Exhibit 12



Nationwide Financial Services, Inc. and Subsidiaries

Statement Regarding Computation of Earnings to Fixed Charges

(in millions)



|                                                                                                                               |  |                          |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|------------------------------------------------------------------------------------------------------------------------------ |  | ------------------------ | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                                                                               |  | Years ended December 31, |        
|                                                                                                                               |  | 2003                     |         |   | 2002 |   |         | 2001 |  |   | 2000    |   |  | 1999 |        
|Earnings:                                                                                                                      |  |                          |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Income from continuing operations before federal income tax expense and cumulative effect of adoption of accounting principles |  | $                        | 517.8   |   |      | $ | 133.5   |      |  | $ | 568.2   |   |  | $    | 622.4   |   |  | $ | 552.6   |  
|Fixed charges                                                                                                                  |  |                          | 1,478.8 |   |      |   | 1,352.6 |      |  |   | 1,303.7 |   |  |      | 1,232.4 |   |  |   | 1,143.6 |  
|                                                                                                                               |  |                          |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Earnings                                                                                                                       |  | $                        | 1,996.6 |   |      | $ | 1,486.1 |      |  | $ | 1,871.9 |   |  | $    | 1,854.8 |   |  | $ | 1,696.2 |  
|                                                                                                                               |  |                          |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed Charges:                                                                                                                 |  |                          |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest credited to policyholder account balances                                                                             |  | $                        | 1,382.6 |   |      | $ | 1,275.8 |      |  | $ | 1,248.8 |   |  | $    | 1,183.9 |   |  | $ | 1,096.4 |  
|Interest on debt                                                                                                               |  |                          | 96.2    |   |      |   | 76.8    |      |  |   | 54.9    |   |  |      | 48.5    |   |  |   | 47.2    |  
|                                                                                                                               |  |                          |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|                                                                                                                               |  | $                        | 1,478.8 |   |      | $ | 1,352.6 |      |  | $ | 1,303.7 |   |  | $    | 1,232.4 |   |  | $ | 1,143.6 |  
|                                                                                                                               |  |                          |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of earnings to fixed charges                                                                                             |  |                          | 1.4     | x |      |   | 1.1     | x    |  |   | 1.4     | x |  |      | 1.5     | x |  |   | 1.5     | x
|                                                                                                                               |  |                          |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of earnings to fixed charges, excluding interest credited to policyholder account balances                               |  |                          | 5.4     | x |      |   | 1.7     | x    |  |   | 10.3    | x |  |      | 12.8    | x |  |   | 11.7    | x
|                                                                                                                               |  |                          |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |