NW VLI SA - 6 (811-21398)

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 statements of assets, liabilities and contract owners’ equity of the subaccounts listed in the Appendix that comprise the Nationwide VLI Separate Account 6 (the Subaccounts), as of December 31, 2025, the related statements of operations for the year or period listed in the Appendix, the statements of changes in contract owners’ equity for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Subaccounts as of December 31, 2025, the results of their operations for the year or period listed in the Appendix, and the changes in their contract owners’ equity for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Subaccounts’ 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 Subaccounts 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, 2025, by correspondence with the transfer agent of the underlying mutual funds or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

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

Columbus, Ohio

April 1, 2026

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

Appendix

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, the related statements 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.

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 - 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)

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

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

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

Nationwide Variable Insurance Trust - NVIT 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 Loomis Short Term High Yield Fund: Class I (HIBF)¹

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 Invesco Small Cap Growth Fund: Class I (SCGF)

Nationwide Variable Insurance Trust - NVIT Invesco 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 J.P. Morgan Equity and Options Total Return Fund: Class I (TRF)¹

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2025 and the period from April 26, 2024 (inception) to December 31, 2024.

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - LVIP American Century Disciplined Core Value Fund: Standard Class II (LACDV2)

Lincoln Variable Insurance Products Trust - LVIP American Century Disciplined Core Value Fund: Service Class (LACDVS)

Lincoln Variable Insurance Products Trust - LVIP American Century Ultra(R) Fund: Standard Class II (LACU2)

Lincoln Variable Insurance Products Trust - LVIP American Century Ultra Fund: Service Class (LACUS)

Lincoln Variable Insurance Products Trust - LVIP American Century Value Fund: Standard Class II (LACV2)

Lincoln Variable Insurance Products Trust - LVIP American Century Value Fund: Service Class (LACVS)

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, and the related statements of operations and changes in contract owners’ equity for the period November 19, 2025 (inception) to December 31, 2025.

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT NASDAQ-100 Index Fund: Class II (NNASD2)

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

(1) See Note 1 to the financial statements for the former name of the subaccount.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


Subaccount,*	Shares***		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
FC2		24,563	$	1,210,600	$	1,396,626	$	-	$	1,396,626	$	-	$	1,396,626
FEI2		65,419		1,582,775		1,840,249		-		1,840,249		-		1,840,249
FG2		16,527		1,506,383		1,535,071		-		1,535,071		-		1,535,071
RAF		20		2,498		2,082		1		2,083		-		2,083
RBF		2,357		190,822		218,411		1		218,412		-		218,412
RBKF		417		45,262		59,653		-		59,653		2		59,651
RBMF		1,234		129,349		145,683		-		145,683		-		145,683
RCPF		2,131		136,830		131,006		-		131,006		1		131,005
RELF		3,066		569,246		657,279		-		657,279		-		657,279
RENF		588		150,682		148,710		-		148,710		2		148,708
RESF		277		87,620		85,137		-		85,137		1		85,136
RFSF		487		59,650		60,518		-		60,518		-		60,518
RHCF		3,239		244,162		258,622		-		258,622		1		258,621
RINF		2,733		224,151		303,653		3		303,656		-		303,656
RJNF		189		17,520		20,709		1		20,710		-		20,710
RLCE		3,182		421,769		508,394		-		508,394		-		508,394
RLCJ		2,314		200,677		254,887		1		254,888		-		254,888
RLF		302		42,302		41,260		-		41,260		-		41,260
RMED		865		190,022		213,352		-		213,352		1		213,351
RMEK		3,692		233,944		312,239		-		312,239		2		312,237
RNF		1,793		261,488		461,278		-		461,278		4		461,274
ROF		37,665		3,060,247		3,643,381		-		3,643,381		-		3,643,381
RPMF		16,969		939,788		1,647,182		-		1,647,182		-		1,647,182
RREF		6,835		267,222		260,807		-		260,807		-		260,807
RRF		640		91,385		90,535		-		90,535		1		90,534
RTEC		2,673		659,298		650,235		2		650,237		-		650,237
RTEL		260		21,015		21,639		-		21,639		1		21,638
RTF		1,370		695,912		829,455		6		829,461		-		829,461
RTRF		540		47,555		54,336		-		54,336		2		54,334
RUF		339		36,903		31,080		-		31,080		-		31,080
RUGB		3,572		755,126		638,291		-		638,291		1		638,290
RUTL		2,791		124,683		120,585		-		120,585		-		120,585
RVARS		2,203		57,652		51,738		-		51,738		-		51,738

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


Subaccount,*	Shares***		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
RVCMD		739		76,088		66,138		-		66,138		1		66,137
RVF		14,408		2,636,743		3,222,397		3		3,222,400		-		3,222,400
RVIDD		-		65		43		-		43		-		43
RVIMC		40		6,626		5,502		1		5,503		-		5,503
RVLCG		14,743		799,650		822,653		1		822,654		-		822,654
RVLCV		5,168		292,096		340,270		-		340,270		-		340,270
RVLDD		1,336		332,398		363,066		1		363,067		-		363,067
RVMCG		18,671		681,624		723,117		1		723,118		-		723,118
RVMCV		7,232		339,934		348,571		-		348,571		-		348,571
RVSCG		6,780		345,238		389,120		-		389,120		-		389,120
RVSCV		3,269		243,986		286,760		1		286,761		-		286,761
RVSDL		499		20,120		21,345		-		21,345		-		21,345
LACDVS		151		1,228		1,460		-		1,460		-		1,460
LACV2		16		206		204		-		204		204		-
LACVS		886		10,587		11,462		-		11,462		-		11,462
EIF		201		4,418		4,668		-		4,668		-		4,668
GBF		59,152		556,096		563,131		-		563,131		-		563,131
GVDMA		196,858		1,772,469		2,317,014		-		2,317,014		1		2,317,013
GVDMC		32,299		337,689		352,064		1		352,065		-		352,065
GVIDA		111,273		1,243,764		1,502,181		-		1,502,181		-		1,502,181
GVIDC		40,821		375,232		434,747		-		434,747		-		434,747
GVIDM		168,109		1,604,476		1,813,897		-		1,813,897		2		1,813,895
HIBF		96,818		574,252		561,543		-		561,543		-		561,543
NNASD2		59,670		747,084		763,778		-		763,778		-		763,778
NVAMVX		70,829		1,259,614		1,311,046		-		1,311,046		-		1,311,046
NVMM2		3,116,621		3,116,621		3,116,621		-		3,116,621		2		3,116,619
NVMMG1		49		465		381		-		381		-		381
SCF		19,549		359,266		396,266		-		396,266		-		396,266
SCGF		9,886		157,901		179,240		-		179,240		-		179,240
SCGF2		2		23		23		-		23		-		23
SCVF		64,213		572,391		595,898		-		595,898		1		595,897
SCVF2		225		2,143		1,937		1		1,938		-		1,938
TRF		28,981		673,999		710,902		-		710,902		-		710,902

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$		$			$
*Investment Activity:**		FC2			FEI2			FG2			RAF			RBF			RBKF		RBMF			RCPF
Reinvested dividends	$		-			28,564			732			92			-			338		1,699			1,994

Net investment income (loss)			-			28,564			732			92			-			338		1,699			1,994

Realized gain (loss) on investments			42,528			12,122			(10,166	)		(15,116	)		(3,751	)		7,378		11,268			(11,937	)
Change in unrealized gain (loss) on investments			(11,846	)		150,061			17,930			(331	)		42,215			5,692		13,213			(5,423	)

Net gain (loss) on investments			30,682			162,183			7,764			(15,447	)		38,464			13,070		24,481			(17,360	)

Reinvested capital gains			217,979			100,120			197,290			-			6,755			-		9,454			11,165

Net increase (decrease) in contract owners’ equity resulting from operations	$		248,661			290,867			205,786			(15,355	)		45,219			13,408		35,634			(4,201	)


*Investment Activity:**		RELF			RENF			RESF			RFSF			RHCF			RINF		RJNF			RLCE
Reinvested dividends	$		-			2,838			46			320			-			-		1,475			6,063

Net investment income (loss)			-			2,838			46			320			-			-		1,475			6,063

Realized gain (loss) on investments			4,734			(12,676	)		(3,185	)		7,338			(11,177	)		18,244		1,505			30,105
Change in unrealized gain (loss) on investments			1,765			1,002			2,996			(7,587	)		19,647			628		(2,609	)		104,933

Net gain (loss) on investments			6,499			(11,674	)		(189	)		(249	)		8,470			18,872		(1,104	)		135,038

Reinvested capital gains			181,820			-			-			1,281			27,841			33,191		-			-

Net increase (decrease) in contract owners’ equity resulting from operations	$		188,319			(8,836	)		(143	)		1,352			36,311			52,063		371			141,101

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		RLCJ			RLF			RMED			RMEK			RNF			ROF			RPMF			RREF
Reinvested dividends	$		8,302			-			1,051			5,162			-			1,021			19,998			6,569

Net investment income (loss)			8,302			-			1,051			5,162			-			1,021			19,998			6,569

Realized gain (loss) on investments			(2,614	)		20,831			19,504			10,708			38,581			303,281			134,275			(6,295	)
Change in unrealized gain (loss) on investments			80,957			(12,012	)		(11,487	)		12,495			38,109			48,063			704,609			3,677

Net gain (loss) on investments			78,343			8,819			8,017			23,203			76,690			351,344			838,884			(2,618	)

Reinvested capital gains			-			-			723			-			-			185,615			-			-

Net increase (decrease) in contract owners’ equity resulting from operations	$		86,645			8,819			9,791			28,365			76,690			537,980			858,882			3,951


*Investment Activity:**		RRF			RTEC			RTEL			RTF			RTRF			RUF			RUGB			RUTL
Reinvested dividends	$		-			-			432			732			-			3,109			20,775			2,417

Net investment income (loss)			-			-			432			732			-			3,109			20,775			2,417

Realized gain (loss) on investments			16,246			163,491			32,422			229,878			(4,222	)		553			(34,458	)		48,718
Change in unrealized gain (loss) on investments			(8,204	)		(94,732	)		537			(51,836	)		9,883			(7,606	)		25,528			(19,013	)

Net gain (loss) on investments			8,042			68,759			32,959			178,042			5,661			(7,053	)		(8,930	)		29,705

Reinvested capital gains			1,569			59,003			-			-			-			-			-			-

Net increase (decrease) in contract owners’ equity resulting from operations	$		9,611			127,762			33,391			178,774			5,661			(3,944	)		11,845			32,122

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		RVARS			RVCMD			RVF			RVIDD			RVIMC			RVISC			RVLCG			RVLCV
Reinvested dividends	$		1,157			2,235			-			3			204			2,371			-			3,830

Net investment income (loss)			1,157			2,235			-			3			204			2,371			-			3,830

Realized gain (loss) on investments			(868	)		(1,150	)		133,842			(79,221	)		(290	)		(11,578	)		105,765			11,571
Change in unrealized gain (loss) on investments			307			1,441			368,736			872			(195	)		-			(109,975	)		18,588

Net gain (loss) on investments			(561	)		291			502,578			(78,349	)		(485	)		(11,578	)		(4,210	)		30,159

Reinvested capital gains			-			-			189,082			-			-			-			88,344			15,010

Net increase (decrease) in contract owners’ equity resulting from operations	$		596			2,526			691,660			(78,346	)		(281	)		(9,207	)		84,134			48,999


*Investment Activity:**		RVLDD			RVMCG			RVMCV			RVSCG			RVSCV			RVSDL			RVWDL			LACDV2
Reinvested dividends	$		3,378			-			426			-			-			1,410			-			19

Net investment income (loss)			3,378			-			426			-			-			1,410			-			19

Realized gain (loss) on investments			14,433			46,469			2,702			14,995			3,740			413			193			78,882
Change in unrealized gain (loss) on investments			36,945			(38,386	)		(15,946	)		28,732			6,723			(5,424	)		108			(28,842	)

Net gain (loss) on investments			51,378			8,083			(13,244	)		43,727			10,463			(5,011	)		301			50,040

Reinvested capital gains			-			37,453			34,837			-			7,753			-			-			-

Net increase (decrease) in contract owners’ equity resulting from operations	$		54,756			45,536			22,019			43,727			18,216			(3,601	)		301			50,059

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$		$		$
*Investment Activity:**		LACDVS			LACU2			LACUS			LACV2			LACVS			EIF		GBF		GVDMA
Reinvested dividends	$		20			-			-			64			161			69		21,493		-

Net investment income (loss)			20			-			-			64			161			69		21,493		-

Realized gain (loss) on investments			16			144,943			426			48,389			95			2		215		15,840
Change in unrealized gain (loss) on investments			151			(124,508	)		(408	)		(21,783	)		530			251		14,749		347,959

Net gain (loss) on investments			167			20,435			18			26,606			625			253		14,964		363,799

Reinvested capital gains			-			59,830			-			47,988			832			175		-		23,381

Net increase (decrease) in contract owners’ equity resulting from operations	$		187			80,265			18			74,658			1,618			497		36,457		387,180


*Investment Activity:**		GVDMC			GVIDA			GVIDC			GVIDM			HIBF			NNASD2		NVAMVX		NVMM2
Reinvested dividends	$		-			-			-			-			32,020			508		10,610		121,277

Net investment income (loss)			-			-			-			-			32,020			508		10,610		121,277

Realized gain (loss) on investments			(495	)		2,507			(813	)		(10,578	)		(4,127	)		30		195		-
Change in unrealized gain (loss) on investments			34,127			224,730			36,031			228,337			4,204			16,693		51,432		-

Net gain (loss) on investments			33,632			227,237			35,218			217,759			77			16,723		51,627		-

Reinvested capital gains			-			23,288			-			-			-			568		-		3

Net increase (decrease) in contract owners’ equity resulting from operations	$		33,632			250,525			35,218			217,759			32,097			17,799		62,237		121,280

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$		$			$			$
*Investment Activity:**		NVMMG1			SCF			SCF2			SCGF			SCGF2		SCVF			SCVF2			TRF
Reinvested dividends	$		-			3,741			-			-			-		7,347			21			6,162

Net investment income (loss)			-			3,741			-			-			-		7,347			21			6,162

Realized gain (loss) on investments			(1	)		(1,851	)		241			18,534			-		(7,555	)		(2	)		6,243
Change in unrealized gain (loss) on investments			19			8,858			(206	)		(33,431	)		2		(30,349	)		(125	)		35,869

Net gain (loss) on investments			18			7,007			35			(14,897	)		2		(37,904	)		(127	)		42,112

Reinvested capital gains			4			27,016			-			10,589			2		40,659			141			54,003

Net increase (decrease) in contract owners’ equity resulting from operations	$		22			37,764			35			(4,308	)		4		10,102			35			102,277

* 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, 2025, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$		$		$		$		$		$		$		$
		FC2				FEI2				FG2				RAF
		2025		2024		2025		2024		2025		2024		2025		2024

*Investment activity:**

Net investment income (loss)	$		-		360		28,564		24,797		732		-		92		205

Realized gain (loss) on investments			42,528		26,109		12,122		13,412		(10,166)		23,229		(15,116)		2,743

Change in unrealized gain (loss) on investments			(11,846)		145,819		150,061		61,716		17,930		7,247		(331)		(34)

Reinvested capital gains			217,979		141,274		100,120		92,264		197,290		316,884		-		-


Net increase (decrease) in contract owners’ equity resulting from operations			248,661		313,562		290,867		192,189		205,786		347,360		(15,355)		2,914


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			33,486		30,394		27,456		26,536		11,133		7,999		173		(16,090)

Transfers between subaccounts, net			17,214		59,798		46,662		101,857		(1,734)		(74,421)		15,609		12,145

Surrenders (notes 2, 3, 4, 5, and 6)			(169,751)		(78,109)		(86,239)		(56,341)		(134,439)		(78,897)		(903)		(4,958)

Adjustments to maintain reserves			1		2		1		-		(179)		179		2		2


Net equity transactions			(119,050)		12,085		(12,120)		72,052		(125,219)		(145,140)		14,881		(8,901)


Net change in contract owners’ equity			129,611		325,647		278,747		264,241		80,567		202,220		(474)		(5,987)

Contract owners’ equity at beginning of period			1,267,015		941,368		1,561,502		1,297,261		1,454,504		1,252,284		2,557		8,544


Contract owners’ equity at end of period	$		1,396,626		1,267,015		1,840,249		1,561,502		1,535,071		1,454,504		2,083		2,557


CHANGE IN UNITS:

Beginning units			12,567		12,460		29,867		28,549		14,105		15,796		8,191		23,046

Units purchased			950		1,186		1,501		2,678		186		301		2,440		5,832

Units surrendered			(2,087)		(1,079)		(1,726)		(1,360)		(1,302)		(1,992)		(2,670)		(20,687)


Ending units			11,430		12,567		29,642		29,867		12,989		14,105		7,961		8,191

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RBF						RBKF						RBMF						RCPF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		-			-			338			1,131			1,699			1,783			1,994			2,055

Realized gain (loss) on investments			(3,751	)		(4,078	)		7,378			9,600			11,268			10,677			(11,937	)		(558	)

Change in unrealized gain (loss) on investments			42,215			(10,722	)		5,692			955			13,213			(12,060	)		(5,423	)		4,243

Reinvested capital gains			6,755			12,468			-			-			9,454			-			11,165			-


Net increase (decrease) in contract owners’ equity resulting from operations			45,219			(2,332	)		13,408			11,686			35,634			400			(4,201	)		5,740


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			8,976			5,046			812			1,234			6,797			9,040			13,786			8,346

Transfers between subaccounts, net			30,779			411			(33,047	)		27,518			38,745			(77,751	)		(2,236	)		(744	)

Surrenders (notes 2, 3, 4, 5, and 6)			(2,677	)		(6,283	)		(1,117	)		(1,211	)		(38,994	)		(23,323	)		(5,833	)		(12,774	)

Adjustments to maintain reserves			(20	)		22			(1	)		1			(1	)		(1	)		(5,361	)		5,361


Net equity transactions			37,058			(804	)		(33,353	)		27,542			6,547			(92,035	)		356			189


Net change in contract owners’ equity			82,277			(3,136	)		(19,945	)		39,228			42,181			(91,635	)		(3,845	)		5,929

Contract owners’ equity at beginning of period			136,135			139,271			79,596			40,368			103,502			195,137			134,850			128,921


Contract owners’ equity at end of period	$		218,412			136,135			59,651			79,596			145,683			103,502			131,005			134,850


CHANGE IN UNITS:

Beginning units			2,324			2,344			5,181			3,235			2,338			4,299			2,753			2,748

Units purchased			783			91			74			2,060			863			171			189			171

Units surrendered			(241	)		(111	)		(2,117	)		(114	)		(725	)		(2,132	)		(170	)		(166	)


Ending units			2,866			2,324			3,138			5,181			2,476			2,338			2,772			2,753

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RELF						RENF						RESF						RFSF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		-			-			2,838			3,944			46			-			320			488

Realized gain (loss) on investments			4,734			17,991			(12,676	)		101			(3,185	)		3,775			7,338			9,129

Change in unrealized gain (loss) on investments			1,765			47,045			1,002			(3,599	)		2,996			(13,208	)		(7,587	)		3,158

