<PAGE> 1
[NATIONWIDE LOGO]
NATIONWIDE(R)
VARIABLE
ACCOUNT-5
ANNUAL REPORT
TO
CONTRACT OWNERS
DECEMBER 31, 1998
NATIONWIDE LIFE INSURANCE COMPANY
HOME OFFICE: COLUMBUS, OHIO
<PAGE> 2
[NATIONWIDE LOGO]
NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43215-2220
[PHOTO OF JOSEPH J. GASPER]
PRESIDENT'S MESSAGE
We at Nationwide Life Insurance Company are pleased to bring you the 1998 annual
report of the Nationwide Variable Account-5.
Equity markets again defied the odds in 1998 to tally a fourth straight year of
double-digit gains, as measured by the major indices. This surprise came
following the breathtaking correction during the third quarter that gave us a
broad double-digit retreat. Fixed income investments also provided respectable
returns in 1998, supported by the continued low inflationary environment and
favorable Federal Reserve actions.
The performance of the American economy continues strong into 1999. However, we
believe the persisting slump in Asia and recent difficulties in Latin America
will inevitably take their toll and dampen growth in the United States. This
moderation, we think, will be healthy for our economy and get us back to a more
sustainable growth level. We look for interest rates to continue within the
range of the recent past, and we expect inflation to remain subdued. Moreover,
we remain optimistic about long-term prospects for U.S. business activity;
holders of financial assets should continue to profit from the anticipated
favorable investment climate.
We are pleased you have chosen our Company to provide the investment products
and services to help you meet your retirement savings and financial planning
goals.
/s/ JOSEPH J. GASPER
-------------------------------------
Joseph J. Gasper, President
February 16, 1999
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================================================================================
NATIONWIDE VARIABLE ACCOUNT-5
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
DECEMBER 31, 1998
<TABLE>
<S> <C>
ASSETS:
Investments at market value:
American Century VP - American Century VP Advantage (ACVPAdv)
59,014 shares (cost $362,560)................................................................. $ 409,559
American Century VP - American Century VP Capital Appreciation (ACVPCapAp)
112,995 shares (cost $1,157,185).............................................................. 1,019,214
Dreyfus Stock Index Fund (DryStkIx)
74,942 shares (cost $1,692,643)............................................................... 2,437,099
Fidelity VIP - Equity-Income Portfolio (FidVIPEI)
198,300 shares (cost $3,900,546).............................................................. 5,040,795
Nationwide SAT - Government Bond Fund (NSATGvtBd)
62,638 shares (cost $691,406)................................................................. 732,235
Nationwide SAT - Money Market Fund (NSATMyMkt)
494,104 shares (cost $494,104)................................................................ 494,104
Nationwide SAT - Total Return Fund (NSATTotRe)
144,487 shares (cost $1,937,952).............................................................. 2,658,553
Neuberger &Berman AMT - Balanced Portfolio (NBAMTBal)
60,092 shares (cost $954,599)................................................................. 981,900
------------
Total assets............................................................................... 13,773,459
ACCOUNTS PAYABLE....................................................................................... 6,205
------------
CONTRACT OWNERS' EQUITY................................................................................ $ 13,767,254
============
</TABLE>
4
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<TABLE>
<CAPTION>
Annual
Contract owners' equity represented by: Units Unit Value Return*
----- ---------- -------
<S> <C> <C> <C> <C>
Contracts in accumulation phase:
American Century VP - American Century
VP Advantage:
Tax qualified 14,879 $ 18.104123 $ 269,371 16%
Non-tax qualified 7,744 18.104123 140,198 16%
American Century VP - American Century
VP Capital Appreciation:
Tax qualified 62,745 14.321327 898,592 (3)%
Non-tax qualified 7,654 14.321327 109,615 (3)%
Dreyfus Stock Index Fund:
Tax qualified 72,241 27.730490 2,003,278 27%
Non-tax qualified 15,646 27.730490 433,871 27%
Fidelity VIP - Equity-Income Portfolio:
Tax qualified 191,664 22.645632 4,340,352 10%
Non-tax qualified 29,994 22.645632 679,233 10%
Nationwide SAT - Government Bond Fund:
Tax qualified 10,242 35.013105 358,604 7%
Non-tax qualified 9,698 35.026017 339,682 7%
Nationwide SAT - Money Market Fund:
Tax qualified 22,515 21.944976 494,091 4%
Nationwide SAT - Total Return Fund:
Tax qualified 23,578 92.558757 2,182,350 17%
Non-tax qualified 5,297 89.896489 476,182 17%
Neuberger & Berman AMT - Balanced Portfolio:
Tax qualified 43,424 20.316082 882,206 11%
Non-tax qualified 2,916 20.316082 59,242 11%
======= =========
Reserves for annuity contracts in payout phase:
Tax qualified 100,387
------------
$ 13,767,254
============
</TABLE>
* The annual return does not include contract charges satisfied by surrendering
units.
