NATIONWIDE VLI

SEPARATE

ACCOUNT-6

Annual Report

To

Policyholders

December 31, 2022

NATIONWIDE LIFE INSURANCE COMPANY

HOME OFFICE: COLUMBUS, OHIO

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

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Nationwide Life Insurance Company and

Contract Owners of Nationwide VLI Separate Account-6:

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-6 (the Separate Account), as of the date listed in the Appendix, the related statements of operations for the year or period listed in the Appendix and changes in contract owners’ equity for the years or periods listed in the Appendix, and the related notes including the financial highlights in Note 8 (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each sub-account as of the date listed in the Appendix, the results of its operations for the year or period listed in the Appendix, the changes in its contract owners’ equity for the years or periods listed in the Appendix, and the financial highlights for each of the years or periods indicated in Note 8, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2022, by correspondence with the transfer agent of the underlying mutual funds or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/     KPMG LLP

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

Columbus, Ohio

April 3, 2023

KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

Appendix

Statement of assets, liabilities and contract owners’ equity as of December 31, 2022, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for each of the years in the two-year period then ended.

AMERICAN CENTURY INVESTMENTS

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

American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class II (ACVIG2)

American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class I (ACVU1)

American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class II (ACVU2)

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

American Century Variable Portfolios, Inc. - American Century VP Value Fund: Class II (ACVV2)

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class 2 (FC2)

Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class 2 (FEI2)

Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class 2 (FG2)

GUGGENHEIM INVESTMENTS

Rydex Variable Trust - Inverse NASDAQ-100(R) Strategy Fund (RAF)

Rydex Variable Trust - Biotechnology Fund (RBF)

Rydex Variable Trust - Banking Fund (RBKF)

Rydex Variable Trust - Basic Materials Fund (RBMF)

Rydex Variable Trust - Consumer Products Fund (RCPF)

Rydex Variable Trust - Electronics Fund (RELF)

Rydex Variable Trust - Energy Fund (RENF)

Rydex Variable Trust - Energy Services Fund (RESF)

Rydex Variable Trust - Financial Services Fund (RFSF)

Rydex Variable Trust - Health Care Fund (RHCF)

Rydex Variable Trust - Internet Fund (RINF)

Rydex Variable Trust - Inverse Government Long Bond Strategy Fund (RJNF)

Rydex Variable Trust - Europe 1.25x Strategy Fund (RLCE)

Rydex Variable Trust - Japan 2x Strategy Fund (RLCJ)

Rydex Variable Trust - Leisure Fund (RLF)

Rydex Variable Trust - Mid-Cap 1.5x Strategy Fund (RMED)

Rydex Variable Trust - Russell 2000(R) 1.5x Strategy Fund (RMEK)

Rydex Variable Trust - Nova Fund (RNF)

Rydex Variable Trust - NASDAQ-100(R) Fund (ROF)

Rydex Variable Trust - Precious Metals Fund (RPMF)

Rydex Variable Trust - Real Estate Fund (RREF)

Rydex Variable Trust - Retailing Fund (RRF)

Rydex Variable Trust - Guggenheim Long Short Equity Fund (RSRF) ¹ Rydex Variable Trust - Technology Fund (RTEC)

Rydex Variable Trust - Telecommunications Fund (RTEL)

Rydex Variable Trust - S&P 500 2x Strategy Fund (RTF)

Rydex Variable Trust - Transportation Fund (RTRF)

Rydex Variable Trust - Inverse S&P 500 Strategy Fund (RUF)

Rydex Variable Trust - Government Long Bond 1.2x Strategy Fund (RUGB)

Rydex Variable Trust - Utilities Fund (RUTL)

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

Rydex Variable Trust - Commodities Strategy Fund (RVCMD)

Rydex Variable Trust - NASDAQ-100(R) 2x Strategy Fund (RVF)

Rydex Variable Trust - Inverse Dow 2x Strategy Fund (RVIDD)

Rydex Variable Trust - Inverse Mid-Cap Strategy Fund (RVIMC)

Rydex Variable Trust - Inverse Russell 2000(R) Strategy Fund (RVISC)

Rydex Variable Trust - S&P 500 Pure Growth Fund (RVLCG)

Rydex Variable Trust - S&P 500 Pure Value Fund (RVLCV)

Rydex Variable Trust - Dow 2x Strategy Fund (RVLDD)

Rydex Variable Trust - S&P MidCap 400 Pure Growth Fund (RVMCG)

Rydex Variable Trust - S&P MidCap 400 Pure Value Fund (RVMCV)

Rydex Variable Trust - S&P SmallCap 600 Pure Growth Fund (RVSCG)

Rydex Variable Trust - S&P SmallCap 600 Pure Value Fund (RVSCV)

Rydex Variable Trust - Strengthening Dollar 2x Strategy Fund (RVSDL)

Rydex Variable Trust - Weakening Dollar 2x Strategy Fund (RVWDL)

NATIONWIDE FUNDS GROUP

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

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 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 Federated High Income Bond Fund: Class I (HIBF)

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class II (NVMM2)

Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class I (NVMMG1)

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

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class II (SCF2)

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

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class II (SCGF2)

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

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class II (SCVF2)

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

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

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2022

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
ACVIG		81,744	$	747,239	$	586,103	$	-	$	586,103	$	2	$	586,101
ACVIG2		232		2,052		1,667		9		1,676		-		1,676
ACVU1		26,456		571,193		511,653		-		511,653		2		511,651
ACVU2		80		2,065		1,501		2		1,503		-		1,503
ACVV		54,169		589,169		674,399		4		674,403		-		674,403
ACVV2		780		8,127		9,719		21		9,740		-		9,740
FC2		21,201		929,715		774,694		23		774,717		-		774,717
FEI2		41,233		950,535		936,401		-		936,401		13		936,388
FG2		12,939		1,165,134		896,270		1		896,271		-		896,271
RAF		482		12,028		12,261		-		12,261		2		12,259
RBF		2,489		230,782		197,516		10		197,526		-		197,526
RBKF		654		63,626		62,232		2		62,234		-		62,234
RBMF		2,086		203,612		194,382		-		194,382		18		194,364
RCPF		1,916		140,191		137,835		11		137,846		-		137,846
RELF		2,263		373,858		305,738		-		305,738		18		305,720
RENF		1,204		251,350		303,021		-		303,021		11		303,010
RESF		348		101,652		109,487		3		109,490		-		109,490
RFSF		690		70,292		57,887		-		57,887		398		57,489
RHCF		3,892		336,328		312,819		-		312,819		437		312,382
RINF		2,671		262,940		153,972		-		153,972		18		153,954
RJNF		178		13,020		17,593		-		17,593		1		17,592
RLCE		3,120		309,231		339,781		-		339,781		2		339,779
RLCJ		2,322		207,628		134,813		6		134,819		-		134,819
RLF		409		43,248		36,103		-		36,103		10		36,093
RMED		1,193		260,198		207,469		-		207,469		18		207,451
RMEK		5,394		491,831		314,120		-		314,120		12		314,108
RNF		2,793		414,632		331,568		26		331,594		-		331,594
ROF		43,086		2,163,856		1,993,999		60,615		2,054,614		-		2,054,614
RPMF		12,530		550,203		456,963		3		456,966		-		456,966
RREF		7,447		341,553		258,483		12		258,495		-		258,495
RRF		1,004		136,737		96,556		-		96,556		17		96,539
RSRF		4,698		71,894		70,886		-		70,886		2		70,884
RTEC		2,227		377,925		271,956		6		271,962		-		271,962
RTEL		601		41,175		31,633		-		31,633		3		31,630
RTF		2,070		847,963		488,543		-		488,543		12		488,531
RTRF		666		80,961		47,534		-		47,534		-		47,534
RUF		29		918		1,043		-		1,043		-		1,043
RUGB		22,584		729,231		503,613		-		503,613		3		503,610
RUTL		4,717		156,049		163,383		-		163,383		489		162,894
RVARS		2,322		62,142		59,292		-		59,292		5		59,287
RVCMD		813		88,035		82,494		-		82,494		2		82,492
RVF		19,463		1,375,454		1,179,058		17		1,179,075		-		1,179,075
RVIDD		2		81		86		-		86		-		86
RVIMC		199		7,183		7,427		-		7,427		-		7,427
RVISC		16		520		577		-		577		-		577
RVLCG		13,165		660,766		547,685		6		547,691		-		547,691
RVLCV		8,275		481,806		436,920		-		436,920		4		436,916
RVLDD		3,038		490,027		474,517		32		474,549		-		474,549
RVMCG		14,073		515,626		403,602		-		403,602		9		403,593
RVMCV		7,511		302,264		299,081		13		299,094		-		299,094
RVSCG		4,204		192,854		174,974		10		174,984		-		174,984
RVSCV		2,450		179,809		165,383		1		165,384		-		165,384
RVSDL		467		18,304		21,084		-		21,084		1		21,083

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2022

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
GBF		60,376		640,973		561,495		6		561,501		-		561,501
GVDMA		219,552		2,475,585		1,712,508		-		1,712,508		664		1,711,844
GVDMC		28,132		296,028		232,655		3		232,658		-		232,658
GVIDA		110,495		1,264,139		955,784		-		955,784		10		955,774
GVIDC		46,531		440,113		405,754		1		405,755		-		405,755
GVIDM		131,832		1,351,975		994,016		8		994,024		-		994,024
HIBF		128,647		742,982		699,839		3		699,842		-		699,842
NVMM2		5,444,318		5,444,318		5,444,318		-		5,444,318		66,978		5,377,340
NVMMG1		50		475		258		-		258		8		250
SCF		21,177		404,510		342,218		-		342,218		4		342,214
SCF2		92		1,401		1,309		11		1,320		-		1,320
SCGF		12,575		190,077		146,877		5		146,882		-		146,882
SCGF2		2		22		15		-		15		15		-
SCVF		36,590		348,248		309,920		4		309,924		-		309,924
SCVF2		197		1,920		1,571		5		1,576		-		1,576
TRF		19,044		439,396		418,965		-		418,965		1,345		417,620

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

** For all subaccounts not included herein but listed as an investment option in note 1(b), Total Assets and Contract Owners’ Equity at the end of the period are $0. See note 1(b) for all investments available for which no policyholders were invested at December 31, 2022, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	ACVIG			ACVIG2			ACVU1			ACVU2			ACVV			ACVV2			FC2			FEI2
Reinvested dividends	$	12,759			36			-			-			12,870			331			2,273			16,383
Net investment income (loss)		12,759			36			-			-			12,870			331			2,273			16,383
Realized gain (loss) on investments		(118,276	)		(268	)		42,914			3,920			9,829			6,963			4,004			(4,538	)
Change in unrealized gain (loss) on investments		(220,534	)		(948	)		(444,028	)		(14,103	)		(70,202	)		(10,262	)		(341,445	)		(89,198	)
Net gain (loss) on investments		(338,810	)		(1,216	)		(401,114	)		(10,183	)		(60,373	)		(3,299	)		(337,441	)		(93,736	)
Reinvested capital gains		191,306			760			82,457			2,245			47,540			1,819			42,741			32,195
Net increase (decrease) in contract owners’ equity resulting from operations	$	(134,745	)		(420	)		(318,657	)		(7,938	)		37			(1,149	)		(292,427	)		(45,158	)
Investment Activity*:	FG2			RAF			RBF			RBKF			RBMF			RCPF			RELF			RENF
Reinvested dividends	$	3,272			-			-			2,612			936			873			-			3,024
Net investment income (loss)		3,272			-			-			2,612			936			873			-			3,024
Realized gain (loss) on investments		28,651			56,201			(22,846	)		(23,911	)		(44,688	)		3,057			58,544			116,507
Change in unrealized gain (loss) on investments		(386,528	)		219			(19,993	)		(3,017	)		(20,493	)		(11,771	)		(251,045	)		18
Net gain (loss) on investments		(357,877	)		56,420			(42,839	)		(26,928	)		(65,181	)		(8,714	)		(192,501	)		116,525
Reinvested capital gains		73,350			-			13,233			-			3,101			7,056			15,881			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(281,255	)		56,420			(29,606	)		(24,316	)		(61,144	)		(785	)		(176,620	)		119,549

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	RESF			RFSF			RHCF			RINF			RJNF			RLCE			RLCJ			RLF
Reinvested dividends	$	-			361			-			-			-			-			-			-
Net investment income (loss)		-			361			-			-			-			-			-			-
Realized gain (loss) on investments		9,298			(6,399	)		3,298			(139,963	)		1,113			(24,667	)		(296	)		(863	)
Change in unrealized gain (loss) on investments		12,169			(17,500	)		(75,871	)		(50,338	)		4,504			8,323			(98,814	)		(9,970	)
Net gain (loss) on investments		21,467			(23,899	)		(72,573	)		(190,301	)		5,617			(16,344	)		(99,110	)		(10,833	)
Reinvested capital gains		-			4,906			15,550			51,806			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	21,467			(18,632	)		(57,023	)		(138,495	)		5,617			(16,344	)		(99,110	)		(10,833	)
Investment Activity*:	RMED			RMEK			RNF			ROF			RPMF			RREF			RRF			RSRF
Reinvested dividends	$	-			-			2,003			-			2,309			4,906			-			364
Net investment income (loss)		-			-			2,003			-			2,309			4,906			-			364
Realized gain (loss) on investments		(23,456	)		(33,023	)		19,864			(509,814	)		(51,499	)		2,838			(5,538	)		(3,756	)
Change in unrealized gain (loss) on investments		(63,306	)		(152,847	)		(224,458	)		(561,345	)		(34,776	)		(289,436	)		(33,959	)		(14,320	)
Net gain (loss) on investments		(86,762	)		(185,870	)		(204,594	)		(1,071,159	)		(86,275	)		(286,598	)		(39,497	)		(18,076	)
Reinvested capital gains		14,724			-			56,789			75,451			-			26,710			2,490			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(72,038	)		(185,870	)		(145,802	)		(995,708	)		(83,966	)		(254,982	)		(37,007	)		(17,712	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	RTEC			RTEL			RTF			RTRF			RUF		RUGB			RUTL			RVARS
Reinvested dividends	$	-			218			-			-			-		10,452			1,757			1,555
Net investment income (loss)		-			218			-			-			-		10,452			1,757			1,555
Realized gain (loss) on investments		1,177			(1,135	)		(80,198	)		(647	)		79		(172,958	)		5,313			4,863
Change in unrealized gain (loss) on investments		(198,532	)		(16,526	)		(398,627	)		(37,650	)		132		(202,581	)		(11,139	)		(12,202	)
Net gain (loss) on investments		(197,355	)		(17,661	)		(478,825	)		(38,297	)		211		(375,539	)		(5,826	)		(7,339	)
Reinvested capital gains		22,630			-			114,113			6,680			-		-			1,410			1,351
Net increase (decrease) in contract owners’ equity resulting from operations	$	(174,725	)		(17,443	)		(364,712	)		(31,617	)		211		(365,087	)		(2,659	)		(4,433	)
Investment Activity*:	RVCMD			RVF			RVIDD			RVIMC			RVISC		RVLCG			RVLCV			RVLDD
Reinvested dividends	$	5,437			-			-			-			-		-			5,663			-
Net investment income (loss)		5,437			-			-			-			-		-			5,663			-
Realized gain (loss) on investments		206,533			(2,209,776	)		124			(1,200	)		47		(364,490	)		85,135			(143,757	)
Change in unrealized gain (loss) on investments		(47,973	)		(390,666	)		7			2,552			72		(142,146	)		(165,275	)		(61,303	)
Net gain (loss) on investments		158,560			(2,600,442	)		131			1,352			119		(506,636	)		(80,140	)		(205,060	)
Reinvested capital gains		-			411,967			-			-			-		120,374			60,417			25,175
Net increase (decrease) in contract owners’ equity resulting from operations	$	163,997			(2,188,475	)		131			1,352			119		(386,262	)		(14,060	)		(179,885	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	RVMCG			RVMCV			RVSCG			RVSCV			RVSDL		GBF			GVDMA			GVDMC
Reinvested dividends	$	-			3,661			-			-			-		10,878			-			-
Net investment income (loss)		-			3,661			-			-			-		10,878			-			-
Realized gain (loss) on investments		(149,502	)		(37,379	)		(99,683	)		(42,569	)		103		(7,433	)		(332,766	)		(613	)
Change in unrealized gain (loss) on investments		(103,674	)		(74,358	)		(22,859	)		(24,525	)		2,773		(66,104	)		(914,780	)		(83,139	)
Net gain (loss) on investments		(253,176	)		(111,737	)		(122,542	)		(67,094	)		2,876		(73,537	)		(1,247,546	)		(83,752	)
Reinvested capital gains		84,298			72,696			32,414			21,345			-		-			757,069			43,946
Net increase (decrease) in contract owners’ equity resulting from operations	$	(168,878	)		(35,380	)		(90,128	)		(45,749	)		2,876		(62,659	)		(490,477	)		(39,806	)
Investment Activity*:	GVIDA			GVIDC			GVIDM			HIBF			NVMM2		NVMMG1			SCF			SCF2
Reinvested dividends	$	-			-			-			43,545			78,473		-			1,663			4
Net investment income (loss)		-			-			-			43,545			78,473		-			1,663			4
Realized gain (loss) on investments		(5,713	)		(7,822	)		(14,142	)		(82,032	)		-		(2	)		21,450			576
Change in unrealized gain (loss) on investments		(486,152	)		(55,096	)		(496,024	)		(31,348	)		-		(234	)		(167,250	)		(5,380	)
Net gain (loss) on investments		(491,865	)		(62,918	)		(510,166	)		(113,380	)		-		(236	)		(145,800	)		(4,804	)
Reinvested capital gains		269,272			19,338			311,630			-			139		79			70,760			339
Net increase (decrease) in contract owners’ equity resulting from operations	$	(222,593	)		(43,580	)		(198,536	)		(69,835	)		78,612		(157	)		(73,377	)		(4,461	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2022

Investment Activity*:	SCGF			SCGF2			SCVF			SCVF2			TRF
Reinvested dividends	$	-			-			1,117			2			5,025
Net investment income (loss)		-			-			1,117			2			5,025
Realized gain (loss) on investments		(100,122	)		-			1,912			(6	)		3,760
Change in unrealized gain (loss) on investments		(52,305	)		(9	)		(93,481	)		(500	)		(110,894	)
Net gain (loss) on investments		(152,427	)		(9	)		(91,569	)		(506	)		(107,134	)
Reinvested capital gains		29,527			3			22,379			264			44,601
Net increase (decrease) in contract owners’ equity resulting from operations	$	(122,900	)		(6	)		(68,073	)		(240	)		(57,508	)

* For all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2022, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	ACVIG						ACVIG2						ACVU1						ACVU2
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	12,759			9,963			36			28			-			-			-			-
Realized gain (loss) on investments		(118,276	)		1,110			(268	)		107			42,914			51,299			3,920			788
Change in unrealized gain (loss) on investments		(220,534	)		43,099			(948	)		67			(444,028	)		81,913			(14,103	)		2,685
Reinvested capital gains		191,306			125,608			760			495			82,457			59,497			2,245			1,669
Net increase (decrease) in contract owners’ equity resulting from operations		(134,745	)		179,780			(420	)		697			(318,657	)		192,709			(7,938	)		5,142
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		11,151			12,738			-			-			9,805			9,682			-			-
Transfers between funds		(447,193	)		836,016			-			-			(95,525	)		(14,307	)		(17,091	)		-
Surrenders (notes 2, 3, 4, 5 and 6)		(41,808	)		(72,748	)		(1,433	)		(243	)		(87,401	)		(57,072	)		(1,033	)		(1,191	)
Adjustments to maintain reserves		(7	)		8			19			(24	)		(12	)		22			(23	)		43
Net equity transactions		(477,857	)		776,014			(1,414	)		(267	)		(173,133	)		(61,675	)		(18,147	)		(1,148	)
Net change in contract owners’ equity		(612,602	)		955,794			(1,834	)		430			(491,790	)		131,034			(26,085	)		3,994
Contract owners’ equity at beginning of period		1,198,703			242,909			3,510			3,080			1,003,441			872,407			27,588			23,594
Contract owners’ equity at end of period	$	586,101			1,198,703			1,676			3,510			511,651			1,003,441			1,503			27,588
CHANGE IN UNITS:
Beginning units		58,870			14,751			73			79			28,883			30,927			347			365
Units purchased		5,903			48,099			-			-			439			506			-			-
Units surrendered		(31,788	)		(3,980	)		(33	)		(6	)		(7,544	)		(2,550	)		(319	)		(18	)
Ending units		32,985			58,870			40			73			21,778			28,883			28			347

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	ACVV						ACVV2						FC2						FEI2
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	12,870			10,238			331			362			2,273			343			16,383			9,131
Realized gain (loss) on investments		9,829			11,625			6,963			417			4,004			97,377			(4,538	)		9,645
Change in unrealized gain (loss) on investments		(70,202	)		101,561			(10,262	)		3,990			(341,445	)		4,340			(89,198	)		32,872
Reinvested capital gains		47,540			-			1,819			-			42,741			138,913			32,195			63,179
Net increase (decrease) in contract owners’ equity resulting from operations		37			123,424			(1,149	)		4,769			(292,427	)		240,973			(45,158	)		114,827
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		13,193			13,678			-			-			28,986			27,667			27,527			31,933
Transfers between funds		88,937			3,699			(11,963	)		-			77,490			(285,080	)		412,519			80,839
Surrenders (notes 2, 3, 4, 5 and 6)		(36,622	)		(36,909	)		(1,176	)		(803	)		(134,824	)		(39,924	)		(42,873	)		(116,611	)
Adjustments to maintain reserves		8			(3	)		27			(14	)		16			21			(17	)		14
Net equity transactions		65,516			(19,535	)		(13,112	)		(817	)		(28,332	)		(297,316	)		397,156			(3,825	)
Net change in contract owners’ equity		65,553			103,889			(14,261	)		3,952			(320,759	)		(56,343	)		351,998			111,002
Contract owners’ equity at beginning of period		608,850			504,961			24,001			20,049			1,095,476			1,151,819			584,390			473,388
Contract owners’ equity at end of period	$	674,403			608,850			9,740			24,001			774,717			1,095,476			936,388			584,390
CHANGE IN UNITS:
Beginning units		33,855			34,960			524			544			14,189			19,023			13,451			13,577
Units purchased		6,328			1,160			-			-			3,396			1,267			59,393			2,959
Units surrendered		(2,885	)		(2,265	)		(312	)		(20	)		(3,935	)		(6,101	)		(50,098	)		(3,085	)
Ending units		37,298			33,855			212			524			13,650			14,189			22,746			13,451

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	FG2						RAF						RBF						RBKF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	3,272			-			-			-			-			-			2,612			1,223
Realized gain (loss) on investments		28,651			61,312			56,201			(2,932	)		(22,846	)		12,358			(23,911	)		58,257
Change in unrealized gain (loss) on investments		(386,528	)		(76,526	)		219			42			(19,993	)		(33,531	)		(3,017	)		(15,638	)
Reinvested capital gains		73,350			248,158			-			-			13,233			19,697			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(281,255	)		232,944			56,420			(2,890	)		(29,606	)		(1,476	)		(24,316	)		43,842
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		15,662			18,921			7,144			1,122			24,100			19,184			1,454			2,260
Transfers between funds		58,545			444,636			(51,233	)		879			17,004			(84,451	)		(18,625	)		(13,093	)
Surrenders (notes 2, 3, 4, 5 and 6)		(116,021	)		(146,346	)		(1,452	)		(822	)		(29,444	)		(10,889	)		(62,459	)		(3,211	)
Adjustments to maintain reserves		(6	)		28			-			-			20			(17	)		9			-
Net equity transactions		(41,820	)		317,239			(45,541	)		1,179			11,680			(76,173	)		(79,621	)		(14,044	)
Net change in contract owners’ equity		(323,075	)		550,183			10,879			(1,711	)		(17,926	)		(77,649	)		(103,937	)		29,798
Contract owners’ equity at beginning of period		1,219,346			669,163			1,380			3,091			215,452			293,101			166,171			136,373
Contract owners’ equity at end of period	$	896,271			1,219,346			12,259			1,380			197,526			215,452			62,234			166,171
CHANGE IN UNITS:
Beginning units		15,750			10,623			3,421			5,711			3,318			4,578			11,378			12,465
Units purchased		2,213			7,399			4,013,094			2,337			1,323			290			1,128			235
Units surrendered		(2,600	)		(2,272	)		(3,993,981	)		(4,627	)		(1,132	)		(1,550	)		(7,371	)		(1,322	)
Ending units		15,363			15,750			22,534			3,421			3,509			3,318			5,135			11,378