Reinvested capital gains			181,820			6,838			-			-			-			-			1,281			215


Net increase (decrease) in contract owners’ equity resulting from operations			188,319			71,874			(8,836	)		446			(143	)		(9,433	)		1,352			12,990


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			2,005			1,726			12,775			16,007			6,305			5,730			7,639			7,758

Transfers between subaccounts, net			32,933			(17,474	)		11,613			(18,798	)		8,071			(11,798	)		3,084			(14,254	)

Surrenders (notes 2, 3, 4, 5, and 6)			(19,897	)		(10,785	)		(21,495	)		(25,167	)		(7,731	)		(3,813	)		(8,788	)		(12,427	)

Adjustments to maintain reserves			2			(1	)		(1	)		1			1			-			(89	)		87


Net equity transactions			15,043			(26,534	)		2,892			(27,957	)		6,646			(9,881	)		1,846			(18,836	)


Net change in contract owners’ equity			203,362			45,340			(5,944	)		(27,511	)		6,503			(19,314	)		3,198			(5,846	)

Contract owners’ equity at beginning of period			453,917			408,577			154,652			182,163			78,633			97,947			57,320			63,166


Contract owners’ equity at end of period	$		657,279			453,917			148,708			154,652			85,136			78,633			60,518			57,320


CHANGE IN UNITS:

Beginning units			6,544			6,841			5,685			6,701			9,640			11,059			1,909			2,572

Units purchased			421			52			209			582			1,700			1,047			198			299

Units surrendered			(268	)		(349	)		(809	)		(1,598	)		(1,082	)		(2,466	)		(288	)		(962	)


Ending units			6,697			6,544			5,085			5,685			10,258			9,640			1,819			1,909

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RHCF						RINF						RJNF						RLCE
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		-			-			-			-			1,475			920			6,063			30,202

Realized gain (loss) on investments			(11,177	)		(4,274	)		18,244			7,569			1,505			915			30,105			56,835

Change in unrealized gain (loss) on investments			19,647			(1,986	)		628			41,529			(2,609	)		1,392			104,933			(104,723	)

Reinvested capital gains			27,841			7,319			33,191			-			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			36,311			1,059			52,063			49,098			371			3,227			141,101			(17,686	)


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			13,483			14,753			2,005			2,582			573			949			17,370			9,136

Transfers between subaccounts, net			(1,613	)		(16,432	)		(4,033	)		(18,526	)		(1,131	)		-			2,848			(51,434	)

Surrenders (notes 2, 3, 4, 5, and 6)			(48,568	)		(16,592	)		(10,759	)		(5,602	)		(1,433	)		(379	)		(23,308	)		(33,119	)

Adjustments to maintain reserves			-			(1	)		2			-			2			-			(8,102	)		8,097


Net equity transactions			(36,698	)		(18,272	)		(12,785	)		(21,546	)		(1,989	)		570			(11,192	)		(67,320	)


Net change in contract owners’ equity			(387	)		(17,213	)		39,278			27,552			(1,618	)		3,797			129,909			(85,006	)

Contract owners’ equity at beginning of period			259,008			276,221			264,378			236,826			22,328			18,531			378,485			463,491


Contract owners’ equity at end of period	$		258,621			259,008			303,656			264,378			20,710			22,328			508,394			378,485


CHANGE IN UNITS:

Beginning units			4,540			4,849			3,294			3,642			6,040			5,860			18,933			22,489

Units purchased			244			328			44			46			1,291			1,650			872			1,015

Units surrendered			(810	)		(637	)		(145	)		(394	)		(1,830	)		(1,470	)		(1,168	)		(4,571	)


Ending units			3,974			4,540			3,193			3,294			5,501			6,040			18,637			18,933

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RLCJ						RLF						RMED						RMEK
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		8,302			6,392			-			25			1,051			1,143			5,162			3,741

Realized gain (loss) on investments			(2,614	)		(3,613	)		20,831			265			19,504			(5,015	)		10,708			(1,431	)

Change in unrealized gain (loss) on investments			80,957			(1,152	)		(12,012	)		6,680			(11,487	)		34,213			12,495			32,428

Reinvested capital gains			-			-			-			-			723			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			86,645			1,627			8,819			6,970			9,791			30,341			28,365			34,738


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			7,041			6,351			1,046			1,046			910			2,731			6,078			7,866

Transfers between subaccounts, net			10,974			(12,134	)		(20,451	)		7,036			(36,689	)		(8,354	)		(19,079	)		(4,373	)

Surrenders (notes 2, 3, 4, 5, and 6)			(9,438	)		(8,385	)		(3,583	)		(1,028	)		(44,190	)		(12,931	)		(47,243	)		(13,292	)

Adjustments to maintain reserves			-			(1	)		-			1			(56	)		55			(1	)		-


Net equity transactions			8,577			(14,169	)		(22,988	)		7,055			(80,025	)		(18,499	)		(60,245	)		(9,799	)


Net change in contract owners’ equity			95,222			(12,542	)		(14,169	)		14,025			(70,234	)		11,842			(31,880	)		24,939

Contract owners’ equity at beginning of period			159,666			172,208			55,429			41,404			283,585			271,743			344,117			319,178


Contract owners’ equity at end of period	$		254,888			159,666			41,260			55,429			213,351			283,585			312,237			344,117


CHANGE IN UNITS:

Beginning units			5,996			6,533			1,091			950			3,285			3,629			6,628			6,821

Units purchased			631			231			24			169			194			66			450			195

Units surrendered			(310	)		(768	)		(366	)		(28	)		(1,126	)		(410	)		(1,731	)		(388	)


Ending units			6,317			5,996			749			1,091			2,353			3,285			5,347			6,628

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RNF						ROF						RPMF						RREF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		-			-			1,021			6,057			19,998			8,416			6,569			3,522

Realized gain (loss) on investments			38,581			9,676			303,281			405,768			134,275			(9,675	)		(6,295	)		(10,263	)

Change in unrealized gain (loss) on investments			38,109			122,498			48,063			162,969			704,609			46,360			3,677			18,547

Reinvested capital gains			-			-			185,615			56,065			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			76,690			132,174			537,980			630,859			858,882			45,101			3,951			11,806


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			4,855			6,432			174,833			(11,546	)		30,448			30,673			7,627			8,081

Transfers between subaccounts, net			-			(8,781	)		(206,866	)		395,770			319,928			(6,823	)		(16,603	)		20,251

Surrenders (notes 2, 3, 4, 5, and 6)			(136,978	)		(18,295	)		(266,679	)		(136,205	)		(83,810	)		(35,126	)		(19,544	)		(19,642	)

Adjustments to maintain reserves			(1	)		-			(125,689	)		125,689			-			1			(983	)		984


Net equity transactions			(132,124	)		(20,644	)		(424,401	)		373,708			266,566			(11,275	)		(29,503	)		9,674


Net change in contract owners’ equity			(55,434	)		111,530			113,579			1,004,567			1,125,448			33,826			(25,552	)		21,480

Contract owners’ equity at beginning of period			516,708			405,178			3,529,802			2,525,235			521,734			487,908			286,359			264,879


Contract owners’ equity at end of period	$		461,274			516,708			3,643,381			3,529,802			1,647,182			521,734			260,807			286,359


CHANGE IN UNITS:

Beginning units			4,776			4,972			26,426			23,424			35,748			36,143			9,030			8,773

Units purchased			105			95			212			3,213			13,086			2,212			290			929

Units surrendered			(1,353	)		(291	)		(3,724	)		(211	)		(3,210	)		(2,607	)		(1,326	)		(672	)


Ending units			3,528			4,776			22,914			26,426			45,624			35,748			7,994			9,030

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RRF						RTEC						RTEL						RTF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		-			-			-			-			432			164			732			5,060

Realized gain (loss) on investments			16,246			(4,404	)		163,491			12,684			32,422			(470	)		229,878			(18,448	)

Change in unrealized gain (loss) on investments			(8,204	)		19,929			(94,732	)		59,400			537			3,914			(51,836	)		276,583

Reinvested capital gains			1,569			-			59,003			19,995			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			9,611			15,525			127,762			92,079			33,391			3,608			178,774			263,195


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			1,787			2,048			3,307			8,664			-			43			2,527			1,664

Transfers between subaccounts, net			175			(1,439	)		69,445			(32,945	)		(47,716	)		20,927			(44,492	)		(165,798	)

Surrenders (notes 2, 3, 4, 5, and 6)			(18,471	)		(15,587	)		(15,426	)		(12,306	)		(4,603	)		(1,039	)		(59,058	)		(30,314	)

Adjustments to maintain reserves			1			1			-			-			1			-			5			1


Net equity transactions			(16,508	)		(14,977	)		57,326			(36,587	)		(52,318	)		19,931			(101,018	)		(194,447	)


Net change in contract owners’ equity			(6,897	)		548			185,088			55,492			(18,927	)		23,539			77,756			68,748

Contract owners’ equity at beginning of period			97,431			96,883			465,149			409,657			40,565			17,026			751,705			682,957


Contract owners’ equity at end of period	$		90,534			97,431			650,237			465,149			21,638			40,565			829,461			751,705


CHANGE IN UNITS:

Beginning units			1,829			2,121			5,740			6,266			2,090			1,015			5,065			6,546

Units purchased			58			57			853			148			-			1,133			16			14

Units surrendered			(344	)		(349	)		(210	)		(674	)		(1,240	)		(58	)		(620	)		(1,495	)


Ending units			1,543			1,829			6,383			5,740			850			2,090			4,461			5,065

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RTRF						RUF						RUGB						RUTL
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		-			103			3,109			6,673			20,775			21,338			2,417			1,884

Realized gain (loss) on investments			(4,222	)		(10,106	)		553			(7,219	)		(34,458	)		(118,216	)		48,718			1,324

Change in unrealized gain (loss) on investments			9,883			9,840			(7,606	)		9,717			25,528			11,704			(19,013	)		20,865

Reinvested capital gains			-			-			-			-			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			5,661			(163	)		(3,944	)		9,171			11,845			(85,174	)		32,122			24,073


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			2,692			2,703			-			(1,564	)		6,127			4,695			9,497			10,035

Transfers between subaccounts, net			(8,451	)		(9,681	)		-			(15,080	)		46,199			82,781			4,735			16,801

Surrenders (notes 2, 3, 4, 5, and 6)			(2,884	)		(3,027	)		(11,828	)		(8,758	)		(57,097	)		(84,331	)		(71,512	)		(12,601	)

Adjustments to maintain reserves			(1	)		-			-			(1	)		-			(1	)		(42	)		42


Net equity transactions			(8,644	)		(10,005	)		(11,828	)		(25,403	)		(4,771	)		3,144			(57,322	)		14,277


Net change in contract owners’ equity			(2,983	)		(10,168	)		(15,772	)		(16,232	)		7,074			(82,030	)		(25,200	)		38,350

Contract owners’ equity at beginning of period			57,317			67,485			46,852			63,084			631,216			713,246			145,785			107,435


Contract owners’ equity at end of period	$		54,334			57,317			31,080			46,852			638,290			631,216			120,585			145,785


CHANGE IN UNITS:

Beginning units			1,170			1,399			57,017			66,708			42,213			41,757			2,982			2,634

Units purchased			56			58			-			50			3,484			5,813			348			631

Units surrendered			(233	)		(287	)		(14,152	)		(9,741	)		(3,715	)		(5,357	)		(1,223	)		(283	)


Ending units			993			1,170			42,865			57,017			41,982			42,213			2,107			2,982

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RVARS						RVCMD						RVF						RVIDD
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		1,157			2,646			2,235			2,334			-			-			3			4

Realized gain (loss) on investments			(868	)		(181	)		(1,150	)		(2,632	)		133,842			1,077,122			(79,221	)		(1,415	)

Change in unrealized gain (loss) on investments			307			(4,405	)		1,441			4,834			368,736			(71,217	)		872			(886	)

Reinvested capital gains			-			-			-			-			189,082			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			596			(1,940	)		2,526			4,536			691,660			1,005,905			(78,346	)		(2,297	)


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			4,227			4,724			2,613			2,737			13,422			7,500			(102,993	)		628,327

Transfers between subaccounts, net			(1,514	)		166			9,685			(300	)		(420,396	)		(126,798	)		47,270			13,762

Surrenders (notes 2, 3, 4, 5, and 6)			(3,525	)		(6,172	)		(3,245	)		(7,962	)		(187,593	)		(153,903	)		(10,182	)		5

Adjustments to maintain reserves			(1	)		(1	)		-			-			3			(1	)		144,238			(639,809	)


Net equity transactions			(813	)		(1,283	)		9,053			(5,525	)		(594,564	)		(273,202	)		78,333			2,285


Net change in contract owners’ equity			(217	)		(3,223	)		11,579			(989	)		97,096			732,703			(13	)		(12	)

Contract owners’ equity at beginning of period			51,955			55,178			54,558			55,547			3,125,304			2,392,601			56			68


Contract owners’ equity at end of period	$		51,738			51,955			66,137			54,558			3,222,400			3,125,304			43			56


CHANGE IN UNITS:

Beginning units			4,384			4,485			14,999			16,537			5,818			6,321			876			898

Units purchased			369			392			3,552			1,693			74			75			152,281			(86	)

Units surrendered			(441	)		(493	)		(1,217	)		(3,231	)		(1,250	)		(578	)		(152,303	)		64


Ending units			4,312			4,384			17,334			14,999			4,642			5,818			854			876

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RVIMC						RVISC						RVLCG						RVLCV
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		204			337			2,371			-			-			488			3,830			4,445

Realized gain (loss) on investments			(290	)		(190	)		(11,578	)		(543	)		105,765			11,964			11,571			3,899

Change in unrealized gain (loss) on investments			(195	)		(575	)		-			5			(109,975	)		131,531			18,588			26,364

Reinvested capital gains			-			-			-			-			88,344			3,412			15,010			-


Net increase (decrease) in contract owners’ equity resulting from operations			(281	)		(428	)		(9,207	)		(538	)		84,134			147,395			48,999			34,708


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			-			-			-			(742	)		30,118			25,949			7,650			6,397

Transfers between subaccounts, net			(15	)		20			9,645			1,291			(27,962	)		26,021			(18,586	)		44,928

Surrenders (notes 2, 3, 4, 5, and 6)			(118	)		(133	)		(438	)		(450	)		(78,033	)		(94,193	)		(28,297	)		(105,301	)

Adjustments to maintain reserves			1			-			-			-			1			-			-			-


Net equity transactions			(132	)		(113	)		9,207			99			(75,876	)		(42,223	)		(39,233	)		(53,976	)


Net change in contract owners’ equity			(413	)		(541	)		-			(439	)		8,258			105,172			9,766			(19,268	)

Contract owners’ equity at beginning of period			5,916			6,457			-			439			814,396			709,224			330,504			349,772


Contract owners’ equity at end of period	$		5,503			5,916			-			-			822,654			814,396			340,270			330,504


CHANGE IN UNITS:

Beginning units			7,528			7,694			-			551			14,548			16,048			7,941			9,315

Units purchased			-			-			579			29			734			420			384			1,220

Units surrendered			(148	)		(166	)		(579	)		(580	)		(2,132	)		(1,920	)		(1,279	)		(2,594	)


Ending units			7,380			7,528			-			-			13,150			14,548			7,046			7,941

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RVLDD						RVMCG						RVMCV						RVSCG
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		3,378			4,501			-			-			426			382			-			-

Realized gain (loss) on investments			14,433			127,977			46,469			30,345			2,702			27,116			14,995			14,033

Change in unrealized gain (loss) on investments			36,945			(28,823	)		(38,386	)		38,393			(15,946	)		(50,133	)		28,732			(3,557	)

Reinvested capital gains			-			-			37,453			42			34,837			23,678			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			54,756			103,655			45,536			68,780			22,019			1,043			43,727			10,476


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			4,542			1,669			34,212			16,364			7,300			14,487			21,116			7,800

Transfers between subaccounts, net			8,889			(71,090	)		10,476			175,326			11,219			(167,836	)		203,515			804

Surrenders (notes 2, 3, 4, 5, and 6)			(92,537	)		(93,077	)		(54,521	)		(45,173	)		(13,048	)		(59,882	)		(42,510	)		(22,486	)

Adjustments to maintain reserves			(1	)		2			1			1			(62	)		63			-			(1	)


Net equity transactions			(79,107	)		(162,496	)		(9,832	)		146,518			5,409			(213,168	)		182,121			(13,883	)


Net change in contract owners’ equity			(24,351	)		(58,841	)		35,704			215,298			27,428			(212,125	)		225,848			(3,407	)

Contract owners’ equity at beginning of period			387,418			446,259			687,414			472,116			321,143			533,268			163,272			166,679


Contract owners’ equity at end of period	$		363,067			387,418			723,118			687,414			348,571			321,143			389,120			163,272


CHANGE IN UNITS:

Beginning units			3,891			5,407			13,724			10,948			6,136			10,640			4,000			4,418

Units purchased			72			52			1,111			3,901			525			438			5,861			172

Units surrendered			(911	)		(1,568	)		(1,366	)		(1,125	)		(385	)		(4,942	)		(1,082	)		(590	)


Ending units			3,052			3,891			13,469			13,724			6,276			6,136			8,779			4,000

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RVSCV						RVSDL						RVWDL						LACDV2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		-			-			1,410			731			-			1,232			19			5,287

Realized gain (loss) on investments			3,740			8,465			413			100			193			(2,494	)		78,882			2,225

Change in unrealized gain (loss) on investments			6,723			(600	)		(5,424	)		3,739			108			(186	)		(28,842	)		28,842

Reinvested capital gains			7,753			-			-			-			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			18,216			7,865			(3,601	)		4,570			301			(1,448	)		50,059			36,354


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			6,780			6,663			-			882			-			-			6,033			85

Transfers between subaccounts, net			12,383			5,022			(1,444	)		-			(1,057	)		(19,969	)		(551,314	)		536,098

Surrenders (notes 2, 3, 4, 5, and 6)			(9,940	)		(8,962	)		(226	)		(491	)		(10	)		(947	)		(57,851	)		(19,465	)

Adjustments to maintain reserves			(55	)		55			(1	)		-			-			1			-			1


Net equity transactions			9,168			2,778			(1,671	)		391			(1,067	)		(20,915	)		(603,132	)		516,719


Net change in contract owners’ equity			27,384			10,643			(5,272	)		4,961			(766	)		(22,363	)		(553,073	)		553,073

Contract owners’ equity at beginning of period			259,377			248,734			26,617			21,656			766			23,129			553,073			-


Contract owners’ equity at end of period	$		286,761			259,377			21,345			26,617			-			766			-			553,073


CHANGE IN UNITS:

Beginning units			7,296			7,259			2,112			2,079			182			4,763			51,892			-

Units purchased			577			330			-			76			-			-			-			53,738

Units surrendered			(318	)		(293	)		(136	)		(43	)		(182	)		(4,581	)		(51,892	)		(1,846	)


Ending units			7,555			7,296			1,976			2,112			-			182			-			51,892

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		LACDVS						LACU2						LACUS						LACV2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		20			12			-			-			-			-			64			15,951

Realized gain (loss) on investments			16			7			144,943			15,634			426			2			48,389			1,997

Change in unrealized gain (loss) on investments			151			81			(124,508	)		124,508			(408	)		408			(21,783	)		21,782

