39,233
NVMLG1	1,415,732	361,195
NVMMG1	385,472	1,982,917
NVMMV2	3,391,046	1,527,810
NVNMO1	1,180,224	1,137,304
NVNSR1	20,945	3,241
NVOLG1	2,059,060	7,180,923
NVRE1	1,457,592	898,292
NVSIX2	60,084	55,173
NVSTB2	19,316	41,866
NVTIV3	969	4,637
SAM	3,927,552	6,688,167
SCF	451,748	1,398,299
SCGF	362,114	138,259
SCVF	300,606	467,229
TRF	6,534,505	4,312,056
AMCG	13,946	325,878
AMINS	1,764	21,320
AMMCGS	2,626	35,066
AMRS	1,631	110
AMSRS	146,469	450,833
AMTB	115,183	242,181
NOTB3	60	592
NOTG3	222	659
NOTMG3	25	7
PMVAAA	45,396	40,907
PMVFBA	10,207	15,415
PMVLDA	42,722	69,576
PMVRSA	169,510	269,085
PVSTA	150,033	16,143
PVEIB	306,085	103,074
PVGOB	411,494	163,270
PVTIGB	4,848	22,629
TRHS2	561,027	606,257
TRLT2	1,317	202
TRMCG2	9,178	1
VWBF	70,718	97,302
VWEM	112,828	321,992
VWHA	235,416	505,909
VRVDRI	39,462	13,804

