Nationwide Financial Services provides life and annuity products with assets of $121.5 billion. The company was acquired by the privately owned Nationwide Mutual Insurance Company in 2008 and is no longer publicly traded.
The company became a public entity in 1997 through an IPO by Nationwide Mutual Insurance. In 2002, Nationwide Financial bought Provident Mutual Life Insurance, which is now known as Nationwide Provident, and sold its interest in Gartmore Global Investors and in Nationwide Securities to Nationwide Mutual.
Nationwide Financial is among the 10 largest providers of long-term savings and retirement products in the U.S., according to A.M. Best Company, based on premium. The company develops and sells a diverse range of products, including individual annuities, private and public group retirement plans, life insurance, and advisory services.
Nationwide organizes its operations into four segments:
Individual Investments (34% of FY06 revenues 27% of FY06 pretax operating earnings [PTOE]). The Individual Investments segment consists of the BEST of AMERICA, NFN and private label variable and fixed annuity products. During 2002-2004, the company was among the 15 largest writers of individual variable annuities in the U.S., according to the Variable Annuity Research and Data service.
Retirement Plans (25% of FY06 revenues 28% of FY06 PTOE). This division includes public- (403b and 457) and private-sector (401K) pension plans business.
Individual Protection (31% of FY06 revenues 36% of FY06 PTOE). This segment consists of investment life insurance products, including individual variable, corporate-owned and bank-owned life insurance products, traditional and universal life insurance products.
Corporate and Other(10% of FY06 revenues 9% of FY06 PTOE). This segment includes retail operations of Nationwide Bank, the structured products business and net investment income not allocated elsewhere and the MTN program.