See accompanying notes to financial statements.
================================================================================
5
<PAGE> 5
NATIONWIDE VARIABLE ACCOUNT-5
STATEMENTS OF OPERATIONS AND CHANGES
IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
TOTAL ACVPADV
----------------------------- ----------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................ $ 219,580 218,349 6,119 3,776
Mortality, expense and administration
charges (note 2) ........................ (172,028) (161,659) (4,598) (3,461)
------------ ----------- -------- --------
Net investment activity ................. 47,552 56,690 1,521 315
------------ ----------- -------- --------
Proceeds from mutual fund shares sold ....... 4,131,708 1,351,866 68,074 34,005
Cost of mutual fund shares sold ............. (3,006,319) (1,072,212) (56,566) (29,706)
------------ ----------- -------- --------
Realized gain (loss) on investments ..... 1,125,389 279,654 11,508 4,299
Change in unrealized gain (loss) on
investments ............................. (208,311) 1,318,801 14,708 10,182
------------ ----------- -------- --------
Net gain (loss) on investments ............ 917,078 1,598,455 26,216 14,481
------------ ----------- -------- --------
Reinvested capital gains .................... 598,022 552,474 23,023 13,186
------------ ----------- -------- --------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 1,562,652 2,207,619 50,760 27,982
------------ ----------- -------- --------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ........................... 2,329,647 2,627,652 136,672 53,205
Transfers between funds ..................... -- -- 538 (5,073)
Redemptions ................................. (3,855,109) (1,217,456) (69,667) (25,654)
Annuity benefits ............................ (9,159) -- -- --
Annual contract maintenance charge
(note 2) .................................. (22,396) (20,632) (600) (604)
Contingent deferred sales charges
(note 2) .................................. (131,035) (24,123) (2,451) (802)
Adjustments to maintain reserves ............ (6,221) 397 1 (2)
------------ ----------- -------- --------
Net equity transactions ................... (1,694,273) 1,365,838 64,493 21,070
------------ ----------- -------- --------
NET CHANGE IN CONTRACT OWNERS' EQUITY ......... (131,621) 3,573,457 115,253 49,052
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD ................................... 13,898,875 10,325,418 294,316 245,264
------------ ----------- -------- --------
CONTRACT OWNERS' EQUITY END OF PERIOD ......... $ 13,767,254 13,898,875 409,569 294,316
============ =========== ======== ========
</TABLE>
<TABLE>
<CAPTION>
ACVPCAPAP DRYSTKIX
--------------------------- --------------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................ -- -- 27,074 26,048
Mortality, expense and administration
charges (note 2) ........................ (13,975) (17,785) (26,891) (21,202)
---------- ---------- ---------- ----------
Net investment activity ................. (13,975) (17,785) 183 4,846
---------- ---------- ---------- ----------
Proceeds from mutual fund shares sold ....... 518,089 289,441 566,985 100,921
Cost of mutual fund shares sold ............. (531,098) (272,191) (267,005) (54,820)
---------- ---------- ---------- ----------
Realized gain (loss) on investments ..... (13,009) 17,250 299,980 46,101
Change in unrealized gain (loss) on
investments ............................. (67,167) (105,922) 192,116 308,440
---------- ---------- ---------- ----------
Net gain (loss) on investments ............ (80,176) (88,672) 492,096 354,541
---------- ---------- ---------- ----------
Reinvested capital gains .................... 56,753 27,829 4,857 57,613
---------- ---------- ---------- ----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ (37,398) (78,628) 497,136 417,000
---------- ---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ........................... 253,289 339,461 477,597 458,060
Transfers between funds ..................... (114,102) (210,754) 42,698 219,119
Redemptions ................................. (417,964) (112,721) (551,257) (143,384)
Annuity benefits ............................ (1,058) -- -- --
Annual contract maintenance charge
(note 2) .................................. (2,526) (2,670) (3,142) (2,270)
Contingent deferred sales charges
(note 2) .................................. (15,843) (3,425) (19,840) (2,348)