* 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, 2023

(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, 2023, and the investment income ratio and total return for each of the periods in the five-year period ended December 31, 2023. 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 Sustainable Global Thematic Portfolio: Class B (ABTGB)
2023		0.50	%					415	$	11.09			$	4,598		0.00	%		10.90	%			****
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A (ALVDAA)
2023		0.80	%					6		14.76				90		0.77	%		12.80	%
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	%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Relative Value Portfolio: Class A (ALVGIA)
2023		0.00	%	to	0.80	%		9,588		59.80	to	50.69		523,414		1.51	%		12.03	%	to	11.14	%
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	%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B (ALVIVB)
2023		0.50	%					7,438		9.84				73,175		0.68	%		14.26	%
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 Discovery Value Portfolio: Class A (ALVSVA)
2023		0.00	%	to	0.80	%		13,429		74.39	to	63.06		916,976		1.07	%		17.18	%	to	16.25	%
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	%
Allspring Variable Trust - VT Discovery SMID Cap Growth Fund: Class 2 (SVDF)
2023		0.00	%	to	1.00	%		8,781		107.11	to	61.48		648,429		0.00	%		20.14	%	to	18.95	%
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	%
Allspring Variable Trust - VT Opportunity Fund: Class 2 (SVOF)
2023		0.00	%	to	1.00	%		29,255		135.59	to	49.09		1,775,417		0.00	%		26.50	%	to	25.24	%
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	%
Allspring Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)
2023		0.00	%	to	0.80	%		7,860		49.03	to	43.60		358,532		0.00	%		4.11	%	to	3.28	%
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	%
American Century Variable Portfolios, Inc. - American Century VP Balanced Fund: Class I (ACVB)
2023		0.00	%	to	1.00	%		121,914		58.09	to	28.01		4,910,945		1.94	%		16.41	%	to	15.25	%
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	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	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)
2023		0.50	%	to	0.80	%		590		183.06	to	108.16		98,588		0.00	%		20.09	%	to	19.73	%
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	%
American Century Variable Portfolios, Inc. - American Century VP International Fund: Class I (ACVI)
2023		0.00	%	to	1.00	%		23,241		45.42	to	16.46		570,064		1.40	%		12.57	%	to	11.45	%
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	%
American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG)
2023		0.00	%	to	1.00	%		36,638		47.42	to	30.32		1,513,313		1.52	%		8.65	%	to	7.58	%
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	%
American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II (ACVIP2)
2023		0.00	%	to	0.80	%		47,266		18.66	to	15.81		796,449		3.28	%		3.40	%	to	2.58	%
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	%
American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I (ACVMV1)
2023		0.00	%	to	0.80	%		29,741		54.35	to	46.82		1,482,312		2.32	%		6.13	%	to	5.29	%
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	%
American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class I (ACVU1)
2023		0.00	%	to	1.00	%		437		75.12	to	60.49		28,170		0.00	%		43.51	%	to	42.09	%
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	%
American Funds Insurance Series(R) - Washington Mutual Investors Fund: Class 4 (AMVBC4)
2023		0.50	%					19,910		11.48				228,589		1.78	%		16.39	%
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)
2023		0.50	%	to	0.80	%		53,951		12.87	to	12.62		694,420		6.46	%		12.64	%	to	12.31	%
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	%
BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II (MLVGA2)
2023		0.00	%	to	0.80	%		71,389		25.81	to	22.96		1,711,961		2.07	%		12.60	%	to	11.70	%
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	%
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	%
BNY Mellon Variable Investment Fund - Growth and Income Portfolio: Initial Shares (DGI)
2023		0.00	%	to	1.00	%		31,429		78.42	to	41.47		2,171,842		0.66	%		26.68	%	to	25.43	%
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	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	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)
2023		0.00	%	to	0.80	%		8,062		40.56	to	34.38		293,635		0.33	%		9.28	%	to	8.41	%
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	%
BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)
2023		0.00	%	to	1.00	%		448,390		113.53	to	38.79		56,847,877		1.42	%		25.93	%	to	24.68	%
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	%
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)
2023		0.00	%	to	1.00	%		103,768		79.79	to	25.69		9,654,341		0.73	%		23.82	%	to	22.59	%
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	%
BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)
2023		0.00	%	to	1.00	%		36,269		60.58	to	48.78		1,959,327		1.06	%		15.39	%	to	14.24	%
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	%
Delaware VIP Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS)
2023		0.50	%	to	0.80	%		8,430		22.52	to	21.81		189,546		0.67	%		8.55	%	to	8.23	%
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	%
DFA Investment Dimensions Group Inc. - VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)
2023		0.50	%	to	0.80	%		7,425		15.07	to	14.77		111,715		2.88	%		14.15	%	to	13.81	%
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	%
DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)
2023		0.50	%					9,601		11.40				109,487		3.89	%		3.50	%
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	%
Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A (DSGIBA)
2023		0.50	%	to	0.80	%		64,903		15.20	to	14.85		986,182		3.17	%		14.32	%	to	13.98	%
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	%
Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB)
2023		0.00	%	to	1.00	%		78,401		22.30	to	17.96		1,501,368		2.62	%		6.14	%	to	5.08	%
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	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	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)
2023		0.50	%	to	0.80	%		7,899		11.95	to	11.76		94,404		1.85	%		8.14	%	to	7.82	%
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	%
Fidelity Variable Insurance Products Fund - VIP Asset Manager Portfolio: Initial Class (FAMP)
2023		0.00	%	to	1.00	%		149,629		51.77	to	24.16		9,223,106		2.36	%		12.94	%	to	11.82	%
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	%
Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class (FCS)
2023		0.50	%	to	0.80	%		123,143		17.76	to	17.51		2,186,392		0.46	%		32.68	%	to	32.28	%
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)
2023		0.00	%	to	1.00	%		262,260		78.40	to	36.33		39,490,772		1.91	%		10.65	%	to	9.55	%
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	%
Fidelity Variable Insurance Products - Emerging Markets Portfolio - Service Class (FEMS)
2023		0.50	%	to	0.80	%		33,462		11.73	to	11.53		392,483		2.14	%		9.06	%	to	8.74	%
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	%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class (FF10S)
2023		0.50	%	to	0.80	%		15,529		24.03	to	22.73		373,167		3.85	%		8.73	%	to	8.41	%
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	%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class (FF20S)
2023		0.00	%	to	0.80	%		29,703		30.49	to	26.26		821,049		3.11	%		12.34	%	to	11.45	%
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	%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class (FF30S)
2023		0.00	%	to	0.80	%		64,270		35.30	to	30.40		2,057,872		2.36	%		14.56	%	to	13.65	%
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	%
Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Initial Class (FGP)
2023		0.00	%	to	1.00	%		421,913		130.93	to	41.33		102,978,805		0.13	%		36.24	%	to	34.89	%
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	%
Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Initial Class (FHIP)
2023		0.00	%	to	1.00	%		112,246		33.05	to	21.99		6,283,042		5.67	%		10.48	%	to	9.38	%
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	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	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)
2023		0.00	%	to	0.80	%		113,764		19.76	to	16.75		2,054,172		2.97	%		6.12	%	to	5.28	%
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	%
Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class (FMCS)
2023		0.00	%	to	0.80	%		76,411		88.74	to	75.22		6,135,457		0.51	%		15.00	%	to	14.09	%
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	%
Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)
2023		0.00	%	to	0.80	%		69,708		28.67	to	24.69		1,823,864		2.46	%		0.70	%	to	-0.10	%
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	%
Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Initial Class (FOP)
2023		0.00	%	to	1.00	%		70,708		44.29	to	20.83		3,722,811		1.01	%		20.51	%	to	19.31	%
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	%
Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class (FOS)
2023		0.00	%	to	0.80	%		292,652		15.91	to	14.84		4,449,498		0.95	%		20.41	%	to	19.45	%
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	%
Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class (FRESS)
2023		0.50	%	to	0.80	%		5,518		11.98	to	11.74		65,900		1.95	%		10.54	%	to	10.21	%
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	%
Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class (FVSS)
2023		0.50	%	to	1.00	%		19,075		54.33	to	48.75		1,018,629		1.10	%		20.17	%	to	19.58	%
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	%
Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class 2 (FVSS2)
2023		0.50	%					6,311		11.60				73,188		0.99	%		20.01	%
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)
2023		0.00	%	to	0.80	%		33,475		12.94	to	11.98		414,228		2.09	%		12.62	%	to	11.73	%
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	%
Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)
2023		0.50	%	to	0.80	%		9,904		19.76	to	18.85		194,972		1.49	%		14.04	%	to	13.70	%
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	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)
2023		0.00	%	to	0.80	%		75,192		9.27	to	8.58		666,782		0.00	%		2.88	%	to	2.07	%
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	%
Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)
2023		0.00	%	to	0.80	%		54,887		26.79	to	23.26		1,346,046		5.24	%		8.62	%	to	7.76	%
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	%
Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1 (FTVRDI)
2023		0.00	%					5,738		71.25				408,811		1.10	%		12.39	%
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	%
Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1 (FTVSVI)
2023		0.00	%	to	0.80	%		37,212		73.40	to	62.21		2,469,875		0.75	%		13.02	%	to	12.12	%
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	%
Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1 (TIF)
2023		0.00	%	to	0.80	%		1,316		33.42	to	28.33		40,047		3.38	%		21.09	%	to	20.13	%
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	%
Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)
2023		0.00	%	to	0.80	%		46,370		11.17	to	10.33		497,032		3.23	%		20.76	%	to	19.80	%
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	%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Trend Driven Allocation Fund: Service Shares (GVGMNS)
2023		0.50	%					1,157		15.45				17,863		1.73	%		15.00	%
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	%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares (GVMSAS)
2023		0.50	%					3,504		11.31				39,633		6.60	%		7.23	%
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)
2023		0.50	%	to	0.80	%		3,734		12.16	to	11.78		45,239		2.91	%		3.85	%	to	3.54	%
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	%
Invesco - Invesco V.I. American Franchise Fund: Series I Shares (ACEG)
2023		0.00	%	to	0.80	%		6,154		41.31	to	37.62		244,277		0.00	%		40.93	%	to	39.81	%
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	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Invesco - Invesco V.I. Main Street Mid Cap Fund: Series I Shares (AVMCCI)
2023		0.50	%	to	0.80	%		1,384		23.44	to	22.63		32,263		0.22	%		13.90	%	to	13.56	%
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	%
Invesco Variable Insurance Funds - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)
2023		0.50	%	to	0.80	%		8,383		13.77	to	13.38		115,414		0.00	%		6.10	%	to	5.79	%
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	%
Invesco - Invesco V.I. Core Plus Bond Fund: Series I Shares (IVCPBI)
2023		0.00	%	to	1.00	%		318,304		10.10	to	9.94		3,184,374		2.73	%		6.14	%	to	5.09	%
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)
2023		0.00	%	to	1.00	%		90,772		25.20	to	17.61		1,948,465		0.00	%		13.15	%	to	12.03	%
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	%
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	%
Invesco - Invesco V.I. Global Fund: Series I (OVGS)
2023		0.00	%	to	1.00	%		177,312		130.26	to	39.52		21,957,586		0.23	%		34.73	%	to	33.40	%
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	%
Invesco Oppenheimer V.I. International Growth Fund: Series I (OVIG)
2023		0.50	%	to	0.80	%		21,083		13.57	to	13.19		286,157		0.56	%		20.46	%	to	20.10	%
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	%
Invesco - Invesco V.I. Conservative Balanced Fund: Series I (OVMS)
2023		0.00	%	to	1.00	%		85,535		40.65	to	19.69		4,529,634		1.90	%		12.60	%	to	11.48	%
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	%
Invesco - Invesco V.I. Global Strategic Income Fund: Series I (OVSB)
2023		0.00	%	to	0.80	%		15,420		11.80	to	10.79		173,050		0.00	%		8.88	%	to	8.02	%
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	%
Invesco - Invesco V.I. Main Street Small Cap Fund: Series I (OVSC)
2023		0.00	%	to	0.80	%		15,283		83.33	to	70.64		1,150,492		1.18	%		18.13	%	to	17.19	%
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	%
Ivy Variable Insurance Portfolios - Delaware Ivy Asset Strategy: Class II (WRASP)
2023		0.00	%	to	0.80	%		38,833		25.33	to	22.53		909,526		2.12	%		13.94	%	to	13.03	%
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	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	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)
2023		0.50	%	to	0.80	%		31,967		16.35	to	15.79		522,069		6.26	%		11.20	%	to	10.86	%
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	%
Ivy Variable Insurance Portfolios - Delaware Ivy Mid Cap Growth: Class II (WRMCG)
2023		0.50	%	to	0.80	%		17,374		33.71	to	32.55		583,962		0.00	%		19.02	%	to	18.67	%
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	%
Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS)
2023		0.00	%	to	0.80	%		45,927		51.72	to	43.84		2,142,063		1.79	%		15.13	%	to	14.22	%
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	%
Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares (JACAS)
2023		0.00	%	to	1.00	%		100,822		57.28	to	47.21		5,219,149		0.13	%		39.65	%	to	38.27	%
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	%
Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)
2023		0.50	%	to	0.80	%		20,372		21.01	to	20.60		427,959		0.17	%		17.48	%	to	17.13	%
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	%
Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS)
2023		0.00	%	to	1.00	%		169,220		41.42	to	34.27		6,323,475		0.00	%		54.27	%	to	52.75	%
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	%
Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS)
2023		0.00	%	to	1.00	%		114,740		23.32	to	20.24		2,384,720		1.43	%		10.58	%	to	9.49	%
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	%
Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)
2023		0.50	%	to	0.80	%		16,914		10.57	to	10.33		178,619		4.39	%		5.81	%	to	5.49	%
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	%
MFS(R) Variable Insurance Trust - MFS New Discovery Series: Initial Class (MNDIC)
2023		0.50	%	to	0.80	%		13,634		28.90	to	27.90		393,638		0.00	%		13.84	%	to	13.50	%
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	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
MFS(R) Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class (MV2IGI)
2023		0.00	%	to	0.80	%		13,890		29.29	to	27.30		398,757		0.41	%		24.01	%	to	23.02	%
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	%
MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)
2023		0.50	%	to	0.80	%		17,776		18.22	to	18.02		323,821		1.69	%		12.17	%	to	11.83	%
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	%		*	***
MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)
2023		0.00	%	to	0.80	%		59,922		65.23	to	55.29		3,571,746		1.64	%		7.93	%	to	7.07	%
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	%
MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)
2023		0.50	%	to	0.80	%		19,422		13.23	to	13.04		256,798		1.11	%		14.15	%	to	13.81	%
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)
2023		0.00	%	to	1.00	%		10,854		39.44	to	30.99		372,903		8.49	%		11.84	%	to	10.73	%
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	%
Morgan Stanley Variable Insurance Fund, Inc. - U.S. Real Estate Portfolio: Class I (MSVRE)
2023		0.00	%	to	1.00	%		4,916		100.40	to	44.94		402,630		1.83	%		14.52	%	to	13.38	%
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	%
Nationwide Variable Insurance Trust - NVIT DoubleLine Total Return Tactical Fund: Class II (DTRTFB)
2023		0.50	%					11,009		9.99				110,012		4.09	%		5.14	%
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	%
Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I (EIF)
2023		0.00	%	to	0.80	%		26,373		58.30	to	49.42		1,401,872		1.86	%		11.99	%	to	11.10	%
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	%
Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I (GBF)
2023		0.00	%	to	1.00	%		97,032		26.81	to	15.92		3,438,805		2.70	%		4.70	%	to	3.66	%
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	%
Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I (GEM)
2023		0.00	%	to	1.00	%		36,331		27.42	to	21.40		895,943		1.70	%		4.16	%	to	3.13	%
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	%
Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG)
2023		0.00	%	to	1.00	%		135,682		26.72	to	21.29		3,264,536		2.71	%		21.70	%	to	20.49	%
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	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II (GVAAA2)
2023		0.00	%	to	0.80	%		130,683		30.35	to	26.35		3,624,043		0.00	%		13.84	%	to	12.93	%
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	%
Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II (GVABD2)
2023		0.00	%	to	0.80	%		22,957		14.86	to	12.90		312,613		0.00	%		4.50	%	to	3.67	%
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	%
Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II (GVAGG2)
2023		0.00	%	to	0.80	%		65,934		40.96	to	35.56		2,484,675		0.00	%		22.14	%	to	21.17	%
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	%
Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II (GVAGI2)
2023		0.00	%	to	0.80	%		28,489		36.67	to	32.09		967,078		0.00	%		25.68	%	to	24.68	%
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	%
Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II (GVAGR2)
2023		0.00	%	to	0.80	%		65,678		56.60	to	49.15		3,428,486		0.00	%		37.95	%	to	36.86	%
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	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II (GVDMA)
2023		0.00	%	to	1.00	%		139,628		38.41	to	30.85		4,833,854		0.00	%		17.93	%	to	16.76	%
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	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II (GVDMC)
2023		0.00	%	to	1.00	%		17,949		26.41	to	21.21		408,225		0.00	%		11.25	%	to	10.14	%
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	%
Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)
2023		0.00	%	to	1.00	%		203,180		17.71	to	17.08		6,516,094		1.23	%		25.96	%	to	24.71	%
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	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II (GVIDA)
2023		0.50	%	to	1.00	%		56,946		37.54	to	33.64		2,120,001		0.00	%		18.79	%	to	18.20	%
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	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	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)
2023		0.00	%	to	1.00	%		8,378		20.75	to	16.66		155,138		0.00	%		8.03	%	to	6.96	%
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	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)
2023		0.00	%	to	1.00	%		63,977		32.06	to	25.75		1,880,269		0.00	%		14.72	%	to	13.58	%
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	%
Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II (GVIX2)
2023		0.00	%	to	0.80	%		58,189		14.39	to	13.31		797,502		2.33	%		17.31	%	to	16.38	%
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	%
Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I (HIBF)
2023		0.00	%	to	0.80	%		25,816		32.53	to	27.57		771,334		6.12	%		13.13	%	to	12.23	%
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	%
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	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I (IDPGI)
2023		0.80	%					13		12.98				174		0.00	%		11.49	%
2022		0.80	%					5		11.65				58		0.00	%		-14.55	%
Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I (MCIF)
2023		0.00	%	to	1.00	%		84,905		70.83	to	50.96		5,310,613		1.20	%		16.06	%	to	14.91	%
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	%
Nationwide Variable Insurance Trust - NVIT Amundi Multi Sector Bond Fund: Class I (MSBF)
2023		0.00	%	to	1.00	%		19,733		30.21	to	23.37		532,772		5.77	%		8.70	%	to	7.62	%
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	%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I (NCPG)
2023		0.50	%	to	0.80	%		4,529		14.75	to	14.33		66,797		0.00	%		12.05	%	to	11.72	%
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)
2023		0.50	%	to	0.80	%		671		13.57	to	13.18		9,108		0.00	%		12.14	%	to	11.81	%
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	%
Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class I (NVAMV1)
2023		0.00	%	to	1.00	%		115,786		52.01	to	44.91		5,601,192		1.72	%		8.84	%	to	7.76	%
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	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	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)
2023		0.00	%	to	1.00	%		145,220		17.23	to	16.67		2,462,708		1.66	%		9.00	%	to	7.91	%
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)
2023		0.50	%	to	0.80	%		15,272		10.68	to	10.38		162,927		2.80	%		4.67	%	to	4.36	%
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	%
Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I (NVCBD1)
2023		0.00	%	to	1.00	%		25,626		15.43	to	13.19		363,036		2.92	%		5.19	%	to	4.14	%
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	%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I (NVCCA1)
2023		0.00	%	to	0.80	%		29,239		24.70	to	21.80		666,683		0.00	%		16.45	%	to	15.53	%
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	%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I (NVCCN1)
2023		0.50	%	to	0.80	%		4,008		15.65	to	14.94		62,605		0.00	%		8.37	%	to	8.05	%
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	%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I (NVCMA1)
2023		0.50	%	to	0.80	%		24,989		24.18	to	23.07		600,068		0.00	%		17.48	%	to	17.13	%
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	%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I (NVCMC1)
2023		0.00	%	to	0.80	%		7,891		20.04	to	17.68		146,736		0.00	%		11.88	%	to	10.99	%
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	%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I (NVCMD1)
2023		0.00	%	to	0.80	%		46,313		23.21	to	20.48		999,176		0.00	%		14.95	%	to	14.04	%
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	%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I (NVCRA1)
2023		0.50	%	to	0.80	%		16,704		25.41	to	24.24		421,550		0.00	%		19.15	%	to	18.79	%
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	%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I (NVCRB1)
2023		0.00	%	to	0.80	%		20,131		21.44	to	18.92		398,632		0.00	%		13.40	%	to	12.50	%
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	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	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)
2023		0.50	%	to	0.80	%		4,026		22.90	to	21.92		91,604		0.00	%		12.48	%	to	12.14	%
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	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)
2023		0.50	%	to	0.80	%		3,046		29.45	to	28.18		88,175		0.00	%		15.80	%	to	15.45	%
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	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)
2023		0.50	%	to	0.80	%		12,010		11.51	to	11.40		138,219		0.00	%		15.98	%	to	15.64	%
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)
2023		0.50	%					766		9.83				7,533		2.72	%		4.70	%
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)
2023		0.50	%					3,513		15.09				53,013		2.74	%		19.88	%
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)
2023		0.50	%	to	0.80	%		45,209		11.19	to	11.08		505,035		0.00	%		14.38	%	to	14.04	%
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)
2023		0.50	%	to	0.80	%		42,850		13.79	to	13.40		590,943		2.55	%		16.99	%	to	16.64	%
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	%
Nationwide Variable Insurance Trust - NVIT BNY Mellon Core Plus Bond Fund: Class I (NVLCP1)
2023		0.50	%	to	0.80	%		39,505		16.12	to	15.38		636,341		3.65	%		6.86	%	to	6.54	%
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	%
Nationwide Variable Insurance Trust - NVIT NS Partners International Focused Growth Fund: Class I (NVMIG1)
2023		0.00	%	to	1.00	%		212,447		14.32	to	13.00		2,893,788		1.90	%		15.67	%	to	14.52	%
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	%
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)
2023		0.00	%	to	0.80	%		34,467		14.19	to	13.83		480,958		2.71	%		15.67	%	to	14.75	%
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 VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1)
2023		0.00	%	to	1.00	%		86,979		60.44	to	51.68		4,894,209		5.46	%		35.36	%	to	34.01	%
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	%
Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class I (NVMMG1)
2023		0.00	%	to	1.00	%		959,585		32.24	to	27.56		28,580,968		0.00	%		20.58	%	to	19.38	%
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	%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)
2023		0.00	%	to	1.00	%		657,136		34.50	to	29.50		20,943,789		1.51	%		8.63	%	to	7.55	%
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	%
Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Core Fund: Class I (NVNMO1)
2023		0.00	%	to	1.00	%		458,999		36.55	to	31.25		15,538,818		0.52	%		23.39	%	to	22.17	%
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	%
Nationwide Variable Insurance Trust - NVIT Calvert Equity Fund: Class I (NVNSR1)
2023		0.50	%	to	0.80	%		5,872		31.78	to	30.32		186,565		0.34	%		19.99	%	to	19.64	%
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	%
Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Core Fund: Class I (NVOLG1)
2023		0.00	%	to	1.00	%		1,434,492		69.03	to	59.62		92,420,535		1.44	%		23.88	%	to	22.65	%
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	%
Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I (NVRE1)
2023		0.00	%	to	1.00	%		272,564		23.98	to	20.50		6,105,921		2.41	%		12.88	%	to	11.76	%
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	%
Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)
2023		0.50	%	to	0.80	%		25,367		22.97	to	22.25		582,511		1.17	%		15.77	%	to	15.42	%
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	%
Nationwide Variable Insurance Trust - NVIT Loomis Short Term Bond Fund: Class II (NVSTB2)
2023		0.00	%	to	0.80	%		6,090		12.77	to	11.27		71,906		3.12	%		5.69	%	to	4.85	%
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	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I (NVTIV3)
2023		0.00	%	to	0.80	%		1,940		22.84	to	20.31		41,023		2.40	%		15.56	%	to	14.64	%
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	%
Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)
2023		0.00	%	to	1.00	%		633,494		17.15	to	10.82		11,854,184		4.63	%		4.75	%	to	3.70	%
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	%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I (SCF)
2023		0.00	%	to	1.00	%		135,999		117.75	to	46.85		17,483,766		0.51	%		13.99	%	to	12.86	%
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	%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I (SCGF)
2023		0.00	%	to	1.00	%		72,182		27.92	to	22.07		1,816,792		0.00	%		17.47	%	to	16.30	%
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	%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)
2023		0.00	%	to	1.00	%		53,018		79.86	to	50.16		3,690,615		0.42	%		17.45	%	to	16.28	%
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	%
Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF)
2023		0.00	%	to	1.00	%		396,760		81.32	to	33.15		57,389,911		1.34	%		8.27	%	to	7.20	%
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	%
Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: Class I Shares (AMCG)
2023		0.00	%	to	1.00	%		92,834		20.78	to	19.16		1,865,635		0.00	%		18.15	%	to	16.97	%
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	%
Neuberger Berman Advisers Management Trust - International Equity Portfolio: Class S Shares (AMINS)
2023		0.00	%					276		23.33				6,441		0.03	%		13.28	%
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	%
Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: Class S Shares (AMMCGS)
2023		0.00	%	to	0.80	%		2,413		74.15	to	62.86		163,103		0.00	%		17.96	%	to	17.03	%
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	%
Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: Class S Shares (AMRS)
2023		0.00	%					47		34.57				1,628		0.51	%		10.69	%
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	%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares (AMSRS)
2023		0.00	%	to	1.00	%		119,910		68.75	to	15.97		5,291,276		0.35	%		26.90	%	to	25.64	%
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	%
Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: Class I Shares (AMTB)
2023		0.00	%	to	1.00	%		54,802		20.39	to	13.08		1,271,021		4.36	%		5.90	%	to	4.85	%
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	%
Northern Lights Variable Trust - TOPS Managed Risk Balanced ETF Portfolio: Class 3 (NOTB3)
2023		0.50	%					709		13.34				9,463		0.17	%		8.63	%
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	%
Northern Lights Variable Trust - TOPS Managed Risk Growth ETF Portfolio: Class 3 (NOTG3)
2023		0.50	%	to	0.80	%		215		14.21	to	13.76		3,044		0.36	%		10.45	%	to	10.12	%
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	%
Northern Lights Variable Trust - TOPS Managed Risk Moderate Growth ETF Portfolio: Class 3 (NOTMG3)
2023		0.80	%					9		13.70				123		0.36	%		9.35	%
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	%
PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)
2023		0.50	%	to	0.80	%		21,723		15.06	to	14.55		327,223		2.96	%		7.60	%	to	7.28	%
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	%
PIMCO Variable Insurance Trust - International Bond Portfolio (unhedged): Administrative Class (PMVFBA)
2023		0.50	%	to	0.80	%		4,426		11.53	to	11.03		50,992		2.53	%		5.69	%	to	5.37	%
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	%
PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class (PMVLDA)
2023		0.00	%	to	0.80	%		66,440		13.62	to	12.11		864,919		3.60	%		4.98	%	to	4.14	%
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	%
PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)
2023		0.50	%	to	0.80	%		26,216		8.01	to	7.78		209,856		20.88	%		-8.31	%	to	-8.59	%
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	%
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	%
PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class (PVSTA)
2023		0.50	%	to	0.80	%		13,915		10.61	to	10.55		147,546		4.74	%		5.38	%	to	5.07	%
2022		0.50	%					1,288		10.07				12,964		0.61	%		0.66	%		*	***