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	RBMF						RCPF						RELF						RENF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	936			2,622			873			894			-			-			3,024			1,837
Realized gain (loss) on investments		(44,688	)		43,173			3,057			9,161			58,544			103,830			116,507			69,399
Change in unrealized gain (loss) on investments		(20,493	)		(12,846	)		(11,771	)		410			(251,045	)		28,333			18			42,402
Reinvested capital gains		3,101			11,626			7,056			82			15,881			26,040			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(61,144	)		44,575			(785	)		10,547			(176,620	)		158,203			119,549			113,638
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		13,577			8,653			18,111			6,053			3,052			4,512			36,242			13,247
Transfers between funds		(190,044	)		292,914			17,392			(21,909	)		(60,510	)		22,445			(102,251	)		19,603
Surrenders (notes 2, 3, 4, 5 and 6)		(27,145	)		(13,361	)		(6,386	)		16,763			(49,217	)		(12,272	)		(82,292	)		(16,813	)
Adjustments to maintain reserves		(20	)		17			26			(15	)		(20	)		3			(19	)		9
Net equity transactions		(203,632	)		288,223			29,143			892			(106,695	)		14,688			(148,320	)		16,046
Net change in contract owners’ equity		(264,776	)		332,798			28,358			11,439			(283,315	)		172,891			(28,771	)		129,684
Contract owners’ equity at beginning of period		459,140			126,342			109,488			98,049			589,035			416,144			331,781			202,097
Contract owners’ equity at end of period	$	194,364			459,140			137,846			109,488			305,720			589,035			303,010			331,781
CHANGE IN UNITS:
Beginning units		9,959			3,369			2,236			2,215			10,271			10,032			18,390			16,854
Units purchased		2,649			6,948			736			647			170			512			6,774			2,642
Units surrendered		(7,942	)		(358	)		(131	)		(626	)		(2,520	)		(273	)		(13,838	)		(1,106	)
Ending units		4,666			9,959			2,841			2,236			7,921			10,271			11,326			18,390

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	RESF						RFSF						RHCF						RINF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			116			361			514			-			-			-			-
Realized gain (loss) on investments		9,298			27,226			(6,399	)		44,147			3,298			35,005			(139,963	)		638
Change in unrealized gain (loss) on investments		12,169			(7,970	)		(17,500	)		2,883			(75,871	)		16,286			(50,338	)		(55,847	)
Reinvested capital gains		-			-			4,906			3,061			15,550			26,070			51,806			44,972
Net increase (decrease) in contract owners’ equity resulting from operations		21,467			19,372			(18,632	)		50,605			(57,023	)		77,361			(138,495	)		(10,237	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		9,425			8,166			6,529			6,432			27,067			21,623			3,102			3,912
Transfers between funds		34,812			(10,222	)		(15,330	)		(8,531	)		(15,175	)		(224,436	)		(9,273	)		(130,367	)
Surrenders (notes 2, 3, 4, 5 and 6)		(36,294	)		(7,124	)		(31,749	)		(13,388	)		(104,898	)		(27,498	)		(26,421	)		(9,791	)
Adjustments to maintain reserves		2			1			10			6			39			(14	)		(59	)		52
Net equity transactions		7,945			(9,179	)		(40,540	)		(15,481	)		(92,967	)		(230,325	)		(32,651	)		(136,194	)
Net change in contract owners’ equity		29,412			10,193			(59,172	)		35,124			(149,990	)		(152,964	)		(171,146	)		(146,431	)
Contract owners’ equity at beginning of period		80,078			69,885			116,661			81,537			462,372			615,336			325,100			471,531
Contract owners’ equity at end of period	$	109,490			80,078			57,489			116,661			312,382			462,372			153,954			325,100
CHANGE IN UNITS:
Beginning units		13,462			13,805			4,430			4,188			7,501			11,863			4,064			5,620
Units purchased		13,488			1,446			1,210			315			1,856			430			77			54
Units surrendered		(14,039	)		(1,789	)		(2,974	)		(73	)		(3,598	)		(4,792	)		(652	)		(1,610	)
Ending units		12,911			13,462			2,666			4,430			5,759			7,501			3,489			4,064

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	RJNF						RLCE						RLCJ						RLF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			-			-			741			-			-			-			-
Realized gain (loss) on investments		1,113			170			(24,667	)		60,709			(296	)		40,933			(863	)		10,043
Change in unrealized gain (loss) on investments		4,504			(301	)		8,323			(17,406	)		(98,814	)		(77,320	)		(9,970	)		(8,134	)
Reinvested capital gains		-			-			-			-			-			-			-			653
Net increase (decrease) in contract owners’ equity resulting from operations		5,617			(131	)		(16,344	)		44,044			(99,110	)		(36,387	)		(10,833	)		2,562
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		949			1,326			7,934			19,930			6,401			7,520			1,188			1,308
Transfers between funds		24			14			63,868			2,504			8,858			(7,812	)		11,061			(16,626	)
Surrenders (notes 2, 3, 4, 5 and 6)		(1,298	)		1,217			(61,043	)		(13,539	)		(25,571	)		(7,437	)		(2,075	)		(7,887	)
Adjustments to maintain reserves		(2	)		2			(7	)		7			18			(31	)		(4	)		(6	)
Net equity transactions		(327	)		2,559			10,752			8,902			(10,294	)		(7,760	)		10,170			(23,211	)
Net change in contract owners’ equity		5,290			2,428			(5,592	)		52,946			(109,404	)		(44,147	)		(663	)		(20,649	)
Contract owners’ equity at beginning of period		12,302			9,874			345,371			292,425			244,223			288,370			36,756			57,405
Contract owners’ equity at end of period	$	17,592			12,302			339,779			345,371			134,819			244,223			36,093			36,756
CHANGE IN UNITS:
Beginning units		5,929			4,805			17,494			17,584			7,102			7,204			748			1,179
Units purchased		1,800			2,854			21,054			868			1,294			272			327			29
Units surrendered		(1,930	)		(1,730	)		(18,749	)		(958	)		(1,519	)		(374	)		(61	)		(460	)
Ending units		5,799			5,929			19,799			17,494			6,877			7,102			1,014			748

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	RMED						RMEK						RNF						ROF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			-			-			354			2,003			2,042			-			-
Realized gain (loss) on investments		(23,456	)		121,953			(33,023	)		168,874			19,864			113,419			(509,814	)		549,761
Change in unrealized gain (loss) on investments		(63,306	)		(58,137	)		(152,847	)		(174,600	)		(224,458	)		71,380			(561,345	)		(134,758	)
Reinvested capital gains		14,724			51,400			-			103,947			56,789			24,459			75,451			205,482
Net increase (decrease) in contract owners’ equity resulting from operations		(72,038	)		115,216			(185,870	)		98,575			(145,802	)		211,300			(995,708	)		620,485
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		6,058			10,192			11,799			13,422			7,254			8,445			25,409			41,557
Transfers between funds		(5,171	)		(28,396	)		(30,110	)		(187,175	)		(15,592	)		(15,931	)		408,325			(80,855	)
Surrenders (notes 2, 3, 4, 5 and 6)		(43,584	)		(135,692	)		(38,711	)		(20,247	)		(52,190	)		(183,443	)		(197,335	)		(214,534	)
Adjustments to maintain reserves		(33	)		(7	)		(37	)		41			41			(12	)		(6,055	)		49
Net equity transactions		(42,730	)		(153,903	)		(57,059	)		(193,959	)		(60,487	)		(190,941	)		230,344			(253,783	)
Net change in contract owners’ equity		(114,768	)		(38,687	)		(242,929	)		(95,384	)		(206,289	)		20,359			(765,364	)		366,702
Contract owners’ equity at beginning of period		322,219			360,906			557,037			652,421			537,883			517,524			2,819,978			2,453,276
Contract owners’ equity at end of period	$	207,451			322,219			314,108			557,037			331,594			537,883			2,054,614			2,819,978
CHANGE IN UNITS:
Beginning units		3,927			5,949			9,488			13,224			6,217			8,505			26,396			28,829
Units purchased		132			177			293			245			166			165			38,224			565
Units surrendered		(767	)		(2,199	)		(1,741	)		(3,981	)		(887	)		(2,453	)		(35,418	)		(2,998	)
Ending units		3,292			3,927			8,040			9,488			5,496			6,217			29,202			26,396

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	RPMF						RREF						RRF						RSRF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	2,309			23,505			4,906			5,487			-			-			364			673
Realized gain (loss) on investments		(51,499	)		(62,652	)		2,838			10,662			(5,538	)		37,408			(3,756	)		(3,079	)
Change in unrealized gain (loss) on investments		(34,776	)		(38,671	)		(289,436	)		221,383			(33,959	)		(35,109	)		(14,320	)		25,528
Reinvested capital gains		-			-			26,710			-			2,490			9,744			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(83,966	)		(77,818	)		(254,982	)		237,532			(37,007	)		12,043			(17,712	)		23,122
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		39,959			32,331			7,734			16,939			4,306			4,829			7,570			11,735
Transfers between funds		(64,380	)		303,808			(368,321	)		300,893			(17,347	)		(4,716	)		16,260			2,148
Surrenders (notes 2, 3, 4, 5 and 6)		(27,380	)		(42,053	)		(142,009	)		(34,910	)		(4,833	)		(6,618	)		(61,864	)		(7,868	)
Adjustments to maintain reserves		(101	)		3			30			(5	)		(20	)		26			(15	)		22
Net equity transactions		(51,902	)		294,089			(502,566	)		282,917			(17,894	)		(6,479	)		(38,049	)		6,037
Net change in contract owners’ equity		(135,868	)		216,271			(757,548	)		520,449			(54,901	)		5,564			(55,761	)		29,159
Contract owners’ equity at beginning of period		592,834			376,563			1,016,043			495,594			151,440			145,876			126,645			97,486
Contract owners’ equity at end of period	$	456,966			592,834			258,495			1,016,043			96,539			151,440			70,884			126,645
CHANGE IN UNITS:
Beginning units		40,543			23,385			26,954			17,627			2,839			3,056			5,037			4,800
Units purchased		6,257			19,966			1,612			10,395			118			123			1,517			1,106
Units surrendered		(11,654	)		(2,808	)		(19,121	)		(1,068	)		(494	)		(340	)		(3,261	)		(869	)
Ending units		35,146			40,543			9,445			26,954			2,463			2,839			3,293			5,037

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	RTEC						RTEL						RTF						RTRF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			-			218			608			-			-			-			-
Realized gain (loss) on investments		1,177			86,783			(1,135	)		14,501			(80,198	)		419,163			(647	)		27,059
Change in unrealized gain (loss) on investments		(198,532	)		(18,578	)		(16,526	)		(4,509	)		(398,627	)		(52,274	)		(37,650	)		(15,209	)
Reinvested capital gains		22,630			34,935			-			-			114,113			-			6,680			4,589
Net increase (decrease) in contract owners’ equity resulting from operations		(174,725	)		103,140			(17,443	)		10,600			(364,712	)		366,889			(31,617	)		16,439
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		19,426			6,291			918			918			3,716			6,449			3,658			3,850
Transfers between funds		(54,064	)		(285,769	)		-			(49,638	)		43,206			(41,416	)		(23,436	)		(3,322	)
Surrenders (notes 2, 3, 4, 5 and 6)		(43,569	)		(25,888	)		(32,810	)		(2,571	)		(51,139	)		(19,848	)		(5,539	)		(5,489	)
Adjustments to maintain reserves		-			26			(7	)		7			(13	)		(18	)		9			14
Net equity transactions		(78,207	)		(305,340	)		(31,899	)		(51,284	)		(4,230	)		(54,833	)		(25,308	)		(4,947	)
Net change in contract owners’ equity		(252,932	)		(202,200	)		(49,342	)		(40,684	)		(368,942	)		312,056			(56,925	)		11,492
Contract owners’ equity at beginning of period		524,894			727,094			80,972			121,656			857,473			545,417			104,459			92,967
Contract owners’ equity at end of period	$	271,962			524,894			31,630			80,972			488,531			857,473			47,534			104,459
CHANGE IN UNITS:
Beginning units		7,627			12,731			3,806			6,232			7,180			7,229			1,752			1,905
Units purchased		644			125			51			44			728			69			80			71
Units surrendered		(2,072	)		(5,229	)		(1,852	)		(2,470	)		(1,116	)		(118	)		(605	)		(224	)
Ending units		6,199			7,627			2,005			3,806			6,792			7,180			1,227			1,752

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	RUF						RUGB						RUTL						RVARS
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			-			10,452			3,040			1,757			3,169			1,555			-
Realized gain (loss) on investments		79			(998	)		(172,958	)		(42,730	)		5,313			(9,342	)		4,863			862
Change in unrealized gain (loss) on investments		132			49			(202,581	)		(32,348	)		(11,139	)		32,836			(12,202	)		7,846
Reinvested capital gains		-			-			-			-			1,410			-			1,351			4,599
Net increase (decrease) in contract owners’ equity resulting from operations		211			(949	)		(365,087	)		(72,038	)		(2,659	)		26,663			(4,433	)		13,307
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		199			205			16,162			12,032			10,061			9,220			9,791			15,034
Transfers between funds		(3,223	)		3,755			(14,988	)		17,748			(8,169	)		10,003			(38,331	)		9,746
Surrenders (notes 2, 3, 4, 5 and 6)		(397	)		(1,316	)		(12,306	)		(11,625	)		(45,120	)		(11,912	)		(92,552	)		(6,261	)
Adjustments to maintain reserves		-			(1	)		(21	)		46			12			12			(2	)		(2	)
Net equity transactions		(3,421	)		2,643			(11,153	)		18,201			(43,216	)		7,323			(121,094	)		18,517
Net change in contract owners’ equity		(3,210	)		1,694			(376,240	)		(53,837	)		(45,875	)		33,986			(125,527	)		31,824
Contract owners’ equity at beginning of period		4,253			2,559			879,850			933,687			208,769			174,783			184,814			152,990
Contract owners’ equity at end of period	$	1,043			4,253			503,610			879,850			162,894			208,769			59,287			184,814
CHANGE IN UNITS:
Beginning units		4,459			2,027			30,162			29,609			4,803			4,605			15,147			13,555
Units purchased		455			3,710			4,299			969			1,472			495			1,752			2,110
Units surrendered		(3,976	)		(1,278	)		(5,280	)		(416	)		(2,566	)		(297	)		(11,869	)		(518	)
Ending units		938			4,459			29,181			30,162			3,709			4,803			5,030			15,147

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	RVCMD						RVF						RVIDD						RVIMC
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	5,437			-			-			-			-			-			-			-
Realized gain (loss) on investments		206,533			4,518			(2,209,776	)		1,321,875			124			(2,717	)		(1,200	)		(2,279	)
Change in unrealized gain (loss) on investments		(47,973	)		48,134			(390,666	)		(302,053	)		7			6			2,552			(1,774	)
Reinvested capital gains		-			-			411,967			462,890			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		163,997			52,652			(2,188,475	)		1,482,712			131			(2,711	)		1,352			(4,053	)
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		16,621			4,489			17,314			20,272			-			-			-			-
Transfers between funds		(536,156	)		393,679			(232,358	)		(71,867	)		(127	)		3,212			237			6,757
Surrenders (notes 2, 3, 4, 5 and 6)		(19,897	)		(13,005	)		(125,465	)		(782,928	)		(2	)		(556	)		(5,810	)		(181	)
Adjustments to maintain reserves		(2	)		(1	)		107			(2	)		-			1			(2	)		1
Net equity transactions		(539,434	)		385,162			(340,402	)		(834,525	)		(129	)		2,657			(5,575	)		6,577
Net change in contract owners’ equity		(375,437	)		437,814			(2,528,877	)		648,187			2			(54	)		(4,223	)		2,524
Contract owners’ equity at beginning of period		457,929			20,115			3,707,952			3,059,765			84			138			11,650			9,126
Contract owners’ equity at end of period	$	82,492			457,929			1,179,075			3,707,952			86			84			7,427			11,650
CHANGE IN UNITS:
Beginning units		157,072			9,628			8,248			10,444			943			1,008			13,771			8,282
Units purchased		15,032			152,334			33,613			75			-			5,339			282			5,686
Units surrendered		(149,078	)		(4,890	)		(35,129	)		(2,271	)		(22	)		(5,404	)		(6,003	)		(197	)
Ending units		23,026			157,072			6,732			8,248			921			943			8,050			13,771

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	RVISC						RVLCG						RVLCV						RVLDD
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			-			-			-			5,663			4,250			-			-
Realized gain (loss) on investments		47			(2,108	)		(364,490	)		338,271			85,135			(4,158	)		(143,757	)		246,899
Change in unrealized gain (loss) on investments		72			35			(142,146	)		(85,340	)		(165,275	)		178,218			(61,303	)		(26,608	)
Reinvested capital gains		-			-			120,374			5,409			60,417			2,348			25,175			-
Net increase (decrease) in contract owners’ equity resulting from operations		119			(2,073	)		(386,262	)		258,340			(14,060	)		180,658			(179,885	)		220,291
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		174			183			16,007			16,707			7,250			6,653			6,253			7,117
Transfers between funds		244			1,432			(641,101	)		(31,343	)		(153,079	)		(235,383	)		(313,225	)		310,263
Surrenders (notes 2, 3, 4, 5 and 6)		(488	)		(26	)		(83,608	)		(79,297	)		(115,309	)		(40,252	)		(36,568	)		(24,854	)
Adjustments to maintain reserves		-			-			31			(4	)		(9	)		8			39			(12	)
Net equity transactions		(70	)		1,589			(708,671	)		(93,937	)		(261,147	)		(268,974	)		(343,501	)		292,514
Net change in contract owners’ equity		49			(484	)		(1,094,933	)		164,403			(275,207	)		(88,316	)		(523,386	)		512,805
Contract owners’ equity at beginning of period		528			1,012			1,642,624			1,478,221			712,123			800,439			997,935			485,130
Contract owners’ equity at end of period	$	577			528			547,691			1,642,624			436,916			712,123			474,549			997,935
CHANGE IN UNITS:
Beginning units		691			1,080			28,352			32,553			19,643			29,214			11,880			8,120
Units purchased		554			282			9,534			669			5,289			409			73,583			4,116
Units surrendered		(602	)		(671	)		(24,692	)		(4,870	)		(12,565	)		(9,980	)		(78,358	)		(356	)
Ending units		643			691			13,194			28,352			12,367			19,643			7,105			11,880

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	RVMCG						RVMCV						RVSCG						RVSCV
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			-			3,661			278			-			-			-			-
Realized gain (loss) on investments		(149,502	)		183,336			(37,379	)		52,094			(99,683	)		136,414			(42,569	)		89,171
Change in unrealized gain (loss) on investments		(103,674	)		(176,030	)		(74,358	)		24,928			(22,859	)		(79,754	)		(24,525	)		(4,265	)
Reinvested capital gains		84,298			68,135			72,696			12,781			32,414			1,504			21,345			-
Net increase (decrease) in contract owners’ equity resulting from operations		(168,878	)		75,441			(35,380	)		90,081			(90,128	)		58,164			(45,749	)		84,906
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		22,024			40,348			9,720			8,200			6,898			5,936			7,577			7,723
Transfers between funds		(319,282	)		10,211			(43,610	)		(3,774	)		(56,273	)		(24,147	)		(156,581	)		63,293
Surrenders (notes 2, 3, 4, 5 and 6)		(23,556	)		(46,895	)		(18,752	)		(11,686	)		(13,147	)		(78,500	)		(14,831	)		(15,279	)
Adjustments to maintain reserves		(14	)		15			27			(16	)		(9	)		26			15			(24	)
Net equity transactions		(320,828	)		3,679			(52,615	)		(7,276	)		(62,531	)		(96,685	)		(163,820	)		55,713
Net change in contract owners’ equity		(489,706	)		79,120			(87,995	)		82,805			(152,659	)		(38,521	)		(209,569	)		140,619
Contract owners’ equity at beginning of period		893,299			814,179			387,089			304,284			327,643			366,164			374,953			234,334
Contract owners’ equity at end of period	$	403,593			893,299			299,094			387,089			174,984			327,643			165,384			374,953
CHANGE IN UNITS:
Beginning units		18,382			18,800			9,357			9,654			7,151			9,523			12,156			10,895
Units purchased		5,969			904			2,494			461			6,420			273			4,776			1,818
Units surrendered		(13,618	)		(1,322	)		(4,223	)		(758	)		(8,123	)		(2,645	)		(11,089	)		(557	)
Ending units		10,733			18,382			7,628			9,357			5,448			7,151			5,843			12,156

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	RVSDL						RVWDL					GBF						GVDMA
	2022			2021			2022		2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			-			-		-			10,878			8,427			-			3,921
Realized gain (loss) on investments		103			1,694			-		(212	)		(7,433	)		(31	)		(332,766	)		(2,617	)
Change in unrealized gain (loss) on investments		2,773			340			-		(133	)		(66,104	)		(19,342	)		(914,780	)		152,306
Reinvested capital gains		-			-			-		-			-			-			757,069			37,895
Net increase (decrease) in contract owners’ equity resulting from operations		2,876			2,034			-		(345	)		(62,659	)		(10,946	)		(490,477	)		191,505
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,021			3,296			-		105			23,559			27,687			65,297			54,657
Transfers between funds		-			(327	)		-		752			160,744			(2,979	)		(24,821	)		1,289,950
Surrenders (notes 2, 3, 4, 5 and 6)		(635	)		(448	)		-		(3,384	)		(57,558	)		(40,386	)		(465,654	)		(45,773	)
Adjustments to maintain reserves		(5	)		5			-		(2	)		(3	)		7			52			(10	)
Net equity transactions		381			2,526			-		(2,529	)		126,742			(15,671	)		(425,126	)		1,298,824
Net change in contract owners’ equity		3,257			4,560			-		(2,874	)		64,083			(26,617	)		(915,603	)		1,490,329
Contract owners’ equity at beginning of period		17,826			13,266			-		2,874			497,418			524,035			2,627,447			1,137,118
Contract owners’ equity at end of period	$	21,083			17,826			-		-			561,501			497,418			1,711,844			2,627,447
CHANGE IN UNITS:
Beginning units		2,003			1,656			-		427			28,079			28,966			73,274			36,033
Units purchased		105			393			-		103			14,249			2,316			2,413			38,879
Units surrendered		(60	)		(46	)		-		(530	)		(6,082	)		(3,203	)		(17,268	)		(1,638	)
Ending units		2,048			2,003			-		-			36,246			28,079			58,419			73,274

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	GVDMC						GVIDA						GVIDC						GVIDM
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	-			2,150			-			1,553			-			1,732			-			2,255
Realized gain (loss) on investments		(613	)		46,853			(5,713	)		21,454			(7,822	)		13,504			(14,142	)		164,472
Change in unrealized gain (loss) on investments		(83,139	)		(10,866	)		(486,152	)		125,952			(55,096	)		(508	)		(496,024	)		32,906
Reinvested capital gains		43,946			8,803			269,272			20,027			19,338			4,653			311,630			13,482
Net increase (decrease) in contract owners’ equity resulting from operations		(39,806	)		46,940			(222,593	)		168,986			(43,580	)		19,381			(198,536	)		213,115
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		3,365			16,763			51,434			48,574			8,711			41,092			39,376			40,673
Transfers between funds		5			(757,493	)		7,300			(81,758	)		(214,248	)		(31,417	)		7,565			(1,323,503	)
Surrenders (notes 2, 3, 4, 5 and 6)		(9,557	)		(19,034	)		(50,019	)		(91,926	)		(128,625	)		(35,834	)		(65,162	)		(169,496	)
Adjustments to maintain reserves		(7	)		10			(12	)		(4	)		(3	)		11			(2	)		13
Net equity transactions		(6,194	)		(759,754	)		8,703			(125,114	)		(334,165	)		(26,148	)		(18,223	)		(1,452,313	)
Net change in contract owners’ equity		(46,000	)		(712,814	)		(213,890	)		43,872			(377,745	)		(6,767	)		(216,759	)		(1,239,198	)
Contract owners’ equity at beginning of period		278,658			991,472			1,169,664			1,125,792			783,500			790,267			1,210,783			2,449,981
Contract owners’ equity at end of period	$	232,658			278,658			955,774			1,169,664			405,755			783,500			994,024			1,210,783
CHANGE IN UNITS:
Beginning units		11,077			42,056			30,106			33,469			38,977			40,395			40,015			89,320
Units purchased		187			937			2,321			1,805			12,951			2,985			3,221			1,832
Units surrendered		(461	)		(31,916	)		(2,098	)		(5,168	)		(28,940	)		(4,403	)		(3,868	)		(51,137	)
Ending units		10,803			11,077			30,329			30,106			22,988			38,977			39,368			40,015