Reinvested capital gains			-			-			59,830			9,911			-			31			47,988			6,477


Net increase (decrease) in contract owners’ equity resulting from operations			187			100			80,265			150,053			18			441			74,658			46,207


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			-			-			7,425			24			-			-			6,894			46

Transfers between subaccounts, net			-			1,590			(825,335	)		707,048			-			2,288			(731,484	)		689,528

Surrenders (notes 2, 3, 4, 5, and 6)			(278	)		(140	)		(84,634	)		(34,864	)		(2,733	)		(13	)		(61,867	)		(23,978	)

Adjustments to maintain reserves			-			1			18			-			-			(1	)		(183	)		179


Net equity transactions			(278	)		1,451			(902,526	)		672,208			(2,733	)		2,274			(786,640	)		665,775


Net change in contract owners’ equity			(91	)		1,551			(822,261	)		822,261			(2,715	)		2,715			(711,982	)		711,982

Contract owners’ equity at beginning of period			1,551			-			822,261			-			2,715			-			711,982			-


Contract owners’ equity at end of period	$		1,460			1,551			-			822,261			-			2,715			-			711,982


CHANGE IN UNITS:

Beginning units			146			-			68,854			-			228			-			66,778			-

Units purchased			-			159			-			71,809			-			229			-			69,029

Units surrendered			(26	)		(13	)		(68,854	)		(2,955	)		(228	)		(1	)		(66,778	)		(2,251	)


Ending units			120			146			-			68,854			-			228			-			66,778

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$		$			$			$			$
		LACVS						EIF					GBF						GVDMA
		2025			2024			2025			2024		2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		161			242			69			-		21,493			17,533			-			-

Realized gain (loss) on investments			95			3			2			-		215			(58,745	)		15,840			(38,227	)

Change in unrealized gain (loss) on investments			530			345			251			-		14,749			51,668			347,959			194,475

Reinvested capital gains			832			103			175			-		-			-			23,381			-


Net increase (decrease) in contract owners’ equity resulting from operations			1,618			693			497			-		36,457			10,456			387,180			156,248


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			-			-			408			-		20,454			21,964			50,012			52,081

Transfers between subaccounts, net			-			10,714			3,985			-		35,050			(37,884	)		(3,258	)		934,156

Surrenders (notes 2, 3, 4, 5, and 6)			(1,499	)		(65	)		(221	)		-		(43,158	)		(71,861	)		(417,287	)		(89,251	)

Adjustments to maintain reserves			1			-			(1	)		-		277			(277	)		(1	)		-


Net equity transactions			(1,498	)		10,649			4,171			-		12,623			(88,058	)		(370,534	)		896,986


Net change in contract owners’ equity			120			11,342			4,668			-		49,080			(77,602	)		16,646			1,053,234

Contract owners’ equity at beginning of period			11,342			-			-			-		514,051			591,653			2,300,367			1,247,133


Contract owners’ equity at end of period	$		11,462			11,342			4,668			-		563,131			514,051			2,317,013			2,300,367


CHANGE IN UNITS:

Beginning units			1,065			-			-			-		31,371			36,477			59,859			36,090

Units purchased			-			1,071			343			-		3,500			1,772			2,256			26,436

Units surrendered			(136	)		(6	)		(17	)		-		(2,754	)		(6,878	)		(10,748	)		(2,667	)


Ending units			929			1,065			326			-		32,117			31,371			51,367			59,859

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		GVDMC						GVIDA						GVIDC						GVIDM
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		-			-			-			-			-			-			-			-

Realized gain (loss) on investments			(495	)		(880	)		2,507			(7,348	)		(813	)		(3,298	)		(10,578	)		(27,490	)

Change in unrealized gain (loss) on investments			34,127			16,227			224,730			152,030			36,031			18,001			228,337			133,088

Reinvested capital gains			-			-			23,288			-			-			-			-			-


Net increase (decrease) in contract owners’ equity resulting from operations			33,632			15,347			250,525			144,682			35,218			14,703			217,759			105,598


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			4,715			3,837			49,788			58,938			11,562			10,886			41,132			42,571

Transfers between subaccounts, net			58,924			-			(56,847	)		(13,314	)		12,890			136			151,191			412,472

Surrenders (notes 2, 3, 4, 5, and 6)			(9,399	)		(8,932	)		(44,517	)		(30,384	)		(16,086	)		(28,619	)		(81,297	)		(104,456	)

Adjustments to maintain reserves			-			-			(1	)		-			1			1			(1	)		(1	)


Net equity transactions			54,240			(5,095	)		(51,577	)		15,240			8,367			(17,596	)		111,025			350,586


Net change in contract owners’ equity			87,872			10,252			198,948			159,922			43,585			(2,893	)		328,784			456,184

Contract owners’ equity at beginning of period			264,193			253,941			1,303,233			1,143,311			391,162			394,055			1,485,111			1,028,927


Contract owners’ equity at end of period	$		352,065			264,193			1,502,181			1,303,233			434,747			391,162			1,813,895			1,485,111


CHANGE IN UNITS:

Beginning units			10,395			10,599			30,755			30,390			19,759			20,666			47,029			35,521

Units purchased			2,410			180			1,230			2,011			1,583			1,042			5,625			15,283

Units surrendered			(402	)		(384	)		(2,259	)		(1,646	)		(1,175	)		(1,949	)		(2,453	)		(3,775	)


Ending units			12,403			10,395			29,726			30,755			20,167			19,759			50,201			47,029

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$		$			$		$			$
		HIBF						NNASD2					NVAMVX					NVMM2
		2025			2024			2025			2024		2025			2024		2025			2024

*Investment activity:**

Net investment income (loss)	$		32,020			46,785			508			-		10,610			-		121,277			165,693

Realized gain (loss) on investments			(4,127	)		9,259			30			-		195			-		-			-

Change in unrealized gain (loss) on investments			4,204			(29,182	)		16,693			-		51,432			-		-			-

Reinvested capital gains			-			-			568			-		-			-		3			-


Net increase (decrease) in contract owners’ equity resulting from operations			32,097			26,862			17,799			-		62,237			-		121,280			165,693


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			28,151			25,907			(11,127	)		-		(12,072	)		-		157,786			199,892

Transfers between subaccounts, net			(263,330	)		(34,217	)		758,872			-		1,267,598			-		300,388			(1,102,908	)

Surrenders (notes 2, 3, 4, 5, and 6)			(40,640	)		(47,563	)		(1,767	)		-		(6,718	)		-		(492,933	)		(482,388	)

Adjustments to maintain reserves			(1	)		-			1			-		1			-		(14	)		14


Net equity transactions			(275,820	)		(55,873	)		745,979			-		1,248,809			-		(34,773	)		(1,385,390	)


Net change in contract owners’ equity			(243,723	)		(29,011	)		763,778			-		1,311,046			-		86,507			(1,219,697	)

Contract owners’ equity at beginning of period			805,266			834,277			-			-		-			-		3,030,112			4,249,809


Contract owners’ equity at end of period	$		561,543			805,266			763,778			-		1,311,046			-		3,116,619			3,030,112


CHANGE IN UNITS:

Beginning units			52,083			57,346			-			-		-			-		265,865			390,120

Units purchased			2,396			2,481			60,799			-		110,544			-		64,072			46,932

Units surrendered			(20,104	)		(7,744	)		(141	)		-		(572	)		-		(66,118	)		(171,187	)


Ending units			34,375			52,083			60,658			-		109,972			-		263,819			265,865

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		NVMMG1						SCF						SCF2						SCGF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		-			-			3,741			446			-			-			-			-

Realized gain (loss) on investments			(1	)		(2	)		(1,851	)		(7,590	)		241			2			18,534			1,516

Change in unrealized gain (loss) on investments			19			58			8,858			42,733			(206	)		134			(33,431	)		58,604

Reinvested capital gains			4			-			27,016			10,792			-			52			10,589			-


Net increase (decrease) in contract owners’ equity resulting from operations			22			56			37,764			46,381			35			188			(4,308	)		60,120


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			-			-			3,567			3,922			-			-			9,784			13,580

Transfers between subaccounts, net			-			-			13,839			(11,121	)		-			-			(262,515	)		(2,384	)

Surrenders (notes 2, 3, 4, 5, and 6)			(2	)		(2	)		(37,834	)		(48,305	)		(1,683	)		(13	)		(15,610	)		(29,216	)

Adjustments to maintain reserves			(1	)		-			1			-			(1	)		1			(1	)		1


Net equity transactions			(3	)		(2	)		(20,427	)		(55,504	)		(1,684	)		(12	)		(268,342	)		(18,019	)


Net change in contract owners’ equity			19			54			17,337			(9,123	)		(1,649	)		176			(272,650	)		42,101

Contract owners’ equity at beginning of period			362			308			378,929			388,052			1,649			1,473			451,890			409,789


Contract owners’ equity at end of period	$		381			362			396,266			378,929			-			1,649			179,240			451,890


CHANGE IN UNITS:

Beginning units			6			6			14,236			16,487			25			26			15,456			16,989

Units purchased			-			-			835			374			-			-			394			655

Units surrendered			-			-			(1,579	)		(2,625	)		(25	)		(1	)		(10,581	)		(2,188	)


Ending units			6			6			13,492			14,236			-			25			5,269			15,456

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		SCGF2						SCVF						SCVF2						TRF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		-			-			7,347			4,520			21			13			6,162			6,276

Realized gain (loss) on investments			-			-			(7,555	)		(5,164	)		(2	)		(2	)		6,243			1,090

Change in unrealized gain (loss) on investments			2			4			(30,349	)		33,736			(125	)		85			35,869			36,005

Reinvested capital gains			2			-			40,659			5,545			141			18			54,003			18,534


Net increase (decrease) in contract owners’ equity resulting from operations			4			4			10,102			38,637			35			114			102,277			61,905


Equity transactions:

Purchase payments received from contract owners (notes 2 and 6)			-			-			4,721			3,115			-			-			4,334			3,965

Transfers between subaccounts, net			-			-			(11,799	)		(2,354	)		-			-			46,261			108,996

Surrenders (notes 2, 3, 4, 5, and 6)			-			-			(25,438	)		(31,837	)		(13	)		(16	)		(52,544	)		(36,874	)

Adjustments to maintain reserves			(1	)		(1	)		-			(1	)		-			-			1			-


Net equity transactions			(1	)		(1	)		(32,516	)		(31,077	)		(13	)		(16	)		(1,948	)		76,087


Net change in contract owners’ equity			3			3			(22,414	)		7,560			22			98			100,329			137,992

Contract owners’ equity at beginning of period			20			17			618,311			610,751			1,916			1,818			610,573			472,581


Contract owners’ equity at end of period	$		23			20			595,897			618,311			1,938			1,916			710,902			610,573


CHANGE IN UNITS:

Beginning units			-			-			29,547			31,093			37			37			20,924			18,407

Units purchased			-			-			303			228			-			-			1,652			3,820

Units surrendered			-			-			(1,978	)		(1,774	)		-			-			(1,662	)		(1,303	)


Ending units			-			-			27,872			29,547			37			37			20,914			20,924

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, 2025, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025

(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:

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 - 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, 2025

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)*

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - LVIP American Century Disciplined Core Value Fund: Standard Class II

(LACDV2)*

Lincoln Variable Insurance Products Trust - LVIP American Century Disciplined Core Value Fund: Service Class (LACDVS)

Lincoln Variable Insurance Products Trust - LVIP American Century Ultra(R) Fund: Standard Class II (LACU2)*

Lincoln Variable Insurance Products Trust - LVIP American Century Ultra Fund: Service Class (LACUS)*

Lincoln Variable Insurance Products Trust - LVIP American Century Value Fund: Standard Class II (LACV2)*

Lincoln Variable Insurance Products Trust - LVIP American Century Value Fund: Service Class (LACVS)

NATIONWIDE FUNDS

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

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

Nationwide Variable Insurance Trust - NVIT 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 Loomis Short Term High Yield Fund: Class I (HIBF)

Nationwide Variable Insurance Trust - NVIT NASDAQ-100 Index Fund: Class II (NNASD2)

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

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 Invesco Small Cap Growth Fund: Class I (SCGF)

Nationwide Variable Insurance Trust - NVIT Invesco 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 J.P. Morgan Equity and Options Total Return Fund: Class I (TRF)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Equity and Options Total Return Fund: Class II (TRF2)*

At December 31, 2025, policyholders were not invested in this fund.

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025

Unless listed below, the financial statements presented are as of December 31, 2025 and for each of the years in the two-year period ended December 31, 2025. For the subaccounts listed below with inception dates in 2025, the financial statements are as of December 31, 2025 and for the period from the inception date to December 31, 2025. For the subaccounts listed below with inception dates in 2024, the prior year financial statements reflect the period from inception date to December 31, 2024.


	Inception Date	Liquidation Date
Lincoln Variable Insurance Products Trust - LVIP American Century Disciplined Core Value Fund: Standard Class II (LACDV2)	4/26/2024
Lincoln Variable Insurance Products Trust - LVIP American Century Disciplined Core Value Fund: Service Class (LACDVS)	4/26/2024
Lincoln Variable Insurance Products Trust - LVIP American Century Ultra(R) Fund: Standard Class II (LACU2)	4/26/2024
Lincoln Variable Insurance Products Trust - LVIP American Century Ultra Fund: Service Class (LACUS)	4/26/2024
Lincoln Variable Insurance Products Trust - LVIP American Century Value Fund: Standard Class II (LACV2)	4/26/2024
Lincoln Variable Insurance Products Trust - LVIP American Century Value Fund: Service Class (LACVS)	4/26/2024
Nationwide Variable Insurance Trust - NVIT NASDAQ-100 Index Fund: Class II (NNASD2)	11/19/2025
Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)	11/19/2025

There were no subaccount mergers for the one-year period ended December 31, 2025.

For the one-year period ended December 31, 2025, the following subaccount name changes occurred:


Subaccount
Abbreviation	Current Legal Name	Prior Legal Name	Effective Date
HIBF	Nationwide Variable Insurance Trust - NVIT Loomis Short Term High Yield Fund: Class I	Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I	5/1/2025
TRF	Nationwide Variable Insurance Trust - NVIT J.P. Morgan Equity and Options Total Return Fund: Class I	Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I	9/22/2025
TRF2	Nationwide Variable Insurance Trust - NVIT J.P. Morgan Equity and Options Total Return Fund: Class II	Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class II	9/22/2025

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

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

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

(c) Security Valuation, Transactions and Related Investment Income

Investments in underlying mutual funds are valued at the closing Net Asset Value per share at December 31, 2025 of such funds. The cost of investments sold is determined on a specific identification 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.

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025

(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 policyholder account balances.

(g) Segment Disclosures

The subaccounts have acted as single reportable segments and the public entity’s chief operating decision maker (“CODM”) is Product Development. The CODM assesses subaccount performance including investment results reflected in the net increase (decrease) in contract owners’ equity resulting from operations as reported in the Statements of Operations as well as investment income ratios, and total return, within the financial highlights of the notes to the financial statements.

(h) Subsequent Events

The Company evaluated subsequent events through the date the financial statements were issued, and no subsequent events have occurred requiring accrual or disclosure.

(2)

Policy Charges

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


Policy Charges
Mortality and Expense Risk Charge/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 premium specified by the policy owner

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025


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, 2025 and 2024, total front-end sales charge deductions were $32,278 and $33,607, 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.

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, 2025 and 2024, total transfers to the Separate Account from the fixed account were $701,967 and $605,679, respectively, and total transfers from the Separate Account to the fixed account were $710,646 and $999,227, respectively.

(7)

Fair Value Measurement

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 Separate Account’s view of market assumptions in the absence of observable market information. The Separate Account uses valuation techniques that maximize the use of observable inputs and minimizes the use of unobservable inputs. In determining fair value, the Separate Account generally uses the market approach as its valuation technique.

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025

The Separate Account 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 Separate Account categorizes financial assets and liabilities held at fair value 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, Secured Overnight Financing Rate, prime rates, cash flows, maturity dates, call ability, estimated prepayments and/or underlying collateral values.

Level 3 – Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate 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.

The Company reviews its fair value hierarchy classifications for assets and liabilities. 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.

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, 2025 are as follows:

	$		$
Subaccount Abbreviation*	Purchases of Investments		Sales of Investments
FC2	$	288,567	$	189,638
FEI2		187,054		70,490
FG2		238,257		165,454
RAF		1,292,352		1,277,380
RBF		55,537		11,725
RBKF		1,600		34,615
RBMF		964,989		947,288
RCPF		1,356,406		1,342,891
RELF		220,342		23,480
RENF		1,520,026		1,514,295
RESF		18,440		11,748
RFSF		3,167,795		3,164,261
RHCF		1,247,527		1,256,384
RINF		65,592		45,187
RJNF		3,302		3,818
RLCE		97,894		102,943
RLCJ		32,238		15,359
RLF		1,304,709		1,327,697
RMED		13,604		91,801
RMEK		19,439		74,521
RNF		15,832		147,955
ROF		1,024,773		1,136,850
RPMF		555,916		269,351
RREF		1,367,070		1,390,005
RRF		1,438,977		1,453,916
RTEC		3,568,234		3,451,906
RTEL		2,705,230		2,757,117

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025

	$		$
RTF		639,529		739,820
RTRF		1,551		10,194
RUF		3,109		11,828
RUGB		88,572		72,567
RUTL		2,439,003		2,493,908
RVARS		5,434		5,090
RVCMD		14,785		3,497
RVF		5,693,511		6,098,996
RVIDD		1,648,351		2,209,824
RVIMC		1,353		1,281
RVISC		91,057		79,479
RVLCG		515,035		502,567
RVLCV		59,630		80,023
RVLDD		5,891,269		5,966,996
RVMCG		298,022		270,402
RVMCV		67,890		27,218
RVSCG		253,783		71,661
RVSCV		46,870		29,949
RVSDL		1,410		1,670
RVWDL		7,495		8,562
LACDV2		20		603,133
LACDVS		20		279
LACU2		59,830		902,545
LACUS		-		2,733
LACV2		48,276		786,480
LACVS		993		1,498
EIF		4,496		80
GBF		107,739		73,623
GVDMA		64,920		412,072
GVDMC		60,860		6,620
GVIDA		68,809		97,097
GVIDC		24,292		15,926
GVIDM		180,851		69,826
HIBF		437,215		681,015
NNASD2		748,278		1,223
NVAMVX		1,265,749		6,330
NVMM2		6,018,385		5,931,864
NVMMG1		4		3
SCF		44,376		34,046
SCF2		-		1,683
SCGF		18,156		275,909
SCGF2		2		-
SCVF		52,707		37,217
SCVF2		162		14
TRF		124,863		66,647

* 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, 2025

(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, 2025, and the investment income ratio and total return for each of the periods in the five-year period ended December 31, 2025. 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.