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

	Contract Expense Rate*						Units		Unit Fair Value				Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB (PVEIB)
2023		0.00	%	to	0.80	%		50,529		20.46	to	19.40		1,000,756		1.95	%		15.67	%	to	14.75	%
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	%
Putnam Variable Trust - Putnam VT Large Cap Growth Fund: Class IB (PVGOB)
2023		0.50	%	to	0.80	%		69,255		30.65	to	30.00		2,121,418		0.00	%		43.76	%	to	43.33	%
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	%
Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)
2023		0.00	%	to	0.80	%		8,275		33.10	to	28.05		248,389		0.04	%		18.51	%	to	17.57	%
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	%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)
2023		0.00	%	to	0.80	%		69,733		65.88	to	59.06		4,301,592		0.00	%		2.68	%	to	1.87	%
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	%
T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited Term Bond Portfolio: II (TRLT2)
2023		0.00	%					3,068		14.36				44,070		3.07	%		4.69	%
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	%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio: II (TRMCG2)
2023		0.50	%					781		11.21				8,760		0.00	%		12.13	%		*	***
VanEck VIP Trust - VanEck VIP Emerging Markets Bond Fund: Initial Class (VWBF)
2023		0.00	%	to	1.00	%		19,710		28.25	to	20.66		607,932		4.16	%		11.40	%	to	10.30	%
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	%
VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Initial Class (VWEM)
2023		0.00	%	to	1.00	%		57,660		36.58	to	32.62		1,856,752		3.52	%		9.77	%	to	8.68	%
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	%
VanEck VIP Trust - VanEck VIP Global Resources Fund: Initial Class (VWHA)
2023		0.00	%	to	1.00	%		61,529		37.39	to	33.00		2,778,114		2.76	%		-3.58	%	to	-4.54	%
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	%
Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)
2023		0.50	%					7,338		12.73				93,443		2.49	%		10.76	%
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	%		*	***

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

* 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.

*** 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, 2023

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-47
Schedule III – Supplementary Insurance Information		F-48
Schedule IV – Reinsurance		F-49
Schedule V – Valuation and Qualifying Accounts		F-50

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, 2023 and 2022, 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, 2023, and the related notes to the statutory 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, capital and surplus of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2023, 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, 2023 and 2022, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2023.

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.

Emphasis of Matter

As discussed in Note 2 to the financial statements, the Company’s subsidiary received permission from the Department in 2023 to account for an excess of loss reinsurance recoverable as an admitted asset. Under prescribed statutory accounting practices, the excess of loss reinsurance recoverable would not be an admitted asset. As of December 31, 2023, that permitted accounting practice increased statutory surplus over what it would have been had that prescribed accounting practice been followed. Our opinions are not modified with respect to this matter.

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.

F-2

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.

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 20, 2024

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)	2023			2022
Admitted assets
Invested assets
Bonds	$	43,867		$	40,208
Stocks		3,714			3,700
Mortgage loans, net of allowance		9,144			8,363
Policy loans		969			933
Derivative assets		113			143
Cash, cash equivalents and short-term investments		1,555			1,621
Securities lending collateral assets		359			232
Other invested assets		2,198			1,848
Total invested assets	$	61,919		$	57,048
Accrued investment income		965			585
Deferred federal income tax assets, net		632			589
Other assets		404			378
Separate account assets		113,270			102,808
Total admitted assets	$	177,190		$	161,408
Liabilities, capital and surplus
Liabilities
Future policy benefits and claims	$	49,373		$	45,482
Policyholders’ dividend accumulation		380			398
Asset valuation reserve		841			707
Payable for securities		512			323
Securities lending payable		359			232
Funds held under coinsurance		1,323			1,608
Other liabilities		1,447			1,253
Accrued transfers from separate accounts		(1,548	)		(1,598	)
Separate account liabilities		113,270			102,808
Total liabilities	$	165,957		$	151,213
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
Special surplus funds		93			-
Additional paid-in capital		2,443			2,308
Unassigned surplus		7,593			6,783
Total capital and surplus	$	11,233		$	10,195
Total liabilities, capital and surplus	$	177,190		$	161,408

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)	2023			2022			2021
Revenues
Premiums and annuity considerations	$	14,670		$	14,535		$	12,664
Net investment income		3,136			2,019			2,231
Other revenues		2,389			2,346			2,455
Total revenues	$	20,195		$	18,900		$	17,350
Benefits and expenses
Benefits to policyholders and beneficiaries	$	17,416		$	15,963		$	16,884
Increase in reserves for future policy benefits and claims		3,747			2,525			807
Net transfers from separate accounts		(3,742	)		(1,635	)		(3,002	)
Commissions		766			810			858
Reserve adjustment on reinsurance assumed		(153	)		(161	)		(151	)
Other expenses		702			564			469
Total benefits and expenses	$	18,736		$	18,066		$	15,865
Income before federal income tax expense (benefit) and net realized capital (losses) gains on investments	$	1,459		$	834		$	1,485
Federal income tax expense (benefit)		108			100			(9	)
Income before net realized capital (losses) gains on investments	$	1,351		$	734		$	1,494
Net realized capital (losses) gains on investments, net of federal income tax (benefit) expense of $(4), $3 and $59 in 2023, 2022 and 2021, respectively, and excluding $(30), $(103) and $15 of net realized capital (losses) gains transferred to the interest maintenance reserve in 2023, 2022 and 2021, respectively		(402	)		240			(683	)
Net income	$	949		$	974		$	811

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		Special surplus funds		Additional paid-in capital		Unassigned surplus			Capital and surplus
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 contributions 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
Net income		-		-		-		-		949			949
Change in asset valuation reserve		-		-		-		-		(103	)		(103	)
Change in deferred income taxes		-		-		-		-		132			132
Change in net unrealized capital gains and losses, net of tax benefit of $37		-		-		-		-		(77	)		(77	)
Change in nonadmitted assets, including admitted disallowed interest maintenance reserve		-		-		93		-		(126	)		(33	)
Capital contributions from Nationwide Financial Services, Inc.		-		-		-		135		-			135
Other, net		-		-		-		-		35			35
Balance as of December 31, 2023	$	4	$	1,100	$	93	$	2,443	$	7,593		$	11,233

