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Life Health > Life Insurance

Nationwide Reports Lower 1st Quarter Net Income

By Staff Writer

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NU Online News Service, April 30, 4:56 p.m. – Nationwide Financial Services Inc., Columbus, is reporting $106 million in net income for the first quarter on $817 million in operating revenue, compared with $108 million in net income on $806 million in revenue for the first quarter of 2001.

Nationwide sells individual annuities, pension plans and life insurance.

Variable annuity sales fell 7% from the comparable quarter in 2001, but fixed-annuity sales increased 58%, to $564 million, Nationwide says.

Sales of new private-company pensions were also strong, Nationwide says.

At the life unit, sales of traditional, fixed-return life insurance policies were up 2%, but sales of equity-linked life policies fell about 10%.

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