NU Online News Service, July 30, 10:05 a.m. – Nationwide Financial Services Inc., Columbus, Ohio, is reporting $82 million in net income for the second quarter on $797 million in revenue, compared with $114 million in net income on $774 million in revenue for the second quarter of 2001.
Operating income, which excludes investment gains and losses, fell to $107 million, from $113 million.
Net results for the latest quarter include $15 million in losses on investments in bonds issued by WorldCom Inc., Clinton, Miss., and $12 million in losses on other investments, Nationwide says.
Nationwide sells annuities and institutional investment products as well as life insurance.
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The annuity unit is reporting $54 million in operating income on $306 million in revenue for the second quarter, compared with $62 million in operating income on $274 million in revenue for the comparable quarter in 2001.