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)	2023			2022			2021
Cash flows from operating activities:
Premiums collected, net of reinsurance	$	14,675		$	14,545		$	12,661
Net investment income		2,775			2,064			2,404
Other revenue		2,021			3,178			2,367
Policy benefits and claims paid		(17,567	)		(15,962	)		(16,735	)
Commissions, operating expenses and taxes, other than federal income tax paid		(1,268	)		(1,275	)		(1,122	)
Net transfers from separate accounts		3,792			1,658			2,871
Policyholders’ dividends paid		(28	)		(30	)		(36	)
Federal income taxes recovered (paid)		98			(261	)		121
Net cash provided by operating activities	$	4,498		$	3,917		$	2,531
Cash flows from investing activities:
Proceeds from investments sold, matured or repaid:
Bonds	$	2,594		$	3,444		$	6,953
Stocks		46			19			127
Mortgage loans		635			1,139			1,053
Derivative assets		-			431			-
Other invested assets and other		467			641			279
Total investment proceeds	$	3,742		$	5,674		$	8,412
Cost of investments acquired:
Bonds	$	(6,256	)	$	(6,024	)	$	(7,744	)
Stocks		(35	)		(901	)		(538	)
Mortgage loans		(1,370	)		(1,305	)		(1,441	)
Derivative assets		(556	)		-			(589	)
Other invested assets and other		(766	)		(1,057	)		(594	)
Total investments acquired	$	(8,983	)	$	(9,287	)	$	(10,906	)
Net increase in policy loans		(37	)		(19	)		(25	)
Net cash used in investing activities	$	(5,278	)	$	(3,632	)	$	(2,519	)
Cash flows from financing activities and miscellaneous sources:
Capital contributions from Nationwide Financial Services, Inc.	$	135		$	310		$	-
Dividend paid to Nationwide Financials Services, Inc.		-			-			(550	)
Net change in deposits on deposit-type contract funds and other insurance liabilities		270			391			517
Other cash provided (used)		309			(1	)		196
Net cash provided by financing activities and miscellaneous	$	714		$	700		$	163
Net (decrease) increase in cash, cash equivalents and short-term investments	$	(66	)	$	985		$	175
Cash, cash equivalents and short-term investments at beginning of year		1,621			636			461
Cash, cash equivalents and short-term investments at end of year	$	1,555		$	1,621		$	636
Supplemental disclosure of non-cash activities:
Exchange of bond investments	$	385		$	349		$	277
Intercompany transfer of securities from merger	$	203		$	-		$	-

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, 2023, 2022 and 2021 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 wholly-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 life insurance, fixed and variable individual annuities, private and public sector group retirement plans, 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, recommend or direct the purchase of 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. 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, 2023 include Nationwide Life and Annuity Insurance Company (“NLAIC”) and its wholly-owned subsidiaries, Olentangy Reinsurance, LLC (“Olentangy”) and Nationwide SBL, LLC (“NWSBL”), 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 contracts, universal life insurance, variable universal life insurance, term life insurance and corporate-owned life insurance on a non-participating basis. Olentangy is a dormant Vermont domiciled special purpose financial insurance company and nonadmitted subsidiary. NWSBL is an Ohio limited liability company and offers a securities-based lending product and is a nonadmitted subsidiary. JNL and JNLNY primarily offer individual deferred 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 and nonadmitted subsidiary.

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, 2023 and 2022, 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 to the Company’s financial position after considering insurance risk that has been transferred to external reinsurers.

(2) Summary of Significant Accounting Policies

Use of Estimates

The preparation of the statutory financial statements requires the Company to make estimates and assumptions that affect the amounts reported in the statutory financial statements and accompanying notes. Significant estimates include certain investment and derivative valuations and future policy benefits and claims. Actual results could differ significantly from those estimates.

Basis of Presentation

Effective October 1, 2023, Jefferson National Financial Corporation (“JNFC”), a holding company and wholly-owned subsidiary of the Company, completed a merger agreement with the Company. Pursuant to the merger agreement, which was deemed a statutory merger, the operations of JNFC were merged with and into the Company, with the Company continuing as the surviving corporation. Concurrently, JNL, a wholly-owned subsidiary of JNFC prior to the merger, became a wholly-owned subsidiary of the Company. There was not a material impact on the Company’s surplus as a result of the merger.

F-8

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Effective January 1, 2022, Harleysville Life Insurance Company (“HLIC”), an Ohio domiciled stock life insurance company and subsidiary of NMIC that offered 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.

NLIC and NLAIC have 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.

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.

Effective October 1, 2023, Eagle was granted a permitted practice from the Department, allowing Eagle to carry a reinsurance recoverable asset under an excess of loss reinsurance agreement with a third-party reinsurer as an admitted asset.

Prior to October 1, 2023, 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. on its statutory statements of admitted assets, liabilities and surplus at net admitted asset value for certain universal life and term life insurance policies. Effective October 1, 2023, Olentangy terminated this permitted practice due to NLAIC’s recapture of the reinsurance agreements.

F-9

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 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		2023			December 31, 2022			2021
Net Income
Statutory Net Income						OH	$	949		$	974		$	811
State Prescribed Practice:
OAC 3901-1-67:
Derivative instruments		86		4		OH		110			(43	)		9
Reserves for indexed annuities		51		4		OH		(75	)		15			(20	)
Tax impact		101		4		OH		(7	)		6			3
NAIC SAP							$	977		$	952		$	803

A reconciliation of the Company’s capital and surplus between NAIC SAP and prescribed and permitted practices is shown below:

			F/S		State of		As of December 31,
(in millions)	SSAP #		Page		domicile		2023			2022
Surplus
Statutory Capital and Surplus						OH	$	11,233		$	10,195
State Prescribed Practice:
OAC 3901-1-67:
Derivative instruments		86		2,4		OH		84			(30	)
Reserves for indexed annuities		51		3,4		OH		(82	)		(7	)
Tax impact		101		2,4		OH		-			8
Subsidiary Valuation - NLAIC		51,86,101		2		OH		89			(232	)
Subsidiary valuation - Eagle		51		2		OH		(228	)		118
State Permitted Practice:
Subsidiary valuation - Eagle		61R		2		OH		(853	)		-
Subsidiary valuation - Olentangy		20		2		VT		-			(67	)
NAIC SAP							$	10,243		$	9,985

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 or other asset, 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, 2023, 2022 and 2021 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 flow 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; and

● gains on sales of investments between affiliated companies representing economic transactions are deferred at the parent level until the related assets are paid down or an external sale occurs.

Separate Accounts

● Assets and liabilities of guaranteed separate accounts are reported as separate account assets and separate account liabilities, respectively.

Derivative Instruments

● Derivatives used in effective hedging transactions are valued in a manner consistent with the hedged asset or liability;

● with the exception of derivatives applying the prescribed practice under OAC 3901-1-67, unrealized gains and losses on derivatives that are not considered to be effective hedges are charged to capital and surplus;

● interest earned on derivatives is charged to net investment income; and

● embedded derivatives are not separated from the host contract and accounted for separately as a derivative instrument.

F-11

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Goodwill

● Goodwill is limited to 10% of the prior reporting period’s adjusted statutory surplus, with any goodwill in excess of this limitation nonadmitted through a charge to surplus; and

● goodwill is amortized and charged to surplus.

Federal Income Taxes

● Changes in deferred federal income taxes are recognized directly in capital and surplus with limitations on the amount of deferred tax assets that can be reflected as an admitted asset (15% of 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 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%. The Company has applied principle-based reserving to all new individual life business. For business subject to principle-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 principle-based reserving, the Company has calculated reserves under VM-20.

Future policy benefits for annuity products have been established based on contract term, interest rates and various contract provisions. Individual deferred annuity contracts issued in 1990 and after have been adjusted for possible future surrender charges in accordance with the Commissioner’s Annuity Reserve Valuation Method (“CARVM”).

Future policy benefits for 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.

The Company calculated its reserves for variable annuities using a stochastic reserve, which is floored at the cash surrender value, per Valuation Manual 21, Requirements for Principle-Based Reserves for Variable Annuities.

The aggregate reserves for individual accident and health policies consist of active life reserves, disabled life reserves and unearned premium reserves. The active life reserves for disability income are reserved for on the net level basis, at a 3.0% interest rate, using either the 1964 Commissioner’s Disability Table (for policies issued prior to 1982) or the 1985 Commissioner’s Individual Disability Table A (for policies issued after 1981). The active life reserves for major medical insurance (both scheduled and unscheduled benefits) are based on the benefit ratio method for policies issued after 1981.

F-12

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

The active life reserves for accident and health policies are reserved for on the net level basis, at a 3.0% interest rate, using either the 1956 Inter-Company Hospital-Surgical tables, the 1974 Medical Expense tables or the 1959 Accidental Death Benefits table.

The disabled life reserves for accident and health policies are calculated using the 1985 Commissioner’s Individual Disability Table A at a 3.0% interest rate. Unearned premium reserves are based on the actual gross premiums and actual days.

The aggregate reserves for group accident and health and franchise accident and health policies consist of disabled life reserves and unearned premium reserves. Reserves for benefits payable on disabled life claims are based on the 2012 Group Long-Term Disability 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.

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.

F-13

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

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.

Corporate pricing matrices are used in valuing certain bonds. The corporate pricing matrices were developed using publicly and privately available spreads segmented by various weighted average lives and credit quality ratings. Certain private placement bonds have adjusted spreads to capture the impacts of liquidity premium based on industry sector. The weighted average life and credit quality rating of a particular bond to be priced using those matrices are important inputs into the model and are used to determine a corresponding spread that is added to the appropriate industry sector or 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 corporate pricing matrices. 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 investment’s fair value. Price movements of broker quotes are subject to validation and require approval from the Company’s management. Management uses its knowledge of the investment and current market conditions to determine if the price is indicative of the investment’s fair value.

For all bonds, the Company considers its ability and intent to hold the security for a period of time sufficient to allow for the anticipated recovery in value, the expected recovery of principal and interest and the extent to which the fair value has been less than amortized cost. If the decline in fair value to below amortized cost is determined to be other-than-temporary, a realized loss is recorded equal to the difference between the amortized cost of the investment and its fair value.

The Company periodically reviews loan-backed and structured securities in an unrealized loss position by comparing the present value of cash flows, including estimated prepayments, expected to be collected from the security to the amortized cost basis of the security. If the present value of cash flows expected to be collected, discounted at the security’s effective interest rate, is less than the amortized cost basis of the security, the impairment is considered other-than-temporary and a realized loss is recorded.

All other bonds in an unrealized loss position are periodically reviewed to determine if a decline in fair value to below amortized cost is other-than-temporary. Factors considered during this review include timing and amount of expected cash flows, ability of the issuer to meet its obligations, financial condition and future prospects of the issuer, amount and quality of any underlying collateral and current economic and industry conditions that may impact an issuer.

Stocks may experience other-than-temporary impairment based on the prospects for full recovery in value in a reasonable period of time and the Company’s ability and intent to hold the stock to recovery. If a stock is determined to be other-than-temporarily impaired, a realized loss is recorded equal to the difference between the cost basis of the investment and its fair value.

Investments in subsidiaries. The investment in the Company’s wholly-owned insurance subsidiaries, NLAIC, JNL 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. 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, JNL 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.

F-14

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

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 unrealized capital gains and losses. In the event a loan-specific reserve charge is reversed, the recovery is also recorded in net unrealized capital gains and losses. If the mortgage loan is determined to be other-than-temporarily impaired, a realized loss is recorded equal to the difference between the cost basis of the loan and the fair value of the collateral less estimated costs to obtain and sell. Any previously recorded loan-specific reserve is reversed.

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 and instead are evaluated using other qualitative metrics.

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 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.