Subaccount Abbreviation*	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***	Total Return****
FC2
2025		0.00%	11,430	$	122.19		$1,396,626	0.00%		21.19	%
2024		0.00%	12,567		100.82		1,267,015	0.03%		33.45	%
2023		0.00%	12,460		75.55		941,368	0.26%		33.12	%
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	%
FEI2
2025		0.00%	29,642		62.08		1,840,249	1.69%		18.75	%
2024		0.00%	29,867		52.28		1,561,502	1.72%		15.06	%
2023		0.00%	28,549		45.44		1,297,261	1.83%		10.38	%
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	%
FG2
2025		0.00%	12,989		118.18		1,535,071	0.05%		14.61	%
2024		0.00%	14,105		103.12		1,454,504	0.00%		30.07	%
2023		0.00%	15,796		79.28		1,252,284	0.00%		35.89	%
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	%
RAF
2025		0.00%	7,961		0.26		2,083	0.88%		-16.18	%
2024		0.00%	8,191		0.31		2,557	0.76%		-15.79	%
2023		0.00%	23,046		0.37		8,544	0.04%		-31.85	%
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	%
RBF
2025		0.00%	2,866		76.22		218,412	0.00%		30.12	%

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025


Subaccount Abbreviation*	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***	Total Return****

2024		0.00%	2,324		58.57		136,135	0.00%		-1.40	%
2023		0.00%	2,344		59.41		139,271	0.00%		5.53	%
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	%
RBKF
2025		0.00%	3,138		19.01		59,651	0.53%		23.74	%
2024		0.00%	5,181		15.36		79,596	1.89%		23.11	%
2023		0.00%	3,235		12.48		40,368	1.03%		2.97	%
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	%
RBMF
2025		0.00%	2,476		58.83		145,683	1.33%		32.89	%
2024		0.00%	2,338		44.27		103,502	1.09%		-2.47	%
2023		0.00%	4,299		45.39		195,137	0.00%		8.97	%
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	%
RCPF
2025		0.00%	2,772		47.27		131,005	1.37%		-3.52	%
2024		0.00%	2,753		48.99		134,850	1.51%		4.42	%
2023		0.00%	2,748		46.92		128,921	1.30%		-3.30	%
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	%
RELF
2025		0.00%	6,697		98.14		657,279	0.00%		41.49	%
2024		0.00%	6,544		69.36		453,917	0.00%		16.13	%
2023		0.00%	6,841		59.73		408,577	0.00%		54.75	%
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	%
RENF
2025		0.00%	5,085		29.25		148,708	1.75%		7.51	%
2024		0.00%	5,685		27.20		154,652	2.39%		0.07	%
2023		0.00%	6,701		27.18		182,163	3.63%		1.61	%
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	%
RESF
2025		0.00%	10,258		8.30		85,136	0.07%		1.75	%
2024		0.00%	9,640		8.16		78,633	0.00%		-7.90	%

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025


Subaccount Abbreviation*	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***	Total Return****

2023		0.00%	11,059		8.86		97,947	0.00%		4.44	%
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	%
RFSF
2025		0.00%	1,819		33.26		60,518	0.37%		10.76	%
2024		0.00%	1,909		30.03		57,320	0.71%		22.26	%
2023		0.00%	2,572		24.56		63,166	0.00%		13.90	%
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	%
RHCF
2025		0.00%	3,974		65.07		258,621	0.00%		14.07	%
2024		0.00%	4,540		57.05		259,008	0.00%		0.14	%
2023		0.00%	4,849		56.97		276,221	0.00%		5.03	%
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	%
RINF
2025		0.00%	3,193		95.09		303,656	0.00%		18.50	%
2024		0.00%	3,294		80.25		264,378	0.00%		23.40	%
2023		0.00%	3,642		65.03		236,826	0.00%		47.38	%
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	%
RJNF
2025		0.00%	5,501		3.76		20,710	7.03%		1.85	%
2024		0.00%	6,040		3.70		22,328	4.49%		16.91	%
2023		0.00%	5,860		3.16		18,531	0.00%		4.23	%
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	%
RLCE
2025		0.00%	18,637		27.28		508,394	1.33%		36.46	%
2024		0.00%	18,933		19.99		378,485	6.54%		-3.00	%
2023		0.00%	22,489		20.61		463,491	0.33%		20.09	%
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	%
RLCJ
2025		0.00%	6,317		40.35		254,888	4.09%		51.54	%
2024		0.00%	5,996		26.63		159,666	3.50%		1.01	%
2023		0.00%	6,533		26.36		172,208	0.05%		34.46	%

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025


Subaccount Abbreviation*	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***	Total Return****

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	%
RLF
2025		0.00%	749		55.10		41,260	0.00%		8.48	%
2024		0.00%	1,091		50.79		55,429	0.06%		16.50	%
2023		0.00%	950		43.60		41,404	0.00%		22.49	%
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	%
RMED
2025		0.00%	2,353		90.66		213,351	0.46%		5.03	%
2024		0.00%	3,285		86.32		283,585	0.51%		15.26	%
2023		0.00%	3,629		74.89		271,743	0.00%		18.84	%
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	%
RMEK
2025		0.00%	5,347		58.40		312,237	1.74%		12.47	%
2024		0.00%	6,628		51.92		344,117	1.11%		10.95	%
2023		0.00%	6,821		46.80		319,178	0.00%		19.78	%
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	%
RNF
2025		0.00%	3,528		130.76		461,274	0.00%		20.86	%
2024		0.00%	4,776		108.19		516,708	0.00%		32.76	%
2023		0.00%	4,972		81.49		405,178	0.00%		35.07	%
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	%
ROF
2025		0.00%	22,914		159.00		3,643,381	0.03%		19.04	%
2024		0.00%	26,426		133.57		3,529,802	0.20%		23.91	%
2023		0.00%	23,424		107.80		2,525,235	0.00%		53.22	%
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	%
RPMF
2025		0.00%	45,624		36.10		1,647,182	2.18%		147.37	%
2024		0.00%	35,748		14.59		521,734	1.52%		8.12	%
2023		0.00%	36,143		13.50		487,908	0.31%		3.83	%
2022		0.00%	35,146		13.00		456,966	0.44%		-11.08	%

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025


Subaccount Abbreviation*	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***	Total Return****
2021		0.00%	40,543		14.62		592,834	4.07%		-9.19	%
RREF
2025		0.00%	7,994		32.63		260,807	2.44%		2.88	%
2024		0.00%	9,030		31.71		286,359	1.28%		5.03	%
2023		0.00%	8,773		30.19		264,879	1.30%		10.32	%
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	%
RRF
2025		0.00%	1,543		58.69		90,534	0.00%		10.18	%
2024		0.00%	1,829		53.27		97,431	0.00%		16.60	%
2023		0.00%	2,121		45.69		96,883	0.00%		16.56	%
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	%
RTEC
2025		0.00%	6,383		101.87		650,237	0.00%		25.70	%
2024		0.00%	5,740		81.04		465,149	0.00%		23.97	%
2023		0.00%	6,266		65.37		409,657	0.00%		49.01	%
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	%
RTEL
2025		0.00%	850		25.45		21,638	0.64%		31.13	%
2024		0.00%	2,090		19.41		40,565	0.67%		15.73	%
2023		0.00%	1,015		16.77		17,026	0.93%		6.30	%
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	%
RTF
2025		0.00%	4,461		185.92		829,461	0.10%		25.28	%
2024		0.00%	5,065		148.41		751,705	0.67%		42.25	%
2023		0.00%	6,546		104.32		682,957	0.08%		45.04	%
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	%
RTRF
2025		0.00%	993		54.74		54,334	0.00%		11.77	%
2024		0.00%	1,170		48.98		57,317	0.21%		1.56	%
2023		0.00%	1,399		48.23		67,485	0.00%		24.48	%
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	%

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025


Subaccount Abbreviation*	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***	Total Return****

RUF
2025		0.00%	42,865		0.73		31,080	8.56%		-11.76	%
2024		0.00%	57,017		0.82		46,852	8.74%		-13.11	%
2023		0.00%	66,708		0.95		63,084	3.34%		-14.95	%
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	%
RUGB
2025		0.00%	41,982		15.20		638,290	3.26%		1.68	%
2024		0.00%	42,213		14.95		631,216	3.24%		-12.46	%
2023		0.00%	41,757		17.08		713,246	2.94%		-1.03	%
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	%
RUTL
2025		0.00%	2,107		57.24		120,585	1.44%		17.07	%
2024		0.00%	2,982		48.89		145,785	1.45%		19.86	%
2023		0.00%	2,634		40.79		107,435	1.54%		-7.12	%
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	%
RVARS
2025		0.00%	4,312		12.00		51,738	2.26%		1.25	%
2024		0.00%	4,384		11.85		51,955	4.84%		-3.66	%
2023		0.00%	4,485		12.30		55,178	2.82%		4.37	%
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	%
RVCMD
2025		0.00%	17,334		3.82		66,137	4.03%		4.89	%
2024		0.00%	14,999		3.64		54,558	4.03%		8.29	%
2023		0.00%	16,537		3.36		55,547	9.93%		-6.24	%
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	%
RVF
2025		0.00%	4,642		694.20		3,222,400	0.00%		29.24	%
2024		0.00%	5,818		537.14		3,125,304	0.00%		41.90	%
2023		0.00%	6,321		378.54		2,392,601	0.00%		116.13	%
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	%
RVIDD

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025


Subaccount Abbreviation*	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***	Total Return****
2025		0.00%	854		0.05		43	0.00%		-20.69	%
2024		0.00%	876		0.06		56	0.00%		-15.94	%
2023		0.00%	898		0.08		68	0.33%		-18.26	%
2022		0.00%	921		0.09		86	0.00%		5.06	%
2021		0.00%	943		0.09		84	0.00%		-35.33	%
RVIMC
2025		0.00%	7,380		0.75		5,503	3.49%		-5.11	%
2024		0.00%	7,528		0.79		5,916	5.51%		-6.36	%
2023		0.00%	7,694		0.84		6,457	0.49%		-9.04	%
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	%
RVISC
2023		0.00%	551		0.80		439	0.00%		-11.23	%
2022		0.00%	643		0.90		577	0.00%		17.36	%
2021		0.00%	691		0.76		528	0.00%		-18.48	%
RVLCG
2025		0.00%	13,150		62.56		822,654	0.00%		11.75	%
2024		0.00%	14,548		55.98		814,396	0.06%		26.67	%
2023		0.00%	16,048		44.19		709,224	0.00%		6.47	%
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	%
RVLCV
2025		0.00%	7,046		48.29		340,270	1.21%		16.02	%
2024		0.00%	7,941		41.62		330,504	1.33%		10.84	%
2023		0.00%	9,315		37.55		349,772	1.45%		6.29	%
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	%
RVLDD
2025		0.00%	3,052		118.97		363,067	0.82%		19.49	%
2024		0.00%	3,891		99.56		387,418	1.03%		20.63	%
2023		0.00%	5,407		82.53		446,259	0.27%		23.57	%
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	%
RVMCG
2025		0.00%	13,469		53.69		723,118	0.00%		7.18	%
2024		0.00%	13,724		50.09		687,414	0.00%		16.15	%
2023		0.00%	10,948		43.12		472,116	0.00%		14.68	%

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025


Subaccount Abbreviation*	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***	Total Return****

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	%
RVMCV
2025		0.00%	6,276		55.54		348,571	0.13%		6.12	%
2024		0.00%	6,136		52.33		321,143	0.09%		4.42	%
2023		0.00%	10,640		50.12		533,268	0.00%		27.83	%
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	%
RVSCG
2025		0.00%	8,779		44.33		389,120	0.00%		8.59	%
2024		0.00%	4,000		40.82		163,272	0.00%		8.19	%
2023		0.00%	4,418		37.73		166,679	0.08%		17.47	%
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	%
RVSCV
2025		0.00%	7,555		37.96		286,761	0.00%		6.77	%
2024		0.00%	7,296		35.55		259,377	0.00%		3.74	%
2023		0.00%	7,259		34.27		248,734	0.00%		21.06	%
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	%
RVSDL
2025		0.00%	1,976		10.80		21,345	6.34%		-14.29	%
2024		0.00%	2,112		12.60		26,617	3.06%		21.01	%
2023		0.00%	2,079		10.42		21,656	0.26%		1.18	%
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	%
RVWDL
2024		0.00%	182		4.21		766	6.82%		-13.21	%
2023		0.00%	4,763		4.86		23,129	0.09%		2.85	%
LACDV2
2024		0.00%	51,892		10.66		553,073	0.93%		6.58	%	*	****
LACDVS
2025		0.00%	120		12.19		1,460	1.41%		14.56	%
2024		0.00%	146		10.64		1,551	0.77%		6.41	%	*	****
LACU2
2024		0.00%	68,854		11.94		822,261	0.00%		19.42	%	*	****
LACUS

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025


Subaccount Abbreviation*	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***	Total Return****
2024		0.00%	228		11.93		2,715	0.00%		19.31	%	*	****
LACV2
2024		0.00%	66,778		10.66		711,982	2.22%		6.62	%	*	****
LACVS
2025		0.00%	929		12.34		11,462	1.50%		15.85	%
2024		0.00%	1,065		10.65		11,342	2.16%		6.48	%	*	****
EIF
2025		0.00%	326		14.31		4,668	1.61%		21.44	%
GBF
2025		0.00%	32,117		17.53		563,131	3.96%		7.00	%
2024		0.00%	31,371		16.39		514,051	3.02%		1.03	%
2023		0.00%	36,477		16.22		591,653	2.74%		4.70	%
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	%
GVDMA
2025		0.00%	51,367		45.11		2,317,013	0.00%		17.38	%
2024		0.00%	59,859		38.43		2,300,367	0.00%		11.21	%
2023		0.00%	36,090		34.56		1,247,133	0.00%		17.93	%
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	%
GVDMC
2025		0.00%	12,403		28.39		352,065	0.00%		11.68	%
2024		0.00%	10,395		25.42		264,193	0.00%		6.09	%
2023		0.00%	10,599		23.96		253,941	0.00%		11.25	%
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	%
GVIDA
2025		0.00%	29,726		50.53		1,502,181	0.00%		19.26	%
2024		0.00%	30,755		42.37		1,303,233	0.00%		12.63	%
2023		0.00%	30,390		37.62		1,143,311	0.00%		19.38	%
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	%
GVIDC
2025		0.00%	20,167		21.56		434,747	0.00%		8.90	%
2024		0.00%	19,759		19.80		391,162	0.00%		3.82	%
2023		0.00%	20,666		19.07		394,055	0.00%		8.03	%
2022		0.00%	22,988		17.65		405,755	0.00%		-12.19	%

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025


Subaccount Abbreviation*	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity	Investment Income Ratio***	Total Return****

2021		0.00%	38,977		20.10	783,500	0.24%		2.75	%
GVIDM
2025		0.00%	50,201		36.13	1,813,895	0.00%		14.42	%
2024		0.00%	47,029		31.58	1,485,111	0.00%		9.02	%
2023		0.00%	35,521		28.97	1,028,927	0.00%		14.72	%
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	%
HIBF
2025		0.00%	34,375		16.34	561,543	5.32%		5.66	%
2024		0.00%	52,083		15.46	805,266	6.73%		6.28	%
2023		0.00%	57,346		14.55	834,277	8.67%		13.13	%
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	%
NNASD2
2025		0.00%	60,658		12.59	763,778	0.07%		25.92	%	*****
NVAMVX
2025		0.00%	109,972		11.92	1,311,046	0.85%		19.22	%	*****
NVMM2
2025		0.00%	263,819		11.81	3,116,619	3.59%		3.65	%
2024		0.00%	265,865		11.40	3,030,112	4.56%		4.62	%
2023		0.00%	390,120		10.89	4,249,809	4.40%		4.49	%
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	%
NVMMG1
2025		0.00%	6		62.93	381	0.00%		5.91	%
2024		0.00%	6		59.42	362	0.00%		18.50	%
2023		0.00%	6		50.14	308	0.00%		20.58	%
2022		0.00%	6		41.58	250	0.00%		-37.61	%
2021		0.00%	6		66.65	400	0.12%		-4.70	%
SCF
2025		0.00%	13,492		29.37	396,266	1.03%		10.35	%
2024		0.00%	14,236		26.62	378,929	0.12%		13.08	%
2023		0.00%	16,487		23.54	388,052	0.52%		13.99	%
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	%
SCF2
2024		0.00%	25		65.12	1,649	0.00%		12.84	%

NATIONWIDE VLI SEPARATE ACCOUNT-6

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025


Subaccount Abbreviation*	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity	Investment Income Ratio***	Total Return****

2023		0.00%	26		57.71	1,473	0.36%		13.69	%
2022		0.00%	26		50.76	1,320	0.04%		-18.98	%
2021		0.00%	331		62.65	20,739	0.00%		30.51	%
SCGF
2025		0.00%	5,269		34.02	179,240	0.00%		16.36	%
2024		0.00%	15,456		29.24	451,890	0.00%		21.21	%
2023		0.00%	16,989		24.12	409,789	0.00%		17.47	%
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	%
SCGF2
2025		0.00%	-		59.29	23	0.00%		16.08	%
2024		0.00%	-		51.08	20	0.00%		20.92	%
2023		0.00%	-		42.24	17	0.00%		17.16	%
SCVF
2025		0.00%	27,872		21.38	595,897	1.27%		2.17	%
2024		0.00%	29,547		20.93	618,311	0.73%		6.53	%
2023		0.00%	31,093		19.64	610,751	0.43%		17.45	%
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	%
SCVF2
2025		0.00%	37		52.61	1,938	1.14%		1.87	%
2024		0.00%	37		51.64	1,916	0.68%		6.30	%
2023		0.00%	37		48.58	1,818	0.21%		17.15	%
2022		0.00%	38		41.47	1,576	0.12%		-13.16	%
2021		0.00%	38		47.76	1,815	0.00%		31.58	%
TRF
2025		0.00%	20,914		33.99	710,902	0.92%		16.49	%
2024		0.00%	20,924		29.18	610,573	1.17%		13.66	%
2023		0.00%	18,407		25.67	472,581	1.35%		8.27	%
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	%

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

This represents the annual contract expense rate or range of annual contract expense rates of the variable account at the period end indicated and includes only those expenses that are charged through a reduction in the unit values. Excluded are expenses of the underlying mutual funds and charges made directly to contract owner accounts through the redemption of units.

***

This represents the ratio of dividends for the period indicated, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by monthly average net assets (excluding months where net assets are zero). The investment income ratio for subaccounts initially funded during the period presented has not been annualized. The ratios exclude

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KPMG LLP

Suite 500

191 West Nationwide Blvd.

Columbus, OH 43215-2568

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, 2025 and 2024, 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, 2025, and the related notes to the statutory financial statements.

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities, capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2025 in accordance with accounting practices prescribed or permitted by the Ohio Department of Insurance (the Department) described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2025.

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 described in Note 2 and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material and pervasive.

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

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Emphasis of Matter

As discussed in Note 2 to the financial statements, the Company’s subsidiary received permission from the Department in 2023 to account for an excess of loss reinsurance recoverable as an admitted asset. Under prescribed statutory accounting practices, the excess of loss reinsurance recoverable would not be an admitted asset. As of December 31, 2025 and 2024, the permitted accounting practice increased statutory surplus over what it would have been had that prescribed accounting practice been followed. Our opinions are not modified with respect to this matter.

Responsibilities of Management for the Financial Statements

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

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

Auditors’ Responsibilities for the Audit of the Financial Statements

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

In performing an audit in accordance with GAAS, we:

●

Exercise professional judgment and maintain professional skepticism throughout the audit.

