Nationwide Financial Services Inc., Feb. 4, 5:10 p.m. – Nationwide Financial Services Inc., Columbus, Ohio, is reporting $59 million in net income for the fourth quarter of 2001 on $806 million in revenue, compared with $109 million in net income on $804 million in revenue for the fourth quarter of 2000.
The net results include $43 million in losses on investments, including $17 million in losses related to the collapse of Enron Corp., Houston, and $2.3 million in losses on fixed-income securities from Argentina.
Operating earnings, which exclude those losses, fell to $102 million, from $115 million, Nationwide says.
Nationwide sells individual annuities, pension management services, asset management services and life insurance.
Nationwide says it lost one big, unnamed customer that pulled $2.6 billion out of a stable value arrangement at its asset management unit. Excluding the loss of that account, the net flow of cash into the pension, annuity and asset management operations increased to $1.7 billion, from $992 million for the fourth quarter of 2000.