F-15

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Other invested assets. Other invested assets consist primarily of alternative investments in private equity funds, private debt funds, tax credit funds, real estate partnerships, limited liability companies, joint ventures and the investment in Eagle. Except for investments in certain tax credit funds, these investments are recorded using the equity method of accounting. Changes in carrying value as a result of the equity method are reflected as net unrealized capital gains and losses as a direct adjustment to capital and surplus. Gains and losses are generally recognized through income at the time of disposal or when operating distributions are received. Partnership interests in tax credit funds are held at amortized cost with amortization charged to net investment income over the period in which the tax benefits, primarily credits, are earned. Tax credits are recorded as an offset to tax expense in the period utilized.

The Company sold $3.1 billion, $2.9 billion and $2.6 billion in Tax Credit Funds to unrelated third parties with outstanding guarantees as of December 31, 2023, 2022 and 2021, respectively. The Company guarantees after-tax benefits to the third-party investors through periods ending in 2041. 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 $1.8 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.

F-16

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Level 2. Unadjusted quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or inputs (other than quoted prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means. Primary inputs to this valuation technique may include comparative trades, bid/asks, interest rate movements, U.S. Treasury rates, London Interbank Offered Rate (“LIBOR”), Secured Overnight Financing Rate (“SOFR”), prime rates, cash flows, maturity dates, call ability, estimated prepayments and/or underlying collateral values.

Level 3. Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimates of the assumptions market participants would use at the measurement date in pricing the asset or liability. Consideration is given to the risk inherent in both the method of valuation and the valuation inputs. Primary inputs to this valuation technique include broker quotes and comparative trades.

The Company reviews its fair value hierarchy classifications for assets and liabilities quarterly. Changes in the observability of significant valuation inputs identified during these reviews may trigger reclassifications. Reclassifications are reported as transfers at the beginning of the reporting period in which the change occurs.

Asset Valuation Reserve

The Company maintains an AVR as prescribed by the NAIC for the purpose of offsetting potential credit related investment losses on each invested asset category, excluding cash, policy loans and income receivable. The AVR contains a separate component for each category of invested assets. The change in AVR is charged or credited directly to capital and surplus.

Interest Maintenance Reserve

The Company records an IMR as prescribed by the NAIC, which represents the net deferral for interest-related gains or losses arising from the sale of certain investments, such as bonds, mortgage loans and loan-backed and structured securities sold. The IMR is applied as follows:

● for bonds, the designation from the NAIC Capital Markets and Investments Analysis Office must not have changed more than one designation between the beginning of the holding period and the date of sale;

● the bond must never have been classified as a default security;

● for mortgage loans, during the prior two years, they must not have had interest more than 90 days past due, been in the process of foreclosure or in the course of voluntary conveyance, nor had restructured terms; and

● for loan-backed and structured securities, all interest-related other-than-temporary impairments and interest-related realized gains or losses on sales of the securities.

The realized gains or losses, net of related federal income tax, from the applicable bonds and mortgage loans sold, have been removed from the net realized gain or loss amounts and established as the IMR. The IMR 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 evaluated for admittance under INT 23-01, Net Negative (Disallowed) Interest Maintenance Reserve (“INT 23-01”). The Company utilizes the grouped method for amortization. Under the grouped method, the IMR is amortized into income over the remaining period to expected maturity based on the groupings of the individual securities into five-year bands. Refer to Recently Adopted Accounting Standards for additional discussion of IMR.

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, 2023 and 2022.

F-17

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Federal Income Taxes

The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets, net of any nonadmitted portion and statutory valuation allowance, and deferred tax liabilities, are recognized for the expected future tax consequences attributable to differences between the statutory financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income or loss in the years in which those temporary differences are expected to be recovered or settled. The change in deferred taxes 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.

Tax reserves are reviewed regularly and are adjusted as events occur that the Company believes impact its liability for additional taxes, such as lapsing of applicable statutes of limitations, conclusion of tax audits or substantial agreement with taxing authorities on the deductibility/nondeductibility of uncertain items, additional exposure based on current calculations, identification of new issues, release of administrative guidance or rendering of a court decision affecting a particular tax issue. The Company believes its tax reserves reasonably provide for potential assessments that may result from Internal Revenue Service (“IRS”) examinations and other tax-related matters for all open tax years.

The Company is included in the NMIC consolidated federal income tax return.

Reinsurance Ceded

The Company cedes insurance to other companies in order to limit potential losses and to diversify its exposures. Such agreements do not relieve the Company of its primary obligation to the policyholder in the event the reinsurer is unable to meet the obligations it has assumed. Reinsurance premiums ceded and reinsurance recoveries on benefits and claims incurred are deducted from the respective income and expense accounts. Assets and liabilities related to reinsurance ceded are reported in the statutory statements of admitted assets, liabilities, capital and surplus on a net basis within the related future policy benefits and claims of the Company.

Participating Business

Participating business, which refers to policies that participate in profits through policyholder dividends, represented approximately 3% and 4% of the Company’s life insurance in force in 2023 and 2022, respectively, and 48% and 49% of the number of life insurance policies in force in 2023 and 2022, 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 2023 and 2022.

Accounting Changes and Corrections of Errors

Effective January 1, 2021, the Company elected to apply OAC 3901-1-67 to its derivative instruments hedging indexed products and indexed annuity reserve liabilities. As a result of the Company’s election to apply OAC 3901-1-67 as of January 1, 2021, the Company’s admitted assets decreased $3 million, total liabilities decreased $2 million and capital and surplus decreased $1 million, which included a $3 million reduction to unassigned surplus from the cumulative effect of the change in accounting principle.

During 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-18

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Recently Adopted Accounting Standards

Effective December 31, 2023, the Company adopted INT 23-04, Life Reinsurance Liquidation Questions, that clarifies accounting and reporting considerations of SSAP No. 5R, Liabilities, Contingencies and Impairments of Assets (“SSAP No. 5R”), as it relates to the liquidation of Scottish Re U.S. (“SRUS”). On July 18, 2023, SRUS was declared insolvent and ordered liquidated by the Court of Chancery of the State of Delaware (“Court”), resulting in termination of the reinsurance agreements between the Company and SRUS effective September 30, 2023, and the recapture of the ceded liabilities. The Company has accrued adequate provisions as of December 31, 2023, in accordance with SSAP No. 5R related to SRUS reinsurance recoverables and assets held in a trust that secure the annuity reinsurance recoverables. The Company will continue to work with the SRUS liquidator and the Court to resolve when the Company will be able to access the trust assets. As of December 31, 2023, assets held in trust and reinsurance recoverables related to SRUS are immaterial.

Effective September 30, 2023, the Company adopted INT 23-01, a short-term solution related to the accounting treatment of an insurer’s negative IMR balance. INT 23-01 allows an insurer with an authorized control level risk-based capital greater than 300%, after an adjustment to total adjusted capital, to admit negative IMR up to 10% of its general account capital and surplus, subject to certain restrictions and reporting obligations. There is no admitted disallowed IMR in the separate accounts. Fixed income investments generating IMR losses comply with the Company’s investment policies. There are no deviations from the investment policies and sales were not compelled by liquidity pressures. The Company has not allocated gains or losses to IMR from derivatives that were reported at fair value prior to the termination of the derivative. As of December 31, 2023, the Company has $93 million of admitted disallowed IMR in capital and surplus in the general account.

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 20, 2024, the date the statutory financial statements were issued.

F-19

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 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, 2023
Subject to discretionary withdrawal:
With market value adjustment	$	4,389		$	64	$	-	$	4,453			6	%
At book value less current surrender charge of 5% or more		2,210			-		-		2,210			3	%
At fair value		10			-		61,993		62,003			83	%
Total with market value adjustment or at fair value	$	6,609		$	64	$	61,993	$	68,666			92	%
At book value without adjustment (minimal or no charge or adjustment)		3,532			-		6		3,538			5	%
Not subject to discretionary withdrawal		2,342			-		62		2,404			3	%
Total, gross	$	12,483		$	64	$	62,061	$	74,608			100	%
Less: Reinsurance ceded		(98	)		-		-		(98	)
Total, net	$	12,385		$	64	$	62,061	$	74,510
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)’	$	78		$	-	$	-	$	78
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

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

F-20

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 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, 2023
Subject to discretionary withdrawal:
With market value adjustment	$	17,300		$	1,857	$	-	$	19,157			45	%
At book value less current surrender charge of 5% or more		2			-		-		2			0	%
At fair value		-			-		17,922		17,922			43	%
Total with market value adjustment or at fair value	$	17,302		$	1,857	$	17,922	$	37,081			88	%
At book value without adjustment (minimal or no charge or adjustment)		3,867			-		-		3,867			9	%
Not subject to discretionary withdrawal		1,237			102		-		1,339			3	%
Total, gross	$	22,406		$	1,959	$	17,922	$	42,287			100	%
Less: Reinsurance ceded		(29	)		-		-		(29	)
Total, net	$	22,377		$	1,959	$	17,922	$	42,258
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)’	$	2		$	-	$	-	$	2
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

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, 2023, 2022 and 2021 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, 2023
Subject to discretionary withdrawal:
With market value adjustment	$	1	$	-	$	1		0	%
Total with market value adjustment or at fair value	$	1	$	-	$	1		0	%
At book value without adjustment (minimal or no charge or adjustment)		781		2		783		17	%
Not subject to discretionary withdrawal		3,677		17		3,694		83	%
Total, gross	$	4,459	$	19	$	4,478		100	%
Less: Reinsurance ceded		-		-		-
Total, net	$	4,459	$	19	$	4,478
December 31, 2022
Subject to discretionary withdrawal:
With market value adjustment	$	1	$	-	$	1		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

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

	December 31,
(in millions)	2023		2022
Life, accident and health annual statement:
Annuities, net (excluding supplemental contracts with life contingencies)	$	34,748	$	31,827
Supplemental contracts with life contingencies, net		14		14
Deposit-type contracts		4,459		4,189
Subtotal	$	39,221	$	36,030
Separate accounts annual statement:
Annuities, net (excluding supplemental contracts with life contingencies)	$	82,006	$	75,848
Other contract deposit funds		19		16
Subtotal	$	82,025	$	75,864
Total annuity actuarial reserves and deposit fund liabilities, net	$	121,246	$	111,894

F-22

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 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, 2023
Subject to discretionary withdrawal, surrender values or policy loans:
Term policies with cash value	$	-		$	10		$	10		$	-	$	-	$	-
Universal life		2,616			2,629			2,790			-		-		-
Universal life with secondary guarantees		453			390			1,032			-		-		-
Indexed universal life with secondary guarantees		341			265			367			-		-		-
Other permanent cash value life insurance		-			1,919			2,398			-		-		-
Variable life		3,435			3,483			3,603			29,611		29,607		29,607
Subtotal	$	6,845		$	8,696		$	10,200		$	29,611	$	29,607	$	29,607
Not subject to discretionary withdrawal or no cash value:
Term policies without cash value		-			-			181			-		-		-
Accidental death benefits		-			-			1			-		-		-
Disability - active lives		-			-			17			-		-		-
Disability - disabled lives		-			-			59			-		-		-
Miscellaneous reserves		-			-			32			-		-		-
Total, gross	$	6,845		$	8,696		$	10,490		$	29,611	$	29,607	$	29,607
Less: reinsurance ceded		(8	)		(8	)		(151	)		-		-		-
Total, net	$	6,837		$	8,688		$	10,339		$	29,611	$	29,607	$	29,607

F-23

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

	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
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

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

	December 31,
(in millions)	2023		2022
Life, accident and health annual statement:
Life Insurance, net	$	10,241	$	9,569
Accidental death benefits, net		1		1
Disability - active lives, net		17		14
Disability - disabled lives, net		53		52
Miscellaneous reserves, net		27		27
Subtotal	$	10,339	$	9,663
Separate accounts annual statement:
Life insurance1	$	29,909	$	25,570
Subtotal	$	29,909	$	25,570
Total life actuarial reserves, net	$	40,248	$	35,233

1 Life insurance account value, cash value and reserve include separate accounts with guarantees of $302 million and $310 million for universal life as of December 31, 2023 and 2022, respectively.

