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.
In other earnings news:
- Conseco Inc., Carmel, Ind., is reporting $65 million in net income for the latest quarter on $1.1 billion in revenue, compared with $82 million in net income on $1 billion in revenue for the first quarter of 2005.
Premium revenue rose to $626 million, from $584 million, at the company’s Bankers Life unit but fell to $280 million, from $290 million, at the Conseco Insurance Group unit.