Modest decreases in individual investment and individual insurance protection operating profits hurt results at Nationwide Financial Services Inc. during the first quarter.
Nationwide, Columbus, Ohio, is reporting $142 million in net income for the latest quarter on $1.1 billion in revenue, compared with $160 million in net income on $1.1 billion in revenue for the first quarter of 2005.
Although earnings at the investment and protection units were down, earnings at the retirement plans unit were up.
Sales of individual fixed annuities fell 28%, to $39 million, but sales of individual variable annuities increased 16%, to $986 million, Nationwide says.