The total direct premium written by managing general agents and third-party administrators was $451 million, $415 million and $444 million as of December 31, 2023, 2022 and 2021, respectively.

F-24

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 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, 2023				December 31, 2022
(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	$	67,634	$	-	$	63,282	$	-
Group annuities		15,453		-		13,743		-
Life insurance		30,082		-		25,688		-
Pension risk transfer group annuities		101		-		95		-
Total	$	113,270	$	-	$	102,808	$	-

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
2023	$	78	$	780
2022	$	79	$	722
2021	$	12	$	674
2020	$	26	$	631
2019	$	58	$	612

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-25

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 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, 2023
Premiums, considerations or deposits	$	88	$	-	$	6,181	$	6,269
Reserves
For accounts with assets at:
Fair value	$	1,781	$	143	$	109,609	$	111,533
Amortized cost		401		-		-		401
Total reserves1	$	2,182	$	143	$	109,609	$	111,934
By withdrawal characteristics:
With market value adjustment	$	1,779	$	143	$	-	$	1,922
At fair value		-		-		109,522		109,522
At book value without market value adjustment and with current surrender charge less than 5%		304		-		6		310
Subtotal	$	2,083	$	143	$	109,528	$	111,754
Not subject to discretionary withdrawal		99		-		81		180
Total reserves1	$	2,182	$	143	$	109,609	$	111,934

1 The total reserves balance does not equal the liabilities related to separate accounts of $113.3 billion in the statutory statements of admitted assets, liabilities, capital and surplus by $1.3 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, 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.

F-26

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

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

				December 31,
(in millions)	2023			2022			2021
Net transfers as reported in the statutory statements of operations of the separate accounts:
Transfers to separate accounts	$	6,268		$	7,757		$	8,309
Transfers from separate accounts		(9,446	)		(8,860	)		(10,860	)
Net transfers from separate accounts	$	(3,178	)	$	(1,103	)	$	(2,551	)
Reconciling adjustments:
Exchange accounts offsetting in the general account		(889	)		(606	)		(552	)
Fees not included in general account transfers		41			47			68
Other miscellaneous adjustments not included in the general account balance		284			27			33
Net transfers as reported in the statutory statements of operations	$	(3,742	)	$	(1,635	)	$	(3,002	)

F-27

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 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, 2023
Bonds:
U.S. Government	$	173	$	3	$	-	$	176
States, territories and possessions		609		10		44		575
Political subdivisions		371		11		21		361
Special revenues		2,994		57		248		2,803
Industrial and miscellaneous		31,796		311		2,206		29,901
Loan-backed and structured securities		7,924		38		304		7,658
Total bonds	$	43,867	$	430	$	2,823	$	41,474
Common stocks unaffiliated	$	231	$	-	$	-	$	231
Preferred stocks unaffiliated		47		-		1		46
Total unaffiliated stocks1	$	278	$	-	$	1	$	277
Total bonds and unaffiliated stocks1	$	44,145	$	430	$	2,824	$	41,751
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

1 Excludes affiliated common stocks with a carrying value of $3.4 billion as of December 31, 2023 and 2022, respectively. Affiliated common stocks include investment in NLAIC and JNL of $3.2 billion and $203 million as of December 31, 2023, respectively. Affiliated common stocks include investment in NLAIC and JNFC of $3.2 billion and $186 million as of December 31, 2022, respectively.

The carrying value of bonds on deposit with various states as required by law or special escrow agreement was immaterial as of December 31, 2023 and 2022.

F-28

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

The following table summarizes the carrying value and fair value of bonds, by contractual maturity, as of December 31, 2023. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without early redemption penalties:

(in millions)	Carrying value		Fair value
Bonds:
Due in one year or less	$	1,325	$	1,312
Due after one year through five years		10,189		9,936
Due after five years through ten years		10,242		9,646
Due after ten years		14,187		12,922
Total bonds excluding loan-backed and structured securities	$	35,943	$	33,816
Loan-backed and structured securities		7,924		7,658
Total bonds	$	43,867	$	41,474

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, 2023
Bonds:
U.S. Government	$	79	$	-	$	1	$	-	$	80	$	-
States, territories and possessions		30		-		373		44		403		44
Political subdivisions		51		-		148		21		199		21
Special revenues		45		1		1,934		247		1,979		248
Industrial and miscellaneous		1,093		43		21,615		2,266		22,708		2,309
Loan-backed and structured securities		485		2		4,671		303		5,156		305
Total bonds	$	1,783	$	46	$	28,742	$	2,881	$	30,525	$	2,927
Common stocks unaffiliated	$	-	$	-	$	37	$	5	$	37	$	5
Preferred stocks unaffiliated		3		-		6		-		9		-
Total unaffiliated stocks	$	3	$	-	$	43	$	5	$	46	$	5
Total bonds and unaffiliated stocks	$	1,786	$	46	$	28,785	$	2,886	$	30,571	$	2,932
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

As of December 31, 2023, 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 at 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, 2023 and 2022.

F-29

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Mortgage Loans, Net of Allowance

The following table summarizes the amortized cost of mortgage loans and the related valuation allowances by type of credit loss, as of the dates indicated:

	December 31,
(in millions)	2023		2022
Total amortized cost	$	9,146	$	8,401
Valuation allowance:
Non-specific reserves2	$	-	$	37
Specific reserves		2		1
Total valuation allowance1	$	2	$	38
Mortgage loans, net of allowance	$	9,144	$	8,363

1 For the years ended December 31, 2023, 2022 and 2021, changes in the valuation allowance were immaterial and due to current period provisions.

2 Effective January 1, 2023, the Company changed its method for reserving for mortgage loans by removing the need for a non-specific reserve. In the Company’s judgment, the change in reserving approach appropriately reflects the credit risk inherent for mortgage loans held. The impact of the change was recorded as a reversal of the non-specific reserves, resulting in an increase to unassigned surplus of $4 million and recorded through ‘Other, net’ activity within the statutory statements of changes in capital and surplus. There was no impact on net income.

As of December 31, 2023 and 2022, 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, 2023
Apartment	$	3,831	$	22	$	3,853	$	3,823		$	29		$	3,852
Industrial		1,842		-		1,842		1,842			-			1,842
Office		1,057		71		1,128		1,126			3			1,129
Retail		1,888		8		1,896		1,887			9			1,896
Other		256		-		256		216			40			256
Total1	$	8,874	$	101	$	8,975	$	8,894		$	81		$	8,975
Weighted average DSC ratio		2.20		1.33		2.19		n/a			n/a			n/a
Weighted average LTV ratio		n/a		n/a		n/a		56	%		71	%		57%
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%

1 Excludes $171 million and $17 million of commercial mortgage loans that were under development as of December 31, 2023 and 2022, respectively.

As of December 31, 2023 and 2022, the Company has a diversified mortgage loan portfolio with no more than 23% 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 2023 were 9.2% and 4.8%, respectively, and for those originated or acquired during 2022 were 11.0% and 2.9%, respectively. As of December 31, 2023 and 2022, the maximum LTV ratio of any one loan at the time of loan origination was 78% and 80%, respectively. As of December 31, 2023 and 2022, the Company did not hold mortgage loans with interest 90 days or more past due. Additionally, there were no taxes, assessments or any amounts advanced and not included in the mortgage loan portfolio.

F-30

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Securities Lending

The fair value of loaned securities was $922 million and $611 million as of December 31, 2023 and 2022, respectively. The Company held $359 million and $232 million of cash collateral on securities lending as of December 31, 2023 and 2022, respectively. The carrying value and fair value of reinvested collateral assets were $359 million and $232 million and had a contractual maturity of under 30 days as of December 31, 2023 and 2022, respectively. The fair value of bonds acquired with reinvested collateral assets was $366 million and $236 million as of December 31, 2023 and 2022, respectively. There are no securities lending transactions that extend beyond one year as of the reporting date. The Company received $584 million and $394 million of non-cash collateral on securities lending as of December 31, 2023 and 2022, respectively.

Net Investment Income

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

	December 31,
(in millions)	2023			2022			2021
Bonds	$	1,917		$	1,511		$	1,417
Mortgage loans		357			334			358
Other invested assets		868			196			499
Policy loans		43			42			43
Derivative instruments1		24			19			31
Other		62			44			12
Gross investment income	$	3,271		$	2,146		$	2,360
Investment expenses		(135	)		(127	)		(129)
Net investment income	$	3,136		$	2,019		$	2,231

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

The amount of investment income due and accrued that was nonadmitted as of December 31, 2023 and 2022 was immaterial. Investment income due and accrued as of December 31, 2023 and 2022 that was admitted was $965 million and $585 million, respectively.

Net Realized Capital Gains and Losses

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

	December 31,
(in millions)	2023			2022			2021
Gross gains on sales	$	31		$	31		$	106
Gross losses on sales		(68	)		(149	)		(32	)
Net realized (losses) gains on sales	$	(37	)	$	(118	)	$	74
Net realized derivative (losses) gains		(378	)		284			(679	)
Other-than-temporary impairments		(21	)		(26	)		(4	)
Total net realized (losses) gains	$	(436	)		$140		$	(609	)
Tax (benefit) expense on net (losses) gains		(4	)		3			59
Net realized capital (losses) gains, net of tax	$	(432	)		$137		$	(668	)
Less: Realized (losses) gains transferred to the IMR		(30	)		(103	)		15
Net realized capital (losses) gains, net of tax and transfers to the IMR	$	(402	)	$	240		$	(683	)

For the year ended December 31, 2023, gross realized gains and gross realized losses on sales of bonds were $25 million and $64 million, respectively. 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.

The Company did not enter into any material repurchase transactions that would be considered wash sales during the years ended December 31, 2023, 2022 and 2021.

F-31

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Investment Commitments

The Company had unfunded commitments related to its investment in limited partnerships and limited liability companies totaling $1.0 billion and $894 million as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, there were $99 million and $207 million of commitments to purchase private placement bonds, respectively. There were $490 million and $291 million of outstanding commitments to fund mortgage loans as of December 31, 2023 and 2022, 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, 2023 and 2022, 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-32

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 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, 2023
Interest rate swaps	$	2,410	$	-	$	-	$	-		$	-
Options		137		1		7		-			-
Cross currency swaps		1,621		94		120		(22	)		1
Futures		2,925		-		-		-			-
Total derivatives¹	$	7,093	$	95	$	127	$	(22	)	$	1
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

1 Fair value balance excludes immaterial accrued interest on derivative assets for December 31, 2023 and 2022.

The Company received $253 million and $178 million of cash collateral and held $49 million and $20 million of securities off-balance sheet as collateral for derivative assets as of December 31, 2023 and 2022, respectively. Cash and securities pledged for derivative liabilities were immaterial as of December 31, 2023 and 2022. The impact of netting as a result of master netting agreements reduced the fair value of derivative assets and liabilities by $20 million and $8 million as of December 31, 2023 and 2022, respectively. As a result, the Company’s uncollateralized position for derivatives instruments was immaterial in each respective period. In addition, the Company posted initial margin on derivative instruments of $256 million and $236 million as of December 31, 2023 and 2022, respectively.

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

	Net realized (losses) gains recorded in operations								Unrealized (losses) gains recorded in capital and surplus
	December 31,								December 31,
(in millions)	2023			2022		2021			2023			2022		2021
Cross currency swaps	$	-		$	1	$	1		$	(43	)	$	103	$	69
Futures		(378	)		283		(680	)		(173	)		124		27
Total	$	(378	)	$	284	$	(679	)	$	(216	)	$	227	$	96

F-33

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

(7) Fair Value Measurements

The following table summarizes assets and liabilities held at fair value as of December 31, 2023:

(in millions)	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets
Bonds	$	-	$	7	$	-	$	-	$	7
Common stocks unaffiliated		67		164		-		-		231
Preferred stocks unaffiliated		-		39		7		-		46
Separate account assets		104,555		1,637		51		6,430		112,673
Assets at fair value	$	104,622	$	1,847	$	58	$	6,430	$	112,957

The following table presents the rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2023:

(in millions)	Preferred stocks  unaffiliated			Separate account assets			Assets  at fair value
Balance as of December 31, 2022	$	6		$	55		$	61
Net gains (losses):
In surplus		1			(1	)		-
Purchases		3			-			3
Sales		(3	)		(3	)		(6	)
Balance as of December 31, 2023	$	7		$	51		$	58

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.