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	HIBF						NVMM2						NVMMG1						SCF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	43,545			27,044			78,473			1			-			1			1,663			-
Realized gain (loss) on investments		(82,032	)		35,455			-			-			(2	)		1			21,450			22,252
Change in unrealized gain (loss) on investments		(31,348	)		(27,541	)		-			-			(234	)		(80	)		(167,250	)		74,576
Reinvested capital gains		-			-			139			-			79			58			70,760			4,111
Net increase (decrease) in contract owners’ equity resulting from operations		(69,835	)		34,958			78,612			1			(157	)		(20	)		(73,377	)		100,939
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		28,880			20,861			338,645			229,738			-			-			5,505			5,158
Transfers between funds		274,937			(345,653	)		2,942,595			(621,285	)		-			-			68,769			126,382
Surrenders (notes 2, 3, 4, 5 and 6)		(74,650	)		(34,923	)		(2,902,126	)		320,256			(3	)		(4	)		(88,530	)		(23,828	)
Adjustments to maintain reserves		3			(3	)		(187	)		-			10			4			(19	)		3
Net equity transactions		229,170			(359,718	)		378,927			(71,291	)		7			-			(14,275	)		107,715
Net change in contract owners’ equity		159,335			(324,760	)		457,539			(71,290	)		(150	)		(20	)		(87,652	)		208,654
Contract owners’ equity at beginning of period		540,507			865,267			4,919,801			4,991,091			400			420			429,866			221,212
Contract owners’ equity at end of period	$	699,842			540,507			5,377,340			4,919,801			250			400			342,214			429,866
CHANGE IN UNITS:
Beginning units		37,015			62,197			477,212			484,127			6			6			16,911			11,386
Units purchased		79,774			1,666			1,588,120			190,236			-			-			4,988			6,753
Units surrendered		(62,369	)		(26,848	)		(1,549,563	)		(197,151	)		-			-			(5,326	)		(1,228	)
Ending units		54,420			37,015			515,769			477,212			6			6			16,573			16,911

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	SCF2						SCGF						SCGF2						SCVF
	2022			2021			2022			2021			2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	4			-			-			-			-			-			1,117			-
Realized gain (loss) on investments		576			20			(100,122	)		44,994			-			-			1,912			(2,133	)
Change in unrealized gain (loss) on investments		(5,380	)		4,712			(52,305	)		(49,988	)		(9	)		-			(93,481	)		62,114
Reinvested capital gains		339			218			29,527			39,879			3			2			22,379			-
Net increase (decrease) in contract owners’ equity resulting from operations		(4,461	)		4,950			(122,900	)		34,885			(6	)		2			(68,073	)		59,981
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			-			1,210			8,161			-			-			2,508			1,598
Transfers between funds		(14,120	)		-			(194,662	)		85,652			-			-			(56,661	)		297,437
Surrenders (notes 2, 3, 4, 5 and 6)		(841	)		(958	)		(5,377	)		(22,466	)		-			-			(14,781	)		(18,324	)
Adjustments to maintain reserves		3			(8	)		6			6			6			(2	)		(3	)		8
Net equity transactions		(14,958	)		(966	)		(198,823	)		71,353			6			(2	)		(68,937	)		280,719
Net change in contract owners’ equity		(19,419	)		3,984			(321,723	)		106,238			-			-			(137,010	)		340,700
Contract owners’ equity at beginning of period		20,739			16,755			468,605			362,367			-			-			446,934			106,234
Contract owners’ equity at end of period	$	1,320			20,739			146,882			468,605			-			-			309,924			446,934
CHANGE IN UNITS:
Beginning units		331			349			15,891			13,555			-			-			23,272			7,304
Units purchased		-			-			7,735			3,140			-			-			10,400			16,986
Units surrendered		(305	)		(18	)		(16,473	)		(804	)		-			-			(15,141	)		(1,018	)
Ending units		26			331			7,153			15,891			-			-			18,531			23,272

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

	SCVF2						TRF
	2022			2021			2022			2021
Investment activity*:
Net investment income (loss)	$	2			-			5,025			4,218
Realized gain (loss) on investments		(6	)		(4	)		3,760			2,874
Change in unrealized gain (loss) on investments		(500	)		446			(110,894	)		66,902
Reinvested capital gains		264			-			44,601			25,037
Net increase (decrease) in contract owners’ equity resulting from operations		(240	)		442			(57,508	)		99,031
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			-			1,670			3,582
Transfers between funds		-			-			(87,051	)		104,311
Surrenders (notes 2, 3, 4, 5 and 6)		(21	)		(15	)		(24,619	)		(23,877	)
Adjustments to maintain reserves		22			(28	)		40			2
Net equity transactions		1			(43	)		(109,960	)		84,018
Net change in contract owners’ equity		(239	)		399			(167,468	)		183,049
Contract owners’ equity at beginning of period		1,815			1,416			585,088			402,039
Contract owners’ equity at end of period	$	1,576			1,815			417,620			585,088
CHANGE IN UNITS:
Beginning units		38			39			22,591			18,920
Units purchased		-			-			78,145			4,686
Units surrendered		-			(1	)		(83,124	)		(1,015	)
Ending units		38			38			17,612			22,591

* For all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the two-year period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2022, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

(1) Background and Summary of Significant Accounting Policies

(a) Organization and Nature of Operations

The Nationwide VLI Separate Account-6 (the Separate Account) was established pursuant to a resolution of the Board of Directors of Nationwide Life Insurance Company (the Company) on July 10, 2001, and commenced operations on November 30, 2003. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940. The Separate Account is an Investment Company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services – Investment Companies. The Company offers Flexible Premium Variable Universal 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:

AMERICAN CENTURY INVESTMENTS

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

American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class II (ACVIG2)

American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class I (ACVU1)

American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class II (ACVU2)

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

American Century Variable Portfolios, Inc. - American Century VP Value Fund: Class II (ACVV2)

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class 2 (FC2)

Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class 2 (FEI2)

Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class 2 (FG2)

GUGGENHEIM INVESTMENTS

Rydex Variable Trust - Inverse NASDAQ-100(R) Strategy Fund (RAF)

Rydex Variable Trust - Biotechnology Fund (RBF)

Rydex Variable Trust - Banking Fund (RBKF)

Rydex Variable Trust - Basic Materials Fund (RBMF)

Rydex Variable Trust - Consumer Products Fund (RCPF)

Rydex Variable Trust - Electronics Fund (RELF)

Rydex Variable Trust - Energy Fund (RENF)

Rydex Variable Trust - Energy Services Fund (RESF)

Rydex Variable Trust - Financial Services Fund (RFSF)

Rydex Variable Trust - Health Care Fund (RHCF)

Rydex Variable Trust - Internet Fund (RINF)

Rydex Variable Trust - Inverse Government Long Bond Strategy Fund (RJNF)

Rydex Variable Trust - Europe 1.25x Strategy Fund (RLCE)

Rydex Variable Trust - Japan 2x Strategy Fund (RLCJ)

Rydex Variable Trust - Leisure Fund (RLF)

Rydex Variable Trust - Mid-Cap 1.5x Strategy Fund (RMED)

Rydex Variable Trust - Russell 2000(R) 1.5x Strategy Fund (RMEK)

Rydex Variable Trust - Nova Fund (RNF)

Rydex Variable Trust - NASDAQ-100(R) Fund (ROF)

Rydex Variable Trust - Precious Metals Fund (RPMF)

Rydex Variable Trust - Real Estate Fund (RREF)

Rydex Variable Trust - Retailing Fund (RRF)

Rydex Variable Trust - Guggenheim Long Short Equity Fund (RSRF)

Rydex Variable Trust - Technology Fund (RTEC)

Rydex Variable Trust - Telecommunications Fund (RTEL)

Rydex Variable Trust - S&P 500 2x Strategy Fund (RTF)

NATIONWIDE VLI SEPARATE ACCOUNT-6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

Rydex Variable Trust - Transportation Fund (RTRF)

Rydex Variable Trust - Inverse S&P 500 Strategy Fund (RUF)

Rydex Variable Trust - Government Long Bond 1.2x Strategy Fund (RUGB)

Rydex Variable Trust - Utilities Fund (RUTL)

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

Rydex Variable Trust - Commodities Strategy Fund (RVCMD)

Rydex Variable Trust - NASDAQ-100(R) 2x Strategy Fund (RVF)

Rydex Variable Trust - Inverse Dow 2x Strategy Fund (RVIDD)

Rydex Variable Trust - Inverse Mid-Cap Strategy Fund (RVIMC)

Rydex Variable Trust - Inverse Russell 2000(R) Strategy Fund (RVISC)

Rydex Variable Trust - S&P 500 Pure Growth Fund (RVLCG)

Rydex Variable Trust - S&P 500 Pure Value Fund (RVLCV)

Rydex Variable Trust - Dow 2x Strategy Fund (RVLDD)

Rydex Variable Trust - S&P MidCap 400 Pure Growth Fund (RVMCG)

Rydex Variable Trust - S&P MidCap 400 Pure Value Fund (RVMCV)

Rydex Variable Trust - S&P SmallCap 600 Pure Growth Fund (RVSCG)

Rydex Variable Trust - S&P SmallCap 600 Pure Value Fund (RVSCV)

Rydex Variable Trust - Strengthening Dollar 2x Strategy Fund (RVSDL)

Rydex Variable Trust - Weakening Dollar 2x Strategy Fund (RVWDL)*

NATIONWIDE FUNDS GROUP

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

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 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 Federated High Income Bond Fund: Class I (HIBF)

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class II (NVMM2)

Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class I (NVMMG1)

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

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class II (SCF2)

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

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class II (SCGF2)

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

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class II (SCVF2)

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

Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class II (TRF2)*

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

There were no subaccounts with inception or liquidation dates for each of the years in the two-year period ended December 31, 2022.

There were no underlying mutual fund mergers for each of the years in the two-year period ending December 31, 2022.

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

Subaccount Abbreviation	Current Legal Name	Prior Legal Name	Effective Date
RSRF	Rydex Variable Trust - Guggenheim Long Short Equity Fund	Guggenheim Variable Fund - Long Short Equity Fund	5/1/2022
RVARS	Rydex Variable Trust - Multi-Hedge Strategies Fund	Guggenheim Variable Fund - Multi-Hedge Strategies	5/1/2022

The Contract Owners’ Equity is affected by the investment results of each fund, equity transactions by policyholders and certain policy and asset charges (see notes 2 and 3). The accompanying financial statements include only policyholders’ purchase payments pertaining to the variable portions of their policies and exclude any purchase payments for fixed dollar benefits, the latter being included in the accounts of the Company.

A purchase payment could be presented as a negative equity transaction in the Statements of Changes in Contract Owners’ Equity if a prior period purchase payment is refunded to a policyholder due to a policy cancellation during the free look period, and/or if a gain is realized by the policyholder during the free look period.

NATIONWIDE VLI SEPARATE ACCOUNT-6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

The Company allocates purchase payments to subaccounts and/or the fixed account as instructed by the policyholder. Shares of the subaccounts are purchased at Net Asset Value, then converted into accumulation units. Certain transactions may be subject to conditions imposed by the underlying mutual funds, as well as those set forth in the policy.

(c) Security Valuation, Transactions and Related Investment Income

Investments in underlying mutual funds are valued at the closing Net Asset Value per share at December 31, 2022 of such funds. The cost of investments sold is determined on a first in - first out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed), and dividends and capital gain distributions are accrued as of the ex-dividend date and are reinvested in the underlying mutual funds.

(d) Federal Income Taxes

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

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

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

(f) Adjustments to Maintain reserves (ATM)

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

(g) Subsequent Events

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

(2) Policy Charges

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

NATIONWIDE VLI SEPARATE ACCOUNT-6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

Policy Charges
Mortality and Expense Risk Charge/Percent of Subaccount Value Charge - assessed through a surrender of units	Equal, on an annual basis, to 0.05% of the daily value of the assets invested in each fund
Sales Charge/Percent of Premium Charge - assessed through a deduction from premium payments	2.50% of each premium payment
Premium Tax Charge - assessed through a deduction from premium payments	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	$0.04 - $83.33 per $1,000 of a policy’s net amount at risk
Administrative Charge - assessed through a surrender of units	$10 per policy, per month
Surrender Charge - assessed through a surrender of units	$51.18 per $1,000 of a policy’s specified amount
Policy Loan Interest Charge - assessed through a surrender of units	3.90% 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.
Adjusted Sales Load Life Insurance Rider Charge	$0.14 for each $1,000 of premium for each 1% of sales load reduction elected
Children’s Term Insurance Rider Charge	$0.43 per $1,000 of the rider’s specified amount
Long-Term Care Rider Charge	$0.02 - $28.65 per $1,000 of the rider’s net amount risk
Spouse Life Insurance Rider Charge	$0.10 - $10.23 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 - $850 per $1,000 of the rider’s benefit amount
Premium Waiver Rider Charge	$42 – $315 per $1,000 of the rider’s benefit amount
Additional Protection Rider Charge	$0.01 - $83.33 per $1,000 of the rider’s death benefit
Policy Guard Rider Charge	$1.50 - $42.50 per $1,000 of the policy’s cash value at the time the rider is invoked

For the years ended December 31, 2022 and 2021, total front-end sales charge deductions were $45,240 and $44,575, respectively and were recognized as part of purchase payments on the Statements of Changes in Contract Owners’ Equity.

(3) Asset Charges

Asset charges are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

This charge is $0.50 per $1,000 on the first $25,000 of cash value. During the first through fifteenth years from the policy date, the charge is $0.25 per $1,000 of cash value on amounts between $25,001 and $250,000 of cash value. Otherwise, the charge is $0.17 per $1,000 of cash value thereafter. This charge is assessed monthly against each contract by liquidating units.

(4) Death Benefits

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

(5) Policy Loans (Net of Repayments)

Policy provisions allow policyholders to borrow 90% of a policy’s variable cash surrender value plus 100% of a policy’s fixed cash surrender value less the applicable value of any surrender charges. Interest is charged on the outstanding loans and is due and payable in advance on the policy anniversary. In certain circumstances a contract owner may elect to use a Preferred Policy Loan. In this case, the loan value cannot exceed 5% of the policy’s cash surrender value as of the beginning of the year from the policy date. The contract is charged 3.9% interest on the outstanding loan.

At the time the loan is granted, the amount of the loan is transferred from the Separate Account to the Company’s general account as collateral for the outstanding loan. Collateral amounts in the general account are credited with the stated rate of interest in effect at the time the loan is made, subject to a guaranteed minimum rate. Interest credited is paid by the Company’s general account to the Separate Account. Loan repayments result in a transfer of collateral including interest credited back to the Separate Account. Policy loans (net of repayments) are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

(6) Related Party Transactions

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

NATIONWIDE VLI SEPARATE ACCOUNT-6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

Policyholders may, with certain restrictions, transfer their assets between the Separate Account and a fixed dollar contract (fixed account) maintained in the accounts of the Company. These transfers are the result of the policyholder executing fund exchanges. Fund exchanges from the Separate Account to the fixed account are included in surrenders, and fund exchanges from the fixed account to the Separate Account are included in purchase payments received from policyholders, as applicable, on the accompanying Statements of Changes in Contract Owners’ Equity. Policy loan transactions (note 5), executed at the direction of the policyholder, also result in transfers between the Separate Account and the fixed account of the Company. The fixed account assets are not reflected in the accompanying financial statements. For the years ended December 31, 2022 and 2021, total transfers to the Separate Account from the fixed account were $494,536 and $2,065,286, respectively, and total transfers from the Separate Account to the fixed account were $1,538,524 and $1,010,629, 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.

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

Subaccount Abbreviation*	Purchases of Investments		Sales of Investments
ACVIG	$	307,957	$	581,742
ACVIG2		795		1,433
ACVU1		88,953		179,617
ACVU2		2,245		18,124
ACVV		163,651		37,733
ACVV2		2,150		13,138
FC2		212,995		196,330
FEI2		2,298,294		1,852,544
FG2		197,134		162,326
RAF		1,788,145		1,833,685
RBF		82,329		57,436
RBKF		135,637		212,654
RBMF		129,018		328,593
RCPF		56,191		19,145
RELF		46,099		136,892
RENF		162,990		308,267
RESF		103,449		95,507
RFSF		32,238		67,102
RHCF		109,635		186,640
RINF		126,435		107,222
RJNF		3,635		3,960
RLCE		327,179		316,421
RLCJ		26,231		36,543
RLF		17,278		7,103

NATIONWIDE VLI SEPARATE ACCOUNT-6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

RMED	54,712	82,685
RMEK	84,662	141,683
RNF	129,503	131,240
ROF	2,988,689	2,743,486
RPMF	104,856	154,444
RREF	129,135	600,114
RRF	10,004	25,387
RSRF	27,325	64,996
RTEC	50,818	106,395
RTEL	1,104	32,776
RTF	421,650	311,753
RTRF	28,949	47,586
RUF	396	3,817
RUGB	365,338	365,993
RUTL	65,056	104,607
RVARS	23,441	141,626
RVCMD	98,511	632,506
RVF	8,201,517	8,130,060
RVIDD	10,888	11,017
RVIMC	1,890	7,464
RVISC	394	464
RVLCG	561,098	1,149,425
RVLCV	267,923	462,980
RVLDD	5,078,456	5,396,821
RVMCG	313,977	550,494
RVMCV	344,132	320,416
RVSCG	262,736	292,844
RVSCV	157,834	300,324
RVSDL	970	583
GBF	204,116	66,493
GVDMA	814,207	481,609
GVDMC	45,113	7,353
GVIDA	321,910	43,923
GVIDC	228,164	542,989
GVIDM	371,926	78,517
HIBF	1,354,086	1,081,373
NVMM2	14,269,084	13,744,570
NVMMG1	79	3
SCF	169,118	110,952
SCF2	343	14,961
SCGF	210,089	379,391
SCGF2	3	1
SCVF	201,618	247,055
SCVF2	266	21
TRF	61,477	120,456

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

NATIONWIDE VLI SEPARATE ACCOUNT-6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

(8) Financial Highlights

The Company offers several variable life products through the Separate Account that have unique combinations of features and fees that are assessed to the policyholder. Differences in fee structures result in a variety of contract expense rates, unit fair values and total returns. The following tabular presentation is a summary of units, unit fair values, contract owners’ equity outstanding and contract expense rates for variable life insurance policies as of December 31, 2022, and the investment income ratio and total return for each of the periods in the five-year period ended December 31, 2022. The information is presented as a range of minimum to maximum values based upon product grouping. The range is determined by identifying the lowest and the highest contract expense rate for contracts with units outstanding as of the balance sheet date. The unit fair values and total returns related to these identified contract expense rates are also disclosed as a range below. Accordingly, some individual contract amounts may not be within the ranges presented. Total return and investment income ratio for periods with no ending Contract Owners’ Equity were considered to be irrelevant, and therefore are not presented.

	Contract Expense Rate*			Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**			Total Return***
American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG)
2022		0.00	%		32,985	$	17.77	$	586,101		1.66	%		-12.74	%
2021		0.00	%		58,870		20.36		1,198,703		1.07	%		23.65	%
2020		0.00	%		14,751		16.47		242,909		1.98	%		11.81	%
2019		0.00	%		11,534		14.73		169,874		2.05	%		23.95	%
2018		0.00	%		14,174		11.88		168,421		1.11	%		-6.87	%
American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class II (ACVIG2)
2022		0.00	%		40		41.91		1,676		1.34	%		-12.83	%
2021		0.00	%		73		48.08		3,510		0.82	%		23.34	%
2020		0.00	%		79		38.98		3,080		1.72	%		11.45	%
2019		0.00	%		86		34.98		3,008		1.82	%		23.75	%
2018		0.00	%		95		28.27		2,685		1.64	%		-7.19	%
American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class I (ACVU1)
2022		0.00	%		21,778		23.49		511,651		0.00	%		-32.38	%
2021		0.00	%		28,883		34.74		1,003,441		0.00	%		23.16	%
2020		0.00	%		30,927		28.21		872,407		0.00	%		49.85	%
2019		0.00	%		26,770		18.82		503,922		0.00	%		34.58	%
2018		0.00	%		27,574		13.99		385,689		0.27	%		0.76	%
American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class II (ACVU2)
2022		0.00	%		28		53.70		1,503		0.00	%		-32.46	%
2021		0.00	%		347		79.50		27,588		0.00	%		22.99	%
2020		0.00	%		365		64.64		23,594		0.00	%		49.55	%
2019		0.00	%		380		43.22		16,425		0.00	%		34.46	%
2018		0.00	%		738		32.15		23,724		0.11	%		0.60	%
American Century Variable Portfolios, Inc. - American Century VP Value Fund: Class I (ACVV)
2022		0.00	%		37,298		18.08		674,403		2.13	%		0.54	%
2021		0.00	%		33,855		17.98		608,850		1.75	%		24.51	%
2020		0.00	%		34,960		14.44		504,961		2.25	%		0.98	%
2019		0.00	%		43,208		14.30		618,053		2.13	%		27.03	%
2018		0.00	%		47,819		11.26		538,449		1.67	%		-9.15	%
American Century Variable Portfolios, Inc. - American Century VP Value Fund: Class II (ACVV2)
2022		0.00	%		212		45.95		9,740		1.96	%		0.31	%
2021		0.00	%		524		45.80		24,001		1.59	%		24.28	%
2020		0.00	%		544		36.86		20,049		2.19	%		0.83	%
2019		0.00	%		561		36.55		20,505		2.00	%		26.92	%
2018		0.00	%		902		28.80		25,976		1.52	%		-9.28	%
Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class 2 (FC2)
2022		0.00	%		13,650		56.76		774,717		0.27	%		-26.49	%
2021		0.00	%		14,189		77.21		1,095,476		0.03	%		27.51	%
2020		0.00	%		19,023		60.55		1,151,819		0.08	%		30.23	%
2019		0.00	%		25,871		46.49		1,202,805		0.24	%		31.27	%
2018		0.00	%		25,815		35.42		914,268		0.44	%		-6.64	%
Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class 2 (FEI2)
2022		0.00	%		22,746		41.17		936,388		1.55	%		-5.24	%
2021		0.00	%		13,451		43.45		584,390		1.69	%		24.60	%
2020		0.00	%		13,577		34.87		473,388		1.73	%		6.44	%
2019		0.00	%		12,745		32.76		417,489		1.81	%		27.11	%
2018		0.00	%		13,951		25.77		359,536		2.12	%		-8.54	%

