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Nationwide Doubles Sales Through Securities Channel

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NU Online News Service, March 19, 11:38 a.m. – Nationwide Financial Services Inc., Columbus, Ohio, says it doubled sales of variable annuities through large securities brokerage firms in 2001.

Nationwide increased variable sales through the large securities brokerage firms to $1.5 billion, from about half that in 2000, even though 2001 was a tough year for variable annuity sales.

Nationwide also doubled sales of life insurance, pension products and offshore products through securities brokerage firms, to about $700 million, and brought in $47 million by starting to sell fixed annuities through the channel.

Sales through the channel are up because now Nationwide now has three sales managers and 30 wholesalers serving it, Nationwide reports.