●

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

●

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

●

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

●

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

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)	2025			(As adjusted) 2024
Admitted assets
Invested assets
Bonds	$	50,493		$	45,802
Stocks		5,330			3,962
Mortgage loans, net of allowance		10,261			9,619
Policy loans		1,044			1,038
Derivative assets		85			194
Cash, cash equivalents and short-term investments		3,099			1,693
Securities lending collateral assets		295			247
Other invested assets		3,702			2,777
Total invested assets	$	74,309		$	65,332
Accrued investment income		790			699
Deferred federal income tax assets, net		938			660
Other assets		495			579
Separate account assets		133,243			123,292
Total admitted assets	$	209,775		$	190,562
Liabilities, capital and surplus
Liabilities
Future policy benefits and claims	$	59,619		$	51,794
Policyholders’ dividend accumulation		345			361
Asset valuation reserve		1,200			950
Payable for securities		1,262			845
Securities lending payable		295			247
Funds held under coinsurance		1,226			1,199
Other liabilities		1,113			1,018
Accrued transfers from separate accounts		(1,842	)		(1,685	)
Separate account liabilities		133,243			123,292
Total liabilities	$	196,461		$	178,021
Capital and surplus
Capital shares ($1 par value; authorized - 5,000,000 shares, issued and outstanding - 3,814,779 shares)	$	4		$	4
Surplus notes		1,100			1,100
Special surplus funds		114			116
Additional paid-in capital		2,626			2,551
Unassigned surplus		9,470			8,770
Total capital and surplus	$	13,314		$	12,541
Total liabilities, capital and surplus	$	209,775		$	190,562

See accompanying notes to statutory financial statements.

NATIONWIDE LIFE INSURANCE COMPANY

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

Statutory Statements of Changes in Capital and Surplus



(in millions)	Capital shares		Surplus notes		Special surplus funds			Additional paid-in capital		Unassigned surplus			Capital and surplus
Balance as of December 31, 2022 (As adjusted)	$	4	$	1,100	$	-		$	2,316	$	6,774		$	10,194

Net income		-		-		-			-		950			950

Change in asset valuation reserve		-		-		-			-		(103	)		(103	)

Change in deferred income taxes		-		-		-			-		132			132

Change in net unrealized capital gains and losses, net of tax benefit of $37		-		-		-			-		(77	)		(77	)

Change in nonadmitted assets, including admitted disallowed interest maintenance reserve		-		-		93			-		(126	)		(33	)

Capital contributions from Nationwide Financial Services, Inc.		-		-		-			135		-			135

Other, net		-		-		-			-		35			35

Balance as of December 31, 2023 (As adjusted)	$	4	$	1,100	$	93		$	2,451	$	7,585		$	11,233

Net income		-		-		-			-		1,151			1,151

Change in asset valuation reserve		-		-		-			-		(109	)		(109	)

Change in deferred income taxes		-		-		-			-		28			28

Change in net unrealized capital gains and losses, net of tax expense of $53		-		-		-			-		32			32

Change in nonadmitted assets		-		-		-			-		66			66

Capital contributions from Nationwide Financial Services, Inc.		-		-		-			100		-			100

Other, net		-		-		23			-		17			40

Balance as of December 31, 2024 (As adjusted)	$	4	$	1,100	$	116		$	2,551	$	8,770		$	12,541

Net income		-		-		-			-		683			683

Change in asset valuation reserve		-		-		-			-		(250	)		(250	)

Change in deferred income taxes		-		-		-			-		274			274

Change in net unrealized capital gains and losses, net of tax expense of $26		-		-		-			-		(36	)		(36	)

Change in nonadmitted assets		-		-		-			-		12			12

Capital contributions from Nationwide Financial Services, Inc.		-		-		-			75		-			75

Other, net		-		-		(2	)		-		17			15

Balance as of December 31, 2025	$	4	$	1,100	$	114		$	2,626	$	9,470		$	13,314

See accompanying notes to statutory financial statements.

NATIONWIDE LIFE INSURANCE COMPANY

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

Statutory Statements of Cash Flow


	Years ended December 31,
				(As adjusted)			(As adjusted)
(in millions)	2025			2024			2023
Cash flows from operating activities:
Premiums collected, net of reinsurance	$	21,161		$	16,486		$	14,707
Net investment income		3,206			3,570			2,775
Other revenue		2,522			2,441			2,022
Policy benefits and claims paid		(20,146	)		(20,874	)		(17,582	)
Commissions, operating expenses and taxes, other than federal income tax paid		(1,642	)		(1,455	)		(1,268	)
Net transfers from separate accounts		4,361			3,264			3,775
Policyholders’ dividends paid		(29	)		(28	)		(28	)
Federal income taxes (paid) recovered		(126	)		(93	)		98
Net cash provided by operating activities	$	9,307		$	3,311		$	4,499

Cash flows from investing activities:
Proceeds from investments sold, matured or repaid:
Bonds	$	6,397		$	6,589		$	2,595
Stocks		70			60			46
Mortgage loans		1,097			754			635
Other invested assets and other		877			769			467
Total investment proceeds	$	8,441		$	8,172		$	3,743
Cost of investments acquired:
Bonds	$	(11,022	)	$	(8,665	)	$	(6,256	)
Stocks		(1,579	)		(438	)		(35	)
Mortgage loans		(1,697	)		(1,206	)		(1,370	)
Derivatives		(478	)		(302	)		(556	)
Other invested assets and other		(1,332	)		(862	)		(766	)
Total investments acquired	$	(16,108	)	$	(11,473	)	$	(8,983	)
Net increase in policy loans		(6	)		(69	)		(37	)
Net cash used in investing activities	$	(7,673	)	$	(3,370	)	$	(5,277	)
Cash flows from financing activities and miscellaneous sources:
Capital contributions from Nationwide Financial Services, Inc.	$	75		$	100		$	135
Net change in deposits on deposit-type contract funds and other insurance liabilities		(600	)		499			271
Other cash provided (used)		297			(407	)		311
Net cash (used in) provided by financing activities and miscellaneous	$	(228	)	$	192		$	717
Net increase (decrease) in cash, cash equivalents and short-term investments	$	1,406		$	132		$	(63	)
Cash, cash equivalents and short-term investments at beginning of year		1,693			1,561			1,624
Cash, cash equivalents and short-term investments at end of year	$	3,099		$	1,693		$	1,561
Supplemental disclosure of non-cash activities:
Exchange of bond investments	$	459		$	386		$	385
Intercompany transfer of securities from merger	$	-		$	-		$	203

See accompanying notes to statutory financial statements.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

(1)

Nature of Operations

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

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

The Company is a leading provider of long-term savings and retirement products in the United States of America (“U.S.”). The Company develops and sells a wide range of products and services, which include fixed, variable and registered index-linked annuities, public and private sector group retirement plans including retirement guarantee products, 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, recommend or direct the purchase of the Company’s products to their own customer bases include independent broker-dealers, financial institutions, wirehouses and regional firms, pension plan administrators, life insurance agencies, life insurance specialists and registered investment advisors. Affiliates that market products directly to a customer base include the agency distribution force of the Company’s ultimate majority parent company, NMIC, 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, 2025 include Nationwide Life and Annuity Insurance Company (“NLAIC”) and its wholly-owned subsidiaries, Olentangy Reinsurance, LLC (“Olentangy”) and Nationwide SBL, LLC (“NWSBL”), Nationwide Life and Benefits Insurance Company (“NLBIC”), Jefferson National Life Insurance Company (“JNL”), Eagle Captive Reinsurance, LLC (“Eagle”), Nationwide Investment Services Corporation (“NISC”), Nationwide Investment Advisors, LLC (“NIA”), The Association Benefits Solution, LLC (“TABS”) and NSM Sales Corporation (“NSM”). NLAIC primarily offers individual annuity contracts including fixed annuity contracts, group annuity contracts including PRT contracts, universal life insurance, variable universal life insurance, term life insurance and corporate-owned life insurance on a non-participating basis. Olentangy is a dormant Vermont domiciled special purpose financial insurance company and a nonadmitted subsidiary. NWSBL is an Ohio limited liability company that offers a securities-backed consumer lending product and is a nonadmitted subsidiary. NLBIC primarily offers medical stop loss insurance. JNL primarily offers individual deferred fixed and variable annuity products. Eagle is an Ohio domiciled special purpose financial captive insurance company. NISC is a registered broker-dealer. NIA is a registered investment advisor and a nonadmitted subsidiary. TABS is a program manager for self-funded group health programs. NSM is an agency and a nonadmitted subsidiary. See Note 3 for additional information on business combinations.

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, 2025 and 2024, the Company did not have a significant concentration of financial instruments in a single investee, industry or geographic region. Also, the Company did not have a concentration of business transactions with a particular customer, lender, distribution source, market or geographic region in which a single event could cause a severe impact to the Company’s financial position after considering insurance risk that has been transferred to external reinsurers.

(2)

Summary of Significant Accounting Policies

Use of Estimates

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

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

Basis of Presentation

Effective July 1, 2025 and pursuant to a merger agreement, Jefferson National Life Insurance Company of New York (“JNLNY”), a New York stock life insurance company and previous subsidiary of JNL, was merged with and into the Company, with the Company continuing as the surviving entity. The merger was deemed a statutory merger. All shares of JNLNY were cancelled and the outstanding surplus balance was merged into the Company’s total capital and surplus. There was not a material impact on the Company’s capital and surplus as a result of the merger. All statutory financial statements and accompanying notes as of and for the years ended December 31, 2024 and 2023, have been adjusted to reflect this merger.

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

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

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

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

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

Prior to October 1, 2023, Olentangy was granted a permitted practice from the State of Vermont allowing Olentangy to carry the assets placed into a trust account by Union Hamilton Reinsurance Ltd. on its statutory statements of admitted assets, liabilities and surplus at net admitted asset value for certain universal life and term life insurance policies. Effective October 1, 2023, Olentangy terminated this permitted practice due to NLAIC’s recapture of the reinsurance agreements.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

If the prescribed or permitted practices were not applied, the Company’s risk-based capital (“RBC”) 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 #	State of domicile		2025			December 31, (As adjusted) 2024			(As adjusted) 2023
Net Income
Statutory Net Income			OH	$	683		$	1,151		$	950
State Prescribed Practice:
OAC 3901-1-67:
Derivative instruments	86		OH		231			270			110
Reserves for indexed annuities	51		OH		(240	)		(308	)		(75	)
Tax impact	101		OH		2			8			(7	)
NAIC SAP				$	676		$	1,121		$	978

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


					As of December 31,
(in millions)	SSAP #		State of domicile		2025			(As adjusted) 2024
Surplus
Statutory Capital and Surplus				OH	$	13,314		$	12,541
State Prescribed Practice:
OAC 3901-1-67:
Derivative instruments		86		OH		584			350
Reserves for indexed annuities		51		OH		(631	)		(389	)
Tax impact		101		OH		10			8
Subsidiary Valuation - NLAIC		51, 86, 101		OH		417			227
Subsidiary valuation - Eagle		51		OH		(669	)		(529	)
State Permitted Practice:
Subsidiary valuation - Eagle		61R		OH		(895	)		(861	)
NAIC SAP					$	12,130		$	11,347

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

Financial Statements

•

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

•

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

•

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

•

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

•

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

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

•

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

•

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

•

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

•

negative cash balances are reported as negative assets;

•

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

•

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

•

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

•

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

Future Policy Benefits and Claims

•

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

•

future policy benefit reserves are based on statutory requirements.

Reinsurance Ceded

•

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

•

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

Investments

•

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

•

investments in redeemable 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 asset-backed 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 and other tax credit investments (“Tax Credit Funds”);

•

the allowable earned yield method is utilized to determine the value of residual interest securitizations;

•

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

•

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

•

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

•

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

Separate Accounts

•

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

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 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 capital and 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 adjusted capital and surplus); and

•

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

Nonadmitted Assets

•

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

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

Revenues and Benefits

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

Future Policy Benefits and Claims

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

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

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

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 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.

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

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

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

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

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

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

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

Separate Accounts

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

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

Retained Assets

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

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

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. Redeemable 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 and perpetual preferred 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.

Asset-backed 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 asset-backed 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 to determine the fair value of bonds and stocks for which market quotations, quotations on comparable securities or models are used. These are compared to pricing from additional sources when available. Pricing may also be received directly from third-party managers who utilize various methodologies, primarily discounted cash flow models using market-based interest rates and spreads, adjusted for borrower-specific factors. For these bonds and stocks, the Company obtains the pricing services’ and managers’ methodologies and classifies the investments accordingly in the fair value hierarchy.

Corporate pricing matrices are used in valuing certain bonds. The corporate pricing matrices were developed using publicly and privately available spreads segmented by various weighted average lives and credit quality ratings. Certain private placement bonds have adjusted spreads to capture the impacts of liquidity premium based on industry sector. The weighted average life and credit quality rating of a particular bond to be priced using those matrices are important inputs into the model and are used to determine a corresponding spread that is added to the appropriate industry sector or U.S. Treasury yield to create an estimated market yield for that bond. The estimated market yield and other relevant factors are then used to estimate the fair value of the particular bond.

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

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

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

The Company periodically reviews asset-backed 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, NLBIC, JNL and Eagle, are carried using the equity method of accounting applicable to U.S. insurance SCA entities. This requires the investment to be recorded based on the value of its underlying audited statutory surplus. Furthermore, the equity method of accounting would be discontinued if the investment is reduced to zero, unless the Company has guaranteed obligations of the subsidiary or otherwise committed to provide further financial support. The Company’s investment in NISC, NIA and TABS, wholly-owned non-insurance subsidiaries, are carried using the equity method of accounting applicable to U.S. non-insurance SCA entities. This requires the investment to be recorded based on its underlying audited GAAP equity. Investments in NLAIC, NLBIC, JNL and NISC are included in stocks, and the investments in Eagle and TABS are 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 an allowance for credit losses. The Company also holds commercial mortgage loans of these property types that are under development. Mortgage loans under development are collateralized by first-priority liens on real estate, partnership equity interests and 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 an allowance for credit losses 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 an allowance for credit losses, a provision for losses is established equal to the difference between the carrying value and the fair value of the collateral less costs to sell. Allowance for credit losses charges are recorded in net unrealized capital gains and losses. In the event an allowance for credit losses charge is reversed, the recovery is also recorded in net unrealized capital gains and losses. If the mortgage loan is determined to be other-than-temporarily impaired, a realized loss is recorded equal to the difference between the cost basis of the loan and the fair value of the collateral less estimated costs to obtain and sell. Any previously recorded allowance for credit losses is reversed.

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

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

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, outstanding unsecured promissory notes with initial maturity dates of less than three months with certain affiliates 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 primarily consist of outstanding unsecured 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, limited liability companies, residuals, surplus notes, debt, joint ventures and the investments in Eagle and TABS. Except for investments in certain tax credit funds and residual interests, these investments are primarily recorded using the equity method of accounting. Changes in carrying value as a result of the equity method are reflected as net unrealized capital gains and losses as a direct adjustment to capital and surplus. Gains and losses are generally recognized through income at the time of disposal or when operating distributions are received. Partnership interests in tax credit funds are held at amortized cost with amortization charged to net investment income over the period in which the tax benefits, primarily credits, are earned. Tax credits are recorded as an offset to tax expense in the period utilized.

The Company sold $3.4 billion, $3.2 billion and $3.1 billion in Tax Credit Funds to unrelated third parties with outstanding guarantees as of December 31, 2025, 2024 and 2023, respectively. The Company guarantees after-tax benefits to the third-party investors through periods ending in 2043. 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 $2.4 billion as of December 31, 2025, 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.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

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, total return 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 in the statutory statements of operations and cash flow. Cash flows associated with the acquisition, maturity, and termination of derivative instruments are recorded as investing activities in derivative assets in the statutory statements of cash flow.

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

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

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

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

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

The realized gains or losses, net of related federal income tax, from the applicable bonds and mortgage loans sold, have been removed from the net realized gain or loss amounts and established as the IMR. The IMR is amortized into income such that the amount of each capital gain or loss amortized in a given year is based on the excess of the amount of income which would have been reported that year, if the asset had not been disposed of over the amount of income which would have been reported had the asset been repurchased at its sale price. In the event the unamortized IMR liability balance is negative, the balance is reclassified to an asset and evaluated for admittance under INT 23-01, Net Negative (Disallowed) Interest Maintenance Reserve (“INT 23-01”). The Company utilizes the grouped method for amortization. Under the grouped method, the IMR is amortized into income over the remaining period to expected maturity based on the groupings of the individual securities into five-year bands. Refer to Recently Adopted Accounting Standards for additional discussion of IMR.

Goodwill

For companies whose operations are primarily insurance related, goodwill is the excess of the cost to acquire a company over the Company’s share of the statutory book value of the acquired entity. Goodwill is recorded in stocks in the statutory statements of admitted assets, liabilities and surplus. Goodwill is amortized on a straight-line basis over the period of economic benefit, not to exceed ten years, with a corresponding charge to surplus. See Note 3 for additional information on goodwill.

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 recognized directly in 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. Valuation allowances are recorded to reduce a deferred tax asset to the amount expected to be realized.

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.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 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, capital and surplus on a net basis within the related future policy benefits and claims of the Company.

Participating Business

Participating business, which refers to policies that participate in profits through policyholder dividends, represented approximately 3% of the Company’s life insurance in force in 2025 and 2024, and 46% and 47% of the number of life insurance policies in force in 2025 and 2024, 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 2025 and 2024.

Recently Adopted Accounting Standards

Effective January 1, 2025, the Company adopted revisions to Statutory Statement of Accounting Principles (“SSAP”) No. 26 – Bonds, SSAP No. 43 – Asset-Backed Securities, and SSAP No. 21 – Other Admitted Assets (“SSAP No. 21”), in conformity with the NAIC’s revised guidance to develop a principles-based definition for debt securities qualifying for reporting as a bond. The adopted revisions require the assessment of securities to focus on their substance rather than legal form, updated the accounting and reporting guidance for debt securities that qualify for reporting as a bond, updated the accounting and reporting guidance for debt securities that do not qualify for reporting as a bond and updated guidance for the accounting and reporting of residual interests. The adoption of this guidance did not have a material impact on the Company’s statutory financial statements.

Effective January 1, 2025, the Company adopted the revisions to SSAP No. 21 for residual interests reported as Other Invested Assets. Residual interests, previously measured under the equity method of accounting, are now measured under the Allowable Earned Yield method with any unrealized gains and losses recognized as realized as of the date of adoption. The adoption of this guidance did not have a material impact on the Company’s statutory financial statements.

Effective January 1, 2025, the Company adopted the revisions to SSAP No. 93 – Investments in Tax Credit Structures and SSAP No. 94 –State and Federal Tax Credits. The revisions to SSAP No. 93 expand the scope of tax credit investments required to use the proportional amortization method and include additional annual disclosure requirements. The revisions to SSAP No. 94 require purchased tax credits to be recorded at face value with any discount deferred as other liabilities. Additional annual disclosures are also required as part of the revisions to SSAP No. 94. The adoption of this guidance did not have a material impact on the Company’s statutory financial statements.