Adjustments to maintain reserves ............ (555) 59 46 135
---------- ---------- ---------- ----------
Net equity transactions ................... (298,759) 9,950 (53,898) 529,312
---------- ---------- ---------- ----------
NET CHANGE IN CONTRACT OWNERS' EQUITY ......... (336,157) (68,678) 443,238 946,312
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD ................................... 1,354,792 1,423,470 1,993,911 1,047,599
---------- ---------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF PERIOD ......... 1,018,635 1,354,792 2,437,149 1,993,911
========== ========== ========== ==========
</TABLE>
6
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NATIONWIDE VARIABLE ACCOUNT-5
STATEMENTS OF OPERATIONS AND CHANGES
IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
FIDVIPEI NSATGVTBD
-------------------------- ----------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................ $ 73,941 65,141 39,279 47,002
Mortality, expense and administration
charges (note 2) ........................ (64,856) (60,027) (9,728) (9,873)
---------- ---------- -------- --------
Net investment activity ................. 9,085 5,114 29,551 37,129
---------- ---------- -------- --------
Proceeds from mutual fund shares sold ....... 1,268,034 370,232 287,164 47,651
Cost of mutual fund shares sold ............. (804,324) (257,251) (264,548) (45,419)
---------- ---------- -------- --------
Realized gain (loss) on investments ..... 463,710 112,981 22,616 2,232
Change in unrealized gain (loss) on
investments ............................. (257,509) 604,327 (1,204) 21,454
---------- ---------- -------- --------
Net gain (loss) on investments ............ 206,201 717,308 21,412 23,686
---------- ---------- -------- --------
Reinvested capital gains .................... 263,143 327,513 3,509 --
---------- ---------- -------- --------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 478,429 1,049,935 54,472 60,815
---------- ---------- -------- --------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ........................... 651,632 831,284 94,693 90,473
Transfers between funds ..................... 74,158 28,018 (15,082) (7,829)
Redemptions ................................. (1,329,276) (452,175) (200,241) (41,501)
Annuity benefits ............................ (1,854) -- (2,973) --
Annual contract maintenance charge
(note 2) .................................. (7,937) (7,594) (954) (854)
Contingent deferred sales charges
(note 2) .................................. (43,220) (7,993) (5,578) (1,231)
Adjustments to maintain reserves ............ (1,217) 111 (1,993) (28)
---------- ---------- -------- --------
Net equity transactions ................... (657,714) 391,651 (132,128) 39,030
---------- ---------- -------- --------
NET CHANGE IN CONTRACT OWNERS' EQUITY ......... (179,285) 1,441,586 (77,656) 99,845
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD ................................... 5,218,994 3,777,408 807,851 708,006
---------- ---------- -------- --------
CONTRACT OWNERS' EQUITY END OF PERIOD ......... $5,039,709 5,218,994 730,195 807,851
========== ========== ======== ========
</TABLE>
<TABLE>
<CAPTION>
NSATMYMKT NSATTOTRE
---------------------- --------------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................ 26,666 24,333 26,120 36,372
Mortality, expense and administration
charges (note 2) ........................ (6,786) (6,204) (33,357) (31,274)
-------- -------- ---------- ----------
Net investment activity ................. 19,880 18,129 (7,237) 5,098
-------- -------- ---------- ----------
Proceeds from mutual fund shares sold ....... 333,224 99,938 745,631 237,038
Cost of mutual fund shares sold ............. (333,224) (99,938) (437,842) (157,833)
-------- -------- ---------- ----------
Realized gain (loss) on investments ..... -- -- 307,789 79,205
Change in unrealized gain (loss) on
investments ............................. -- -- (5,725) 397,111
-------- -------- ---------- ----------
Net gain (loss) on investments ............ -- -- 302,064 476,316
-------- -------- ---------- ----------
Reinvested capital gains .................... -- -- 103,584 86,096
-------- -------- ---------- ----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 19,880 18,129 398,411 567,510
-------- -------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ........................... 164,209 198,357 315,111 461,131
Transfers between funds ..................... 8,898 (18,500) 17,210 42,516
