NU Online News Service, July 31, 11:04 a.m. – Nationwide Financial Services Inc., Columbus, Ohio, is reporting $114 million in net income for the second quarter on $805 million in revenue, up from $104 million in net income on $788 million in revenue for the second quarter of 2000.
Operating income, which excludes $2.3 million in charges for an accounting change and a $1.3 million gain on investments sold during the quarter, increased 4%, to $115 million.
The company says the market looked better in the second quarter than it did in the first, but softer than it looked at the same point in 2000.
One sign of the times: the average value of retirement plans lured away from competitors is down 18% from the average for the second quarter of 2000, Nationwide says.
The individual annuity unit earned $62 million for the second quarter on $274 million in revenue and $1.1 billion in net flows of funds, compared with $70 million in operating earnings on $278 million in revenue and $1 billion in net flows for the second quarter of 2000.