NATIONWIDE VLI SEPARATE ACCOUNT-6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*			Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class 2 (FG2)
2022		0.00	%		15,363		58.34		896,271		0.35	%		-24.64	%
2021		0.00	%		15,750		77.42		1,219,346		0.00	%		22.90	%
2020		0.00	%		10,623		62.99		669,163		0.03	%		43.55	%
2019		0.00	%		8,201		43.88		359,875		0.05	%		33.98	%
2018		0.00	%		8,691		32.75		284,661		0.04	%		-0.43	%
Rydex Variable Trust - Inverse NASDAQ-100(R) Strategy Fund (RAF)
2022		0.00	%		22,534		0.54		12,259		0.00	%		34.84	%
2021		0.00	%		3,421		0.40		1,380		0.00	%		-25.46	%
2020		0.00	%		5,711		0.54		3,091		0.52	%		-38.00	%
2019		0.00	%		2,809		0.87		2,452		0.12	%		-28.01	%
2018		0.00	%		344,729		1.21		418,030		0.00	%		-2.77	%
Rydex Variable Trust - Biotechnology Fund (RBF)
2022		0.00	%		3,509		56.29		197,526		0.00	%		-13.31	%
2021		0.00	%		3,318		64.93		215,452		0.00	%		1.42	%
2020		0.00	%		4,578		64.02		293,101		0.00	%		21.31	%
2019		0.00	%		4,553		52.78		240,291		0.00	%		24.67	%
2018		0.00	%		4,838		42.33		204,807		0.00	%		-9.44	%
Rydex Variable Trust - Banking Fund (RBKF)
2022		0.00	%		5,135		12.12		62,234		2.18	%		-17.02	%
2021		0.00	%		11,378		14.60		166,171		0.65	%		33.49	%
2020		0.00	%		12,465		10.94		136,373		0.98	%		-8.46	%
2019		0.00	%		13,853		11.95		165,570		0.74	%		28.39	%
2018		0.00	%		7,138		9.31		66,447		0.47	%		-19.19	%
Rydex Variable Trust - Basic Materials Fund (RBMF)
2022		0.00	%		4,666		41.66		194,364		0.31	%		-9.65	%
2021		0.00	%		9,959		46.10		459,140		0.72	%		22.94	%
2020		0.00	%		3,369		37.50		126,342		1.19	%		19.75	%
2019		0.00	%		3,780		31.32		118,374		0.00	%		21.43	%
2018		0.00	%		5,009		25.79		129,175		0.56	%		-17.45	%
Rydex Variable Trust - Consumer Products Fund (RCPF)
2022		0.00	%		2,841		48.52		137,846		0.73	%		-0.91	%
2021		0.00	%		2,236		48.97		109,488		0.86	%		10.62	%
2020		0.00	%		2,215		44.27		98,049		0.78	%		7.58	%
2019		0.00	%		3,643		41.15		149,905		0.77	%		22.33	%
2018		0.00	%		3,706		33.64		124,661		0.74	%		-12.12	%
Rydex Variable Trust - Electronics Fund (RELF)
2022		0.00	%		7,921		38.60		305,720		0.00	%		-32.70	%
2021		0.00	%		10,271		57.35		589,035		0.00	%		38.25	%
2020		0.00	%		10,032		41.48		416,144		0.00	%		55.96	%
2019		0.00	%		13,063		26.60		347,439		0.00	%		59.28	%
2018		0.00	%		9,306		16.70		155,393		0.00	%		-12.71	%
Rydex Variable Trust - Energy Fund (RENF)
2022		0.00	%		11,326		26.75		303,010		0.90	%		48.29	%
2021		0.00	%		18,390		18.04		331,781		0.62	%		50.46	%
2020		0.00	%		16,854		11.99		202,097		1.67	%		-34.17	%
2019		0.00	%		7,502		18.22		136,658		0.18	%		6.81	%
2018		0.00	%		8,447		17.05		144,060		0.50	%		-25.48	%
Rydex Variable Trust - Energy Services Fund (RESF)
2022		0.00	%		12,911		8.48		109,490		0.00	%		42.56	%
2021		0.00	%		13,462		5.95		80,078		0.11	%		17.50	%
2020		0.00	%		13,805		5.06		69,885		0.74	%		-37.33	%
2019		0.00	%		8,786		8.08		70,975		0.00	%		-0.07	%
2018		0.00	%		6,423		8.08		51,920		4.71	%		-45.65	%

NATIONWIDE VLI SEPARATE ACCOUNT-6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*			Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Rydex Variable Trust - Financial Services Fund (RFSF)
2022		0.00	%		2,666		21.56		57,489		0.45	%		-18.11	%
2021		0.00	%		4,430		26.33		116,661		0.37	%		35.26	%
2020		0.00	%		4,188		19.47		81,537		0.64	%		-0.11	%
2019		0.00	%		9,771		19.49		190,436		0.75	%		28.08	%
2018		0.00	%		14,178		15.22		215,755		0.69	%		-12.28	%
Rydex Variable Trust - Health Care Fund (RHCF)
2022		0.00	%		5,759		54.24		312,382		0.00	%		-12.00	%
2021		0.00	%		7,501		61.64		462,372		0.00	%		18.84	%
2020		0.00	%		11,863		51.87		615,336		0.00	%		18.68	%
2019		0.00	%		10,463		43.71		457,296		0.00	%		22.57	%
2018		0.00	%		13,885		35.66		495,124		0.00	%		1.25	%
Rydex Variable Trust - Internet Fund (RINF)
2022		0.00	%		3,489		44.13		153,954		0.00	%		-44.84	%
2021		0.00	%		4,064		79.99		325,100		0.00	%		-4.66	%
2020		0.00	%		5,620		83.90		471,531		0.00	%		60.21	%
2019		0.00	%		4,188		52.37		219,329		0.00	%		25.46	%
2018		0.00	%		3,990		41.74		166,549		0.00	%		-3.20	%
Rydex Variable Trust - Inverse Government Long Bond Strategy Fund (RJNF)
2022		0.00	%		5,799		3.03		17,592		0.00	%		46.20	%
2021		0.00	%		5,929		2.07		12,302		0.00	%		0.97	%
2020		0.00	%		4,805		2.06		9,874		0.08	%		-21.09	%
2019		0.00	%		89,194		2.60		232,281		0.00	%		-13.29	%
2018		0.00	%		107,477		3.00		322,801		0.00	%		3.79	%
Rydex Variable Trust - Europe 1.25x Strategy Fund (RLCE)
2022		0.00	%		19,799		17.16		339,779		0.00	%		-13.07	%
2021		0.00	%		17,494		19.74		345,371		0.24	%		18.71	%
2020		0.00	%		17,584		16.63		292,425		1.90	%		0.24	%
2019		0.00	%		20,521		16.59		340,460		1.09	%		28.43	%
2018		0.00	%		21,378		12.92		276,168		0.36	%		-18.97	%
Rydex Variable Trust - Japan 2x Strategy Fund (RLCJ)
2022		0.00	%		6,877		19.60		134,819		0.00	%		-42.99	%
2021		0.00	%		7,102		34.39		244,223		0.00	%		-14.09	%
2020		0.00	%		7,204		40.03		288,370		1.06	%		40.46	%
2019		0.00	%		7,297		28.50		207,952		1.46	%		39.03	%
2018		0.00	%		8,401		20.50		172,205		0.00	%		-22.95	%
Rydex Variable Trust - Leisure Fund (RLF)
2022		0.00	%		1,014		35.59		36,093		0.00	%		-27.56	%
2021		0.00	%		748		49.14		36,756		0.00	%		0.92	%
2020		0.00	%		1,179		48.69		57,405		0.00	%		21.01	%
2019		0.00	%		1,177		40.24		47,357		0.29	%		29.28	%
2018		0.00	%		1,210		31.12		37,658		0.25	%		-13.44	%
Rydex Variable Trust - Mid-Cap 1.5x Strategy Fund (RMED)
2022		0.00	%		3,292		63.02		207,451		0.00	%		-23.20	%
2021		0.00	%		3,927		82.05		322,219		0.00	%		35.25	%
2020		0.00	%		5,949		60.67		360,906		0.96	%		10.69	%
2019		0.00	%		5,548		54.81		304,073		1.09	%		36.11	%
2018		0.00	%		5,756		40.27		231,780		0.27	%		-19.40	%
Rydex Variable Trust - Russell 2000(R) 1.5x Strategy Fund (RMEK)
2022		0.00	%		8,040		39.07		314,108		0.00	%		-33.46	%
2021		0.00	%		9,488		58.71		557,037		0.06	%		19.00	%
2020		0.00	%		13,224		49.34		652,421		0.00	%		20.04	%
2019		0.00	%		13,686		41.10		562,485		0.00	%		35.37	%
2018		0.00	%		14,308		30.36		434,415		0.00	%		-19.57	%
Rydex Variable Trust - Nova Fund (RNF)
2022		0.00	%		5,496		60.33		331,594		0.50	%		-30.26	%
2021		0.00	%		6,217		86.52		537,883		0.34	%		42.18	%
2020		0.00	%		8,505		60.85		517,524		0.84	%		20.03	%
2019		0.00	%		9,154		50.69		464,061		1.15	%		45.04	%
2018		0.00	%		10,445		34.95		365,073		0.17	%		-10.32	%

NATIONWIDE VLI SEPARATE ACCOUNT-6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*			Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Rydex Variable Trust - NASDAQ-100(R) Fund (ROF)
2022		0.00	%		29,202		70.36		2,054,614		0.00	%		-34.14	%
2021		0.00	%		26,396		106.83		2,819,978		0.00	%		25.54	%
2020		0.00	%		28,829		85.10		2,453,276		0.32	%		44.96	%
2019		0.00	%		17,169		58.70		1,007,898		0.11	%		36.86	%
2018		0.00	%		19,888		42.89		853,067		0.00	%		-1.81	%
Rydex Variable Trust - Precious Metals Fund (RPMF)
2022		0.00	%		35,146		13.00		456,966		0.44	%		-11.08	%
2021		0.00	%		40,543		14.62		592,834		4.07	%		-9.19	%
2020		0.00	%		23,385		16.10		376,563		5.02	%		34.30	%
2019		0.00	%		69,370		11.99		831,772		0.00	%		52.20	%
2018		0.00	%		43,948		7.88		346,234		5.58	%		-16.61	%
Rydex Variable Trust - Real Estate Fund (RREF)
2022		0.00	%		9,445		27.37		258,495		0.78	%		-27.40	%
2021		0.00	%		26,954		37.70		1,016,043		0.65	%		34.07	%
2020		0.00	%		17,627		28.12		495,594		3.07	%		-5.82	%
2019		0.00	%		16,085		29.85		480,170		1.92	%		24.43	%
2018		0.00	%		17,237		23.99		413,523		1.08	%		-7.33	%
Rydex Variable Trust - Retailing Fund (RRF)
2022		0.00	%		2,463		39.20		96,539		0.00	%		-26.52	%
2021		0.00	%		2,839		53.34		151,440		0.00	%		11.75	%
2020		0.00	%		3,056		47.73		145,876		0.00	%		43.67	%
2019		0.00	%		3,437		33.23		114,195		0.00	%		24.48	%
2018		0.00	%		4,264		26.69		113,816		0.01	%		-3.23	%
Rydex Variable Trust - Guggenheim Long Short Equity Fund (RSRF)
2022		0.00	%		3,293		21.53		70,884		0.41	%		-14.39	%
2021		0.00	%		5,037		25.14		126,645		0.63	%		23.80	%
2020		0.00	%		4,800		20.31		97,486		0.85	%		4.93	%
2019		0.00	%		4,683		19.36		90,644		0.54	%		5.54	%
2018		0.00	%		5,689		18.34		104,337		0.00	%		-12.94	%
Rydex Variable Trust - Technology Fund (RTEC)
2022		0.00	%		6,199		43.87		271,962		0.00	%		-36.25	%
2021		0.00	%		7,627		68.82		524,894		0.00	%		20.50	%
2020		0.00	%		12,731		57.11		727,094		0.00	%		49.25	%
2019		0.00	%		15,337		38.27		586,896		0.00	%		39.75	%
2018		0.00	%		11,381		27.38		311,647		0.00	%		-1.49	%
Rydex Variable Trust - Telecommunications Fund (RTEL)
2022		0.00	%		2,005		15.78		31,630		0.46	%		-25.85	%
2021		0.00	%		3,806		21.27		80,972		0.65	%		8.98	%
2020		0.00	%		6,232		19.52		121,656		0.89	%		9.49	%
2019		0.00	%		16,630		17.83		296,487		0.00	%		13.21	%
2018		0.00	%		6,216		15.75		97,889		0.70	%		-5.29	%
Rydex Variable Trust - S&P 500 2x Strategy Fund (RTF)
2022		0.00	%		6,792		71.93		488,531		0.00	%		-39.77	%
2021		0.00	%		7,180		119.43		857,473		0.00	%		58.29	%
2020		0.00	%		7,229		75.45		545,417		0.59	%		18.10	%
2019		0.00	%		7,637		63.88		487,889		0.00	%		62.52	%
2018		0.00	%		7,650		39.31		300,721		0.06	%		-15.40	%
Rydex Variable Trust - Transportation Fund (RTRF)
2022		0.00	%		1,227		38.74		47,534		0.00	%		-35.03	%
2021		0.00	%		1,752		59.62		104,459		0.00	%		22.17	%
2020		0.00	%		1,905		48.80		92,967		0.15	%		40.62	%
2019		0.00	%		1,999		34.70		69,372		0.00	%		22.24	%
2018		0.00	%		2,556		28.39		72,562		0.00	%		-20.05	%
Rydex Variable Trust - Inverse S&P 500 Strategy Fund (RUF)
2022		0.00	%		938		1.11		1,043		0.00	%		16.59	%
2021		0.00	%		4,459		0.95		4,253		0.00	%		-24.44	%
2020		0.00	%		2,027		1.26		2,559		0.16	%		-25.02	%
2019		0.00	%		742		1.68		1,249		1.15	%		-22.91	%
2018		0.00	%		5,679		2.18		12,402		0.00	%		3.97	%

NATIONWIDE VLI SEPARATE ACCOUNT-6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*			Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Rydex Variable Trust - Government Long Bond 1.2x Strategy Fund (RUGB)
2022		0.00	%		29,181		17.26		503,610		1.59	%		-40.84	%
2021		0.00	%		30,162		29.17		879,850		0.36	%		-7.49	%
2020		0.00	%		29,609		31.53		933,687		0.12	%		21.95	%
2019		0.00	%		36,262		25.86		937,642		1.21	%		16.76	%
2018		0.00	%		24,847		22.14		550,236		1.59	%		-5.32	%
Rydex Variable Trust - Utilities Fund (RUTL)
2022		0.00	%		3,709		43.92		162,894		0.89	%		1.04	%
2021		0.00	%		4,803		43.47		208,769		1.74	%		14.52	%
2020		0.00	%		4,605		37.96		174,783		1.69	%		-5.13	%
2019		0.00	%		8,821		40.01		352,911		0.21	%		19.01	%
2018		0.00	%		9,065		33.62		304,729		1.75	%		3.78	%
Rydex Variable Trust - Multi-Hedge Strategies Fund (RVARS)
2022		0.00	%		5,030		11.79		59,287		1.07	%		-3.40	%
2021		0.00	%		15,147		12.20		184,814		0.00	%		8.10	%
2020		0.00	%		13,555		11.29		152,990		3.18	%		7.39	%
2019		0.00	%		13,716		10.51		144,157		2.38	%		5.01	%
2018		0.00	%		13,174		10.01		131,850		0.00	%		-5.07	%
Rydex Variable Trust - Commodities Strategy Fund (RVCMD)
2022		0.00	%		23,026		3.58		82,492		1.79	%		22.88	%
2021		0.00	%		157,072		2.92		457,929		0.00	%		39.54	%
2020		0.00	%		9,628		2.09		20,115		0.75	%		-22.72	%
2019		0.00	%		9,010		2.70		24,359		1.29	%		15.25	%
2018		0.00	%		8,152		2.35		19,123		3.01	%		-15.12	%
Rydex Variable Trust - NASDAQ-100(R) 2x Strategy Fund (RVF)
2022		0.00	%		6,732		175.14		1,179,075		0.00	%		-61.04	%
2021		0.00	%		8,248		449.56		3,707,952		0.00	%		53.45	%
2020		0.00	%		10,444		292.97		3,059,765		0.25	%		86.87	%
2019		0.00	%		15,960		156.78		2,502,220		0.18	%		80.50	%
2018		0.00	%		11,143		86.86		967,859		0.00	%		-9.31	%
Rydex Variable Trust - Inverse Dow 2x Strategy Fund (RVIDD)
2022		0.00	%		921		0.09		86		0.00	%		5.06	%
2021		0.00	%		943		0.09		84		0.00	%		-35.33	%
2020		0.00	%		1,008		0.14		138		0.02	%		-45.76	%
2019		0.00	%		39,102		0.25		9,881		0.00	%		-36.10	%
2018		0.00	%		118,296		0.40		46,780		0.00	%		1.44	%
Rydex Variable Trust - Inverse Mid-Cap Strategy Fund (RVIMC)
2022		0.00	%		8,050		0.92		7,427		0.00	%		9.07	%
2021		0.00	%		13,771		0.85		11,650		0.00	%		-23.23	%
2020		0.00	%		8,282		1.10		9,126		0.70	%		-24.89	%
2019		0.00	%		8,487		1.47		12,452		0.55	%		-20.31	%
2018		0.00	%		2,307		1.84		4,247		0.00	%		10.90	%
Rydex Variable Trust - Inverse Russell 2000(R) Strategy Fund (RVISC)
2022		0.00	%		643		0.90		577		0.00	%		17.36	%
2021		0.00	%		691		0.76		528		0.00	%		-18.48	%
2020		0.00	%		1,080		0.94		1,012		0.12	%		-30.81	%
2019		0.00	%		1,019		1.35		1,381		0.23	%		-20.62	%
2018		0.00	%		1,216		1.71		2,075		0.00	%		11.13	%
Rydex Variable Trust - S&P 500 Pure Growth Fund (RVLCG)
2022		0.00	%		13,194		41.51		547,691		0.00	%		-28.35	%
2021		0.00	%		28,352		57.94		1,642,624		0.00	%		27.59	%
2020		0.00	%		32,553		45.41		1,478,221		0.00	%		27.32	%
2019		0.00	%		32,737		35.66		1,167,547		0.00	%		26.60	%
2018		0.00	%		59,173		28.17		1,666,966		0.00	%		-5.63	%

NATIONWIDE VLI SEPARATE ACCOUNT-6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*			Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Rydex Variable Trust - S&P 500 Pure Value Fund (RVLCV)
2022		0.00	%		12,367		35.33		436,916		0.96	%		-2.55	%
2021		0.00	%		19,643		36.25		712,123		0.64	%		32.32	%
2020		0.00	%		29,214		27.40		800,439		1.88	%		-10.56	%
2019		0.00	%		34,784		30.63		1,065,593		0.80	%		23.27	%
2018		0.00	%		33,636		24.85		835,908		0.86	%		-13.32	%
Rydex Variable Trust - Dow 2x Strategy Fund (RVLDD)
2022		0.00	%		7,105		66.79		474,549		0.00	%		-20.49	%
2021		0.00	%		11,880		84.00		997,935		0.00	%		40.60	%
2020		0.00	%		8,120		59.75		485,130		0.66	%		1.73	%
2019		0.00	%		8,753		58.73		514,044		0.62	%		47.47	%
2018		0.00	%		10,233		39.82		407,517		0.17	%		-14.23	%
Rydex Variable Trust - S&P MidCap 400 Pure Growth Fund (RVMCG)
2022		0.00	%		10,733		37.60		403,593		0.00	%		-22.62	%
2021		0.00	%		18,382		48.60		893,299		0.00	%		12.21	%
2020		0.00	%		18,800		43.31		814,179		0.00	%		30.47	%
2019		0.00	%		20,333		33.19		674,947		0.00	%		15.41	%
2018		0.00	%		22,994		28.76		661,352		0.00	%		-14.83	%
Rydex Variable Trust - S&P MidCap 400 Pure Value Fund (RVMCV)
2022		0.00	%		7,628		39.21		299,094		1.05	%		-5.22	%
2021		0.00	%		9,357		41.37		387,089		0.08	%		31.25	%
2020		0.00	%		9,654		31.52		304,284		0.40	%		7.42	%
2019		0.00	%		14,199		29.34		416,638		0.00	%		22.46	%
2018		0.00	%		12,851		23.96		307,929		0.00	%		-18.98	%
Rydex Variable Trust - S&P SmallCap 600 Pure Growth Fund (RVSCG)
2022		0.00	%		5,448		32.12		174,984		0.00	%		-29.90	%
2021		0.00	%		7,151		45.82		327,643		0.00	%		19.16	%
2020		0.00	%		9,523		38.45		366,164		0.00	%		15.76	%
2019		0.00	%		11,991		33.22		398,300		0.00	%		12.57	%
2018		0.00	%		10,769		29.51		317,755		0.00	%		-9.03	%
Rydex Variable Trust - S&P SmallCap 600 Pure Value Fund (RVSCV)
2022		0.00	%		5,843		28.30		165,384		0.00	%		-8.24	%
2021		0.00	%		12,156		30.85		374,953		0.00	%		43.41	%
2020		0.00	%		10,895		21.51		234,334		0.00	%		-5.97	%
2019		0.00	%		15,793		22.87		361,243		0.27	%		20.68	%
2018		0.00	%		9,049		18.95		171,518		0.00	%		-20.58	%
Rydex Variable Trust - Strengthening Dollar 2x Strategy Fund (RVSDL)
2022		0.00	%		2,048		10.29		21,083		0.00	%		15.67	%
2021		0.00	%		2,003		8.90		17,826		0.00	%		11.10	%
2020		0.00	%		1,656		8.01		13,266		0.77	%		-14.03	%
2019		0.00	%		1,556		9.32		14,500		0.80	%		4.61	%
2018		0.00	%		2,246		8.91		20,007		0.00	%		11.82	%
Rydex Variable Trust - Weakening Dollar 2x Strategy Fund (RVWDL)
2020		0.00	%		427		6.73		2,874		0.44	%		9.69	%
2019		0.00	%		400		6.14		2,454		0.89	%		-4.85	%
2018		0.00	%		366		6.45		2,360		0.00	%		-11.63	%
Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I (GBF)
2022		0.00	%		36,246		15.49		561,501		2.46	%		-12.55	%
2021		0.00	%		28,079		17.71		497,418		1.62	%		-2.08	%
2020		0.00	%		28,966		18.09		524,035		1.18	%		6.08	%
2019		0.00	%		39,195		17.05		668,435		2.46	%		6.27	%
2018		0.00	%		30,534		16.05		490,006		2.10	%		-0.05	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II (GVDMA)
2022		0.00	%		58,419		29.30		1,711,844		0.00	%		-18.28	%
2021		0.00	%		73,274		35.86		2,627,447		0.21	%		13.63	%
2020		0.00	%		36,033		31.56		1,137,118		0.23	%		12.33	%
2019		0.00	%		37,865		28.09		1,063,785		2.09	%		21.83	%
2018		0.00	%		41,804		23.06		964,023		1.62	%		-7.73	%

NATIONWIDE VLI SEPARATE ACCOUNT-6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*			Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II (GVDMC)
2022		0.00	%		10,803		21.54		232,658		0.00	%		-14.39	%
2021		0.00	%		11,077		25.16		278,658		0.26	%		6.71	%
2020		0.00	%		42,056		23.58		991,472		0.09	%		8.55	%
2019		0.00	%		67,401		21.72		1,463,795		5.12	%		13.48	%
2018		0.00	%		12,583		19.14		240,806		1.93	%		-3.73	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II (GVIDA)
2022		0.00	%		30,329		31.51		955,774		0.00	%		-18.89	%
2021		0.00	%		30,106		38.85		1,169,664		0.13	%		15.50	%
2020		0.00	%		33,469		33.64		1,125,792		0.23	%		12.82	%
2019		0.00	%		31,461		29.82		938,030		2.09	%		23.73	%
2018		0.00	%		30,112		24.10		725,610		1.52	%		-8.85	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II (GVIDC)
2022		0.00	%		22,988		17.65		405,755		0.00	%		-12.19	%
2021		0.00	%		38,977		20.10		783,500		0.24	%		2.75	%
2020		0.00	%		40,395		19.56		790,267		0.05	%		6.71	%
2019		0.00	%		68,703		18.33		1,259,497		2.52	%		9.53	%
2018		0.00	%		22,694		16.74		379,829		2.06	%		-1.80	%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)
2022		0.00	%		39,368		25.25		994,024		0.00	%		-16.55	%
2021		0.00	%		40,015		30.26		1,210,783		0.12	%		10.31	%
2020		0.00	%		89,320		27.43		2,449,981		0.13	%		10.34	%
2019		0.00	%		62,441		24.86		1,552,153		2.48	%		17.74	%
2018		0.00	%		52,909		21.11		1,117,000		1.84	%		-5.68	%
Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I (HIBF)
2022		0.00	%		54,420		12.86		699,842		8.81	%		-11.93	%
2021		0.00	%		37,015		14.60		540,507		3.25	%		4.96	%
2020		0.00	%		62,197		13.91		865,267		4.90	%		6.02	%
2019		0.00	%		121,212		13.12		1,590,586		6.57	%		14.74	%
2018		0.00	%		39,202		11.44		448,337		5.12	%		-3.00	%
Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class II (NVMM2)
2022		0.00	%		515,769		10.43		5,377,340		1.14	%		1.13	%
2021		0.00	%		477,212		10.31		4,919,801		0.00	%		0.00	%
2020		0.00	%		484,127		10.31		4,991,091		0.12	%		0.18	%
2019		0.00	%		305,193		10.29		3,140,632		1.48	%		1.53	%
2018		0.00	%		1,194,927		10.14		12,111,543		1.13	%		1.14	%
Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class I (NVMMG1)
2022		0.00	%		6		41.58		250		0.00	%		-37.61	%
2021		0.00	%		6		66.65		400		0.12	%		-4.70	%
2020		0.00	%		6		69.94		420		0.00	%		60.90	%
2019		0.00	%		6		43.47		261		0.00	%		37.25	%
2018		0.00	%		6		31.67		190		0.00	%		-6.85	%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I (SCF)
2022		0.00	%		16,573		20.65		342,214		0.50	%		-18.77	%
2021		0.00	%		16,911		25.42		429,866		0.00	%		30.84	%
2020		0.00	%		11,386		19.43		221,212		0.02	%		22.69	%
2019		0.00	%		9,497		15.84		150,390		0.08	%		25.65	%
2018		0.00	%		8,004		12.60		100,875		0.02	%		-12.63	%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class II (SCF2)
2022		0.00	%		26		50.76		1,320		0.04	%		-18.98	%
2021		0.00	%		331		62.65		20,739		0.00	%		30.51	%
2020		0.00	%		349		48.01		16,755		0.02	%		22.36	%
2019		0.00	%		363		39.24		14,243		0.00	%		25.35	%
2018		0.00	%		705		31.30		22,067		0.00	%		-12.83	%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I (SCGF)
2022		0.00	%		7,153		20.53		146,882		0.00	%		-30.37	%
2021		0.00	%		15,891		29.49		468,605		0.00	%		10.31	%
2020		0.00	%		13,555		26.73		362,367		0.00	%		40.89	%
2019		0.00	%		12,816		18.97		243,182		0.00	%		35.71	%
2018		0.00	%		18,695		13.98		261,388		0.00	%		-7.94	%

NATIONWIDE VLI SEPARATE ACCOUNT-6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

	Contract Expense Rate*			Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**			Total Return***
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)
2022		0.00	%		18,531		16.72		309,924		0.38	%		-12.91	%
2021		0.00	%		23,272		19.20		446,934		0.00	%		32.04	%
2020		0.00	%		7,304		14.54		106,234		0.08	%		5.15	%
2019		0.00	%		7,574		13.83		104,763		1.13	%		19.00	%
2018		0.00	%		5,957		11.62		69,241		0.72	%		-16.95	%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class II (SCVF2)
2022		0.00	%		38		41.47		1,576		0.12	%		-13.16	%
2021		0.00	%		38		47.76		1,815		0.00	%		31.58	%
2020		0.00	%		39		36.30		1,416		0.00	%		4.95	%
2019		0.00	%		39		34.58		1,349		0.89	%		18.69	%
2018		0.00	%		40		29.14		1,165		0.46	%		-17.12	%
Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF)
2022		0.00	%		17,612		23.71		417,620		1.06	%		-8.44	%
2021		0.00	%		22,591		25.90		585,088		0.83	%		21.88	%
2020		0.00	%		18,920		21.25		402,039		0.94	%		10.35	%
2019		0.00	%		52,093		19.26		1,003,079		1.83	%		29.31	%
2018		0.00	%		6,888		14.89		102,572		1.01	%		0.00	%

* 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.

NATIONWIDE LIFE INSURANCE COMPANY

FOR THE YEAR ENDED DECEMBER 31, 2022

TABLE OF CONTENTS

	Page
Independent Auditors’ Report		F-1
Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus		F-4
Statutory Statements of Operations		F-5
Statutory Statements of Changes in Capital and Surplus		F-6
Statutory Statements of Cash Flow		F-7
Notes to Statutory Financial Statements		F-8
Schedule I –Summary of Investments – Other Than Investments in Related Parties		F-50
Schedule III – Supplementary Insurance Information		F-51
Schedule IV – Reinsurance		F-52
Schedule V – Valuation and Qualifying Accounts		F-53

Independent Auditors’ Report

Audit Committee of the Board of Directors

Nationwide Life Insurance Company:

Opinions

We have audited the financial statements of Nationwide Life Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, capital and surplus as of December 31, 2022 and 2021, and the related statutory statements of operations, changes in capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2022, and the related notes to the statutory financial statements (financial statements).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2022, in accordance with accounting practices prescribed or permitted by the Ohio Department of Insurance (Department) described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the statutory financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2022 and 2021, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2022.

Basis for Opinions

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 2 to the financial statements, the financial statements are prepared by the Company using accounting practices prescribed or permitted by the Department, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the financial statements of the variances between the statutory accounting practices and U.S. generally accepted accounting principles are also described in Note 2.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting practices prescribed or permitted by the Department. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the financial statements are issued.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

F-2

Supplementary Information

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information included in the Schedule I Summary of Investments - Other Than Investments in Related Parties, Schedule III Supplementary Insurance Information, Schedule IV Reinsurance, and Schedule V Valuation and Qualifying Accounts is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Securities and Exchange Commission’s Regulation S-X. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ KPMG LLP

Columbus, Ohio

March 17, 2023

F-3

NATIONWIDE LIFE INSURANCE COMPANY

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

Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus

	December 31,
(in millions, except share amounts)	2022			2021
Admitted assets
Invested assets
Bonds	$	40,208		$	37,931
Stocks		3,700			3,016
Mortgage loans, net of allowance		8,363			8,185
Policy loans		933			913
Derivative assets		143			64
Cash, cash equivalents and short-term investments		1,621			636
Securities lending collateral assets		232			170
Other invested assets		1,848			1,225
Total invested assets	$	57,048		$	52,140
Accrued investment income		585			577
Deferred federal income tax assets, net		589			618
Other assets		378			125
Separate account assets		102,808			125,372
Total admitted assets	$	161,408		$	178,832
Liabilities, capital and surplus
Liabilities
Future policy benefits and claims	$	45,482		$	42,499
Policyholders dividend accumulation		398			414
Asset valuation reserve		707			610
Payable for securities		323			113
Securities lending payable		232			171
Funds held under coinsurance		1,608			1,052
Other liabilities		1,253			1,131
Accrued transfers from separate accounts		(1,598	)		(1,621	)
Separate account liabilities		102,808			125,372
Total liabilities	$	151,213		$	169,741
Capital and surplus
Capital shares ($1 par value; authorized - 5,000,000 shares, issued and outstanding - 3,814,779 shares)	$	4		$	4
Surplus notes		1,100			1,100
Additional paid-in capital		2,308			1,998
Unassigned surplus		6,783			5,989
Total capital and surplus	$	10,195		$	9,091
Total liabilities, capital and surplus	$	161,408		$	178,832

See accompanying notes to statutory financial statements.

F-4

NATIONWIDE LIFE INSURANCE COMPANY

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

Statutory Statements of Operations

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

See accompanying notes to statutory financial statements.

F-5

NATIONWIDE LIFE INSURANCE COMPANY

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

Statutory Statements of Changes in Capital and Surplus

(in millions)	Capital shares		Surplus notes		Additional paid-in capital		Unassigned surplus			Capital and surplus
Balance as of December 31, 2019	$	4	$	1,100	$	1,998	$	5,720		$	8,822
Change in reserve on account of change in valuation basis		-		-		-		78			78
Cumulative effect of change in accounting principle		-		-		-		5			5
Balance as of January 1, 2020	$	4	$	1,100	$	1,998	$	5,803		$	8,905
Net income		-		-		-		487			487
Change in asset valuation reserve		-		-		-		13			13
Change in deferred income taxes		-		-		-		41			41
Change in net unrealized capital gains and losses, net of tax (benefit) of $(3)		-		-		-		(313	)		(313	)
Change in nonadmitted assets		-		-		-		(21	)		(21	)
Other, net		-		-		-		(7	)		(7	)
Balance as of December 31, 2020	$	4	$	1,100	$	1,998	$	6,003		$	9,105
Change in reserve on account of change in valuation basis		-		-		-		2			2
Cumulative effect of change in accounting principle		-		-		-		6			6
Balance as of January 1, 2021	$	4	$	1,100	$	1,998	$	6,011		$	9,113
Net income		-		-		-		811			811
Change in asset valuation reserve		-		-		-		(144	)		(144	)
Change in deferred income taxes		-		-		-		50			50
Change in net unrealized capital gains and losses, net of tax expense of $30		-		-		-		(142	)		(142	)
Change in nonadmitted assets		-		-		-		(47	)		(47	)
Dividends paid to Nationwide Financial Services, Inc.		-		-		-		(550	)		(550	)
Balance as of December 31, 2021	$	4	$	1,100	$	1,998	$	5,989		$	9,091
Correction of error (see Note 2)		-		-		-		(39	)		(39	)
Balance as of January 1, 2022	$	4	$	1,100	$	1,998	$	5,950		$	9,052
Net income		-		-		-		974			974
Change in asset valuation reserve		-		-		-		(97	)		(97	)
Change in deferred income taxes		-		-		-		28			28
Change in net unrealized capital gains and losses, net of tax expense of $37		-		-		-		(40	)		(40	)
Change in nonadmitted assets		-		-		-		(33	)		(33	)
Capital contribution from Nationwide Financial Services, Inc.		-		-		310		-			310
Other, net		-		-		-		1			1
Balance as of December 31, 2022	$	4	$	1,100	$	2,308	$	6,783		$	10,195

See accompanying notes to statutory financial statements.

F-6

NATIONWIDE LIFE INSURANCE COMPANY

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

Statutory Statements of Cash Flow

	Years ended December 31,
(in millions)	2022			2021			2020
Cash flows from operating activities:
Premiums collected, net of reinsurance	$	14,545		$	12,661		$	10,648
Net investment income		2,064			2,404			2,034
Other revenue		3,178			2,367			2,664
Policy benefits and claims paid		(15,962	)		(16,735	)		(14,886	)
Commissions, operating expenses and taxes, other than federal income tax paid		(1,275	)		(1,122	)		(885	)
Net transfers from separate accounts		1,658			2,871			3,620
Policyholders’ dividends paid		(30	)		(36	)		(38	)
Federal income taxes (paid) recovered		(261	)		121			121
Net cash provided by operating activities	$	3,917		$	2,531		$	3,278
Cash flows from investing activities:
Proceeds from investments sold, matured or repaid:
Bonds	$	3,444		$	6,953		$	3,404
Stocks		19			127			37
Mortgage loans		1,139			1,053			640
Derivative assets		431			-			-
Other assets		641			279			905
Total investment proceeds	$	5,674		$	8,412		$	4,986
Cost of investments acquired:
Bonds	$	(6,024	)	$	(7,744	)	$	(5,527	)
Stocks		(901	)		(538	)		(517	)
Mortgage loans		(1,305	)		(1,441	)		(769	)
Derivative assets		-			(589	)		(580	)
Other assets		(1,057	)		(594	)		(837	)
Total investments acquired	$	(9,287	)	$	(10,906	)	$	(8,230	)
Net (increase) decrease in policy loans		(19	)		(25	)		15
Net cash used in investing activities	$	(3,632	)	$	(2,519	)	$	(3,229	)
Cash flows from financing activities and miscellaneous sources:
Capital contributions from Nationwide Financial Services, Inc.	$	310			-			-
Dividend paid to Nationwide Financials Services, Inc.		-			(550	)		-
Net change in deposits on deposit-type contract funds and other insurance liabilities		391			517			160
Net change in short-term debt		-			-			(200	)
Other cash (used) provided		(1	)		196			(104	)
Net cash provided by (used in) financing activities and miscellaneous	$	700		$	163		$	(144	)
Net increase (decrease) in cash, cash equivalents and short-term investments	$	985		$	175		$	(95	)
Cash, cash equivalents and short-term investments at beginning of year		636			461			556
Cash, cash equivalents and short-term investments at end of year	$	1,621		$	636		$	461
Supplemental disclosure of non-cash activities:
Exchange of bond investments	$	349		$	277		$	799

See accompanying notes to statutory financial statements.

F-7

NATIONWIDE LIFE INSURANCE COMPANY

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

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

(1) Nature of Operations

Nationwide Life Insurance Company (“NLIC” or “the Company”) is an Ohio domiciled stock life insurance company. The Company is a member of the Nationwide group of companies (“Nationwide”), which is comprised of Nationwide Mutual Insurance Company (“NMIC”) and all of its subsidiaries and affiliates.

All of the outstanding shares of NLIC’s common stock are owned by Nationwide Financial Services, Inc. (“NFS”), a holding company formed by Nationwide Corporation, a majority-owned subsidiary of NMIC.

The Company is a leading provider of long-term savings and retirement products in the United States of America (“U.S.”). The Company develops and sells a wide range of products and services, which include fixed and variable individual annuities, private and public sector group retirement plans, life insurance, investment advisory services, pension risk transfer (“PRT”) contracts and other investment products. The Company is licensed to conduct business in all fifty states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands.

The Company sells its products through a diverse distribution network. Unaffiliated entities that sell the Company’s products to their own customer bases include independent broker-dealers, financial institutions, wirehouses and regional firms, pension plan administrators, life insurance agencies, life insurance specialists and registered investment advisors. Representatives of affiliates that market products directly to a customer base include Nationwide Retirement Solutions, Inc., Nationwide Securities, LLC and Nationwide Financial General Agency, Inc. The Company believes its broad range of competitive products, strong distributor relationships and diverse distribution network position it to compete effectively under various economic conditions.

Wholly-owned subsidiaries of NLIC as of December 31, 2022 include Nationwide Life and Annuity Insurance Company (“NLAIC”) and its wholly-owned subsidiaries, Olentangy Reinsurance, LLC (“Olentangy”) and Nationwide SBL, LLC (“NWSBL”), Jefferson National Financial Corporation (“JNF”) and its wholly-owned subsidiary, Jefferson National Life Insurance Company (“JNL”), and its wholly-owned subsidiary, Jefferson National Life Insurance Company of New York (“JNLNY”), Eagle Captive Reinsurance, LLC (“Eagle”), Nationwide Investment Services Corporation (“NISC”) and Nationwide Investment Advisors, LLC (“NIA”). NLAIC primarily offers individual annuity contracts including fixed annuity contracts, group annuity contracts including PRT contacts, universal life insurance, variable universal life insurance, term life insurance and corporate-owned life insurance on a non-participating basis. Olentangy is a Vermont domiciled special purpose financial insurance company. NWSBL offers a securities-based lending product and is an Ohio limited liability company and nonadmitted subsidiary. JNF is a distributor of tax-advantaged investing solutions for registered investment advisors, fee-based advisors and the clients they serve. JNL and JNLNY are licensed to underwrite both fixed and variable annuity products. Eagle is an Ohio domiciled special purpose financial captive insurance company. NISC is a registered broker-dealer. NIA is a registered investment advisor.

The Company is subject to regulation by the insurance departments of states in which it is domiciled and/or transacts business and undergoes periodic examinations by those departments.

As of December 31, 2022 and 2021, the Company did not have a significant concentration of financial instruments in a single investee, industry or geographic region. Also, the Company did not have a concentration of business transactions with a particular customer, lender, distribution source, market or geographic region in which a single event could cause a severe impact on the Company’s financial position after considering insurance risk that has been transferred to external reinsurers.

F-8

NATIONWIDE LIFE INSURANCE COMPANY

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

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

(2) Summary of Significant Accounting Policies

Use of Estimates

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

Basis of Presentation

Effective January 1, 2022, Harleysville Life Insurance Company (“HLIC”), an Ohio domiciled stock life insurance company and subsidiary of NMIC that offers universal and traditional life insurance, disability income insurance and fixed annuity contracts on a non-participating basis, completed a merger agreement with NLAIC. Pursuant to the merger agreement, which was deemed a statutory merger, the operations of HLIC were merged with and into NLAIC, with NLAIC continuing as the surviving entity. All shares of HLIC were cancelled and the outstanding surplus balance was merged into NLAIC’s additional paid-in capital and unassigned surplus. There was not a material impact on the Company’s surplus as a result of the merger.

The statutory financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the Ohio Department of Insurance (“the Department”). Prescribed statutory accounting practices are those practices incorporated directly or by reference in state laws, regulations and general administrative rules applicable to all insurance enterprises domiciled in a particular state. Permitted statutory accounting practices include practices not prescribed by the domiciliary state but allowed by the domiciliary state regulatory authority.

Effective January 1, 2021, NLIC and NLAIC elected to apply a prescribed practice promulgated under Ohio Administrative Code Section 3901-1-67 (“OAC 3901-1-67”) to its derivative instruments hedging indexed products and indexed annuity reserve liabilities in order to better align the measurement of indexed product reserves and the derivatives that hedge them. Under OAC 3901-1-67, derivative instruments are carried at amortized cost with the initial hedge cost amortized over the term and asset payoffs realized at the end of the term being reported through net investment income, rather than the derivative instruments being carried at fair value with asset payoffs realized over the term through net realized capital gains and losses. Additionally, the cash surrender value reserves for indexed annuity products only reflect index interest credits at the end of the crediting term as compared to partial index interest credits accumulating throughout the crediting term in increase in reserves for future policy benefits and claims.

The Company’s subsidiary, Eagle, applies one prescribed practice with multiple applications as provided under the State of Ohio’s captive law, which values assumed guaranteed minimum death benefits (“GMDB”) and guaranteed lifetime withdrawal benefits (“GLWB”) risks on variable annuity contracts from NLIC and GLWB risks on fixed indexed annuity contracts from NLIC and NLAIC using an alternative reserving basis from the Statutory Accounting Principles detailed within the National Association of Insurance Commissioners (“NAIC”) Accounting Practices and Procedures manual (“NAIC SAP”) pursuant to Ohio Revised Code Chapter 3964 and approved by the Department.

Olentangy was granted a permitted practice from the State of Vermont allowing Olentangy to carry the assets placed into a trust account by Union Hamilton Reinsurance Ltd. (“UHRL”) on its statutory statements of admitted assets, liabilities and surplus at net admitted asset value for certain universal life and term life insurance policies.

F-9

NATIONWIDE LIFE INSURANCE COMPANY

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

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

If the prescribed or permitted practices were not applied, the Company’s risk-based capital would continue to be above regulatory action levels. A reconciliation of the Company’s net income between NAIC SAP and prescribed and permitted practices is shown below:

(in millions)	SSAP #		F/S Page		State of domicile		December 31,
							2022			2021			2020
Net Income
Statutory Net Income						OH	$	974		$	811		$	487
State Prescribed Practice:
OAC 3901-1-67:
Derivative instruments		86		4		OH		(43	)		9			-
Reserves for indexed annuities		51		4		OH		15			(20	)		-
Tax impact		101		4		OH		6			3			-
NAIC SAP							$	952		$	803		$	487

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

(in millions)	SSAP #		F/S Page		State of domicile		As of December 31,
							2022			2021
Surplus
Statutory Capital and Surplus						OH	$	10,195		$	9,091
State Prescribed Practice:
OAC 3901-1-67:
Derivative instruments		86		2,4		OH		(30	)		13
Reserves for indexed annuities		51		3,4		OH		(7	)		(22	)
Tax impact		101		2,4		OH		8			2
Subsidiary Valuation - NLAIC		51,86,101		2		OH		(232	)		274
Subsidiary valuation - Eagle: NLIC risks ceded		51		2		OH		1,071			791
Subsidiary valuation - Eagle: NLAIC risks ceded		51		2		OH		(953	)		(810	)
State Permitted Practice:
Subsidiary valuation - Olentangy		20		2		VT		(67	)		(67	)
NAIC SAP							$	9,985		$	9,272

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

Financial Statements

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

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

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

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

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

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

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

F-10

NATIONWIDE LIFE INSURANCE COMPANY

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

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

● costs related to successful policy acquisitions are charged to operations in the year incurred;

● negative cash balances are reported as negative assets;

● certain income and expense items are charged or credited directly to capital and surplus;

● amounts on deposit in internal qualified cash pools are reported as cash equivalents;

● the statutory statements of cash flows are presented on the basis prescribed by the NAIC; and

● the statutory financial statements do not include accumulated other comprehensive income.

Future Policy Benefits and Claims

● Deposits to universal life contracts, investment contracts and limited payment contracts are included in revenue; and

● future policy benefit reserves are based on statutory requirements.

Reinsurance Ceded

● Certain assets and liabilities are reported net of ceded reinsurance balances; and

● provision is made for amounts receivable and outstanding for more than 90 days through a charge to capital and surplus.

Investments

● Investments in bonds are generally stated at amortized cost, except those with an NAIC designation of “6”, which are stated at the lower of amortized cost or fair value;

● investments in preferred stocks are generally stated at amortized cost, except those with an NAIC designation of “4” through “6”, which are stated at the lower of amortized cost or fair value;

● other-than-temporary impairments on bonds, excluding loan-backed and structured securities, are measured based on fair value and are not reversible;

● the proportional amortized cost method is utilized to determine the liquidation value of Low-Income Housing Tax Credit Funds (“Tax Credit Funds”);

● admitted subsidiary, controlled and affiliated entities are not consolidated; rather, those investments are generally carried at audited statutory capital and surplus or GAAP equity, as appropriate, and are recorded as an equity investment in stocks or other invested assets;

● equity in earnings of subsidiary companies is recognized directly in capital and surplus as net unrealized capital gains or losses, while dividends from unconsolidated companies are recorded in operations as net investment income;

● undistributed earnings and valuation adjustments from investments in joint ventures, partnerships and limited liability companies are recognized directly in capital and surplus as net unrealized capital gains or losses;

● changes in non-specific mortgage loan reserves are measured under an incurred loss model and are recorded directly in capital and surplus as net unrealized capital gains or losses; and

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

Separate Accounts

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

F-11

NATIONWIDE LIFE INSURANCE COMPANY

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

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

Derivative Instruments

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

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

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

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

Goodwill

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

● goodwill is amortized and charged to surplus.

Federal Income Taxes

● Changes in deferred federal income taxes are recognized directly in capital and surplus with limitations on the amount of deferred tax assets that can be reflected as an admitted asset (15% of capital and surplus); and

● uncertain tax positions are subject to a “more likely than not” standard for federal and foreign income tax loss contingencies only.

Nonadmitted Assets

● In addition to the nonadmitted assets described above, certain other assets are nonadmitted and charged directly to capital and surplus. These include prepaid assets, certain software, disallowed IMR and other receivables outstanding for more than 90 days.

The financial information included herein is prepared and presented in accordance with SAP prescribed or permitted by the Department. Certain differences exist between SAP and GAAP, which are presumed to be material.

Revenues and Benefits

Life insurance premiums are recognized as revenue over the premium paying period of the related policies when due. Annuity considerations are recognized as revenue when received. Health insurance premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Policy benefits and claims that are expensed include interest credited to policy account balances, benefits and claims incurred in the period in excess of related policy reserves and other changes in future policy benefits.

Future Policy Benefits and Claims

Future policy benefits for traditional products are based on statutory mortality and interest requirements without consideration of withdrawals. The principal statutory mortality tables and interest assumptions used on policies in force are the 1958 Commissioner’s Standard Ordinary (“CSO”) table at interest rates of 2.5%, 3.0%, 3.5%, 4.0% and 4.5%, the 1941 CSO table at an interest rate of 2.5%, the 1980 CSO table at interest rates of 4.0%, 4.5%, 5.0% and 5.5%, the 2001 CSO table at an interest rate of 4.0% and 3.5% and the 2017 CSO table at an interest rate of 3.5% and 4.5%. Beginning January 1, 2020, the Company has applied principles-based reserving to all new individual life business. For business subject to principles-based reserving, additional reserves may be held where the deterministic and/or stochastic reserves are in excess of net premium reserves, as defined by Valuation Manual 20, Requirements for Principle-Based Reserves for Life Products (“VM-20”).

Future policy benefits for universal life and variable universal life contracts have been calculated based on participants’ contributions plus interest credited on any funds in the fixed account less applicable contract charges. These policies have been adjusted for possible future surrender charges in accordance with the Commissioner’s Reserve Valuation Method (“CRVM”). For business subject to principles-based reserving, the Company has calculated reserves under VM-20.

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

F-12

NATIONWIDE LIFE INSURANCE COMPANY

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

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

Future policy benefits for PRT contracts have been established in accordance with the CRVM. Statutory reserves for PRT business written during or after 2020 are calculated as the present value of future benefit payments, using the prescribed 1994 Group Annuity Mortality (“GAM”) table along with the AA projection mortality improvement scale and prescribed valuation rates as specified in Chapter 22 of the Valuation Manual. For the PRT business written before 2020, the statutory reserves are calculated using prescribed GAM tables and valuation interest rates that vary by issue year, as specified in the Standard Valuation Law.

Prior to 2020, the Company calculated its reserves for variable annuity products with guaranteed minimum death, accumulation and withdrawal benefits and other contracts involving guaranteed benefits similar to those offered with variable annuities under the standard scenario of Actuarial Guideline XLIII “CARVM for Variable Annuities”, which exceeded the stochastic 70th percentile Conditional Tail Expectations scenario. Effective January 1, 2020, the Company changed its reserve valuation basis for variable annuities due to changes to Valuation Manual 21, Requirements for Principle-Based Reserves for Variable Annuities (“VM-21”) and as a result, the Company calculated its reserves using a stochastic reserve, which is floored at the cash surrender value.

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

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

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

The aggregate reserves for group accident and health and franchise accident and health policies consist of disabled life reserves and unearned premium reserves. Reserves for benefits payable on disabled life claims are based on the 2012 Group Long-Term Disability Valuation Table, at varying interest rates of 2.75% - 6.0%, for group policies and the 1987 Commissioner’s Group Disability Table, at varying interest rates of 2.75% - 10.25%, for franchise policies.