Effective December 31, 2023, the Company adopted INT 23-04, Life Reinsurance Liquidation Questions, that addresses accounting and reporting questions about a recent life reinsurer liquidation. On July 18, 2023, Scottish Re U.S. (“SRUS”) was declared insolvent and ordered liquidated by the Court of Chancery of the State of Delaware, resulting in termination of the reinsurance agreements between the Company and SRUS on September 30, 2023, and recapture of the ceded liabilities. The Company has accrued adequate provisions as of December 31, 2023, in accordance with SSAP No. 5R, Liabilities, Contingencies and Impairments of Assets, related to SRUS reinsurance recoverables. During 2024, the Company received a final payment from the assets previously held in a trust by SRUS that secured annuity reinsurance recoverables of $19 million in full satisfaction of the outstanding annuity reinsurance recoverables from SRUS.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

Effective September 30, 2023, the Company adopted INT 23-01, a short-term solution related to the accounting treatment of an insurer’s negative IMR balance. INT 23-01 allows an insurer with an authorized control level RBC greater than 300%, after an adjustment to total adjusted capital, to admit negative IMR up to 10% of its general account capital and surplus, subject to certain restrictions and reporting obligations. There is no admitted disallowed IMR in the separate accounts. Fixed income investments generating IMR losses comply with the Company’s investment policies. There are no deviations from the investment policies and sales were not compelled by liquidity pressures. The Company has not allocated gains or losses to IMR from derivatives that were reported at fair value prior to the termination of the derivative. As of December 31, 2025 and 2024, the Company has $114 million and $116 million, respectively, of admitted disallowed IMR in capital and surplus in the general account.

Subsequent Events

The Company evaluated subsequent events through March 23, 2026, the date the statutory financial statements were issued.

(3)

Business Combinations and Goodwill

On July 1, 2025, the Company completed its acquisition of the group health business of The Allstate Corporation (“Allstate”), which comprises NLBIC, formerly known as Direct General Life Insurance Company, TABS and NSM, for $1.24 billion. As a result of the acquisition, NLBIC, TABS and NSM became wholly-owned subsidiaries of the Company. The acquisition of NLBIC resulted in goodwill of $844 million. Goodwill amortization for the year ended December 31, 2025 related to the purchase was $42 million. NLBIC, based in Charleston, South Carolina, assumes medical stop loss through reinsurance agreements with unaffiliated entities of Allstate that sells its products through a diverse distribution network. Additionally, NLBIC underwrites individual term life insurance policies that are 100% ceded to an unaffiliated entity of Allstate through a reinsurance agreement.

On, March 1, 2017, The Company purchased all of the stock of JNFC. See Note 2 for additional information regarding the merger of JNFC with and into the Company, resulting in JNL being the wholly-owned subsidiary acquired.

The following transactions were accounted for as statutory purchases:



(in millions)	Acquisition date		Cost of acquired entity		Original amount of goodwill		Original amount of admitted goodwill		Admitted goodwill as of the reporting date		Amount of goodwill amortized during the reporting period		Book value of SCA		Admitted goodwill as a % of SCA BACV, gross of admitted goodwill

Jefferson National Life Insurance Company		3/1/2017	$	203	$	162	$	162	$	19	$	16	$	226		8	%

Nationwide Life and Benefits Insurance Company		7/1/2025	$	1,072	$	844	$	844	$	802	$	42	$	1,056		76	%

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

(4)

Analysis of Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics

The following table summarizes the analysis of individual annuity 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, 2025

Subject to discretionary withdrawal:

With market value adjustment	$	15,117		$	33	$	-	$	15,150			16 %

At book value less current surrender charge of 5% or more		3,566			-		-		3,566			4 %

At fair value		-			-		68,407		68,407			73 %

Total with market value adjustment or at fair value	$	18,683		$	33	$	68,407	$	87,123			93 %

At book value without adjustment (minimal or no charge or adjustment)		3,416			-		6		3,422			4 %

Not subject to discretionary withdrawal		3,065			-		57		3,122			3 %

Total, gross	$	25,164		$	33	$	68,470	$	93,667			100 %

Less: Reinsurance ceded		(81	)		-		-		(81	)

Total, net	$	25,083		$	33	$	68,470	$	93,586

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)’	$	615		$	-	$	-	$	615



(As Adjusted)

December 31, 2024

Subject to discretionary withdrawal:

With market value adjustment	$	7,075		$	41	$	-	$	7,116			8 %

At book value less current surrender charge of 5% or more		2,849			-		-		2,849			4 %

At fair value		-			-		64,880		64,880			80 %

Total with market value adjustment or at fair value	$	9,924		$	41	$	64,880	$	74,845			92 %

At book value without adjustment (minimal or no charge or adjustment)		3,446			-		5		3,451			4 %

Not subject to discretionary withdrawal		2,867			-		56		2,923			4 %

Total, gross	$	16,237		$	41	$	64,941	$	81,219			100 %

Less: Reinsurance ceded		(88	)		-		-		(88	)

Total, net	$	16,149		$	41	$	64,941	$	81,131

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

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

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

The following table summarizes the analysis of group annuity 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, 2025

Subject to discretionary withdrawal:

With market value adjustment	$	15,258		$	1,681	$	-	$	16,939			40 %

At book value less current surrender charge of 5% or more		-			-		-		-			0 %

At fair value		-			-		20,217		20,217			48 %

Total with market value adjustment or at fair value	$	15,258		$	1,681	$	20,217	$	37,156			88 %

At book value without adjustment (minimal or no charge or adjustment)		3,366			-		-		3,366			8 %

Not subject to discretionary withdrawal		1,102			508		2		1,612			4 %

Total, gross	$	19,726		$	2,189	$	20,219	$	42,134			100 %

Less: Reinsurance ceded		(4	)		-		-		(4	)

Total, net	$	19,722		$	2,189	$	20,219	$	42,130

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)’	$	-		$	-	$	-	$	-



December 31, 2024

Subject to discretionary withdrawal:

With market value adjustment	$	16,049		$	1,696	$	-	$	17,745			42 %

At book value less current surrender charge of 5% or more		-			-		-		-			0 %

At fair value		-			-		19,048		19,048			46 %

Total with market value adjustment or at fair value	$	16,049		$	1,696	$	19,048	$	36,793			88 %

At book value without adjustment (minimal or no charge or adjustment)		3,558			-		-		3,558			8 %

Not subject to discretionary withdrawal		1,175			478		2		1,655			4 %

Total, gross	$	20,782		$	2,174	$	19,050	$	42,006			100 %

Less: Reinsurance ceded		(26	)		-		-		(26	)

Total, net	$	20,756		$	2,174	$	19,050	$	41,980

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)’	$	-		$	-	$	-	$	-

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

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 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, 2025

Subject to discretionary withdrawal:

With market value adjustment	$	1	$	-	$	1		0 %

At fair value		9		-		9		0 %

Total with market value adjustment or at fair value	$	10	$	-	$	10		0 %

At book value without adjustment (minimal or no charge or adjustment)		833		1		834		19 %

Not subject to discretionary withdrawal		3,517		19		3,536		81 %

Total, gross	$	4,360	$	20	$	4,380		100 %

Less: Reinsurance ceded		-		-		-

Total, net	$	4,360	$	20	$	4,380



(As adjusted)

December 31, 2024

Subject to discretionary withdrawal:

With market value adjustment	$	1	$	-	$	1		0 %

At fair value		10		-		10		0 %

Total with market value adjustment or at fair value	$	11	$	-	$	11		0 %

At book value without adjustment (minimal or no charge or adjustment)		836		2		838		17 %

Not subject to discretionary withdrawal		4,113		18		4,131		83 %

Total, gross	$	4,960	$	20	$	4,980		100 %

Less: Reinsurance ceded		-		-		-

Total, net	$	4,960	$	20	$	4,980

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


	December 31,
(in millions)	2025		(As adjusted) 2024

Life, accident and health annual statement:

Annuities, net (excluding supplemental contracts with life contingencies)	$	44,793	$	36,892

Supplemental contracts with life contingencies, net		12		13

Deposit-type contracts		4,360		4,960

Subtotal	$	49,165	$	41,865

Separate accounts annual statement:

Annuities, net (excluding supplemental contracts with life contingencies)	$	90,911	$	86,206

Other contract deposit funds		20		20

Subtotal	$	90,931	$	86,226

Total annuity actuarial reserves and deposit fund liabilities, net	$	140,096	$	128,091

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

The following table summarizes the analysis of life insurance 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, 2025

Subject to discretionary withdrawal, surrender values or policy loans:

Term policies with cash value	$	-		$	50		$	50		$	-	$	-	$	-

Universal life		2,526			2,520			2,699			-		-		-

Universal life with secondary guarantees		519			472			1,286			-		-		-

Indexed universal life with secondary guarantees		486			400			519			-		-		-

Other permanent cash value life insurance		-			1,765			2,225			-		-		-

Variable life		3,533			3,572			3,703			40,177		40,174		40,278

Subtotal	$	7,064		$	8,779		$	10,482		$	40,177	$	40,174	$	40,278

Not subject to discretionary withdrawal or no cash value:

Term policies without cash value		-			-			119			-		-		-

Accidental death benefits		-			-			1			-		-		-

Disability - active lives		-			-			20			-		-		-

Disability - disabled lives		-			-			60			-		-		-

Miscellaneous reserves		-			-			36			-		-		-

Total, gross	$	7,064		$	8,779		$	10,718		$	40,177	$	40,174	$	40,278

Less: Reinsurance ceded		(7	)		(7	)		(135	)		-		-		-

Total, net	$	7,057		$	8,772		$	10,583		$	40,177	$	40,174	$	40,278

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements


	General account									Separate account - nonguaranteed
(in millions)	Account value			Cash value			Reserve			Account value		Cash value		Reserve

December 31, 2024

Subject to discretionary withdrawal, surrender values or policy loans:

Term policies with cash value	$	-		$	50		$	50		$	-	$	-	$	-

Universal life		2,560			2,568			2,729			-		-		-

Universal life with secondary guarantees		486			430			1,154			-		-		-

Indexed universal life with secondary guarantees		408			327			438			-		-		-

Other permanent cash value life insurance		-			1,838			2,305			-		-		-

Variable life		3,125			3,166			3,295			35,196		35,192		35,277

Subtotal	$	6,579		$	8,379		$	9,971		$	35,196	$	35,192	$	35,277

Not subject to discretionary withdrawal or no cash value:

Term policies without cash value		-			-			127			-		-		-

Accidental death benefits		-			-			1			-		-		-

Disability - active lives		-			-			18			-		-		-

Disability - disabled lives		-			-			60			-		-		-

Miscellaneous reserves		-			-			32			-		-		-

Total, gross	$	6,579		$	8,379		$	10,209		$	35,196	$	35,192	$	35,277

Less: Reinsurance ceded		(8	)		(8	)		(138	)		-		-		-

Total, net	$	6,571		$	8,371		$	10,071		$	35,196	$	35,192	$	35,277

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



	December 31,

(in millions)	2025		2024

Life, accident and health annual statement:

Life insurance, net	$	10,477	$	9,971

Accidental death benefits, net		1		1

Disability - active lives, net		20		18

Disability - disabled lives, net		54		54

Miscellaneous reserves, net		31		27

Subtotal	$	10,583	$	10,071

Separate accounts annual statement:

Life insurance¹	$	40,591	$	35,585

Subtotal	$	40,591	$	35,585

Total life insurance actuarial reserves, net	$	51,174	$	45,656

Life insurance account value, cash value and reserve include separate accounts with guarantees of $313 million and $308 million for universal life as of December 31, 2025 and 2024, respectively.

The total direct premium written by managing general agents and third-party administrators was $536 million, $528 million and $451 million as of December 31, 2025, 2024 and 2023, respectively.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

(5)

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, 2025				(As adjusted) December 31, 2024
(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	$	74,756	$	-	$	70,824	$	-
Group annuities		17,164		-		16,203		-
Life insurance		40,806		-		35,783		-
Pension risk transfer group annuities		517		-		482		-
Total	$	133,243	$	-	$	123,292	$	-

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
2025	$	21	$	742
2024	$	25	$	741
2023	$	78	$	780
2022	$	79	$	722
2021	$	12	$	674

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%.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

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%.

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, 2025
Premiums, considerations or deposits	$	174	$	-	$	8,758	$	8,932
Reserves
For accounts with assets at:
Fair value	$	1,616	$	99	$	128,987	$	130,702
Amortized cost		821		-		-		821
Total reserves¹	$	2,437	$	99	$	128,987	$	131,523
By withdrawal characteristics:
With market value adjustment	$	1,616	$	99	$	-	$	1,715
At fair value		-		-		128,902		128,902
At book value without market value adjustment and with current surrender charge less than 5%		313		-		7		320
Subtotal	$	1,929	$	99	$	128,909	$	130,937
Not subject to discretionary withdrawal		508		-		78		586
Total reserves¹	$	2,437	$	99	$	128,987	$	131,523

The total reserves balance does not equal the liabilities related to separate accounts of $133.2 billion in the statutory statements of admitted assets, liabilities, capital and surplus by $1.7 billion, due to an adjustment for CARVM/CRVM reserves and other liabilities that have not been allocated to the categories outlined above.


(in millions) (As Adjusted)	Nonindexed guarantee less than or equal to 4%		Nonindexed guarantee more than 4%		Nonguaranteed separate accounts		Total
December 31, 2024
Premiums, considerations or deposits	$	500	$	-	$	9,298	$	9,798
Reserves
For accounts with assets at:
Fair value	$	1,629	$	108	$	119,288	$	121,025
Amortized cost		786		-		-		786
Total reserves¹	$	2,415	$	108	$	119,288	$	121,811
By withdrawal characteristics:
With market value adjustment	$	1,629	$	108	$	-	$	1,737
At fair value		-		-		119,205		119,205
At book value without market value adjustment and with current surrender charge less than 5%		308		-		7		315
Subtotal	$	1,937	$	108	$	119,212	$	121,257
Not subject to discretionary withdrawal		478		-		76		554
Total reserves¹	$	2,415	$	108	$	119,288	$	121,811

The total reserves balance does not equal the liabilities related to separate accounts of $123.3 billion in the statutory statements of admitted assets, liabilities, capital and surplus by $1.5 billion, due to an adjustment for CARVM/CRVM reserves and other liabilities that have not been allocated to the categories outlined above.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

(6)

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, 2025
Bonds:
Issuer credit obligations:
U.S. Government obligations	$	24	$	-	$	-	$	24
Other U.S. Government securities obligations		70		3		-		73
Non-U.S. Sovereign jurisdiction securities		1,251		29		38		1,242
Municipal bonds – general obligations (direct and guaranteed)		516		14		24		506
Municipal bonds – special revenue		3,177		32		307		2,902
Project finance bonds issued by operating entities (unaffiliated)		1,525		17		58		1,484
Corporate bonds (unaffiliated)		31,848		462		1,648		30,662
Mandatory convertible bonds (unaffiliated)		2		-		-		2
Single entity backed obligations (unaffiliated)		446		5		25		426
Bonds issued by funds representing operating entities		65		-		-		65
Bank loans – issued (unaffiliated)		733		4		12		725
Other issuer credit obligations (unaffiliated)		705		9		21		693
Total issuer credit obligations	$	40,362	$	575	$	2,133	$	38,804
Asset-backed securities:
Agency residential mortgage-backed securities – guaranteed		16		-		-		16
Agency residential mortgage-backed securities – not/partially guaranteed		699		7		55		651
Non-agency residential mortgage-backed securities (unaffiliated)		1,210		9		26		1,193
Non-agency commercial mortgage-backed securities (unaffiliated)		1,250		2		62		1,190
Non-agency – CLOs/CBOs/CDOs (unaffiliated)		4,193		24		7		4,210
Other financial – self-liquidating (unaffiliated)		886		6		-		892
Financial – not self-liquidating equity backed securities (unaffiliated)		932		8		1		939
Other financial – not self-liquidating (unaffiliated)		343		1		28		316
Non-financial – practical expedient lease-backed securities
(unaffiliated)		15		-		-		15
Other non-financial – full analysis (unaffiliated)		587		4		1		590
Total asset-backed securities	$	10,131	$	61	$	180	$	10,012
Total bonds	$	50,493	$	636	$	2,313	$	48,816
Common stocks unaffiliated	$	272	$	-	$	-	$	272
Preferred stocks unaffiliated		26		-		-		26
Total unaffiliated stocks¹	$	298	$	-	$	-	$	298
Total bonds and unaffiliated stocks¹	$	50,791	$	636	$	2,313	$	49,114

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements


(in millions)	Carrying value		Fair value in excess of carrying value		Carrying value in excess of fair value		Fair value
December 31, 2024 (As adjusted)
Bonds:
U.S. Government	$	68	$	-	$	1	$	67
States, territories and possessions		823		4		69		758
Political subdivisions		289		5		22		272
Special revenues		2,893		23		317		2,599
Industrial and miscellaneous		32,850		191		2,484		30,557
Loan-backed and structured securities		8,879		50		257		8,672
Total bonds	$	45,802	$	273	$	3,150	$	42,925
Common stocks unaffiliated	$	221	$	-	$	-	$	221
Preferred stocks unaffiliated		42		-		-		42
Total unaffiliated stocks¹	$	263	$	-	$	-	$	263
Total bonds and unaffiliated stocks¹	$	46,065	$	273	$	3,150	$	43,188

Excludes affiliated common stocks with a carrying value of $5.0 billion and $3.7 billion as of December 31, 2025 and 2024, respectively. Affiliated common stocks include investment in NLAIC, NLBIC and JNL of $3.7 billion, $1.1 billion and $226 million as of December 31, 2025, respectively. Affiliated common stocks include investment in NLAIC and JNL of $3.5 billion and $209 million as of December 31, 2024, respectively.

The carrying value of bonds on deposit with various states as required by law was immaterial as of December 31, 2025 and 2024.

The following table summarizes the carrying value and fair value of bonds, by contractual maturity, as of December 31, 2025. 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	$	2,127	$	2,121
Due after one year through five years		12,502		12,461
Due after five years through ten years		13,550		13,473
Due after ten years through twenty years		12,653		12,199
Due after twenty years		9,661		8,562
Total bonds	$	50,493	$	48,816

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

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, 2025
Bonds:
Issuer credit obligations	$	2,013	$	53	$	18,877	$	2,141	$	20,890	$	2,193
Asset-backed securities		970		3		2,007		181		2,977		185
Total bonds	$	2,983	$	56	$	20,884	$	2,322	$	23,867	$	2,378

(As adjusted)
December 31, 2024
Bonds:
U.S. Government	$	54	$	1	$	3	$	-	$	57	$	1
States, territories and possessions		281		10		326		60		606		69
Political subdivisions		12		1		137		21		149		22
Special revenues		439		16		1,686		301		2,125		317
Industrial and miscellaneous		5,205		165		18,171		2,484		23,375		2,649
Loan-backed and structured securities		359		2		2,177		258		2,537		260
Total bonds	$	6,350	$	195	$	22,500	$	3,124	$	28,849	$	3,318
Common stocks unaffiliated	$	-	$	-	$	-	$	-	$	-	$	-
Preferred stocks unaffiliated		3		-		1		-		4		-
Total unaffiliated stocks	$	3	$	-	$	1	$	-	$	4	$	-
Total bonds and unaffiliated stocks	$	6,353	$	195	$	22,501	$	3,124	$	28,853	$	3,318

As of December 31, 2025, management evaluated securities in an unrealized loss position for impairment. As of the reporting date, the Company has the intent and ability to hold these securities until the fair value recovers, which may be at maturity, and therefore, does not consider the securities to be other-than-temporarily impaired.

As of December 31, 2025 and 2024, the Company had no intent to sell asset-backed securities identified as having an other-than-temporary impairment.