F-34

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 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, 2023
Assets:
Bonds	$	175		$	35,293	$	5,999	$	41,467	$	43,860
Mortgage loans, net of allowance		-			-		8,047		8,047		9,144
Policy loans		-			-		969		969		969
Derivative assets		-			120		7		127		113
Cash, cash equivalents and short-term investments		(52	)		1,607		-		1,555		1,555
Securities lending collateral assets		359			-		-		359		359
Separate account assets		5			411		157		573		597
Total assets	$	487		$	37,431	$	15,179	$	53,097	$	56,597
Liabilities:
Investment contracts	$	-		$	-	$	3,265	$	3,265	$	3,242
Derivative liabilities		-			22		-		22		17
Total liabilities	$	-		$	22	$	3,265	$	3,287	$	3,259
December 31, 2022
Assets:
Bonds	$	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

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-35

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

(8) Federal Income Taxes

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

	December 31, 2023
(in millions)	Ordinary			Capital			Total
Total gross deferred tax assets	$	953		$	21		$	974
Statutory valuation allowance adjustment		-			-			-
Adjusted gross deferred tax assets	$	953		$	21		$	974
Less: Deferred tax assets nonadmitted		(222	)		-			(222)
Net admitted deferred tax assets	$	731		$	21		$	752
Less: Deferred tax liabilities		(105	)		(15	)		(120)
Net admitted deferred tax assets	$	626		$	6		$	632
	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

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)	2023			2022			Change
Adjusted gross deferred tax assets	$	974		$	852		$	122
Total deferred tax liabilities		(120	)		(160	)		40
Net deferred tax assets	$	854		$	692		$	162
Less: Tax effect of unrealized gains and losses								37
Less: Tax effect of change in accounting principle								(8	)
Less: Merger adjustment								1
Change in deferred income tax							$	132

F-36

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

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

	December 31, 2023
(in millions)	Ordinary		Capital		Total
Federal income taxes recoverable through loss carryback	$	-	$	3	$	3
Adjusted gross deferred tax assets expected to be realized1		623		6		629
Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities		108		12		120
Admitted deferred tax assets	$	731	$	21	$	752

	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

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, 2023 and 2022, the threshold limitation for adjusted capital and surplus was $1.6 billion and $1.4 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 $10.5 billion and $9.5 billion as of December 31, 2023 and 2022, respectively. The ratio percentage used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was 1,062% and 1,071% as of December 31, 2023 and 2022, respectively.

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

	December 31, 2023
	Ordinary			Capital			Total
Adjusted gross deferred tax assets		0.00	%		0.00	%		0.00	%
Net admitted adjusted gross deferred tax assets		7.19	%		0.00	%		7.19	%

	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	%

The Company’s tax planning strategies included the use of affiliated reinsurance for the years ended December 31, 2023 and 2022.

There are no temporary differences for which deferred tax liabilities are not recognized for the years ended December 31, 2023 and 2022.

F-37

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 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)	2023			2022			Change
Deferred tax assets
Ordinary:
Future policy benefits and claims	$	231		$	132		$	99
Investments		110			89			21
Deferred acquisition costs		297			260			37
Tax credit carry-forward		259			294			(35	)
Other		56			45			11
Subtotal	$	953		$	820		$	133
Nonadmitted		(222	)		(96	)		(126	)
Admitted ordinary deferred tax assets	$	731		$	724		$	7
Capital:
Investments		21			32			(11	)
Subtotal	$	21		$	32		$	(11	)
Nonadmitted		-			(7	)		7
Admitted capital deferred tax assets	$	21		$	25		$	(4	)
Admitted deferred tax assets	$	752		$	749		$	3
Deferred tax liabilities
Ordinary:
Investments	$	(68	)	$	(100	)	$	32
Future policy benefits and claims		(22	)		(32	)		10
Other		(15	)		(15	)		-
Subtotal	$	(105	)	$	(147	)	$	42
Capital:
Investments		(15	)		(13	)		(2	)
Subtotal	$	(15	)	$	(13	)	$	(2	)
Deferred tax liabilities	$	(120	)	$	(160	)	$	40
Net deferred tax assets	$	632		$	589		$	43

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, 2023 and 2022.

F-38

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 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)	2023			2022			2021
Current income tax expense	$	104		$	103		$	50
Change in deferred income tax (without tax on unrealized gains and losses)		(132	)		(28	)		(50	)
Total income tax (benefit) expense reported	$	(28	)	$	75		$	-
Income before income and capital gains taxes	$	1,053		$	1,077		$	861
Federal statutory tax rate		21	%		21	%		21	%
Expected income tax expense at statutory tax rate	$	221		$	226		$	181
(Decrease) increase in actual tax reported resulting from:
Dividends received deduction		(211	)		(80	)		(137	)
Tax credits		(45	)		(58	)		(47	)
Other		7			(13	)		3
Total income tax (benefit) expense reported	$	(28	)	$	75		$	-

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, 2023:

(in millions)	Amount		Origination		Expiration
Operating loss carryforwards	$	2		2017		2032
Business credits	$	32		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	$	27		2022		2042
Business credits	$	24		2023		2043

F-39

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 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 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 Insurance Company of New York Harleysville Insurance Company Harleysville Insurance Company of New Jersey Harleysville Lake States Insurance Company Harleysville Preferred Insurance Company Harleysville Worcester Insurance Company Jefferson National Financial Corporation Jefferson National Life Insurance Company Jefferson National Life Insurance Company of New York 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 Insurance 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, Ltd. Retention Alternatives Ltd. In Respect of Cell No. 1 Segregated Account Scottsdale Indemnity Company Scottsdale Insurance Company Scottsdale Surplus Lines Insurance Company 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 of regular tax among the companies is based upon separate return calculations with current benefit for tax losses and credits utilized in the consolidated return. Effective January 1, 2023, the Company revised its tax sharing agreement to address corporate alternative minimum tax (“CAMT”). If the consolidated federal income tax return group is an Applicable Corporation and has a CAMT liability, all members of the group will be treated as Applicable Corporations subject to CAMT. CAMT is paid by affiliates based on the ratio of the subsidiary’s CAMT liability to the total CAMT liabilities of all subsidiaries.

The Company did not have any protective tax deposits under Section 6603 of the Internal Revenue Code as of December 31, 2023 and 2022.

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 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.

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.

F-40

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

Reporting entities that reasonably expect to be applicable corporations for the current reporting period are considered applicable reporting entities. The Company comprises a controlled group of corporations and has determined that it likely will be an applicable corporation, and therefore an appliable reporting entity, in 2023. In making such determination, the group has made certain interpretations of, and assumptions regarding, the CAMT provisions of the Act. The Company does not consider its CAMT status when evaluating its deferred tax assets under the regular tax system. The U.S. Treasury Department is expected to issue guidance throughout 2024 that may differ from the group’s interpretations and assumptions and that could alter the group’s determination.

The reporting entity has made an accounting policy election to disregard CAMT when evaluating the need for a valuation allowance for its non-CAMT deferred tax assets.

For the years ended December 31, 2023 and 2022, the Act did not impact the Company’s total tax.

(9) Short-Term Debt and FHLB Funding Agreements

Short-Term Debt

The Company is a party to a $750 million revolving variable rate credit facility agreement. The Company had no amounts outstanding under the facility as of December 31, 2023 and 2022.

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, 2023 and 2022.

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, 2023 and 2022.

The amount of interest paid on short-term debt was immaterial in 2023, 2022 and 2021.

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 $6.0 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. FHLB 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 in membership stock as of December 31, 2023 and 2022. As part of the agreement, the Company purchased and held an additional $144 million and $139 million in activity stock and an immaterial amount in excess stock as of December 31, 2023 and 2022, 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 $3.3 billion and $3.1 billion as of December 31, 2023 and 2022, respectively, which is included in future policy benefits and claims on the statutory statements of admitted assets, liabilities, capital and surplus.

The Company has agreements with the FHLB to provide financing for operations. These agreements, which were renewed in February 2024 and expire January 2025, allow the Company access to borrow up to $1.1 billion. As of December 31, 2023 and 2022, the Company had no amounts outstanding under these agreements.

Bonds and mortgage loans with a carrying value of $5.3 billion (3.0% of total admitted assets) as of December 31, 2023 and $4.6 billion (2.8% of total admitted assets) as of December 31, 2022 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-41

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 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, 2023
12/19/2001		7.50	%	$	300	$	300	$	23	$	495	$	-		12/31/2031
6/27/2002		8.15	%		300		300		24		521		-		6/27/2032
12/23/2003		6.75	%		100		100		7		132		-		12/23/2033
12/20/2019		4.21	%		400		400		16		67		-		12/19/2059
Total				$	1,100	$	1,100	$	70	$	1,215	$	-
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	$	-

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 agreements 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 2023, 2022 and 2021 included premiums of $635 million, $637 million and $607 million, respectively, benefits and claims, net of third-party reinsurance recoveries, of $73 million, $75 million, and $8 million respectively, net investment earnings on funds withheld assets of $55 million, $52 million and $40 million, respectively, and an expense allowance for third-party reinsurance premiums of $1 million, $2 million and $1 million, respectively. As of December 31, 2023 and 2022, the carrying value of the funds withheld assets recorded within funds held under coinsurance was $1.3 billion and $1.6 billion, respectively, which consists of bonds and cash equivalents that had a carrying value of $1.2 billion and $1.5 million, respectively, and mortgage loans that had a carrying value of $73 million and $95 million, respectively. As of December 31, 2023 and 2022, the Company’s reserve credit for guaranteed benefits ceded under the reinsurance agreements was $91 million and $253 million, respectively. Amounts payable to Eagle related to the reinsurance agreements were $377 million and $424 million as of December 31, 2023 and 2022, 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 $307 million, $287 million and $281 million for the years ended December 31, 2023, 2022 and 2021, respectively, while benefits, claims and expenses ceded were $301 million, $267 million and $257 million, respectively.

F-42

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 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 statements of operations for 2023, 2022 and 2021 and include considerations of $46 million, $10 million and $10 million, respectively, net investment income of $31 million, $35 million and $42 million, respectively, and benefits, claims and other expenses of $186 million, $161 million and $147 million, respectively. The reserve adjustment for 2023, 2022 and 2021 of $(153) million, $(161) million and $(151) 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 $737 million and $859 million as of December 31, 2023 and 2022, respectively, and amounts payable related to this agreement were $6 million and $14 million as of December 31, 2023 and 2022, 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 $34 million and $33 million as of December 31, 2023 and 2022, respectively. Total premiums assumed under this treaty were $12 million, $12 million and $12 million during 2023, 2022 and 2021, 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 $154 million and $156 million as of December 31, 2023 and 2022, 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, 2023 and 2022 were $278 million and $345 million, respectively. The ceding of risk does not relieve the Company, as the original insurer, from its primary obligation to the policyholder.

(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, but are not limited to, annuity and life insurance contracts, 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 conformity with NAIC statutory accounting principles. In addition, 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.

Affiliate receivables and payables are the result of cost sharing and intercompany service agreements between the Company and its affiliates in which settlement has not yet occurred. Affiliate receivables are presented net of affiliate payables when the Company has the right to offset. The gross amounts due from affiliates were $19 million and $226 million as of December 31, 2023 and 2022, respectively, and are included in other assets in the Company’s statutory statements of admitted assets, liabilities, capital and surplus. The gross amounts due to affiliates were $133 million and $177 million as of December 31, 2023 and 2022, respectively, and are included in other liabilities in the Company’s statutory statements of admitted assets, liabilities, capital and surplus. These arrangements are subject to written agreements which require that intercompany balances be settled within a certain time period, generally 30 to 60 days.

