Nationwide Says Bank Sales Remain Strong

NU Online News Service, Nov. 7, 9:50 a.m. – Nationwide Financial Services Inc., Columbus, Ohio, says sales through banks were up 15% in the third quarter in spite of the recent stock market downturn.

National Financial Institutions Distributors Agency Inc., the unit that sells through banks and thrifts, is reporting $941 million in net premium sales for the third quarter, up from $817 million for the third quarter of 2000.

Sales of fixed Nationwide annuities were especially strong.

Banks generated $481 million in sales of the fixed annuities during the quarter, more than four times the amount they generated during the comparable period in 2000, Nationwide says.