Future policy benefits and claims for group long-term disability policies are the present value (discounted between 2.75% and 6.00%) of amounts not yet due on reported claims and an estimate of amounts to be paid on incurred but unreported claims. Future policy benefits and claims on other group health policies are not discounted.

The Company issues fixed and floating rate funding agreements to the Federal Home Loan Bank of Cincinnati (“FHLB”). The liabilities for such funding agreements are treated as annuities under Ohio law for life insurance companies and recorded in future policy benefits and claims. Refer to Note 9 for additional details.

Separate Accounts

Separate account assets represent contractholders’ funds that have been legally segregated into accounts with specific investment objectives. Separate account assets are primarily recorded at fair value, with the value of separate account liabilities set to equal the fair value of separate account assets. Separate account assets are primarily comprised of public, privately-registered and non-registered mutual funds, whose fair value is primarily based on the funds’ net asset value. Other separate account assets are recorded at fair value based on the methodology that is applicable to the underlying assets. In limited circumstances, other separate account assets are recorded at book value when the policyholder does not participate in the underlying portfolio experience.

Separate account liabilities, in conjunction with accrued transfers from separate accounts, represent contractholders’ funds adjusted for possible future surrender charges in accordance with the CARVM and the CRVM, respectively. The difference between full account value and CARVM/CRVM is reflected in accrued transfers to/from separate accounts, as prescribed by the NAIC, in the statutory statements of admitted assets, liabilities, capital and surplus. The annual change in the difference between full account value and CARVM/CRVM and its applicable federal income tax is reflected in the statutory statements of operations as part of the net transfers to/from separate accounts and federal income tax, respectively.

F-13

NATIONWIDE LIFE INSURANCE COMPANY

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

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

Retained Assets

The Company does not retain beneficiary assets. During a death benefit claim, the death benefit settlement method is payment to the beneficiary in the form of a check or electronic funds transfer.

Investments

Bonds and stocks of unaffiliated companies. Bonds are generally stated at amortized cost, except those with an NAIC designation of “6”, which are stated at the lower of amortized cost or fair value. Preferred stocks are generally stated at amortized cost, except those with an NAIC designation of “4” through “6”, which are stated at the lower of amortized cost or fair value. Common stocks are stated at fair value. Changes in the fair value of bonds and stocks stated at fair value are charged to capital and surplus.

Loan-backed and structured securities, which are included in bonds in the statutory financial statements, are stated in a manner consistent with the bond guidelines, but with additional consideration given to the special valuation rules implemented by the NAIC applicable to residential mortgage-backed securities that are not backed by U.S. government agencies, commercial mortgage-backed securities and certain other structured securities. Under these guidelines, an initial and adjusted NAIC designation is determined for each security. The initial NAIC designation, which takes into consideration the security’s amortized cost relative to an NAIC-prescribed valuation matrix, is used to determine the reporting basis (i.e., amortized cost or lower of amortized cost or fair value).

Interest income is recognized when earned, while dividends are recognized when declared. The Company nonadmits investment income due and accrued when amounts are over 90 days past due.

For investments in loan-backed and structured securities, the Company recognizes income and amortizes discounts and premiums using the effective-yield method based on prepayment assumptions, generally obtained using a model provided by a third-party vendor, and the estimated economic life of the securities. When actual prepayments differ significantly from estimated prepayments, the effective-yield is recalculated to reflect actual payments to date and anticipated future payments. Any resulting adjustment is included in net investment income in the period the estimates are revised. All other investment income is recorded using the effective-yield method without anticipating the impact of prepayments.

Purchases and sales of bonds and stocks are recorded on the trade date, with the exception of private placement bonds, which are recorded on the funding date. Realized gains and losses are determined on a specific identification method on the trade date.

Independent pricing services are most often utilized, and compared to pricing from additional sources when available, to determine the fair value of bonds and stocks for which market quotations or quotations on comparable securities or models are used. For these bonds and stocks, the Company obtains the pricing services’ methodologies and classifies the investments accordingly in the fair value hierarchy.

A corporate pricing matrix is used in valuing certain corporate bonds. The corporate pricing matrix was developed using publicly available spreads for certain privately-placed corporate bonds with varying weighted average lives and credit quality ratings. The weighted average life and credit quality rating of a particular bond to be priced using the corporate pricing matrix are important inputs into the model and are used to determine a corresponding spread that is added to the appropriate U.S. Treasury yield to create an estimated market yield for that bond. The estimated market yield and other relevant factors are then used to estimate the fair value of the particular bond.

Non-binding broker quotes are also utilized to determine the fair value of certain bonds when deemed appropriate or when valuations are not available from independent pricing services or a corporate pricing matrix. These bonds are classified with the lowest priority in the fair value hierarchy as only one broker quote is ordinarily obtained, the investment is not traded on an exchange, the pricing is not available to other entities and/or the transaction volume in the same or similar investments has decreased. Inputs used in the development of prices are not provided to the Company by the brokers as the brokers often do not provide the necessary transparency into their quotes and methodologies. At least annually, the Company performs reviews and tests to ensure that quotes are a reasonable estimate of the investments’ fair value. Price movements of broker quotes are subject to validation and require approval from the Company’s management. Management uses its knowledge of the investment and current market conditions to determine if the price is indicative of the investment’s fair value.

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

F-14

NATIONWIDE LIFE INSURANCE COMPANY

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

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

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

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

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

Investments in subsidiaries. The investment in the Company’s wholly-owned insurance subsidiaries, NLAIC and Eagle, are carried using the equity method of accounting applicable to U.S. insurance subsidiary, controlled and affiliated (“SCA”) entities. This requires the investment to be recorded based on the value of its underlying audited statutory surplus. Furthermore, the equity method of accounting would be discontinued if the investment is reduced to zero, unless the Company has guaranteed obligations of the subsidiary or otherwise committed to provide further financial support. In accordance with the “look through” provisions of Statements of Statutory Accounting Principles (“SSAP”) No. 97, Investments in Subsidiary, Controlled and Affiliated Entities, the valuation of JNF, an unaudited downstream noninsurance holding company, is based on the individual audited SCA entities owned by the holding company. Additionally, all non-affiliated liabilities, commitments, contingencies, guarantees or obligations of the holding company are reflected in the determination of the carrying value of the investments. The Company’s investment in NISC and NIA, wholly-owned non-insurance subsidiaries, are carried using the equity method of accounting applicable to U.S. non-insurance subsidiary, controlled and affiliated entities. This requires the investment to be recorded based on its underlying audited GAAP equity. Investments in NLAIC, JNF and NISC are included in stocks, and the investment in Eagle is included in other invested assets on the statutory statements of admitted assets, liabilities, capital and surplus.

Mortgage loans, net of allowance. The Company holds commercial mortgage loans that are collateralized by properties throughout the U.S. Mortgage loans are held at unpaid principal balance adjusted for premiums and discounts, less a valuation allowance. The Company also holds commercial mortgage loans of these property types that are under development. Mortgage loans under development are collateralized by the borrower’s common stock.

As part of the underwriting process, specific guidelines are followed to ensure the initial quality of a new mortgage loan. Third-party appraisals are obtained to support loaned amounts as the loans are collateral dependent or guaranteed.

The collectability and value of a mortgage loan is based on the ability of the borrower to repay and/or the value of the underlying collateral. Many of the Company’s mortgage loans are structured with balloon payment maturities, exposing the Company to risks associated with the borrowers’ ability to make the balloon payment or refinance the property. Loans are considered delinquent when contractual payments are 90 days past due.

Mortgage loans require a loan-specific reserve when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. When management determines that a loan requires a loan-specific reserve, a provision for loss is established equal to the difference between the carrying value and the fair value of the collateral less costs to sell. Loan-specific reserve charges are recorded in net realized capital gains and losses. In the event a loan-specific reserve charge is reversed, the recovery is also recorded in net realized capital gains and losses.

In addition to the loan-specific reserves, the Company maintains a non-specific reserve based primarily on loan surveillance categories and property type classes, which reflects management’s best estimates of probable credit losses inherent in the portfolio of loans without specific reserves as of the date of the statutory statements of admitted assets, liabilities, capital and surplus. Management’s periodic evaluation of the adequacy of the non-specific reserve is based on past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect a group of borrowers’ ability to repay, the estimated value of the underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. Non-specific reserve changes are recorded directly in capital and surplus as net unrealized capital gains and losses.

F-15

NATIONWIDE LIFE INSURANCE COMPANY

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

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

Management evaluates the credit quality of individual mortgage loans and the portfolio as a whole through a number of loan quality measurements, including, but not limited to, loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios. The LTV ratio is calculated as a ratio of the amortized cost of a loan to the estimated value of the underlying collateral. DSC is the amount of cash flow generated by the underlying collateral of the mortgage loan available to meet periodic interest and principal payments of the loan. These loan quality measurements contribute to management’s assessment of relative credit risk in the mortgage loan portfolio. Based on underwriting criteria and ongoing assessment of the properties’ performance, management believes the amounts, net of valuation allowance, are collectible. This process identifies the risk profile and potential for loss individually and in the aggregate for the commercial mortgage loan portfolios. These factors are updated and evaluated at least annually. Due to the nature of the collateral underlying mortgage loans under development, these loans are not evaluated using the LTV and DSC ratios described above.

Interest income on performing mortgage loans is recognized in net investment income over the life of the loan using the effective-yield method. Loans in default or in the process of foreclosure are placed on non-accrual status. Interest received on non-accrual status mortgage loans is included in net investment income in the period received. Loans are restored to accrual status when the principal and interest is current and it is determined the future principal and interest payments are probable or the loan is modified.

Policy loans. Policy loans, which are collateralized by the related insurance policy, are held at the outstanding principal balance and do not exceed the net cash surrender value of the policy. As such, no valuation allowance for policy loans is required.

Cash and cash equivalents. Cash and cash equivalents include highly liquid investments with original maturities of less than three months and amounts on deposit in internal qualified cash pools. The Company and various affiliates maintain agreements with Nationwide Cash Management Company (“NCMC”), an affiliate, under which NCMC acts as a common agent in handling the purchase and sale of short-term securities for the respective accounts of the participants in the internal qualified cash pool.

Short-term investments. Short-term investments consist primarily of government agency discount notes with maturities of twelve months or less at acquisition. Short-term investments also include outstanding promissory notes with initial maturity dates of one-year or less with certain affiliates. The Company carries short-term investments at amortized cost, which approximates fair value.

Securities Lending. The Company has entered into securities lending agreements with a custodial bank whereby eligible securities are loaned to third parties, primarily major brokerage firms. These transactions are used to generate additional income in the securities portfolio. The Company is entitled to receive from the borrower any payments of interest and dividends received on loaned securities during the loan term. The agreements require a minimum of 102% of the fair value of the loaned securities to be held as collateral. Cash collateral is invested by the custodial bank in investment-grade securities, which are included in the total invested assets of the Company. Periodically, the Company may receive non-cash collateral, which would be recorded off-balance sheet. The Company recognizes loaned securities in bonds. A securities lending payable is recorded for the amount of cash collateral received. If the fair value of the collateral received (cash and/or securities) is less than the fair value of the securities loaned, the shortfall is nonadmitted. Net income received from securities lending activities is included in net investment income. Because the borrower or the Company may terminate a securities lending transaction at any time, if loans are terminated in advance of the reinvested collateral asset maturities, the Company would repay its securities lending obligations from operating cash flows or the proceeds of sales from its investment portfolio, which includes significant liquid securities.

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

F-16

NATIONWIDE LIFE INSURANCE COMPANY

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

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

The Company sold $2.9 billion, $2.6 billion and $2.3 billion in Tax Credit Funds to unrelated third parties with outstanding guarantees as of December 31, 2022, 2021 and 2020, respectively. The Company guarantees after-tax benefits to the third-party investors through periods ending in 2039. These guarantees are in effect for periods of approximately 15 years each. The Tax Credit Funds provide a stream of tax benefits to the investors that will generate a yield and return of capital. If the tax benefits are not sufficient to provide these cumulative after-tax yields, the Company must fund any shortfall. The maximum amount of undiscounted future payments that the Company could be required to pay the investors under the terms of the guarantees is $1.7 billion, but the Company does not anticipate making any material payments related to the guarantees. The Company’s risks are mitigated in the following ways: (1) the Company has the right to buyout the equity related to the guarantee under certain circumstances, (2) the Company may replace underperforming properties to mitigate exposure to guarantee payments, (3) the Company oversees the asset management of the deals and (4) changes in tax laws are explicitly excluded from the Company’s guarantees of after-tax benefits.

Derivative Instruments

The Company uses derivative instruments to manage exposures and mitigate risks primarily associated with interest rates, equity markets and foreign currency. These derivative instruments primarily include interest rate swaps, cross-currency swaps, futures and options.

Derivative instruments used in hedging transactions considered to be effective hedges are reported in a manner consistent with the hedged items. With the exception of derivatives applying the prescribed practice under OAC 3901-1-67, derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are accounted for at fair value with changes in fair value recorded in capital and surplus as unrealized gains or losses.

The fair value of derivative instruments is determined using various valuation techniques relying predominantly on observable market inputs and internal models. These inputs include interest rate swap curves, credit spreads, interest rates, counterparty credit risk, equity volatility and equity index levels.

The Company’s derivative transaction counterparties are generally financial institutions. To reduce the credit risk associated with open contracts, the Company enters into master netting agreements which permit the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. In addition, the Company attempts to reduce credit risk by obtaining collateral from counterparties. The determination of the need for and the levels of collateral vary based on an assessment of the credit risk of the counterparty. The Company accepts collateral in the forms of cash and marketable securities. Non-cash collateral received is recorded off-balance sheet.

Cash flows and payment accruals on derivatives are recorded in net investment income.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources while unobservable inputs reflect the Company’s view of market assumptions in the absence of observable market information. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. In determining fair value, the Company uses various methods, including market, income and cost approaches.

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

The Company categorizes assets and liabilities held at fair value in the statutory statements of admitted assets, liabilities, capital and surplus as follows:

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

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

F-17

NATIONWIDE LIFE INSURANCE COMPANY

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

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

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

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

Asset Valuation Reserve

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

Interest Maintenance Reserve

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

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

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

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

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

The realized gains or losses, net of related federal income tax, from the applicable bonds and mortgage loans sold, have been removed from the net realized gain or loss amounts and established as a net liability. This liability is amortized into income such that the amount of each capital gain or loss amortized in a given year is based on the excess of the amount of income which would have been reported that year, if the asset had not been disposed of over the amount of income which would have been reported had the asset been repurchased at its sale price. In the event the unamortized IMR liability balance is negative, the balance is reclassified as an asset and fully nonadmitted. The Company utilizes the grouped method for amortization. Under the grouped method, the liability is amortized into income over the remaining period to expected maturity based on the groupings of the individual securities into five-year bands.

Goodwill

For companies whose operations are primarily insurance related, goodwill is the excess of the cost to acquire a company over the Company’s share of the statutory book value of the acquired entity. Goodwill is recorded in stocks in the statutory statements of admitted assets, liabilities and surplus. Goodwill is amortized on a straight-line basis over the period of economic benefit, not to exceed ten years, with a corresponding charge to surplus. Goodwill was immaterial as of December 31, 2022 and 2021.

Federal Income Taxes

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

The Company provides for federal income taxes based on amounts the Company believes it ultimately will owe. Inherent in the provision for federal income taxes are estimates regarding the deductibility of certain items and the realization of certain tax credits. In the event the ultimate deductibility of certain items or the realization of certain tax credits differs from estimates, the Company may be required to change the provision for federal income taxes recorded in the statutory financial statements, which could be significant.

F-18

NATIONWIDE LIFE INSURANCE COMPANY

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

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

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

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

Reinsurance Ceded

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

Participating Business

Participating business, which refers to policies that participate in profits through policyholder dividends, represented approximately 4% of the Company’s life insurance in force in 2022 and 2021, and 49% and 50% of the number of life insurance policies in force in 2022 and 2021, respectively. The provision for policyholder dividends was based on the respective year’s dividend scales, as approved by the Board of Directors. Policyholder dividends are recognized when declared. No additional income was allocated to participating policyholders during 2022 and 2021.

Accounting Changes and Corrections of Errors

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

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

During 2020, the Company modified its approach used to schedule the reversals of its deferred tax assets for policyholder reserves under SSAP No. 101, Income Taxes (“SSAP No. 101”). Prior to 2020, the Company scheduled the reversals of its deferred tax assets for policyholder reserves by estimating the reserve reversal using the aggregate policyholder reserve. As of January 1, 2020, the Company is now taking a disaggregated approach and calculates reversal of the deferred tax assets for policyholder reserves on a product-by-product basis. The new method is more precise and better reflects how the deferred tax assets for policyholder reserves moves with the underlying reserve liability. SSAP No. 101 permits a company to modify its scheduling method so long as the modification is treated as change in accounting principle. The impact of the change increases the Company’s net admitted deferred tax asset $6 million and $5 million as of December 31, 2020 and January 1, 2020, respectively, with a commensurate increase in capital and surplus. There was no impact on net income.

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

F-19

NATIONWIDE LIFE INSURANCE COMPANY

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

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

During 2020, the Company identified and corrected an error in the variable annuity ceded premium calculation under the intercompany 100% coinsurance agreement with Eagle. The error resulted in an understatement of ceded premiums for the years ended December 31, 2019 and 2018. In accordance with SSAP No. 3, the total prior period correction of $9 million was reported in 2020 as a negative adjustment to unassigned funds (surplus) and consisted of $11 million of ceded premiums, offset by $2 million of taxes.

Recently Adopted Accounting Standard

Effective January 1, 2021, the Company adopted revisions to SSAP No. 32R, Preferred Stock (“SSAP No. 32R”). The adopted revisions updated the definition for redeemable and perpetual preferred stock and furthermore, updated the valuation classification for perpetual preferred stock to fair value. Previously, perpetual preferred stock could have been valued at amortized cost or fair value based on the rating of the security. Per SSAP No. 32R, any valuation classification changes from amortized cost to fair value are to be recognized in statutory surplus. Going forward, changes to fair value will be recognized as a change in net unrealized capital gains and losses in statutory surplus. As a result of this change, the Company recorded an increase to statutory capital and surplus of $9 million as of January 1, 2021.

Subsequent Events

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

F-20

NATIONWIDE LIFE INSURANCE COMPANY

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

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

(3) Analysis of Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics

The following table summarizes the analysis of individual annuities actuarial reserves by withdrawal characteristics, as of the dates indicated:

(in millions)	General account1			Separate account with guarantees		Separate account non- guaranteed		Total			% of Total
December 31, 2022
Subject to discretionary withdrawal:
With market value adjustment	$	2,279			90		-	$	2,369			4	%
At book value less current surrender charge of 5% or more		675			-		-		675			1	%
At fair value		11			-		57,823		57,834			87	%
Total with market value adjustment or at fair value	$	2,965		$	90	$	57,823	$	60,878			92	%
At book value without adjustment (minimal or no charge or adjustment)		3,365			-		6		3,371			5	%
Not subject to discretionary withdrawal		2,009			-		56		2,065			3	%
Total, gross	$	8,339		$	90	$	57,885	$	66,314			100	%
Less: Reinsurance ceded		(110	)		-		-		(110	)
Total, net	$	8,229		$	90	$	57,885	$	66,204
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	65		$	-	$	-	$	65
December 31, 2021
Subject to discretionary withdrawal:
With market value adjustment	$	622			125		-	$	747			1	%
At book value less current surrender charge of 5% or more		209			-		-		209			0	%
At fair value		12			-		73,141		73,153			93	%
Total with market value adjustment or at fair value	$	843		$	125	$	73,141	$	74,109			94	%
At book value without adjustment (minimal or no charge or adjustment)		3,295			-		6		3,301			4	%
Not subject to discretionary withdrawal		1,749			-		69		1,818			2	%
Total, gross	$	5,887		$	125	$	73,216	$	79,228			100	%
Less: Reinsurance ceded		(114	)		-		-		(114	)
Total, net	$	5,773		$	125	$	73,216	$	79,114
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	53		$	-	$	-	$	53

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

F-21

NATIONWIDE LIFE INSURANCE COMPANY

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

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

The following table summarizes the analysis of group annuities actuarial reserves by withdrawal characteristics, as of the dates indicated:

(in millions)	General account1			Separate account with guarantees		Separate account non- guaranteed		Total			% of Total
December 31, 2022
Subject to discretionary withdrawal:
With market value adjustment	$	18,397			2,069		-	$	20,466			49	%
At book value less current surrender charge of 5% or more		6			-		-		6			0	%
At fair value		-			-		15,701		15,701			38	%
Total with market value adjustment or at fair value	$	18,403		$	2,069	$	15,701	$	36,173			87	%
At book value without adjustment (minimal or no charge or adjustment)		4,211			-		-		4,211			10	%
Not subject to discretionary withdrawal		1,051			103		-		1,154			3	%
Total, gross	$	23,665		$	2,172	$	15,701	$	41,538			100	%
Less: Reinsurance ceded		(53	)		-		-		(53	)
Total, net	$	23,612		$	2,172	$	15,701	$	41,485
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	6		$	-	$	-	$	6
December 31, 2021
Subject to discretionary withdrawal:
With market value adjustment	$	18,205			2,389		-	$	20,594			44	%
At book value less current surrender charge of 5% or more		6			-		-		6			0	%
At fair value		-			-		20,679		20,679			44	%
Total with market value adjustment or at fair value	$	18,211		$	2,389	$	20,679	$	41,279			88	%
At book value without adjustment (minimal or no charge or adjustment)		5,227			-		-		5,227			11	%
Not subject to discretionary withdrawal		673			-		3		676			1	%
Total, gross	$	24,111		$	2,389	$	20,682	$	47,182			100	%
Less: Reinsurance ceded		(55	)		-		-		(55	)
Total, net	$	24,056		$	2,389	$	20,682	$	47,127
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	6		$	-	$	-	$	6

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

F-22

NATIONWIDE LIFE INSURANCE COMPANY

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

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

The following table summarizes the analysis of deposit-type contracts and other liabilities without life or disability contingencies by withdrawal characteristics, as of the dates indicated:

(in millions)	General account		Separate account non- guaranteed		Total		% of Total
December 31, 2022
Subject to discretionary withdrawal:
With market value adjustment	$	1	$	-	$	1		0	%
At fair value		-		-		-		0	%
Total with market value adjustment or at fair value	$	1	$	-	$	1		0	%
At book value without adjustment (minimal or no charge or adjustment)		666		2		668		16	%
Not subject to discretionary withdrawal		3,522		14		3,536		84	%
Total, gross	$	4,189	$	16	$	4,205		100	%
Less: Reinsurance ceded		-		-		-
Total, net	$	4,189	$	16	$	4,205
December 31, 2021
Subject to discretionary withdrawal:
With market value adjustment	$	2	$	-	$	2		0	%
At fair value		-		-		-		0	%
Total with market value adjustment or at fair value	$	2	$	-	$	2		0	%
At book value without adjustment (minimal or no charge or adjustment)		665		3		668		17	%
Not subject to discretionary withdrawal		3,132		17		3,149		83	%
Total, gross	$	3,799	$	20	$	3,819		100	%
Less: Reinsurance ceded		-		-		-
Total, net	$	3,799	$	20	$	3,819

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

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

F-23

NATIONWIDE LIFE INSURANCE COMPANY

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

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

The following table summarizes the analysis of life actuarial reserves by withdrawal characteristics, as of the dates indicated:

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

F-24

NATIONWIDE LIFE INSURANCE COMPANY

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

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

	General account									Separate account - nonguaranteed
(in millions)	Account value			Cash value			Reserve			Account value		Cash value		Reserve
December 31, 2021
Subject to discretionary withdrawal, surrender values or policy loans:
Term policies with cash value	$	-		$	11		$	11		$	-	$	-	$	-
Universal life		2,609			2,624			2,783			-		-		-
Universal life with secondary guarantees		395			320			855			-		-		-
Indexed universal life with secondary guarantees		232			174			251			-		-		-
Other permanent cash value life insurance		-			1,271			2,539			-		-		-
Variable life		2,334			2,403			2,503			27,487		27,480		27,480
Miscellaneous reserves		-			-			-			-		-		6
Subtotal	$	5,570		$	6,803		$	8,942		$	27,487	$	27,480	$	27,486
Not subject to discretionary withdrawal or no cash value:
Term policies without cash value		-			-			241			-		-		-
Accidental death benefits		-			-			1			-		-		-
Disability - active lives		-			-			14			-		-		-
Disability - disabled lives		-			-			58			-		-		-
Miscellaneous reserves		-			-			33			-		-		-
Total, gross	$	5,570		$	6,803		$	9,289		$	27,487	$	27,480	$	27,486
Less: reinsurance ceded		(9	)		(9	)		(209	)		-		-		-
Total, net	$	5,561		$	6,794		$	9,080		$	27,487	$	27,480	$	27,486

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

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

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

F-25

NATIONWIDE LIFE INSURANCE COMPANY

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

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

Direct Premium Written by Managing General Agents and Third Party Administrators

The following table summarizes direct premium written by managing general agents and third party administrators as of December 31, 2022:

(in millions) Managing general agent/ third party reserve	FEIN number	Exclusive contract		Types of business written		Types of authority granted1	Total Direct Premium
AccuRisk Solutions, LLC	31-1777676		Not Exclusive		Accident & health	C / CA / B / P / U		106
BEAM Insurance Administrators, LLC	61-1776148		Not Exclusive		Accident & health	C / CA / B / P / U		6
Fringe Insurance Benefits, Inc.	74-2616364		Not Exclusive		Accident & health	B / P / U		40
Gilsbar, Inc.	72-0519951		Not Exclusive		Accident & health	B / P / U		18
IRC	74-2824053		Not Exclusive		Accident & health	C / CA / B / P / U		26
Maverick Health Solutions, LLC	87-3345548		Not Exclusive		Accident & health	B / C / CA / P		2
Merchants Benefit Administration, Inc.	86-0875918		Exclusive		Accident & health	B / C / CA / P		31
PRAM Insurance Services, Inc.	33-0367265		Not Exclusive		Accident & health	C / CA / B / P / U		5
RMTS - Manufacturers & Traders Trust Co.	20-1049240		Not Exclusive		Accident & health	C / CA / B / P / U		32
Roundstone Management, Ltd.	27-0371422		Not Exclusive		Accident & health	C / CA / B / P / U		90
Star Line Group	04-3499188		Not Exclusive		Accident & health	C / CA / B / P / U		6
TMS RE Inc	65-0644164		Not Exclusive		Accident & health	C / CA / B / P / U		45
United Group Programs Inc.	59-1896277		Not Exclusive		Accident & health	C / CA / B / P / U		8
Total Direct Premiums Written and Produced							$	415

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

F-26

NATIONWIDE LIFE INSURANCE COMPANY

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

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

(4)    Separate Accounts

The Company’s separate account statement includes assets legally insulated from the general account as of the dates indicated, attributed to the following product lines:

	December 31, 2022				December 31, 2021
(in millions)	Separate account assets legally insulated		Separate account assets (not legally insulated)		Separate account assets legally insulated		Separate account assets (not legally insulated)
Product / Transaction:
Individual annuities	$	63,282	$	-	$	79,416	$	-
Group annuities		13,743		-		18,091		-
Life insurance		25,688		-		27,865		-
Pension risk transfer group annuities		95		-		-		-
Total	$	102,808	$	-	$	125,372	$	-

The following table summarizes amounts paid towards separate account guarantees by the general account and related risk charges paid by the separate account for the years ended:

(in millions)	Total paid toward separate account guarantees		Risk charges paid to general account
2022	$	79	$	722
2021	$	12	$	674
2020	$	26	$	631
2019	$	58	$	612
2018	$	18	$	594

The Company does not engage in securities lending transactions within its separate accounts.