Mortgage Loans, Net of Allowance

As of December 31, 2025 and 2024, the Company’s amortized cost of mortgage loans were $10.3 billion and $9.6 billion with no allowance for credit losses, respectively.

As of December 31, 2025 and 2024, the Company’s mortgage loans classified as delinquent and/or in non-accrual status were immaterial.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

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, 2025
Apartment	$	3,772	$	140	$	3,912	$	3,741	$	171	$	3,912
Industrial		2,533		87		2,620		2,555		65		2,620
Office		822		183		1,005		1,002		3		1,005
Retail		1,896		7		1,903		1,896		7		1,903
Other		238		8		246		201		45		246
Total¹	$	9,261	$	425	$	9,686	$	9,395	$	291	$	9,686
Weighted average DSC ratio		2.07		1.68		2.05		n/a		n/a		n/a
Weighted average LTV ratio		n/a		n/a		n/a		62%		59%		62%

December 31, 2024
Apartment	$	3,790	$	58	$	3,848	$	3,771	$	77	$	3,848
Industrial		1,977		62		2,039		2,039		-		2,039
Office		902		178		1,080		1,046		34		1,080
Retail		1,974		12		1,986		1,978		8		1,986
Other		250		-		250		207		43		250
Total¹	$	8,893	$	310	$	9,203	$	9,041	$	162	$	9,203
Weighted average DSC ratio		2.16		1.39		2.13		n/a		n/a		n/a
Weighted average LTV ratio		n/a		n/a		n/a		60%		72%		60%

Excludes $575 million and $416 million of commercial mortgage loans that were under development as of December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024, the Company has a diversified mortgage loan portfolio with no more than 23% and 22%, respectively, in a geographic region in the U.S., no more than 43% and 44%, respectively, in a property type and no more than 2% and 1%, respectively, with any one borrower. The maximum and minimum lending rates for mortgage loans originated or acquired during 2025 were 13.0% and 4.5%, respectively, and for those originated or acquired during 2024 were 12.0% and 5.1%, respectively. As of December 31, 2025 and 2024, the maximum LTV ratio of any one loan at the time of loan origination was 99% and 89%, respectively. As of December 31, 2025 and 2024, the Company did not hold mortgage loans with interest 90 days or more past due. Additionally, there were no taxes, assessments or amounts advanced and not included in the mortgage loan portfolio.

Securities Lending

The fair value of loaned securities was $1.6 billion and $1.1 billion as of December 31, 2025 and 2024, respectively. The Company held $295 million and $247 million of cash collateral on securities lending as of December 31, 2025 and 2024, respectively. The carrying value and fair value of reinvested collateral assets were $295 million and $247 million and had a contractual maturity of under 30 days as of December 31, 2025 and 2024, respectively. The fair value of bonds acquired with reinvested collateral assets was $300 million and $252 million as of December 31, 2025 and 2024, respectively. There are no securities lending transactions that extend beyond one year as of the reporting date. The Company received $1.3 billion and $834 million of non-cash collateral on securities lending as of December 31, 2025 and 2024, respectively.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

Net Investment Income

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


(in millions)	2025			December 31, (As adjusted) 2024			(As adjusted) 2023
Bonds	$	2,206		$	2,151		$	1,917
Mortgage loans		463			413			357
Other invested assets		474			740			868
Policy loans		47			46			43
Derivative instruments¹		35			39			24
Other		122			83			62
Gross investment income	$	3,347		$	3,472		$	3,271
Investment expenses		(146	)		(143	)		(135	)
Net investment income	$	3,201		$	3,329		$	3,136

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

The amount of investment income due and accrued that was nonadmitted as of December 31, 2025 and 2024 was immaterial. Investment income due and accrued as of December 31, 2025 and 2024 that was admitted was $790 million and $699 million, respectively.

Net Realized Capital Gains and Losses

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


(in millions)	2025			December 31, 2024			2023
Net realized capital losses on sales and maturities	$	(23	)	$	(47	)	$	(37	)
Net realized derivative losses		(367	)		(445	)		(378	)
Other-than-temporary impairments and other		(11	)		(36	)		(21	)
Total net realized capital losses	$	(401	)	$	(528	)	$	(436	)
Tax expense (benefit) on net losses		19			1			(4	)
Net realized capital (losses), net of tax	$	(420	)	$	(529	)	$	(432	)
Less: Net realized capital losses transferred to the IMR		(32	)		(53	)		(30	)
Net realized capital losses, net of tax and transfers to the IMR	$	(388	)	$	(476	)	$	(402	)

For the year ended December 31, 2025, gross realized gains and gross realized losses on sales of bonds were $3 million and $15 million, respectively. For the year ended December 31, 2024, gross realized gains and gross realized losses on sales of bonds were $29 million and $97 million, respectively. For the year ended December 31, 2023, gross realized gains and gross realized losses on sales and of bonds were $25 million and $64 million, respectively.

The Company did not enter into any material repurchase transactions that would be considered wash sales during the years ended December 31, 2025, 2024 and 2023.

Investment Commitments

The Company had unfunded commitments related to other invested assets totaling $2.4 billion and $1.3 billion as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, there were $941 million and $267 million of commitments to purchase private placement bonds, respectively. There were $347 million and $434 million of outstanding commitments to fund mortgage loans as of December 31, 2025 and 2024, respectively.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

Restricted Assets

The following table summarizes the total nonadmitted restricted assets and total admitted restricted assets for the year ended December 31, 2025 and 2024.


	Total admitted restricted assets
(in millions)	2025		2024
Collateral held under security lending agreements¹	$	295	$	247
Federal Home Loan Bank capital stock		155		182
Pledged as collateral to the Federal Home Loan Bank (including assets backing funding agreements)		5,392		5,442
Pledged as collateral not captured in other categories		293		298
Assets held under modified coinsurance reinsurance agreements		442		435
Assets held under funds withheld reinsurance agreements		1,229		1,199
Other restricted assets		3		3
Total restricted assets	$	7,809	$	7,807

Excludes $1.3 billion and $834 million of off-balance sheet securities as of December 31, 2025 and 2024, respectively.

(7)

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 uses interest rate swaps, bond forwards and futures to reduce or alter interest rate exposure.

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

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

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, 2025 and 2024, 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.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 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, 2025
Interest rate swaps	$	1,471	$	-	$	-	$	-		$	-
Options		282		3		8		-			-
Cross currency swaps		2,178		1		111		(66	)		-
Futures		2,128		-		-		-			-
Total derivatives¹	$	6,059	$	4	$	119	$	(66	)	$	-

December 31, 2024
Interest rate swaps	$	2,483	$	-	$	-	$	-		$	-
Options		196		2		4		-			-
Cross currency swaps		1,748		170		172		(11	)		1
Futures		1,852		-		-		-			-
Total return swaps		600		16		16		-			-
Total derivatives¹	$	6,879	$	188	$	192	$	(11	)	$	1

Fair value balance excludes immaterial accrued interest on derivative assets for December 31, 2025 and 2024.

The Company received $966 million and $717 million of cash collateral and held $135 million and $125 million of securities off-balance sheet as collateral for derivative assets as of December 31, 2025 and 2024, respectively. Cash and securities pledged for derivative liabilities were immaterial as of December 31, 2025 and 2024. The impact of netting as a result of master netting agreements reduced the fair value of derivative assets and liabilities by $35 million and $10 million as of December 31, 2025 and 2024, respectively. As a result, the Company’s uncollateralized position for derivatives instruments was immaterial in each respective period. In addition, the Company posted initial margin on derivative instruments of $219 million and $229 million as of December 31, 2025 and 2024, respectively.

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


	Net realized (losses) gains recorded in operations									Unrealized gains (losses) recorded in capital and surplus
(in millions)	2025			December 31, 2024			2023			2025			December 31, 2024		2023
Cross currency swaps	$	-		$	1		$	-		$	(169	)	$	78	$	(43	)
Futures		(392	)		(446	)		(378	)		(35	)		131		(173	)
Total return swaps		25			-			-			(16	)		16		-
Total	$	(367	)	$	(445	)	$	(378	)	$	(220	)	$	225	$	(216	)

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

(8)

Fair Value Measurements

The following table summarizes assets and liabilities held at fair value as of December 31, 2025:


(in millions)	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets
Bonds:
Issuer credit obligations	$	-	$	6	$	-	$	-	$	6
Asset-backed securities		-		10		-		-		10
Total bonds	$	-	$	16	$	-	$	-	$	16
Common stocks unaffiliated		79		155		-		38		272
Preferred stocks unaffiliated		-		18		8		-		26
Separate account assets		120,562		1,624		25		9,674		131,885
Assets at fair value	$	120,641	$	1,813	$	33	$	9,712	$	132,199

The following table presents the rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2025:


(in millions)	Common stocks unaffiliated			Preferred stocks unaffiliated			Separate account assets			Assets at fair value
Balance as of December 31, 2024	$	-		$	10		$	35		$	45
Net gains (losses):
In net income		5			-			-			5
In surplus		-			1			(5	)		(4	)
Purchases		-			3			-			3
Sales		(5	)		(6	)		(5	)		(16	)
Balance as of December 31, 2025	$	-		$	8		$	25		$	33

The following table summarizes assets and liabilities held at fair value as of December 31, 2024:


(in millions) (As adjusted)	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets
Bonds	$	-	$	11	$	-	$	-	$	11
Common stocks unaffiliated		39		182		-		-		221
Preferred stocks unaffiliated		-		32		10		-		42
Derivative assets		-		16		-		-		16
Separate account assets		112,593		1,558		35		7,927		122,113
Assets at fair value	$	112,632	$	1,799	$	45	$	7,927	$	122,403

The following table presents the rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2024:


(in millions)	Common stocks unaffiliated		Preferred stocks unaffiliated			Separate account assets			Assets at fair value
Balance as of December 31, 2023	$	-	$	7		$	51		$	58
Net gains (losses):
In surplus		-		(1	)		5			4
Purchases		-		4			-			4
Sales		-		-			(21	)		(21	)
Balance as of December 31, 2024	$	-	$	10		$	35		$	45

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 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		NAV		Total fair value		Carrying value
December 31, 2025
Assets:
Bonds:
Issuer credit obligations	$	24		$	30,310	$	8,464	$	-	$	38,798	$	40,357
Asset-backed securities		-			7,436		2,566		-		10,002		10,120
Total bonds	$	24		$	37,746	$	11,030	$	-	$	48,800	$	50,477
Mortgage loans, net of allowance		-			-		9,414		-		9,414		10,261
Policy loans		-			-		1,044		-		1,044		1,044
Derivative assets		-			111		8		-		119		85
Cash, cash equivalents and short-term investments		230			2,795		74		-		3,099		3,099
Securities lending collateral assets		294			-		-		-		294		294
Other invested assets		-			88		154		88		330		335
Separate account assets		-			683		646		-		1,329		1,359
Total assets	$	548		$	41,423	$	22,370	$	88	$	64,429	$	66,954
Liabilities:
Investment contracts	$	-		$	-	$	3,003	$	-	$	3,003	$	3,003
Derivative liabilities		-			66		-		-		66		81
Total liabilities	$	-		$	66	$	3,003	$	-	$	3,069	$	3,084

(As adjusted)
December 31, 2024
Assets:
Bonds	$	67		$	36,104	$	6,743	$	-	$	42,914	$	45,791
Mortgage loans, net of allowance		-			-		8,446		-		8,446		9,619
Policy loans		-			-		1,038		-		1,038		1,038
Derivative assets		-			172		4		-		176		178
Cash, cash equivalents and short-term investments		(61	)		1,753		-		-		1,692		1,692
Securities lending collateral assets		247			-		-		-		247		247
Separate account assets		37			749		352		-		1,138		1,179
Total assets	$	290		$	38,778	$	16,583	$	-	$	55,651	$	59,744
Liabilities:
Investment contracts	$	-		$	-	$	3,306	$	-	$	3,306	$	3,605
Derivative liabilities		-			11		-		-		11		6
Total liabilities	$	-		$	11	$	3,306	$	-	$	3,317	$	3,611

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.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

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

(9)

Federal Income Taxes

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


(in millions)	Ordinary			December 31, 2025 Capital			Total
Total gross deferred tax assets	$	1,175		$	6		$	1,181
Statutory valuation allowance adjustment		-			-			-
Adjusted gross deferred tax assets	$	1,175		$	6		$	1,181
Less: Deferred tax assets nonadmitted		(139	)		-			(139	)
Net admitted deferred tax assets	$	1,036		$	6		$	1,042
Less: Deferred tax liabilities		(59	)		(45	)		(104	)
Net admitted deferred tax assets	$	977		$	(39	)	$	938

(in millions) (As adjusted)	Ordinary			December 31, 2024 Capital			Total
Total gross deferred tax assets	$	951		$	4		$	955
Statutory valuation allowance adjustment		(1	)		-			(1	)
Adjusted gross deferred tax assets	$	950		$	4		$	954
Less: Deferred tax assets nonadmitted		(169	)		-			(169	)
Net admitted deferred tax assets	$	781		$	4		$	785
Less: Deferred tax liabilities		(103	)		(22	)		(125	)
Net admitted deferred tax assets	$	678		$	(18	)	$	660

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)	2025			2024			Change
Adjusted gross deferred tax assets	$	1,181		$	954		$	227
Total deferred tax liabilities		(104	)		(125	)		21
Net deferred tax assets	$	1,077		$	829		$	248
Less: Tax effect of unrealized gains and losses								(26	)
Change in deferred income tax							$	274

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

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



(in millions)	Ordinary		December 31, 2025 Capital		Total
Federal income taxes recoverable through loss carryback	$	-	$	1	$	1
Adjusted gross deferred tax assets expected to be realized¹		934		3		937
Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities		102		2		104
Admitted deferred tax assets	$	1,036	$	6	$	1,042


(in millions)	Ordinary		December 31, 2024 Capital		Total
Federal income taxes recoverable through loss carryback	$	-	$	1	$	1
Adjusted gross deferred tax assets expected to be realized¹		657		2		659
Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities		124		1		125
Admitted deferred tax assets	$	781	$	4	$	785

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, 2025 and 2024, the threshold limitation for adjusted capital and surplus was $1.7 billion and $1.8 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 $11.6 billion and $11.8 billion as of December 31, 2025 and 2024, respectively. The ratio percentage used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was 973% and 1,108% as of December 31, 2025 and 2024, respectively.

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



	Ordinary			December 31, 2025 Capital			Total
Adjusted gross deferred tax assets		0.00	%		0.00	%		0.00	%
Net admitted adjusted gross deferred tax assets		25.57	%		0.00	%		25.57	%


	Ordinary			December 31, 2024 Capital			Total
Adjusted gross deferred tax assets		0.00	%		0.00	%		0.00	%
Net admitted adjusted gross deferred tax assets		17.06	%		0.33	%		17.39	%

The Company’s tax planning strategies included the use of affiliated reinsurance for the years ended December 31, 2025 and 2024.

There are no temporary differences for which deferred tax liabilities are not recognized for the years ended December 31, 2025 and 2024.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 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,
	(As adjusted)
(in millions)	2025			2024			Change
Deferred tax assets
Ordinary:
Future policy benefits and claims	$	368		$	244		$	124
Investments		99			114			(15	)
Deferred acquisition costs		411			351			60
Tax credit carry-forward		239			180			59
Other		58			62			(4	)
Subtotal	$	1,175		$	951		$	224
Statutory valuation allowance adjustment	$	-		$	(1	)	$	1
Nonadmitted		(139	)		(169	)		30
Admitted ordinary deferred tax assets	$	1,036		$	781		$	255
Capital:
Investments		6			4			2
Subtotal	$	6		$	4		$	2
Admitted capital deferred tax assets	$	6		$	4		$	2
Admitted deferred tax assets	$	1,042		$	785		$	257

Deferred tax liabilities
Ordinary:
Investments	$	(33	)	$	(70	)	$	37
Future policy benefits and claims		(7	)		(15	)		8
Other		(19	)		(18	)		(1	)
Subtotal	$	(59	)	$	(103	)	$	44
Capital:
Investments		(45	)		(22	)		(23	)
Subtotal	$	(45	)	$	(22	)	$	(23	)
Deferred tax liabilities	$	(104	)	$	(125	)	$	21
Net deferred tax assets	$	938		$	660		$	278

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 allowance has been established as of December 31, 2025. JNLNY had a valuation allowance of $1 million as of December 31, 2024. Upon the effective date of JNLNY’s statutory merger into NLIC on July 1, 2025, this valuation allowance was released, as it is more likely than not that the Company will generate sufficient taxable income to realize all of JNLNY’s deferred tax assets.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

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


Nationwide Mutual Insurance Company		Nationwide Financial Services, Inc.
Allied Insurance Company of America		Nationwide General Insurance Company
Allied Property & Casualty Insurance Company		Nationwide GSC Holdings, Inc.
Allied Texas Agency, Inc.		Nationwide Indemnity Company
AMCO Insurance Company		Nationwide Insurance Company of America
American Marine Underwriters		Nationwide Insurance Company of Florida
Crestbrook Insurance Company		Nationwide Investment Services Corporation
Depositors Insurance Company		Nationwide Life and Annuity Insurance Company
DVM Insurance Agency, Inc.		Nationwide Life and Benefits Insurance Company
Eagle Captive Reinsurance, LLC		Nationwide Life Insurance Company
Freedom Specialty Insurance Company		Nationwide Property & Casualty Insurance Company
Harleysville Insurance Company of New York		Nationwide Retirement Solutions, Inc.
Harleysville Insurance Company		Nationwide Sales Solutions, Inc.
Harleysville Insurance Company of New Jersey		Nationwide Trust Company, FSB
Harleysville Preferred Insurance Company		NBS Insurance Agency, Inc.
Harleysville Worcester Insurance Company		NFS Distributors, Inc.
Jefferson National Life Insurance Company		NSM Sales Corporation
Jefferson National Life Insurance Company of New York		Registered Investment Advisors Services, Inc.
Lone Star General Agency, Inc.		Retention Alternatives, Ltd.
National Casualty Company		Retention Alternatives Ltd. In Respect of Cell No. 1 Segregated Account
Nationwide Advantage Mortgage Company
Nationwide Affinity Insurance Company of America		Scottsdale Indemnity Company
Nationwide Agent Risk Purchasing Group. Inc.		Scottsdale Insurance Company
Nationwide Agribusiness Insurance Company		Scottsdale Surplus Lines Insurance Company
Nationwide Assurance Company		Titan Insurance Company
Nationwide Cash Management Company		Titan Insurance Services, Inc.
Nationwide Corporation		Veterinary Pet Insurance Company
Nationwide Financial Assignment Company		Victoria Fire & Casualty Company
Nationwide Financial General Agency, Inc.		Victoria Select Insurance Company
		VPI Services, Inc.

The method of allocation among the companies is subject to the resolution approved by the Company’s Board of Directors. Allocation is based upon separate return or sub-group aggregated separate return calculations with the Company being reimbursed for the actual Federal income tax benefit of its net operating losses which are actually used to reduce the taxable income of other companies 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, 2025 and 2024.

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.