Redemptions ................................. (234,048) (44,754) (749,645) (250,715)
Annuity benefits ............................ -- -- -- --
Annual contract maintenance charge
(note 2) .................................. (1,231) (1,075) (4,351) (3,827)
Contingent deferred sales charges
(note 2) .................................. (6,988) (535) (27,086) (4,826)
Adjustments to maintain reserves ............ 4 16 (37) 86
-------- -------- ---------- ----------
Net equity transactions ................... (69,156) 133,509 (448,798) 244,365
-------- -------- ---------- ----------
NET CHANGE IN CONTRACT OWNERS' EQUITY ......... (49,276) 151,638 (50,387) 811,875
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD ................................... 543,367 391,729 2,708,919 1,897,044
-------- -------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF PERIOD ......... 494,091 543,367 2,658,532 2,708,919
======== ======== ========== ==========
</TABLE>
(Continued)
7
<PAGE> 7
NATIONWIDE VARIABLE ACCOUNT-5
STATEMENTS OF OPERATIONS AND CHANGES
IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
NBAMTBAL
-----------------------
1998 1997
---- ----
<S> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................ $ 20,381 15,677
Mortality, expense and administration
charges (note 2) ........................ (11,837) (11,833)
--------- --------
Net investment activity ................. 8,544 3,844
--------- --------
Proceeds from mutual fund shares sold ....... 344,507 172,640
Cost of mutual fund shares sold ............. (311,712) (155,054)
--------- --------
Realized gain (loss) on investments ..... 32,795 17,586
Change in unrealized gain (loss) on
investments ............................. (83,530) 83,209
--------- --------
Net gain (loss) on investments .......... (50,735) 100,795
--------- --------
Reinvested capital gains .................... 143,153 40,237
--------- --------
Net increase (decrease) in contract
owners' equity resulting from
operations .......................... 100,962 144,876
--------- --------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ........................... 236,444 195,681
Transfers between funds ..................... (14,318) (47,497)
Redemptions ................................. (303,011) (146,552)
Annuity benefits ............................ (3,274) --
Annual contract maintenance charge
(note 2) .................................. (1,655) (1,738)
Contingent deferred sales charges
(note 2) .................................. (10,029) (2,963)
Adjustments to maintain reserves ............ (2,470) 20
--------- --------
Net equity transactions ................... (98,313) (3,049)
--------- --------
NET CHANGE IN CONTRACT OWNERS' EQUITY ......... 2,649 141,827
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD ................................... 976,725 834,898
--------- --------
CONTRACT OWNERS' EQUITY END OF PERIOD ......... $ 979,374 976,725
========= ========
</TABLE>
See accompanying notes to financial statements.
8
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================================================================================
NATIONWIDE VARIABLE ACCOUNT-5
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Organization and Nature of Operations
Nationwide Variable Account-5 (the Account) was established pursuant to
a resolution of the Board of Directors of Nationwide Life Insurance
Company (the Company) on November 1, 1989. The Account has been
registered as a unit investment trust under the Investment Company Act
of 1940. On December 31, 1993, the accumulation unit values for each
fund sub-account of Nationwide Variable Account-5 were established at a
unit value equal to the accumulation unit values of the corresponding
fund sub-account of the Nationwide Multi-Flex Variable Account. The
first deposits were received by the Account on May 4, 1994.
The Company offers tax qualified and non-tax qualified Individual
Deferred Variable Annuity Contracts through the Account. The primary
distribution for the contracts is through banks and other financial
institutions.
(b) The Contracts
Only contracts without a front-end sales charge, but with a contingent
deferred sales charge and certain other fees, are offered for purchase.
See note 2 for a discussion of contract expenses. Contract owners in
either the accumulation or payout phase may invest in any of the
following:
Portfolios of the American Century Variable Portfolios, Inc.