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 years ended December 31, 2023 and 2022, the Company was allocated costs from NMIC totaling $245 million and $285 million, respectively. For the year ended December 31, 2021, the Company was allocated costs from NMIC and NSC totaling $288 million.

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 $3.4 billion and $3.7 billion as of December 31, 2023 and 2022, respectively. Total revenues from these contracts were $125 million, $127 million and $121 million for the years ended December 31, 2023, 2022 and 2021, respectively, and include policy charges, net investment income from investments backing the contracts and administrative fees. Total interest credited to the account balances were $84 million, $87 million and $113 million for the years ended December 31, 2023, 2022 and 2021, respectively.

F-43

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

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 amount the Company earned for the years ended December 31, 2023, 2022 and 2021 were immaterial.

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, 2023 and 2022, customer allocations to NFG funds totaled $63.9 billion and $63.0 billion, respectively. For the years ended December 31, 2023, 2022 and 2021, NFG paid the Company $234 million, $242 million and $265 million, respectively, for the distribution and servicing of these funds.

Amounts on deposit with NCMC for the benefit of the Company were $1.3 billion and $1.0 billion as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, amounts on deposit with NCMC were comprised of $1.0 billion and $883 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, 2023, 2022 and 2021 was $63 million, $112 million and $74 million, respectively.

The Company provides commercial mortgage loans to subsidiaries of Nationwide Realty Investors, LTD, a subsidiary of NMIC with interest rates ranging from 3.62% to 4.90% and maturity dates ranging from January 2031 to July 2041. As of December 31, 2023 and 2022, the Company had $304 million and $338 million, respectively, outstanding under these arrangements.

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, 2023 and 2022, the Company had no outstanding borrowings from affiliated entities under such agreements. The amounts the Company incurred for interest expense on intercompany repurchase agreements during 2023, 2022 and 2021 were immaterial.

During 2023, the Company received capital contributions of $135 million from NFS. During 2024, the Company received an additional capital contribution of $30 million from NFS. During 2022, the Company received capital contributions of $310 million from NFS.

During 2023, there were no capital contributions paid to NLAIC by the Company. During 2024, the Company has paid capital contributions to NLAIC of $100 million as of the subsequent event date. During 2022 and 2021, the Company paid capital contributions of $800 million and $400 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 a replacement unsecured promissory note and revolving line of credit agreement with JNLNY whereby JNLNY can borrow up to $5 million. No amounts have been drawn on the note as of December 31, 2023 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.

F-44

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

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 2023 and 2022, the Company made surplus contributions to Eagle. On September 29, 2023, the Company made a surplus contribution to Eagle of $10 million. On June 30, 2022 and July 19, 2022, the Company made surplus contributions to Eagle of $225 million and $1 million, respectively. During 2023 and 2022 Eagle declared distributions to the Company based on their earned surplus position. On February 9, 2024, the Company received a total distribution of $421 million that was declared on December 29, 2023 and consisted of a return of contributed surplus of $10 million and a dividend of $411 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, 2023. On August 10, 2023, the Company received a dividend distribution of $205 million that was declared on June 30, 2023. On May 9, 2023, the Company received a dividend distribution of $204 million that was declared on March 31, 2023. 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.

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 when, on March 1, 2023, the outstanding balance was repaid and a replacement agreement was entered into at an interest rate of 1-month SOFR plus 0.9% and a maturity date of February 28, 2024. As of December 31, 2023, NWSBL had outstanding borrowings of $328 million. During 2024, additional draws increased the outstanding balance to $363 million when, on February 28, 2024, the outstanding balance was repaid and a replacement agreement was entered into at an interest rate of 1-month SOFR plus 0.9% and a maturity date of February 27, 2025 with an initial draw of $363 million. Subsequently, additional draws have increased the outstanding balance to $381 million as of the subsequent event date.

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.

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 $251 million and $140 million as of December 31, 2023 and 2022, 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 financial statements of the underlying investments. All liabilities, commitments, contingencies, guarantees or obligations of the NW REI (NLIC), which are required under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in NW REI (NLIC), if not already recorded in the financial statements of NW REI (NLIC).

(13) Contingencies

Legal and Regulatory Matters

The Company is subject to legal and regulatory proceedings in the ordinary course of its business. These include proceedings specific to the Company and proceedings generally applicable to business practices in the industries in which the Company operates. The outcomes of these proceedings cannot be predicted due to their complexity, scope, and many uncertainties. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory proceedings is not likely to have a material adverse effect on the Company’s financial condition.

F-45

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2023, 2022 and 2021 Statutory Financial Statements

The various businesses conducted by the Company are subject to oversight by numerous federal and state regulatory entities, including but not limited to the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Department of Labor, the IRS, the Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or its affiliates, the Company is cooperating with regulators.

Guarantees

In accordance with SSAP No. 5R, Liabilities, Contingencies and Impairments of Assets, for all guarantees made to or on behalf of wholly-owned subsidiaries, no initial liability recognition has been made and there is no net financial statement impact related to these guarantees.

The contractual obligations under NLAIC’s single premium deferred annuity (“SPDA”) contracts in force and issued before September 1, 1988 are guaranteed by the Company. Total SPDA contracts affected by this guarantee in force were immaterial as of December 31, 2023 and 2022.

The Company has guaranteed the obligations and liabilities of NISC, including, without limitation, the full and prompt payment of all accounts payable to any party now or in the future. If for any reason NISC fails to satisfy any of its obligations, the Company will cause such obligation, loss or liability to be fully satisfied.

Indemnifications

In the normal course of business, the Company provides standard indemnifications to contractual counterparties. The types of indemnifications typically provided include breaches of representations and warranties, taxes and certain other liabilities, such as third-party lawsuits. The indemnification clauses are often standard contractual terms and are entered into in the normal course of business based on an assessment that the risk of loss would be remote. The terms of the indemnifications vary in duration and nature. In many cases, the maximum obligation is not explicitly stated, and the contingencies triggering the obligation to indemnify have not occurred and are not expected to occur. Consequently, the amount of the obligation under such indemnifications is not determinable. Historically, the Company has not made any material payments pursuant to these obligations.

(14) Regulatory Risk-Based Capital, Dividend Restrictions and Unassigned Surplus

The NAIC Risk-Based Capital (“RBC”) model law requires every insurer to calculate its total adjusted capital and RBC requirement to ensure insurer solvency. Regulatory guidelines provide for an insurance commissioner to intervene if the insurer experiences financial difficulty, as evidenced by a company’s total adjusted capital falling below established relationships to required RBC. The model includes components for asset risk, liability risk, interest rate exposure and other factors. The State of Ohio, where the Company is domiciled, imposes minimum RBC requirements that are developed by the NAIC. The formulas in the model for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of total adjusted capital to authorized control level RBC, as defined by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, all of which require specified corrective action. The Company exceeded the minimum RBC requirements for all periods presented.

The State of Ohio insurance laws require insurers to seek prior regulatory approval to pay a dividend or distribution of cash or other property if the fair market value thereof, together with that of other dividends or distributions made in the preceding twelve months, exceeds the greater of (i) 10% of surplus as regards policyholders as of the prior December 31 or (ii) the net income of the insurer as of the prior year. No dividends were paid by the Company to NFS for the years ended December 31, 2023 and 2022. In March 2021, the Company paid an ordinary dividend of $550 million to NFS. The Company’s surplus as regards policyholders as of December 31, 2023, was $11.2 billion and statutory net income for 2023 was $949 million. As of January 1, 2024, the Company has the ability to pay dividends to NFS totaling $1.1 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.

F-46

NATIONWIDE LIFE INSURANCE COMPANY

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

Schedule I  Summary of Investments – Other Than Investments in Related Parties

As of December 31, 2023:

(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		$	173	$	175	$	173
U.S. government and agencies			104		105		104
Obligations of states and political subdivisions			3,576		3,361		3,576
Foreign governments			342		321		342
Public utilities			4,758		4,410		4,736
All other corporate, mortgage-backed and asset-backed securities			35,011		33,102		34,936
Total fixed maturity securities		$	43,964	$	41,474	$	43,867
Equity securities:
Common Stocks:
Banks, trust and insurance companies			65		67		67
Industrial, miscellaneous and all other			164		164		164
Nonredeemable preferred stocks			42		46		46
Total equity securities1		$	271	$	277	$	277
Mortgage loans2			9,146				9,144
Short-term investments			1,555				1,555
Policy loans			970				969
Other long-term investments3			2,346				2,346
Total invested assets		$	58,252			$	58,158

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 $324 million are excluded.

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

F-47

NATIONWIDE LIFE INSURANCE COMPANY

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

Schedule III Supplementary Insurance Information

As of December 31, 2023, 2022 and 2021 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
2023
Life Insurance			$	5,428				$	412
Annuities				15,213					7,368
Retirement Solutions				20,351					4,150
Corporate Solutions and Other				8,381					2,740
Total			$	49,373				$	14,670
2022
Life Insurance			$	5,353				$	415
Annuities				10,635					5,758
Retirement Solutions				21,824					5,097
Corporate Solutions and Other				7,670					3,265
Total			$	45,482				$	14,535
2021
Life Insurance			$	5,306				$	425
Annuities				8,026					6,512
Retirement Solutions				22,446					4,551
Corporate Solutions and Other				6,721					1,176
Total			$	42,499				$	12,664
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
2023
Life Insurance	$	276	$	757		$	101
Annuities		613		13,619			158
Retirement Solutions		835		5,610			214
Corporate Solutions and Other		1,412		1,943			203
Total	$	3,136	$	21,929		$	676
2022
Life Insurance	$	261	$	730		$	105
Annuities		346		10,871			136
Retirement Solutions		860		6,178			120
Corporate Solutions and Other		552		1,519			174
Total	$	2,019	$	19,298		$	535
2021
Life Insurance	$	254	$	311		$	107
Annuities		337		9,411			41
Retirement Solutions		861		6,973			122
Corporate Solutions and Other		779		1,304			169
Total	$	2,231	$	17,999		$	439

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-48

NATIONWIDE LIFE INSURANCE COMPANY

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

Schedule IV  Reinsurance

As of December 31, 2023, 2022 and 2021 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
2023
Life insurance in force	$	147,725	$	(26,722	)	$	579	$	121,582
Premiums:
Life Insurance	$	2,931	$	(143	)	$	12	$	2,800
Accident and health insurance		457		(465	)		9		-
Total	$	3,388	$	(608	)	$	21	$	2,800
2022
Life insurance in force	$	145,173	$	(29,598	)	$	605	$	116,180
Premiums:
Life Insurance	$	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 Insurance	$	1,624	$	(140	)	$	12	$	1,496
Accident and health insurance		445		(444	)		-		1
Total	$	2,069	$	(584	)	$	12	$	1,497

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

F-49

NATIONWIDE LIFE INSURANCE COMPANY

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

Schedule V  Valuation and Qualifying Accounts

Years ended December 31, 2023, 2022 and 2021:

(in millions)
Column A	Column B		Column C			Column D			Column E
Description	Balance at beginning of period		Charged to costs and expenses			Deductions1			Balance at end of period
2023
Valuation allowances - mortgage loans2	$	1	$	1		$	-		$	2
2022
Valuation allowances - mortgage loans	$	43	$	(5	)	$	-		$	38
2021
Valuation allowances - mortgage loans	$	48	$	(4	)	$	(1	)	$	43

1 Amounts generally represent recoveries, payoffs and sales.

2 Effective January 1, 2023, the Company changed its method for reserving for mortgage loans. Refer to Note 5 for further discussion and the resulting impacts of the change.

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

F-50