Beginning in 2023, the controlled-group of entities of which the Company is a member, has determined that it is an Applicable Reporting Entity for purposes of the Federal corporate alternative minimum tax (“CAMT”). Applicable Reporting Entities are reporting entities that reasonably expect to be Applicable Corporations for the taxable year, either individually as an unaffiliated corporation or as a member of a tax-controlled group of corporations. An entity is an Applicable Corporation if its rolling average pre-tax adjusted financial statement income over three prior years is greater than $1 billion. Except under limited circumstances, once an entity is an Applicable Corporation, it is an Applicable Corporation in all future years.

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

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

On July 4, 2025, the legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA includes various provisions that impact the timing and magnitude of certain tax deductions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The OBBBA has multiple effective dates, with certain provisions effective in 2025 and others in later years. The Company has incorporated the provisions that were effective in the financial statements for the period ended December 31, 2025 and assessed that the impacts did not have a material impact on total tax. The Company will continue to assess any future impacts on the Company’s statutory financial statements and will recognize the income tax effects beginning in the period in which they are effective.

(10)

Short-Term Debt and FHLB Funding Agreements

Short-Term Debt

The Company is a party to a $750 million revolving variable rate credit facility agreement. The Company had no amounts outstanding under the facility as of December 31, 2025 and 2024.

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, 2025 and 2024.

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, 2025 and 2024.

The amount of interest paid on short-term debt was immaterial in 2025, 2024 and 2023.

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 40% of total admitted assets.

The Company’s Board of Directors has authorized the issuance of funding agreements up to $6.0 billion to the FHLB, shared between the Company and NLAIC, in exchange for cash advances, which are collateralized by pledged securities. The Company uses these funds in an investment spread strategy, consistent with its other investment spread operations. As such, the Company applies SSAP No. 52, Deposit-Type Contracts, accounting treatment to these funds, consistent with its other deposit-type contracts. It is not part of the Company’s strategy to utilize these funds for operations, and any funds obtained from the FHLB for use in general operations would be accounted for consistent with SSAP No. 15, Debt and Holding Company Obligations, as borrowed money. FHLB membership requires the Company to purchase and hold a minimum amount of FHLB capital stock plus additional stock based on outstanding advances. The Company has $20 million in membership stock as of December 31, 2025 and 2024, none of which is eligible for redemption. As part of the agreement, the Company purchased and held an additional $133 million and $160 million in activity stock and an immaterial amount in excess stock as of December 31, 2025 and 2024, 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 $3.0 billion and $3.6 billion as of December 31, 2025 and 2024, respectively, which is included in future policy benefits and claims on the statutory statements of admitted assets, liabilities, capital and surplus. Certain outstanding advances are subject to prepayment penalties under these agreements. The maximum amount of aggregate advances from the FHLB were $3.6 billion for the years ended December 31, 2025 and 2024.

The Company has agreements with the FHLB to provide short-term financing for operations. These agreements, which were renewed in June 2025 and expire June 2026, allow the Company access to borrow up to $1.1 billion. As of December 31, 2025 and 2024, the Company had no amounts outstanding under these agreements.

Bonds and mortgage loans with a carrying value of $5.4 billion (2.6% of total admitted assets) and fair value of $4.9 billion (2.3% of total admitted assets) as of December 31, 2025 and carrying value of $5.4 billion (2.9% of total admitted assets) and fair value of $4.8 billion (2.5% of total admitted assets) as of December 31, 2024 were pledged as collateral under FHLB agreements, as a condition for withdrawal, and are included in bonds and mortgage loans on the statutory statements of admitted assets, liabilities, capital and surplus. The maximum amount of collateral pledged to the FHLB had a carrying value of $5.5 billion and fair value of $5.0 billion for the year ended December 31, 2025, and a carrying value of $5.5 billion and fair value of $4.9 billion for the year ended December 31, 2024.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

(11)

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, 2025
12/19/2001		7.50	%	$	300	$	300	$	22	$	540	$	-		12/31/2031
6/27/2002		8.15	%		300		300		25		570		-		6/27/2032
12/23/2003		6.75	%		100		100		7		146		-		12/23/2033
12/20/2019		4.21	%		400		400		17		101		-		12/19/2059
Total				$	1,100	$	1,100	$	71	$	1,357	$	-

December 31, 2024
12/19/2001		7.50	%	$	300	$	300	$	23	$	518	$	-		12/31/2031
6/27/2002		8.15	%		300		300		24		545		-		6/27/2032
12/23/2003		6.75	%		100		100		7		139		-		12/23/2033
12/20/2019		4.21	%		400		400		17		84		-		12/19/2059
Total				$	1,100	$	1,100	$	71	$	1,286	$	-

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.

(12)

Reinsurance

The Company has 100% coinsurance agreements with funds withheld with Eagle to cede specified GMDB and GLWB obligations provided under substantially all of the variable annuity contracts and certain fixed indexed annuity contracts issued and to be issued by NLIC. While the GMDB and GLWB contract riders are ceded by NLIC to Eagle, the base annuity contracts and any non-reinsured risks will be retained by NLIC. Amounts ceded to Eagle during 2025, 2024 and 2023 included premiums of $656 million, $643 million and $635 million, respectively, benefits and claims, net of third-party reinsurance recoveries, of $18 million, $23 million, and $73 million respectively, net investment earnings on funds withheld assets of $47 million, $43 million and $55 million, respectively, and an expense allowance for third-party reinsurance premiums of $1 million in each year. As of December 31, 2025 and 2024, the carrying value of the funds withheld assets recorded within funds held under coinsurance was $1.2 billion in each year. As of December 31, 2025 and 2024, the Company’s reserve credit for guaranteed benefits ceded under the reinsurance agreements was $40 million and $46 million, respectively. Amounts payable to Eagle related to the reinsurance agreements were $129 million and $116 million as of December 31, 2025 and 2024, 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 $386 million, $354 million and $307 million for the years ended December 31, 2025, 2024 and 2023, respectively, while benefits, claims and expenses ceded were $386 million, $341 million and $301 million, respectively.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

The Company has an intercompany reinsurance agreement with NLAIC whereby certain inforce and subsequently issued fixed individual deferred annuity contracts are assumed on a modified coinsurance basis. Under modified coinsurance agreements, the ceding company retains invested assets and investment earnings are paid to the reinsurer. Under terms of the agreement, the Company bears the investment risk associated with changes in interest rates. Risk of asset default remains with NLAIC, and the Company pays a fee to NLAIC for the retention of such risk. The agreement will remain inforce until all contract obligations are settled. The ceding of risk does not discharge the original insurer from its primary obligation to the contractholder. Amounts assumed from NLAIC are included in the Company’s statutory statements of operations for 2025, 2024 and 2023 and include considerations of $6 million, $4 million and $46 million, respectively, net investment income of $21 million, $25 million and $31 million, respectively, and benefits, claims and other expenses of $124 million, $145 million and $186 million, respectively. The reserve adjustment for 2025, 2024 and 2023 of $(111) million, $(143) million and $(153) 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 $516 million and $619 million as of 2025 and 2024, respectively, and amounts payable related to this agreement were $12 million and $2 million as of December 31, 2025 and 2024, 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 $34 million as of December 31, 2025 and 2024, respectively. Total premiums assumed under this treaty were $18 million, $11 million and $12 million during 2025, 2024 and 2023, 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 $152 million and $154 million as of December 31, 2025 and 2024, respectively.

The Company has entered into reinsurance contracts to cede a portion of its individual annuity and life insurance business to unaffiliated reinsurers. Total reserve credits taken as of December 31, 2025 and 2024 were $218 million and $252 million, respectively. The ceding of risk does not relieve the Company, as the original insurer, from its primary obligation to the policyholder.

(13)

Transactions with Affiliates

The Company has entered into significant, recurring transactions and agreements with NMIC, and other affiliates and subsidiaries as a part of its ongoing operations. These include, but are not limited to, annuity and life insurance contracts, and agreements related to reinsurance, cost sharing, tax sharing, administrative services, marketing, intercompany loans, intercompany repurchases, cash management services and software licensing. In addition, several benefit plans sponsored by NMIC are available to Nationwide employees, for which the Company has no legal obligations. Measures used to determine the allocation among companies includes individual employee estimates of time spent, special cost studies, the number of full-time employees and other methods agreed to by the participating companies in conformity with NAIC statutory accounting principles. In addition, the Company may underwrite insurance policies for its officers, directors, and/or other personnel providing services to the Company. The Company may offer discounts on certain products that are subject to applicable state insurance laws and approvals.

Affiliate receivables and payables are the result of cost sharing and intercompany service agreements between the Company and its affiliates for which settlement has not yet occurred. Affiliate receivables are presented net of affiliate payables when the Company has the right to offset. The net amounts due from affiliates were $19 million and $40 million as of December 31, 2025 and 2024, respectively, and are included in other assets in the Company’s statutory statements of admitted assets, liabilities, capital and surplus. The net amounts due to affiliates were $52 million and $56 million as of December 31, 2025 and 2024, respectively, and are included in other liabilities in the Company’s statutory statements of admitted assets, liabilities, capital and surplus. These arrangements are subject to written agreements which require that intercompany balances be settled within a certain time period, generally 30 to 60 days.

The Company and various affiliates share a home office, other facilities, equipment, common management and administrative services. In addition, 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. The Company was allocated costs from NMIC totaling $303 million, $277 million and $245 million for the years ended December 31, 2025, 2024 and 2023, respectively.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

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 $3.3 billion as of December 31, 2025 and 2024. Total revenues from these contracts were $118 million, $117 million and $125 million for the years ended December 31, 2025, 2024 and 2023, respectively, and include policy charges, net investment income from investments backing the contracts and administrative fees. Total interest credited to the account balances were $73 million, $76 million and $84 million for the years ended December 31, 2025, 2024 and 2023, 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 amount the Company earned for the years ended December 31, 2025, 2024 and 2023 were immaterial.

Funds of Nationwide Variable Insurance Trust Funds (“NVITF”), 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, 2025 and 2024, customer allocations to NVITF totaled $67.1 billion and $65.4 billion, respectively. For the years ended December 31, 2025, 2024 and 2023, NVITF paid the Company $249 million, $246 million and $234 million, respectively, for the distribution and servicing of these funds.

Amounts on deposit with NCMC for the benefit of the Company were $1.7 billion and $1.0 billion as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, amounts on deposit with NCMC were comprised of $1.3 billion and $938 million, respectively, of cash and 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, 2025, 2024 and 2023 were $52 million, $53 million and $63 million, respectively.

The Company provides commercial mortgage loans to subsidiaries of Nationwide Realty Investors, LTD, a subsidiary of NMIC, with interest rates ranging from 3.62% to 4.90% and maturity dates ranging from January 2031 to July 2041. As of December 31, 2025 and 2024, the Company had $267 million and $286 million, respectively, outstanding under these arrangements.

The Company also participates in intercompany repurchase agreements with affiliates whereby the seller transfers securities to the buyer at a stated value. Upon demand or after a stated period, the seller repurchases the securities from the buyer at the original sales price plus interest. As of December 31, 2025 and 2024, the Company had no outstanding borrowings from affiliated entities under such agreements. The amounts the Company incurred for interest expense on intercompany repurchase agreements during 2025, 2024 and 2023 were immaterial.

During 2025 and 2024, the Company received capital contributions of $75 million and $100 million, respectively, from NFS. During 2026, the Company received an additional capital contribution of $13 million from NFS as of the subsequent event date.

During 2025 and 2024, the Company paid capital contributions to NLAIC of $400 million. During 2026, the Company paid capital contributions to NLAIC of $100 million as of the subsequent event date.

On July 1, 2025, the Company received a dividend distribution from JNL that was declared on June 4, 2025. The distribution, which was recorded at a cost of $8 million, consisted of the outstanding common stock of JNLNY.

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.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

Eagle’s surplus position is evaluated quarterly to determine if an additional surplus contribution is required from the Company or if a distribution to the Company can be declared as of each quarter end. During 2025, the Company made a surplus contribution to Eagle of $40 million. During 2024, the Company made no surplus contributions to Eagle. During 2025 and 2024 Eagle declared distributions to the Company based on their earned surplus position. On February 10, 2026, the Company received a dividend distribution of $150 million that was declared on December 31, 2025. The dividend receivable was recorded in investment income due and accrued as of December 31, 2025. On November 10, 2025, the Company received a dividend distribution of $106 million that was declared on September 30, 2025. On August 8, 2025, the Company received a total distribution of $314 million that was declared on June 30, 2025 and consisted of a return of contributed surplus of $40 million and a dividend of $274 million. On February 11, 2025, the Company received a dividend distribution of $107 million that was declared on December 31, 2024. The dividend receivable was recorded in investment income due and accrued as of December 31, 2024. On November 8, 2024, the Company received a dividend distribution of $81 million that was declared on September 30, 2024. On August 9, 2024, the Company received a dividend distribution of $131 million that was declared on June 28, 2024. On May 10, 2024, the Company received a dividend distribution of $365 million that was declared on March 29, 2024. On February 9, 2024, the Company received a total distribution of $421 million that was declared on December 29, 2023 and consisted of a return of contributed surplus of $10 million and a dividend of $411 million.

As of December 31, 2025, the Company and NLAIC, as co-lenders, have a $2.5 billion replacement unsecured promissory note and revolving line of credit agreement with NWSBL, an affiliate. This agreement has an interest rate of 1-month SOFR plus 0.92% and a maturity date of December 9, 2026. Under the agreement, NWSBL can borrow up to $2.5 billion from the co-lenders for up to 364 days after the date of the agreement. As of December 31, 2025, NWSBL had an outstanding balance of $1.1 billion being reported in cash, cash equivalents and short-term investments on the statutory statements of admitted assets, liabilities, capital and surplus. During 2026, additional draws increased the outstanding balance to $1.3 billion as of the subsequent event date. As of December 31, 2024, the Company had a $850 million replacement unsecured promissory note and revolving line of credit agreement with NWSBL. This agreement had an interest rate of 1-month SOFR plus 0.90% and a maturity date of February 27, 2025. Under the agreement, NWSBL could have borrowed up to $850 million from the Company for up to 364 days after the date of the agreement. As of December 31, 2024, NWSBL had an outstanding balance of $706 million from the Company.

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 $207 million and $325 million as of December 31, 2025 and 2024, respectively. NW REI (NLIC)’s financial statements are not audited and the Company has limited the value of its investment in NW REI (NLIC) to the value contained in the audited financial statements of the underlying investments. All liabilities, commitments, contingencies, guarantees or obligations of the NW REI (NLIC), which are required under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in NW REI (NLIC), if not already recorded in the financial statements of NW REI (NLIC).

NMIC sponsors multiple benefit plans for its current and former employees including two qualified defined benefit pension plans, the Nationwide Retirement Plan – Account Balance and the Nationwide Retirement Plan – Final Average Pay, collectively the “Pension Plans”. On December 10, 2024, the Pension Plans purchased group annuity contracts that transferred certain obligations to the Company and NLAIC. The impact of this transaction was immaterial to net income and capital and surplus.

(14)

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.

NATIONWIDE LIFE INSURANCE COMPANY

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

Notes to December 31, 2025, 2024 and 2023 Statutory Financial Statements

Guarantees

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

The contractual obligations under NLAIC’s single premium deferred annuity (“SPDA”) contracts in force and issued before September 1, 1988 are guaranteed by the Company. Total SPDA contracts affected by this guarantee in force were immaterial as of December 31, 2025 and 2024.

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.

(15)

Regulatory Risk-Based Capital, Dividend Restrictions and Unassigned Surplus

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

The State of Ohio insurance laws require insurers to seek prior regulatory approval to pay a dividend or distribution of cash or other property if the fair market value thereof, together with that of other dividends or distributions made in the preceding twelve months, exceeds the greater of (i) 10% of surplus as regards policyholders as of the prior December 31 or (ii) the net income of the insurer as of the prior year. No dividends were paid by the Company to NFS for the years ended December 31, 2025 and 2024. The Company’s surplus as regards policyholders as of December 31, 2025, was $13.3 billion and statutory net income for 2025 was $683 million. As of January 1, 2026, the Company has the ability to pay dividends to NFS totaling $1.3 billion without obtaining prior approval.

The State of Ohio insurance laws also require insurers to seek prior regulatory approval for any dividend or distribution paid from other than earned surplus. Earned 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 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 stockholder.

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, 2025:



(in millions)	Column A	Column B		Column C		Column D

						Amount at which is
						shown in the statutory
						statements of admitted
						assets, liabilities, capital
	Type of investment	Cost		Fair value		and surplus

Fixed maturities:

Bonds:

U.S. Treasury securities and obligations of U.S. government corporations		$	24	$	24	$	24

U.S. government and agencies			70		73		70

Obligations of states and political subdivisions			3,271		3,043		3,271

Foreign governments			1,056		1,045		1,057

Public utilities			5,414		5,167		5,416

All other corporate, mortgage-backed and asset-backed securities			40,670		39,464		40,655

Total fixed maturities		$	50,505	$	48,816	$	50,493

Equity securities:

Common Stocks:

Banks, trust and insurance companies			29		44		44

Industrial, miscellaneous and all other			225		228		228

Nonredeemable preferred stocks			22		26		26

Total equity securities¹		$	276	$	298	$	298

Mortgage loans			10,261				10,261

Cash, cash equivalents and short-term investments			3,099				3,099

Policy loans			1,045				1,044

Other long-term investments²			3,646				3,645

Total invested assets		$	68,832			$	68,840

1	Amount does not agree to the statutory statements of admitted assets, liabilities, capital and surplus as investments in related parties of $5.0 billion are excluded.

2	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 $437 million are excluded.

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


	Years ended December 31,
				(As adjusted)			(As adjusted)

(in millions)	2025			2024			2023
Revenues

Premiums and annuity considerations	$	21,167		$	16,493		$	14,702

Net investment income		3,201			3,329			3,136

Other revenues		2,487			2,765			2,390

Total revenues	$	26,855		$	22,587		$	20,228

Benefits and expenses

Benefits to policyholders and beneficiaries	$	20,156		$	20,861		$	17,431

Increase in reserves for future policy benefits and claims		8,438			1,967			3,747

Net transfers from separate accounts		(4,518	)		(3,401	)		(3,725	)

Commissions		972			843			766

Reserve adjustment on reinsurance assumed		(112	)		(144	)		(153	)

Other expenses		783			766			702

Total benefits and expenses	$	25,719		$	20,892		$	18,768

Income before federal income taxes and net realized capital losses on investments	$	1,136		$	1,695		$	1,460

Federal income tax expense		65			68			108

Income before net realized capital losses on investments	$	1,071		$	1,627		$	1,352

Net realized capital losses on investments, net of federal income tax expense (benefit) of $19, $1 and $(4) in 2025, 2024 and 2023, respectively, and excluding $(32), $(53) and $(30) of net realized capital losses transferred to the interest maintenance reserve in 2025, 2024 and 2023, respectively		(388	)		(476	)		(402	)

Net income	$	683		$	1,151		$	950


		Page

Independent Auditors’ Report		1

Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus		4

Statutory Statements of Operations		5

Statutory Statements of Changes in Capital and Surplus		6

Statutory Statements of Cash Flow		7

Notes to Statutory Financial Statements		8

Schedule I – Summary of Investments – Other Than Investments in Related Parties		49

Schedule IV – Reinsurance		50

Schedule V – Valuation and Qualifying Accounts		51


(in millions)	Amount		Origination		Expiration
Business credits	$	23		2022		2042
Business credits	$	24		2023		2043
Business credits	$	24		2024		2044
Business credits	$	168		2025		2045