Most separate accounts held by the Company relate to individual and group variable annuity and variable universal life insurance contracts of a non-guaranteed return nature. The net investment experience of the separate accounts is credited directly to the contract holder and can be positive or negative. The individual variable annuity contracts generally provide an incidental death benefit of the greater of account value or premium paid (net of prior withdrawals). However, many individual variable annuity contracts also provide death benefits equal to (i) the most recent fifth-year anniversary account value, (ii) the highest account value on any previous anniversary, (iii) premiums paid increased 5% or certain combinations of these, all adjusted for prior withdrawals. The death benefit and cash value under the variable universal life policies may vary with the investment performance of the underlying investments in the separate accounts. The assets and liabilities of these separate accounts are carried at fair value and are non-guaranteed.

Certain other separate accounts offered by the Company contain groups of variable universal life policies wherein the assets supporting account values on the underlying policies reside in Private Placement Separate Accounts. They provide a quarterly interest rate based on a crediting formula that reflects the market value to book value ratio of the investments, investment portfolio yield and a specified duration.

Certain other separate accounts relate to a guaranteed term option, which provides a guaranteed interest rate that is paid over certain maturity durations ranging from three to ten years, so long as certain conditions are met. If amounts allocated to the guaranteed term option are distributed prior to the maturity period, a market value adjustment can be assessed. The assets and liabilities of these separate accounts are carried at fair value.

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

Another separate account offered by the Company contains a group of universal life policies wherein the assets supporting the account values on the underlying policies reside in a Private Placement Separate Account. It provides an annual interest rate guarantee, subject to a minimum guarantee of 3%. The interest rate declared each year reflects the anticipated investment experience of the account. The business has been included as a nonindexed guarantee less than or equal to 4%.

F-27

NATIONWIDE LIFE INSURANCE COMPANY

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

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

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

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

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

(in millions)	Nonindexed guarantee less than or equal to 4%		Nonindexed guarantee more than 4%		Nonguaranteed separate accounts		Total
December 31, 2021
Premiums, considerations or deposits	$	221	$	-	$	8,088	$	8,309
Reserves
For accounts with assets at:
Fair value	$	2,368	$	146	$	121,404	$	123,918
Amortized cost		308		-		-		308
Total reserves1	$	2,676	$	146	$	121,404	$	124,226
By withdrawal characteristics:
With market value adjustment	$	2,368	$	146	$	-	$	2,514
At fair value		-		-		121,307		121,307
At book value without market value adjustment and with current surrender charge less than 5%		308		-		9		317
Subtotal	$	2,676	$	146	$	121,316	$	124,138
Not subject to discretionary withdrawal		-		-		88		88
Total reserves1	$	2,676	$	146	$	121,404	$	124,226

1 The total reserves balance does not equal the liabilities related to separate accounts of $125.4 billion in the statutory statements of admitted assets, liabilities, capital and surplus by $1.2 billion, due to an adjustment for CARVM/CRVM reserves and other liabilities that have not been allocated to the categories outlined above.

F-28

NATIONWIDE LIFE INSURANCE COMPANY

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

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

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

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

F-29

NATIONWIDE LIFE INSURANCE COMPANY

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

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

(5)    Investments

Bonds and Stocks

The following table summarizes the carrying value, the excess of fair value over carrying value, the excess of carrying value over fair value and the fair value of bonds and stocks, as of the dates indicated:

(in millions)	Carrying value		Fair value in excess of carrying value		Carrying value in excess of fair value		Fair value
December 31, 2022
Bonds:
U.S. Government	$	1	$	-	$	-	$	1
States, territories and possessions		561		7		55		513
Political subdivisions		380		9		28		361
Special revenues		3,035		36		362		2,709
Industrial and miscellaneous		29,529		118		3,115		26,532
Loan-backed and structured securities		6,702		30		438		6,294
Total bonds	$	40,208	$	200	$	3,998	$	36,410
Common stocks unaffiliated	$	239	$	-	$	-	$	239
Preferred stocks unaffiliated		30		1		-		31
Total unaffiliated stocks1	$	269	$	1	$	-	$	270
Total bonds and unaffiliated stocks1	$	40,477	$	201	$	3,998	$	36,680
December 31, 2021
Bonds:
U.S. Government	$	12	$	-	$	-	$	12
States, territories and possessions		463		44		1		506
Political subdivisions		376		66		-		442
Special revenues		2,882		489		2		3,369
Industrial and miscellaneous		28,233		2,649		86		30,796
Loan-backed and structured securities		5,965		183		31		6,117
Total bonds	$	37,931	$	3,431	$	120	$	41,242
Common stocks unaffiliated	$	225	$	-	$	-	$	225
Preferred stocks unaffiliated		50		-		-		50
Total unaffiliated stocks1	$	275	$	-	$	-	$	275
Total bonds and unaffiliated stocks1	$	38,206	$	3,431	$	120	$	41,517

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

The carrying value of bonds on deposit with various states as required by law or special escrow agreement was $3 million as of December 31, 2022 and 2021.

F-30

NATIONWIDE LIFE INSURANCE COMPANY

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

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

The following table summarizes the carrying value and fair value of bonds, by contractual maturity, as of December 31, 2022. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without early redemption penalties:

(in millions)	Carrying value		Fair value
Bonds:
Due in one year or less	$	964	$	959
Due after one year through five years		8,339		7,969
Due after five years through ten years		10,276		9,208
Due after ten years		13,927		11,980
Total bonds excluding loan-backed and structured securities	$	33,506	$	30,116
Loan-backed and structured securities		6,702		6,294
Total bonds	$	40,208	$	36,410

The following table summarizes the fair value and unrealized losses on bonds and stocks (amount by which cost or amortized cost exceeds fair value), for which other-than-temporary declines in value have not been recognized, based on the amount of time each type of bond or stock has been in an unrealized loss position, as of the dates indicated:

	Less than or equal to one year				More than one year				Total
(in millions)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
December 31, 2022
Bonds:
U.S. Government	$	1	$	-	$	-	$	-	$	1	$	-
States, territories and possessions		352		49		23		6		375		55
Political subdivisions		157		27		-		-		157		27
Special revenues		1,935		332		55		22		1,990		354
Industrial and miscellaneous		21,261		2,526		2,604		739		23,865		3,265
Loan-backed and structured securities		3,800		263		2,079		177		5,879		440
Total bonds	$	27,506	$	3,197	$	4,761	$	944	$	32,267	$	4,141
Common stocks unaffiliated	$	45	$	11	$	19	$	6	$	64	$	17
Preferred stocks unaffiliated		20		2		3		1		23		3
Total unaffiliated stocks	$	65	$	13	$	22	$	7	$	87	$	20
Total bonds and unaffiliated stocks	$	27,571	$	3,210	$	4,783	$	951	$	32,354	$	4,161
December 31, 2021
Bonds:
U.S. Government	$	3	$	-	$	-	$	-	$	3	$	-
States, territories and possessions		77		1		1		-		78		1
Special revenues		76		2		-		-		76		2
Industrial and miscellaneous		3,355		74		455		48		3,810		122
Loan-backed and structured securities		2,005		14		332		19		2,337		33
Total bonds	$	5,516	$	91	$	788	$	67	$	6,304	$	158
Common stocks unaffiliated	$	-	$	-	$	23	$	2	$	23	$	2
Preferred stocks unaffiliated		14		-		-		-		14		-
Total unaffiliated stocks	$	14	$	-	$	23	$	2	$	37	$	2
Total bonds and unaffiliated stocks	$	5,530	$	91	$	811	$	69	$	6,341	$	160

As of December 31, 2022, management evaluated securities in an unrealized loss position for impairment. As of the reporting date, the Company has the intent and ability to hold these securities until the fair value recovers, which may be maturity, and therefore, does not consider the securities to be other-than-temporarily impaired.

There was no intent to sell loan-backed and structured securities that have been identified as having other-than-temporary impairments for the years ended December 31, 2022 and 2021.

F-31

NATIONWIDE LIFE INSURANCE COMPANY

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

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

Mortgage Loans, Net of Allowance

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

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

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

As of December 31, 2022 and 2021, the Company’s mortgage loans classified as delinquent and/or in non-accrual status were immaterial in relation to the total mortgage loan portfolio.

The following table summarizes the LTV ratio and DSC ratio of the mortgage loan portfolio as of the dates indicated:

	LTV ratio						DSC ratio
(in millions)	Less than 90%		90% or greater		Total		Greater than 1.00			Less than or equal to 1.00			Total
December 31, 2022
Apartment	$	3,651	$	22	$	3,673	$	3,632		$	41		$	3,673
Industrial		1,437		-		1,437		1,437			-			1,437
Office		1,223		3		1,226		1,214			12			1,226
Retail		1,815		8		1,823		1,794			29			1,823
Other		225		-		225		217			8			225
Total1	$	8,351	$	33	$	8,384	$	8,294		$	90		$	8,384
Weighted average DSC ratio		2.20		0.82		2.19		n/a			n/a			n/a
Weighted average LTV ratio		n/a		n/a		n/a		57	%		81	%		57%
December 31, 2021
Apartment	$	3,441	$	33	$	3,474	$	3,445		$	29		$	3,474
Industrial		1,137		-		1,137		1,137			-			1,137
Office		1,226		25		1,251		1,231			20			1,251
Retail		2,067		41		2,108		2,068			40			2,108
Other		171		-		171		171			-			171
Total1	$	8,042	$	99	$	8,141	$	8,052		$	89		$	8,141
Weighted average DSC ratio		2.22		1.31		2.21		n/a			n/a			n/a
Weighted average LTV ratio		n/a		n/a		n/a		59	%		78	%		59%

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

As of December 31, 2022 and 2021, the Company has a diversified mortgage loan portfolio with no more than 23% and 24%, respectively, in a geographic region in the U.S. and no more than 1% with any one borrower. The maximum and minimum lending rates for mortgage loans originated or acquired during 2022 were 11.0% and 2.9%, respectively, and for those originated or acquired during 2021 were 4.1% and 1.9%, respectively. As of December 31, 2022 and 2021, the maximum LTV ratio of any one loan at the time of loan origination was 80%. As of December 31, 2022 and 2021, the Company did not hold mortgage loans with interest 90 days or more past due. Additionally, there were no taxes, assessments or any amounts advanced and not included in the mortgage loan portfolio.

F-32

NATIONWIDE LIFE INSURANCE COMPANY

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

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

Securities Lending

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

Net Investment Income

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

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

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

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

Net Realized Capital Gains and Losses

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

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

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

For the year ended December 31, 2022, gross realized gains and gross realized losses on sales of bonds were $7 million and $145 million, respectively. For the year ended December 31, 2021, gross realized gains and gross realized losses on sales of bonds were $80 million and $31 million, respectively. For the year ended December 31, 2020, gross realized gains and gross realized losses on sales of bonds were $26 million and $38 million, respectively.

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

F-33

NATIONWIDE LIFE INSURANCE COMPANY

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

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

Investment Commitments

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

(6) Derivative Instruments

The Company is exposed to certain risks related to its ongoing business operations which are managed using derivative instruments.

Interest rate risk management. In the normal course of business, the Company enters into transactions that expose it to interest rate risk arising from mismatches between assets and liabilities. The Company may use interest rate swaps and futures to reduce or alter interest rate exposure.

Interest rate contracts are used by the Company in association with fixed and variable rate investments to achieve cash flow streams that support certain financial obligations of the Company and to produce desired investment returns. As such, interest rate contracts are generally used to convert fixed rate cash flow streams to variable rate cash flow streams or vice versa.

Equity market risk management. The Company issues a variety of insurance products that expose it to equity risks. To mitigate these risks, the Company enters into a variety of derivatives including futures and options.

Indexed crediting risk management. The Company issues a variety of insurance and annuity products with indexed crediting features that expose the Company to risks related to the performance of an underlying index. To mitigate these risks, the Company enters into a variety of derivatives including index options, total return swaps and futures. The underlying indices can have exposure to equites, commodities and fixed income securities.

Other risk management. As part of its regular investing activities, the Company may purchase foreign currency denominated investments. These investments and the associated income expose the Company to volatility associated with movements in foreign exchange rates. As foreign exchange rates change, the increase or decrease in the cash flows of the derivative instrument are intended to mitigate the changes in the functional-currency equivalent cash flows of the hedged item. To mitigate this risk, the Company uses cross-currency swaps.

Credit risk associated with derivatives transactions. The Company periodically evaluates the risks within the derivative portfolios due to credit exposure. When evaluating this risk, the Company considers several factors which include, but are not limited to, the counterparty credit risk associated with derivative receivables, the Company’s own credit as it relates to derivative payables, the collateral thresholds associated with each counterparty and changes in relevant market data in order to gain insight into the probability of default by the counterparty. The Company also considers the impact credit exposure could have on the effectiveness of the Company’s hedging relationships. As of December 31, 2022 and 2021, the impact of the exposure to credit risk on the fair value measurement of derivatives and the effectiveness of the Company’s hedging relationships was immaterial.

F-34

NATIONWIDE LIFE INSURANCE COMPANY

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

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

The following table summarizes the fair value, carrying value and related notional amounts of derivative instruments, as of the dates indicated:

(in millions)	Notional amount		Net Carrying Value		Fair value asset		Fair value liability			Average fair value
December 31, 2022
Interest rate swaps	$	-	$	-	$	-	$	-		$	-
Options		96		1		2		-			-
Cross currency swaps		1,498		135		174		(9	)		2
Futures		3,316		-		-		-			-
Total derivatives¹	$	4,910	$	136	$	176	$	(9	)	$	2
December 31, 2021
Interest rate swaps	$	7	$	-	$	-	$	-		$	-
Options		25		1		1		-			-
Cross currency swaps		1,465		32		101		(13	)		1
Futures		2,715		-		-		-			-
Total derivatives¹	$	4,212	$	33	$	102	$	(13	)	$	1

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

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

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

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

F-35

NATIONWIDE LIFE INSURANCE COMPANY

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

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

(7) Fair Value Measurements

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

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

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

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

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

The following table summarizes assets and liabilities held at fair value as of December 31, 2021:

(in millions)	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets
Bonds	$	-	$	7	$	1	$	-	$	8
Common stocks unaffiliated		82		143		-		-		225
Preferred stocks unaffiliated		-		44		6		-		50
Separate account assets		119,549		2,087		49		3,354		125,039
Assets at fair value	$	119,631	$	2,281	$	56	$	3,354	$	125,322

The following table presents the rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2021:

(in millions)	Bonds			Common stocks     unaffiliated			Preferred stocks unaffiliated1		Separate     account assets			Assets     at fair value
Balance as of December 31, 2020	$	1		$	1		$	-	$	58		$	60
Net gains (losses):
In surplus		-			-			1		6			7
Purchases		1			-			1		-			2
Sales		(1	)		-			-		(15	)		(16	)
Transfers into Level 3		-			-			4		-			4
Transfers out of Level 3		-			(1	)		-		-			(1	)
Balance as of December 31, 2021	$	1		$	-		$	6	$	49			56

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

F-36

NATIONWIDE LIFE INSURANCE COMPANY

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

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

The following table summarizes the carrying value and fair value of the Company’s assets and liabilities not held at fair value as of the dates indicated. The valuation techniques used to estimate these fair values are described below or in Note 2.

	Fair Value
(in millions)	Level 1		Level 2		Level 3		Total fair value		Carrying value
December 31, 2022
Assets:
Bonds1	$	1	$	32,048	$	4,350	$	36,399	$	40,197
Mortgage loans, net of allowance		-		-		7,351		7,351		8,363
Policy loans		-		-		933		933		933
Derivative assets		-		174		2		176		143
Cash, cash equivalents and short-term investments		613		1,008		-		1,621		1,621
Securities lending collateral assets		232		-		-		232		232
Separate account assets		4		311		41		356		391
Total assets	$	850	$	33,541	$	12,677	$	47,068	$	51,880
Liabilities:
Investment contracts	$	-	$	-	$	3,158	$	3,158	$	3,148
Derivative liabilities		-		9		-		9		7
Total liabilities	$	-	$	9	$	3,158	$	3,167	$	3,155
December 31, 2021
Assets:
Bonds1	$	2	$	35,874	$	5,358	$	41,234	$	37,923
Mortgage loans, net of allowance		-		-		8,340		8,340		8,185
Policy loans		-		-		913		913		913
Derivative assets		-		101		1		102		64
Cash, cash equivalents and short-term investments		127		509		-		636		636
Securities lending collateral assets		170		-		-		170		170
Separate account assets		3		374		3		380		333
Total assets	$	302	$	36,858	$	14,615	$	51,775	$	48,224
Liabilities:
Investment contracts	$	-	$	-	$	2,720	$	2,720	$	2,715
Derivative liabilities		-		13		-		13		31
Total liabilities	$	-	$	13	$	2,720	$	2,733	$	2,746

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

Mortgage loans, net of allowance. The fair values of mortgage loans are primarily estimated using discounted cash flow analyses based on interest rates currently being offered for similar loans to borrowers with similar credit ratings.

Policy loans. The carrying amount reported in the statutory statements of admitted assets, liabilities, capital and surplus approximates fair value as policy loans are fully collateralized by the cash surrender value of underlying insurance policies.

Securities lending collateral assets. These assets are comprised of bonds and short-term investments and the respective fair values are estimated based on the fair value methods described in Note 2.

Investment contracts. For investment contracts without defined maturities, fair value is the amount payable on demand, net of surrender charges. For investment contracts with known or determined maturities, fair value is estimated using discounted cash flow analysis. Interest rates used in this analysis are similar to currently offered contracts with maturities consistent with those remaining for the contracts being valued. The fair value of adjustable rate contracts approximates their carrying value.

F-37

NATIONWIDE LIFE INSURANCE COMPANY

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

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

(8) Federal Income Taxes

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

	December 31, 2022
(in millions)	Ordinary			Capital			Total
Total gross deferred tax assets	$	820		$	32		$	852
Statutory valuation allowance adjustment		-			-			-
Adjusted gross deferred tax assets	$	820		$	32		$	852
Less: Deferred tax assets nonadmitted		(96	)		(7	)		(103)
Net admitted deferred tax assets	$	724		$	25		$	749
Less: Deferred tax liabilities		(147	)		(13	)		(160)
Net admitted deferred tax assets	$	577		$	12		$	589
	December 31, 2021
(in millions)	Ordinary			Capital			Total
Total gross deferred tax assets	$	759		$	30		$	789
Statutory valuation allowance adjustment		-			-			-
Adjusted gross deferred tax assets	$	759		$	30		$	789
Less: Deferred tax assets nonadmitted		(71	)		(12	)		(83)
Net admitted deferred tax assets	$	688		$	18		$	706
Less: Deferred tax liabilities		(81	)		(7	)		(88)
Net admitted deferred tax assets	$	607		$	11		$	618

The following table summarizes components of the change in deferred income taxes reported in capital and surplus before consideration of nonadmitted assets and changes from the prior year, as of the dates indicated:

	December 31,
(in millions)	2022			2021			Change
Adjusted gross deferred tax assets	$	852		$	789		$	63
Total deferred tax liabilities		(160	)		(88	)		(72	)
Net deferred tax assets	$	692		$	701		$	(9	)
Less: Tax effect of unrealized gains								(37	)
Change in deferred income tax							$	28

F-38

NATIONWIDE LIFE INSURANCE COMPANY

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

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

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

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

	December 31, 2021
(in millions)	Ordinary		Capital		Total
Federal income taxes recoverable through loss carryback	$	-	$	11	$	11
Adjusted gross deferred tax assets expected to be realized1		607		-		607
Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities		81		7		88
Admitted deferred tax assets	$	688	$	18	$	706

1 Note that this amount is calculated as the lesser of the adjusted gross deferred tax assets expected to be realized following the balance sheet date or the adjusted gross deferred tax assets allowed per the limitation threshold. For the years ended December 31, 2022 and 2021, the threshold limitation for adjusted capital and surplus was $1.4 billion and $1.3 billion, respectively.

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

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

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

	December 31, 2021
	Ordinary			Capital			Total
Adjusted gross deferred tax assets		0.00	%		0.00	%		0.00	%
Net admitted adjusted gross deferred tax assets		8.36	%		0.00	%		8.36	%

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

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

F-39

NATIONWIDE LIFE INSURANCE COMPANY

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

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

The following table summarizes the tax effects of temporary differences and the change from the prior year, for the years ended:

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

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion of the total deferred tax assets will not be realized. Valuation allowances are established when necessary to reduce the deferred tax assets to amounts expected to be realized. Based on the Company’s analysis, it is more likely than not that the results of future operations and the implementation of tax planning strategies will generate sufficient taxable income to enable the Company to realize all deferred tax assets. Therefore, no valuation allowances have been established as of December 31, 2022 and 2021.

F-40

NATIONWIDE LIFE INSURANCE COMPANY

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

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

The following table summarizes the Company’s income tax incurred and change in deferred income tax. The total income tax and change in deferred income tax differs from the amount obtained by applying the federal statutory rate to income (loss) before tax as follows, for the years ended:

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

The Company incurred $11 million in federal income tax expense in 2021, which is available for recoupment in the event of future net losses.

