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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: October 8, 1997 Commission File No. 1-12785
NATIONWIDE FINANCIAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 31-1486870
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
One Nationwide Plaza
Columbus, Ohio 43215
(614) 249-7111
(Address, including zip code, and telephone number, including area code, of
Registrant's principal executive offices)
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ITEM 5. OTHER EVENTS.
On October 8, 1997, Nationwide Financial Services, Inc. issued a news
release announcing the planned introduction of a new individual
variable annuity product. The information contained in the news
release, which is attached as an exhibit to this report, is
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit 99 News release of Nationwide Financial
Services, Inc. dated October 8, 1997
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NATIONWIDE FINANCIAL SERVICES, INC.
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(Registrant)
Date: October 8, 1997 /s/ Mark R. Thresher
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Mark R. Thresher, Vice President
- Finance and Treasurer
(Chief Accounting Officer)
EXHIBIT INDEX
Exhibit No. Description
99 News release of Nationwide Financial Services, Inc.
dated October 8, 1997
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Exhibit 99
NEWS MEDIA CONTACTS:
Jeff Botti/John C. Millen
614-249-6339/6348
INVESTOR CONTACT:
Daniel W. Amodeo
614-249-9039
OCTOBER 8, 1997 FOR IMMEDIATE RELEASE
NATIONWIDE FINANCIAL SERVICES
TO LAUNCH `AMERICA'S FUTURE ANNUITY'
NEXT-GENERATION PRODUCT TO RAISE THE STANDARD FOR CUSTOMER VALUE
COLUMBUS, OHIO -- To help consumers better plan for retirement, Nationwide
Financial Services, Inc. (NYSE: NFS) next month plans to launch "America's
Future Annuity," an innovative retirement savings product that provides better
value and more choices than similar products now on the market.
Along with added flexibility and dozens of quality investment options, the new
product includes insurance charges that are about 25% less than the industry
average for similar products sold through financial advisors and investment
professionals. Lower fees allow retirement assets to accumulate faster, helping
individuals feel more secure about their financial future.
"The centerpiece of America's Future Annuity is customer value," said Joseph J.
Gasper, president and chief operating officer of the Columbus-based retirement
savings company. "We recognize that consumers want flexibility and control over
financial decisions, but they also value advice from a trusted financial
professional in the buying decision. And they want all of that at a competitive
price."
"America's Future Annuity is a breakthrough product in that it bridges the gap
between no-load annuities and higher-fee annuity products sold through
financial professionals," Gasper added. "With America's Future Annuity,
consumers gain access to brand-name money managers in a premier tax-preferred
savings product that is sold through the financial planning community, but at
total insurance and investment charges that help the product compete with many
mutual funds and no-load annuities."
Variable annuities are tax-deferred savings products that offer a death benefit
or a steady stream of income for life. Annuity holders can choose from a
variety of investment options within the product.
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AMERICA'S FUTURE ANNUITY -- 2
This new product is the latest addition to Nationwide's The Best of America
series of long-term savings products. Pending clearance by the Securities and
Exchange Commission, America's Future Annuity is expected to be launched in
November, and will feature 39 diverse investment options from 14 premier
investment advisors.
To better serve individual investment strategies and risk preferences,
investment choices will cover a significant range of investment style
categories reported by Morningstar, an independent mutual fund rating service.
In addition, America's Future Annuity includes total insurance fees of only
0.95% of account value, well below the combined industry average of about 1.25%
for both no-load variable annuities and those sold through investment
professionals. America's Future Annuity carries no administrative fees or
contract maintenance charges.
Other specific features of America's Future Annuity include:
o A guaranteed, one-year fixed rate investment option, or longer-term
market-value-adjusted guaranteed fixed-rate options;
o Several payout options, including periodic payments guaranteed for life;
o Death benefits that guarantee contract values as adjusted every five
years, or for an additional charge, benefits that are reset either each
year at contract value or each year at 5% simple interest on purchases.
Those options are designed to appeal to customers with varying risk
tolerances and investment horizons;
o Asset allocation guidance, portfolio rebalancing, dollar-cost averaging,
daily account valuations, toll-free access to account information and
periodic statements of account.
"Nationwide has always been a leader in product innovation and in understanding
customer preferences in the retirement savings market," Gasper said. "Based on
our strong relationships with consumers and our producers, we anticipate this
product will be accepted enthusiastically and will contribute to our strong
record of growth in sales and earnings."
Nationwide pioneered the multiple-manager variable annuity in the early 1980s
with its flagship The Best of America product series. Through the first half of
1997, sales of Nationwide's The Best of America products rank the company as
the third largest provider of individual variable annuities in the market,
according to Variable Annuity Research and Data Services, and sixth based on
individual variable annuity assets held in separate accounts.
NFS is the holding company for the long-term savings operations of the $77
billion Nationwide Insurance Enterprise, a diversified insurance and financial
services organization led by Nationwide Mutual Insurance Company. Nationwide
Mutual owns 81.5 percent of the outstanding common shares of NFS.
--more--
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AMERICA'S FUTURE ANNUITY -- 3
NFS had assets of more than $53 billion at mid-year 1997. Nationwide Life
Insurance Company, a leading provider of retirement and long-term savings
insurance products, is the primary operating subsidiary of NFS and the issuer
of America's Future Annuity through its general distributor, Nationwide
Advisory Services, Inc.
Nationwide Life is the sixth largest life insurer in the United States, based
on premiums, and the 13th largest based on assets.
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A registration statement relating to America's Future Annuity has been filed
with the Securities and Exchange Commission but has not yet become effective.
These securities may not be sold nor may offers to buy be accepted prior to the
time the registration statement becomes effective. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.
For more complete information about America's Future Annuity including charges
and expenses, contact your financial representative to obtain a prospectus for
the registration statement once the product is effective. Read the prospectus
carefully before purchasing America's Future Annuity.