(American Century VP);
American Century VP - American Century VP Advantage (ACVPAdv)
American Century VP - American Century VP Capital Appreciation
(ACVPCapAp)
Dreyfus Stock Index Fund (DryStkIx)
Portfolio of the Fidelity Variable Insurance Products Fund
(Fidelity VIP);
Fidelity VIP - Equity-Income Portfolio (FidVIPEI)
Funds of the Nationwide Separate Account Trust (Nationwide SAT)
(managed for a fee by an affiliated investment advisor);
Nationwide SAT - Government Bond Fund (NSATGvtBd)
Nationwide SAT - Money Market Fund (NSATMyMkt)
Nationwide SAT - Total Return Fund (NSATTotRe)
Portfolio of the Neuberger & Berman Advisers Management Trust
(Neuberger & Berman AMT);
Neuberger & Berman AMT - Balanced Portfolio (NBAMTBal)
At December 31, 1998, contract owners have invested in all of the above
funds. The contract owners' equity is affected by the investment
results of each fund, equity transactions by contract owners and
certain contract expenses (see note 2). The accompanying financial
statements include only contract owners' purchase payments pertaining
to the variable portions of their contracts and exclude any purchase
payments for fixed dollar benefits, the latter being included in the
accounts of the Company.
A contract owner 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.
9
<PAGE> 9
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.
(c) Security Valuation, Transactions and Related Investment Income
The market value of the underlying mutual funds is based on the closing
net asset value per share at December 31, 1998. 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 dividend income is recorded on the ex-dividend
date.
(d) Federal Income Taxes
Operations of the 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 Account. Taxes
are the responsibility of the contract owner upon termination or
withdrawal.
(e) Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with 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.
(2) EXPENSES
The Company does not deduct a sales charge from purchase payments received
from the contract owners.However, if any part of the contract value of such
contracts is surrendered, the Company will, with certain exceptions, deduct
from a contract owner's contract value a contingent deferred sales charge
not to exceed 7% of the lesser of purchase payments or the amount
surrendered, such charge declining 1% per year, to 0%, after the purchase
payment has been held in the contract for 84 months. No sales charges are
deducted on redemptions used to purchase units in the fixed investment
options of the Company.
The following contract charges are deducted by the Company: (a) an annual
contract maintenance charge of up to $30, dependent upon contract type and
issue date, which is satisfied by surrendering units; and (b) a mortality
risk charge, an expense risk charge and an administration charge assessed
through the daily unit value calculation equal to an annual rate of 0.80%,
0.45% and 0.05%, respectively.
(3) RELATED PARTY TRANSACTIONS
The Company performs various services on behalf of the Mutual Fund
Companies in which the Account invests and may receive fees for the
services performed. These services include, among other things, shareholder
communications, preparation, postage, fund transfer agency and various
other record keeping and customer service functions. These fees are paid to
an affiliate of the Company.
================================================================================
10
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================================================================================
Independent Auditors' Report
----------------------------
The Board of Directors of Nationwide Life Insurance Company and
Contract Owners of Nationwide Variable Account-5:
We have audited the accompanying statement of assets, liabilities and
contract owners' equity of Nationwide Variable Account-5 as of December 31,
1998, and the related statements of operations and changes in contract owners'
equity for each of the years in the two year period then ended. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures include
confirmation of securities owned as of December 31, 1998, by correspondence with
the transfer agents of the underlying mutual funds. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Nationwide Variable
Account-5 as of December 31, 1998, and the results of its operations and its
changes in contract owners' equity for each of the years in the two year period
then ended in conformity with generally accepted accounting principles.
KPMG LLP
Columbus, Ohio
February 5, 1999
================================================================================
11
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<TABLE>
<S> <C>
----------------
| Bulk Rate |
NATIONWIDE LIFE INSURANCE COMPANY | U.S. Postage |
HOME OFFICE: ONE NATIONWIDE PLAZA o COLUMBUS, OHIO 43215-2220 | PAID |
|Columbus, Ohio|
|Permit No. 521|
----------------
</TABLE>
Nationwide(R) is a registered federal service mark of Nationwide Mutual
Insurance Company