The following table summarizes operating loss or tax credit carry-forwards available as of December 31, 2022:

(in millions)	Amount		Origination		Expiration
Business credits	$	27		2015		2035
Business credits	$	62		2016		2036
Business credits	$	62		2017		2037
Business credits	$	30		2018		2038
Business credits	$	27		2019		2039
Business credits	$	29		2020		2040
Business credits	$	28		2021		2041
Business credits	$	29		2022		2042

F-41

NATIONWIDE LIFE INSURANCE COMPANY

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

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

The Company is included in the NMIC consolidated federal income tax return which includes the following entities:

Nationwide Mutual Insurance Company AGMC Reinsurance, Ltd Allied Group, Inc. Allied Holding (Delaware), Inc. Allied Insurance Company of America Allied Property & Casualty Insurance Company Allied Texas Agency, Inc. AMCO Insurance Company American Marine Underwriters Crestbrook Insurance Company Depositors Insurance Company DVM Insurance Agency, Inc. Eagle Captive Reinsurance, LLC Freedom Specialty Insurance Company Harleysville Group Inc. Harleysville Insurance Co. of New York Harleysville Insurance Company Harleysville Insurance Company of New Jersey Harleysville Lake States Insurance Company Harleysville Life Insurance Company Harleysville Preferred Insurance Company Harleysville Worcester Insurance Company Jefferson National Financial Corporation Jefferson National Securities Corporation Lone Star General Agency, Inc. National Casualty Company Nationwide Advantage Mortgage Company Nationwide Affinity Insurance Company of America Nationwide Agent Risk Purchasing Group. Inc. Nationwide Agribusiness Insurance Company Nationwide Assurance Company Nationwide Cash Management Company Nationwide Corporation Nationwide Financial Assignment Company Nationwide Financial General Agency, Inc. Nationwide Financial Services, Inc. Nationwide General Insurance Company Nationwide Indemnity Company Nationwide Insurance Company of America Nationwide Insurance Company of Florida Nationwide Investment Services Corporation Nationwide Life and Annuity Ins. Company Nationwide Life Insurance Company Nationwide Lloyds Nationwide Property & Casualty Ins. Company Nationwide Retirement Solutions, Inc. Nationwide Sales Solutions, Inc. Nationwide Trust Company, FSB NBS Insurance Agency, Inc. NFS Distributors, Inc. Registered Investment Advisors Services, Inc. Retention Alternatives SAC Ltd. Scottsdale Indemnity Company Scottsdale Insurance Company Scottsdale Surplus Lines Insurance Company THI Holdings (Delaware), Inc. Titan Insurance Company Titan Insurance Services, Inc. Veterinary Pet Insurance Company Victoria Fire & Casualty Company Victoria Select Insurance Company VPI Services, Inc.

The method of allocation among the companies is based upon separate return calculations with current benefit for tax losses and credits utilized in the consolidated return.

The Company did not have any protective tax deposits under Section 6603 of the Internal Revenue Code as of December 31, 2022 and 2021.

The Company does not have any tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

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

F-42

NATIONWIDE LIFE INSURANCE COMPANY

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

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

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

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

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

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

(9) Short-Term Debt and FHLB Funding Agreements

Short-Term Debt

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

The Company has entered into an agreement with its custodial bank to borrow against the cash collateral that is posted in connection with its securities lending program. The maximum amount available under the agreement is $350 million. The borrowing rate on this program is equal to Effective Federal Funds Rate plus 0.18%. The Company had no amounts outstanding under this agreement as of December 31, 2022 and 2021.

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

The terms of certain debt instruments contain various restrictive covenants, including, but not limited to, minimum statutory surplus defined in the agreements. The Company was in compliance with all covenants as of December 31, 2022 and 2021.

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

FHLB Funding Agreements

The Company is a member of the FHLB. Through its membership, the FHLB established the Company’s capacity for short-term borrowings and cash advances under the funding agreement program at up to 50% of total admitted assets.

The Company’s Board of Directors has authorized the issuance of funding agreements up to $4.0 billion to the FHLB, shared between the Company and NLAIC, in exchange for cash advances, which are collateralized by pledged securities. The Company uses these funds in an investment spread strategy, consistent with its other investment spread operations. As such, the Company applies SSAP No. 52, Deposit-Type Contracts, accounting treatment to these funds, consistent with its other deposit-type contracts. It is not part of the Company’s strategy to utilize these funds for operations, and any funds obtained from the FHLB for use in general operations would be accounted for consistent with SSAP No. 15, Debt and Holding Company Obligations, as borrowed money. Membership requires the Company to purchase and hold a minimum amount of FHLB capital stock plus additional stock based on outstanding advances. The Company has $20 million and $25 million in membership stock as of December 31, 2022 and 2021, respectively. As part of the agreement, the Company purchased and held an additional $139 million and $118 million in activity stock as of December 31, 2022 and 2021, respectively, which is included in stocks on the statutory statements of admitted assets, liabilities, capital and surplus. The Company’s liability for advances from the FHLB was $3.1 billion and $2.7 billion as of December 31, 2022 and 2021, respectively, which is included in future policy benefits and claims on the statutory statements of admitted assets, liabilities, capital and surplus. As of February 27, 2023, the Company’s Board of Directors has authorized the issuance of funding agreements up to $6.0 billion to the FHLB, an increase of $2.0 billion, shared between the Company and NLAIC.

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

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

F-43

NATIONWIDE LIFE INSURANCE COMPANY

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

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

(10) Surplus Notes

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

(in millions)
Date issued	Interest rate			Par value		Carrying value		Interest and/ or principal paid in current year		Total interest and/or principal paid		Unapproved interest and/or principal		Date of maturity
December 31, 2022 12/19/2001		7.50	%	$	300	$	300	$	22	$	472	$	-		12/31/2031
6/27/2002		8.15	%		300		300		24		497		-		6/27/2032
12/23/2003		6.75	%		100		100		6		125		-		12/23/2033
12/20/2019		4.21	%		400		400		17		51		-		12/19/2059
Total				$	1,100	$	1,100	$	69	$	1,145	$	-
December 31, 2021 12/19/2001		7.50	%	$	300	$	300	$	22	$	450	$	-		12/31/2031
6/27/2002		8.15	%		300		300		25		473		-		6/27/2032
12/23/2003		6.75	%		100		100		7		119		-		12/23/2033
12/20/2019		4.21	%		400		400		17		34		-		12/19/2059
Total				$	1,100	$	1,100	$	71	$	1,076	$	-

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

(11) Reinsurance

The Company has 100% coinsurance agreement with funds withheld with Eagle to cede specified GMDB and GLWB obligations provided under substantially all of the variable annuity contracts and certain fixed indexed annuity contracts issued and to be issued by NLIC. While the GMDB and GLWB contract riders are ceded by NLIC to Eagle, the base annuity contracts and any non-reinsured risks will be retained by NLIC. Amounts ceded to Eagle during 2022, 2021 and 2020 included premiums of $637 million, $607 million and $627 million, respectively, benefits and claims, net of third party reinsurance recoveries of $75 million, $8 million, and $23 million respectively, net investment earnings on funds withheld assets of $52 million, $40 million and $49 million, respectively, and an expense allowance for third party reinsurance premiums of $2 million, $1 million and $1 million, respectively. As of December 31, 2022 and 2021, the carrying value of the funds withheld assets recorded within funds held under coinsurance was $1.6 billion and $1.1 billion, respectively, which consists of bonds and cash equivalents that had a carrying value of $1.5 billion and $954 million, respectively, and mortgage loans that had a carrying value of $95 million and $98 million, respectively. As of December 31, 2022 and 2021, the Company’s reserve credit for guaranteed benefits ceded under the reinsurance agreements was $253 million and $50 million, respectively. Amounts payable to Eagle related to the reinsurance agreements were $424 million and $204 million as of as of December 31, 2022 and December 31, 2021, respectively.

The Company has a reinsurance agreement with NMIC whereby nearly all of the Company’s accident and health business not ceded to unaffiliated reinsurers is ceded to NMIC on a modified coinsurance basis. Either party may terminate the agreement on January 1 of any year with prior notice. Under a modified coinsurance agreement, the ceding company retains invested assets, and investment earnings are paid to the reinsurer. Under the terms of the Company’s agreement, the investment risk associated with changes in interest rates is borne by the reinsurer. Risk of asset default is retained by the Company, although a fee is paid to the Company for the retention of such risk. The ceding of risk does not discharge the Company, as the original insurer, from its primary obligation to the policyholder. Amounts ceded to NMIC include revenues of $287 million, $281 million and $281 million for the years ended December 31, 2022, 2021 and 2020, respectively, while benefits, claims and expenses ceded were $267 million, $257 million and $260 million, respectively.

F-44

NATIONWIDE LIFE INSURANCE COMPANY

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

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

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

The Company has an intercompany reinsurance agreement with NLAIC whereby certain variable universal life insurance, whole life insurance and universal life insurance policies are assumed on a modified coinsurance basis. Total policy reserves under this treaty were $33 million and $35 million as of December 31, 2022 and 2021, respectively. Total premiums assumed under this treaty were $12 million, $12 million and $8 million during 2022, 2021 and 2020, respectively.

The Company has an intercompany reinsurance agreement with NLAIC whereby a certain life insurance contract is assumed on a 100% coinsurance basis. Policy reserves assumed under this agreement totaled $156 million and $155 million as of December 31, 2022 and 2021, respectively.

The Company has entered into reinsurance contracts to cede a portion of its individual annuity and life insurance business to unrelated reinsurers. Total reserve credits taken as of December 31, 2022 and 2021 were $345 million and $382 million, respectively. The three largest contracts are with Security Benefit Life Insurance Company (“SBL”), Scottish Re Group Limited (“SRG”), in Rehabilitation, and Security Life of Denver Life Insurance Company (“SLD”) as of December 31, 2022. Total reserve credits taken on these contracts as of December 31, 2022 and 2021 totaled $94 million and $96 million for each year, respectively, from SBL, $23 million and $25 million, respectively, from SRG, and $22 million and $21 million, respectively, from SLD. The ceding of risk does not relieve the Company, as the original insurer, from its primary obligation to the policyholder. Under the terms of the contracts, SBL and SRG, in Rehabilitation, have established trusts as collateral for the recoveries, whereby the trust assets are invested in investment grade securities, the fair value of which must at all times be greater or equal to 100% of the reinsured reserves.

F-45

NATIONWIDE LIFE INSURANCE COMPANY

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

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

(12) Transactions with Affiliates

The Company has entered into significant, recurring transactions and agreements with NMIC, other affiliates and subsidiaries as a part of its ongoing operations. These include annuity and life insurance contracts, office space cost sharing arrangements, and agreements related to reinsurance, cost sharing, tax sharing, administrative services, marketing, intercompany loans, intercompany repurchases, cash management services and software licensing. In addition, several benefit plans sponsored by NMIC are available to Nationwide employees, for which the Company has no legal obligations. Measures used to determine the allocation among companies includes individual employee estimates of time spent, special cost studies, the number of full-time employees and other methods agreed to by the participating companies.

In addition, Nationwide Services Company, LLC (“NSC”), a subsidiary of NMIC, provided data processing, systems development, hardware and software support, telephone, mail and other services to the Company, based on specified rates for units of service consumed pursuant to the enterprise cost sharing agreement. As of January 1, 2022 NSC merged into NNOV8, LLC, a subsidiary of NMIC, and all services going forward were provided by NMIC. For the year ended December 31, 2022, the Company was allocated costs from NMIC totaling $285 million. For the years ended 2021 and 2020, the Company was allocated costs from NMIC and NSC totaling $288 million and $281 million, respectively.

The Company has issued group annuity and life insurance contracts and performs administrative services for various employee benefit plans sponsored by NMIC or its affiliates. Total account values of these contracts were $3.7 billion and $3.8 billion as of December 31, 2022 and 2021, respectively. Total revenues from these contracts were $127 million, $121 million and $122 million for the years ended December 31, 2022, 2021 and 2020, respectively, and include policy charges, net investment income from investments backing the contracts and administrative fees. Total interest credited to the account balances were $87 million, $113 million and $115 million for the years ended December 31, 2022, 2021 and 2020, respectively.

The Company may underwrite insurance policies for its officers, directors, and/or other personnel providing services to the Company. The Company may offer discounts on certain products that are subject to applicable state insurance laws and approvals.

Under the enterprise cost sharing agreement, the Company has a cost sharing arrangement with NMIC to occupy office space. For the years ended December 31, 2022, 2021 and 2020, the Company was allocated costs from NMIC of $12 million, $12 million and $13 million, respectively.

The Company receives an annual fee payable from the Tax Credit Funds, for which it is a guarantor and Managing Member, for its services in connection with the oversight of the performance of the Investee Partnerships and the compliance by their managing members and managing agents thereof with the provisions of the various operating level agreements and applicable laws. The Company earned $3 million, $3 million, and $2 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Funds of Nationwide Funds Group (“NFG”), a group of Nationwide businesses that develops, sells and services mutual funds, are offered to the Company’s customers as investment options in certain of the Company’s products. As of December 31, 2022 and 2021, customer allocations to NFG funds totaled $63.0 billion and $76.8 billion, respectively. For the years ended December 31, 2022, 2021 and 2020, NFG paid the Company $242 million, $265 million and $229 million, respectively, for the distribution and servicing of these funds.

Amounts on deposit with NCMC for the benefit of the Company were $1.0 billion and $509 million as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, amounts on deposit with NCMC were comprised of $883 million and $483 million, respectively, of cash equivalents, with remaining amounts in short-term investments.

Certain annuity products are sold through affiliated companies, which are also subsidiaries of NFS. Total commissions and fees paid to these affiliates for the years ended December 31, 2022, 2021 and 2020 was $112 million, $74 million and $69 million, respectively.

The Company provides financing to Nationwide Realty Investors, LTD, a subsidiary of NMIC with interest rates ranging from 3.6% to 4.9% and maturity dates ranging from June 2023 to July 2041. As of December 31, 2022 and 2021, the Company had mortgage loans outstanding of $338 million and $358 million, respectively.

The Company also participates in intercompany repurchase agreements with affiliates whereby the seller transfers securities to the buyer at a stated value. Upon demand or after a stated period, the seller repurchases the securities from the buyer at the original sales price plus interest. As of December 31, 2022 and 2021, the Company had no outstanding borrowings from affiliated entities under such agreements. During 2022 and 2021, there were no outstanding borrowings from affiliated entities at any given time. The amount the Company incurred for interest expense on intercompany repurchase agreements during 2022, 2021 and 2020 were immaterial.

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

F-46

NATIONWIDE LIFE INSURANCE COMPANY

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

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

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

The company has an unsecured promissory note and revolving line of credit with JNLNY whereby JNLNY can borrow up to $5 million. No amounts have been drawn on the note as of December 31, 2022 or through the subsequent event date.

Pursuant to financial support agreements, the Company has agreed to provide NLAIC and JNL with the minimum capital and surplus required by each state in which NLAIC and JNL does business. These agreements do not constitute the Company as guarantor of any obligation or indebtedness of NLAIC or JNL or provide any creditor of NLAIC or JNL with recourse to or against any of the assets of the Company.

Eagle’s surplus position is evaluated quarterly to determine if an additional surplus contribution is required from the Company or if a distribution to the Company can be declared as of each quarter end.

During 2022, the Company made surplus contributions to Eagle. On June 30, 2022 and July 19, 2022, the Company made surplus contributions to Eagle of $225 million and $1 million, respectively.

During 2022 and 2021 Eagle declared distributions to the Company based on their earned surplus position. On February 10, 2023, the Company received a total distribution of $332 million that was declared on December 30, 2022 and consisted of a return of contributed surplus of $221 million and a dividend of $111 million. The return of contributed surplus receivable was recorded in other invested assets and the dividend receivable was recorded in investment income due and accrued as of December 31, 2022. On November 10, 2022, the Company received a return of contributed surplus distribution of $5 million that was declared on September 30, 2022. On May 10, 2022, the Company received a dividend distribution of $19 million that was declared on March 31, 2022. On February 10, 2022, the Company received a dividend distribution of $168 million that was declared on December 31, 2021. The dividend receivable was recorded in accrued investment income as of December 31, 2021. On November 10, 2021, the Company received a dividend distribution of $45 million that was declared on September 30, 2021. On August 10, 2021, the Company received a dividend distribution of $20 million that was declared on June 30, 2021. On May 10, 2021, the Company received a dividend distribution of $191 million that was declared on March 31, 2021.

On December 22, 2021, the Company and NLAIC entered into a short-term loan where NLAIC borrowed $80 million from the Company. NLAIC repaid the short-term loan in full on January 4, 2022.

In March 2022, the Company executed a $850 million unsecured promissory note and revolving line of credit agreement with Nationwide SBL, LLC (“NWSBL”), an affiliate, at an interest rate of 1-month LIBOR plus 1.25% with a maturity date of March 1, 2023. As of December 31, 2022 NWSBL had outstanding borrowings of $168 million. During 2023, additional draws increased the outstanding balance to $198 million as of February 28, 2023. On March 1, 2023, the current $198 million balance was repaid and a replacement agreement was entered into with a draw amount of $198 million at an interest rate of 1-month SOFR plus 0.9% and a maturity date of February 28, 2024. On March 14, 2023, an additional draw of $25 million increased the outstanding balance to $223 million.

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

During 2020, the Company sold securities of $59 million to Nationwide Mutual Fire Insurance Company for cash, which resulted in a realized loss of $2 million.

The Company utilizes the look-through approach in valuing its investment in Nationwide Real Estate Investors (NLIC), LLC (“NW REI (NLIC)”), a subsidiary of NMIC, at $140 million and $71 million as of December 31, 2022 and 2021, respectively. NW REI (NLIC)’s financial statements are not audited and the Company has limited the value of its investment in NW REI (NLIC) to the value contained in the audited statutory financial statements of the underlying investments. All liabilities, commitments, contingencies, guarantees or obligations of the NW REI (NLIC), which are required under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in NW REI (NLIC), if not already recorded in the financial statements of NW REI (NLIC).

F-47

NATIONWIDE LIFE INSURANCE COMPANY

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

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

(13) Contingencies

Legal and Regulatory Matters

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

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

Guarantees

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

The contractual obligations under NLAIC’s single premium deferred annuity (“SPDA”) contracts in force and issued before September 1, 1988 are guaranteed by the Company. Total SPDA contracts affected by this guarantee in force were approximately $7 million as of December 31, 2022 and 2021.

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

Indemnifications

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

F-48

NATIONWIDE LIFE INSURANCE COMPANY

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

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

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

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

The State of Ohio insurance laws require insurers to seek prior regulatory approval to pay a dividend or distribution of cash or other property if the fair market value thereof, together with that of other dividends or distributions made in the preceding twelve months, exceeds the greater of (i) 10% of statutory-basis capital and surplus as of the prior December 31 or (ii) the statutory-basis net income of the insurer for the prior year. No dividends were paid by the Company to NFS for the years ended December 31, 2022 and 2020. In March 2021, the Company paid an ordinary dividend of $550 million to NFS. The Company’s statutory capital and surplus as of December 31, 2022, was $10.2 billion and statutory net income for 2022 was $974 million. As of January 1, 2023, the Company has the ability to pay dividends to NFS totaling $1.0 billion without obtaining prior approval.

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

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

F-49

NATIONWIDE LIFE INSURANCE COMPANY

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

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

As of December 31, 2022:

(in millions)	Column A	Column B		Column C		Column D
	Type of investment	Cost		Fair value		Amount at which is shown in the statutory statements of admitted assets, liabilities, capital and surplus
Bonds:
U.S. Treasury securities and obligations of U.S. government corporations		$	1	$	1	$	1
U.S. government and agencies			115		116		115
Obligations of states and political subdivisions			3,604		3,244		3,604
Foreign governments			279		251		279
Public utilities			4,269		3,752		4,229
All other corporate, mortgage-backed and asset-backed securities			32,082		29,046		31,980
Total fixed maturity securities		$	40,350	$	36,410	$	40,208
Equity securities:
Common Stocks:
Banks, trust and insurance companies			68		58		58
Industrial, miscellaneous and all other			187		181		181
Nonredeemable preferred stocks			33		32		31
Total equity securities1		$	288	$	271	$	270
Mortgage loans2			8,402				8,363
Short-term investments			1,621				1,621
Policy loans			934				933
Other long-term investments3			2,023				2,023
Total invested assets		$	53,618			$	53,418

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

2 Difference from Column B is attributable to valuation allowances on mortgage loans (see Note 5 to the audited statutory financial statements).

3 Includes derivatives, securities lending reinvested collateral assets and other invested assets. Amount does not agree to the statutory statements of admitted assets, liabilities, capital and surplus as investments in related parties of $200 million are excluded.

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

F-50

NATIONWIDE LIFE INSURANCE COMPANY

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

Schedule III    Supplementary Insurance Information

As of December 31, 2022, 2021 and 2020 and for each of the years then ended (in millions):

Column A	Column B		Column C		Column D	Column E		Column F
Year: Segment	Deferred policy acquisition costs1		Future policy benefits, losses, claims and loss expenses		Unearned premiums2	Other policy claims and benefits payable2		Premium revenue
2022
Life Insurance			$	5,353				$	415
Annuities				10,641					6,457
Retirement Solutions				21,818					4,398
Corporate Solutions and Other				7,670					3,265
Total			$	45,482				$	14,535
2021
Life Insurance			$	5,306				$	425
Annuities				8,026					6,686
Retirement Solutions				22,446					4,377
Corporate Solutions and Other				6,721					1,176
Total			$	42,499				$	12,664
2020
Life Insurance			$	5,204				$	394
Annuities				7,837					3,443
Retirement Solutions				22,362					5,939
Corporate Solutions and Other				5,599					861
Total			$	41,002				$	10,637
Column A	Column G		Column H		Column I	Column J		Column K
Year: Segment	Net investment income3		Benefits, claims, losses and settlement expenses4		Amortization of deferred policy acquisition costs1	Other operating expenses		Premiums written
2022
Life Insurance	$	261	$	730		$	105
Annuities		346		11,154			136
Retirement Solutions		860		5,895			120
Corporate Solutions and Other		552		1,519			174
Total	$	2,019	$	19,298		$	535
2021
Life Insurance	$	254	$	311		$	107
Annuities		337		9,489			41
Retirement Solutions		861		6,895			122
Corporate Solutions and Other		779		1,304			169
Total	$	2,231	$	17,999		$	439
2020
Life Insurance	$	247	$	772		$	123
Annuities		338		7,539			55
Retirement Solutions		843		8,258			131
Corporate Solutions and Other		679		717			135
Total	$	2,107	$	17,286		$	444

1 Deferred policy acquisition costs and amortization of deferred policy acquisition costs are not applicable for statutory basis of accounting.

2 Unearned premiums and other policy claims and benefits payable are included in Column C amounts.

3 Allocations of net investment income and certain operating expenses are based on numerous assumptions and estimates and reported segment operating results would change if different methods were applied.

4 Benefits to policyholders and beneficiaries, increase in reserves for future policy benefits and claims and commissions are included in Column H amounts.

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

F-51

NATIONWIDE LIFE INSURANCE COMPANY

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

Schedule IV     Reinsurance

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

(in millions)
Column A	Column B		Column C			Column D		Column E
	Gross amount		Ceded to other companies			Assumed from other companies		Net amount
2022
Life insurance in force	$	145,173	$	(29,598	)	$	605	$	116,180
Premiums:
Life Insurance1	$	3,473	$	(144	)	$	12	$	3,341
Accident and health insurance		425		(424	)		-		1
Total	$	3,898	$	(568	)	$	12	$	3,342
2021
Life insurance in force	$	144,115	$	(29,120	)	$	653	$	115,648
Premiums:
Life Insurance1	$	1,624	$	(140	)	$	12	$	1,496
Accident and health insurance		445		(444	)		-		1
Total	$	2,069	$	(584	)	$	12	$	1,497
2020
Life insurance in force	$	146,855	$	(31,055	)	$	686	$	116,486
Premiums:
Life Insurance1	$	1,378	$	(133	)	$	8	$	1,253
Accident and health insurance		441		(440	)		-		1
Total	$	1,819	$	(573	)	$	8	$	1,254

1 Primarily represents premiums from traditional life insurance and life-contingent immediate annuities and excludes deposits on investment and universal life insurance products.

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

F-52

NATIONWIDE LIFE INSURANCE COMPANY

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

Schedule V     Valuation and Qualifying Accounts

Years ended December 31, 2022, 2021 and 2020:

(in millions)
Column A	Column B		Column C			Column D			Column E
	Balance at		Charged to						Balance at
	beginning		costs and						end of
Description	of period		expenses			Deductions1			period
2022
Valuation allowances - mortgage loans	$	43	$	(5	)	$	-		$	38
2021
Valuation allowances - mortgage loans	$	48	$	(4	)	$	(1	)	$	43
2020
Valuation allowances - mortgage loans	$	34	$	14		$	-		$	48

1 Amounts generally represent recoveries, payoffs and sales.

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

F-53